Equity benchmark indices Sensex and Nifty stayed on the back foot for the second straight session on Friday as investors offloaded FMCG, IT and teck stocks amid a weak opening in European markets. Selling pressure in index heavyweight Reliance Industries also added to the weak trend in equities. The 30-share BSE Sensex fell 223.01 points or 0.35 per cent to settle at 62,625.63.
Larsen & Toubro Ltd will shortly file with the Bombay Stock Exchange its plans for a trust scheme for its employees to pick up 15 per cent stake of Grasim Industries Ltd.
From the Sensex pack, Nestle, Tata Steel, Tata Motors, Bharti Airtel, Larsen & Toubro, Power Grid, NTPC, Tata Consultancy Services, Tech Mahindra, Infosys and Axis Bank were the major gainers. Kotak Mahindra Bank, Maruti, Bajaj Finance, Mahindra & Mahindra and ICICI Bank were the laggards.
Benchmark indices Sensex and Nifty gave up early gains to close in negative territory on Thursday dragged down by IT and pharma stocks which fell amid fears of recession in the global economy. The 30-share Sensex opened higher and rose further to touch a day's high of 60,676.12 on gains in auto and capital goods shares. However, it gave up all early gains and later closed 412.96 points or 0.68 per cent lower at 59,934.01.
From the Sensex basket, Tech Mahindra, Tata Steel, JSW Steel, HCL Technologies, Tata Consultancy Services, Larsen & Toubro and Kotak Mahindra Bank were the biggest laggards. Mahindra & Mahindra, Power Grid, Bajaj Finance, IndusInd Bank and Maruti were the major gainers.
From the Sensex pack, Mahindra & Mahindra climbed 3.81 per cent and Axis Bank advanced 2.68 per cent, followed by Tata Motors, Larsen & Toubro, Tata Steel, ICICI Bank, Reliance Industries, Maruti, IndusInd Bank and Sun Pharma. Asian Paints, Tech Mahindra, Nestle, Hindustan Unilever, Kotak Mahindra Bank and ITC were among the laggards.
Anil Manibhai Naik, managing director and CEO, Larsen & Toubro, has stayed away from the media glare ever since the A V Birla-owned Grasim Industries Ltd made an open offer for the engineering and cement major about six months back.
Workaholic CEOs find their job appealing, but their subordinates find that appalling.
Mumbai-based L&T Infotech, a part of the Larsen &Toubro group, is evaluating acquisitions of $50-200 million (close to Rs 200-820 crore) in the US, Europe and India in a bid to boost revenues.
Equity benchmarks climbed in early trade on Wednesday amid an overall positive trend in the global markets and ahead of the presentation of Union Budget 2023-24. The 30-share BSE benchmark Sensex jumped 516.97 points to 60,066.87. The broader NSE Nifty climbed 153.15 points to 17,815.30.
Among the Sensex firms, Tata Motors, HDFC Bank, ICICI Bank, HDFC, Bajaj Finserv, Reliance Industries, Hindustan Unilever, Larsen & Toubro, Asian Paints and Tata Steel were the major laggards. Sun Pharma, Titan, ITC, IndusInd Bank, Tech Mahindra and Power Grid were among the winners.
The other prominent gainers were Tech Mahindra, HCL Technologies, Wipro, State Bank of India and Larsen & Toubro. Bajaj Finserv, Power Grid, UltraTech Cement and HDFC Bank were among the laggards.
Equity benchmark Sensex gained 37 points on Thursday, tracking gains in index majors Kotak Bank, L&T and Bharti Airtel amid a largely negative trend in global markets. After a largely choppy session, the 30-share BSE index ended 37.87 points or 0.06 per cent higher at 60,298 after starting the trade on a weak note. During the day, it hit a high of 60,341.41 and a low of 59,946.44.
Late selling in the market saw the Sensex close seven points lower at 9,374.
The benchmark BSE Sensex and Nifty closed marginally higher in a volatile trade on Tuesday as gains in FMCG, power and energy stocks helped the indices extend gains for a fifth straight day. The 30-share BSE benchmark ended 20.86 points or 0.04 per cent higher at 58,136.36 with 16 of its constituents ending in the red. During the day, it hit a high of 58,328.41 and a low of 57,744.70.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
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Investors, who invested in capital goods companies like Larsen & Toubro, Siemens, BHEL and ABB, would have made money even in falling markets.
The Budget proposals are expected to boost the fortunes of consumer goods and fast-moving consumer goods companies, which have been struggling with poor consumer demand for more than a year. The Budget announcements, such as the increase in standard deduction by Rs 25,000 for income-tax payers and slab revisions, will put more money in their hands, boosting consumer demand. Private consumption is also likely to benefit from a new scheme to offer internships to 10 million youths in the country's top 500 companies.
Benchmark indices bounced back after falling in early trade on Thursday and logged the fifth day of gain amid a decline in crude oil prices and foreign funds inflow. The 30-share BSE Sensex climbed 284.42 points or 0.51 per cent to settle at 55,681.95. During the day, it jumped 340.96 points or 0.61 per cent to 55,738.49. The broader NSE Nifty went higher by 84.40 points or 0.51 per cent to 16,605.25.
Larsen & Toubro on Monday said it has recorded a 30 per cent jump in net profit at Rs 132.35 crore (Rs 1.32 billion) for the quarter ended December 31, 2004 compared to Rs 101.8 crore (Rs 1.01 billion) in the year-ago period.
From the Sensex pack, Mahindra & Mahindra, Bajaj Finserv, IndusInd Bank, Tata Motors, Tata Steel, Larsen & Toubro, Axis Bank and NTPC were among the major laggards. UltraTech Cement, Infosys, Asian Paints, Kotak Mahindra Bank, Sun Pharma and Bharti Airtel were the winners.
Capital goods companies are likely to report double-digit growth in sales and profit for the first quarter of the 2023-24 financial year (Q1FY24), according to analysts. The performance will ride on lower raw-material costs and healthy execution of orders. Sales by capital goods companies are likely to increase 13-20 per cent year-on-year (YoY), five domestic brokerage firms said.
Benchmark BSE Sensex tumbled 566 points to settle below the 60,000-level on Wednesday, dragged down by heavy selling in banking and IT stocks amid weak global trends.
Among the Sensex firms, Asian Paints, NTPC, Tata Motors, Bharti Airtel, State Bank of India, Larsen & Toubro, Wipro, Tech Mahindra, Tata Consultancy Services, ITC, HDFC Bank and Maruti were the biggest winners. Hindustan Unilever, Infosys, UltraTech Cement, Bajaj Finance, Nestle, Axis Bank, Reliance Industries and HDFC were among the laggards.
