Sensex, Nifty post biggest weekly fall this year on inflation data.
Equity markets halted their two-day rally on Friday, with the Sensex tumbling 714.53 points amid weak global equities and selling in index majors Infosys, ICICI Bank, HDFC Bank and Reliance Industries. Continuous foreign fund outflows also dented sentiments. The BSE benchmark Sensex tanked 714.53 points or 1.23 per cent to settle at 57,197.15. During the day, it plummeted 776.96 points or 1.34 per cent to 57,134.72. The NSE Nifty also declined 220.65 points or 1.27 per cent to 17,171.95.
Sensex rises, Nifty holds 8,900; FMCG, Pharma shares lead.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Equity benchmarks shrugged off lacklustre global cues to clock smart gains on Tuesday, buoyed by strong buying interest in index heavyweights Reliance Industries and HDFC twins. However, a depreciating rupee and unabated foreign fund outflows capped the gains, traders said. The 30-share BSE Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72.
IT majors weakened ahead of the September US jobs data and telecom stocks ended lower
RBI's fifth bi-monthly monetary policy meet due tomorrow also kept the investors on their toes.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
'For the next two years, we expect the bulk of earnings growth contribution from sectors like financials and energy, where the outlook remains positive, while the sectors which are linked to domestic consumption and are currently witnessing strains on margins have low salience for Nifty earnings.'
On the BSE, 1,493 shares declined and 1,236 shares rose. A total of 177 shares were unchanged
The Sensex jumped 412.23 points on Friday, braving heavy volatility during the day, amid the Reserve Bank of India maintaining status quo on the benchmark lending rate and buying in index heavyweights Reliance Industries Limited and ITC. The BSE Sensex climbed 412.23 points or 0.70 per cent to settle at 59,447.18. During the day, the benchmark hit a high of 59,654.44 and a low 58,876.36. The Nifty also gained 144.80 points or 0.82 per cent to finish at 17,784.35.
Sensex ends 134.91 pts down at 28,709.87; Nifty falls 44.70 pts at 8,712.05.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
The broader markets, however, outperformed their larger peers.
Nikunj Saraf, Vice President Choice Wealth, answers your queries
From the peak of $3.67 trillion in January, India's market cap has eroded by $676 billion amid rising bond yields and a record-breaking sell-off by overseas investors.
Probably in August. We can argue whether RBI is dovishly neutral or neutrally dovish but the telltale signs of at least one more rate cut are strewn all over the policy statement, points out Tamal Bandyopadhyay.
Often these IDs sit on the audit committee of the board or even chair it.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The rupee depreciated by 37 paise to close at 79.62 against the US dollar on Thursday despite sustained foreign capital inflows and a positive trend in equities. At the interbank foreign exchange market, the local currency opened at 79.22 and saw an intra-day high of 79.22 and a low of 79.94 against the American currency. It finally ended at 79.62, down 37 paise over its previous close of 79.25.
Inteview with Senior vice-president (equity research), Anand Rathi
PSU bank shares were the top gainers on hopes of a rate by the RBI on easing consumer inflation
'To achieve a corpus of Rs 10 crores in the coming years, I would suggest you increase your SIP, advises Nikunj Saraf, vice president, Choice Wealth.
'This is a good time to restructure your portfolio because the sectors and stocks that performed in the last bull market may not perform as much now.'
Bank shares were the top gainers led by ICICI Bank.
Trading in the domestic stock market would be influenced by trends in the global equities, macroeconomic data and foreign fund movement in a holiday-shortened week, analysts said. Markets may face volatile trends on Monday after Federal Reserve Chair Jerome Powell's speech at the Fed's annual economic symposium in Jackson Hole on Friday.
The top gainers on the Sensex were Cipla, Bharti Airtel, Maruti Suzuki, Hero Moto & Sesa Sterlite.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries:
Global markets trends, inflation, release of industrial output data and quarterly earnings will dictate movement of the equity benchmarks this week, analysts said, adding that volatility might continue amid slew of announcements of macroeconomic data at the global level too. Moreover, foreign fund movement, crude oil prices and trend in rupee would also act as major drivers for the equity market, they added. "The direction of global equity markets along with movement in dollar index and crude oil prices will continue to dominate while inflation numbers of the USA on May 11 and inflation and IIP numbers of India on May 12 will also cause volatility in the market," said Santosh Meena, head of research, Swastika Investmart Ltd.
Kotak Bank rose the most among Sensex scrips, spurting 2.92 per cent amid reports that LIC will up its stake in the private lender to 10 per cent. Gains in HCL Tech, TCS, Infosys, HDFC Bank, Bajaj Finance and Titan helped Sensex close in the green. NSE Nifty edged higher by 27.50 points to end at 17,053.95.
'My sense is that we should be braced for a correction.' 'It has already begun in the mid-caps for the past month, and will now spread to larger stocks as well.' 'Use the correction to upgrade the quality of your portfolio,' advises Akash Prakash.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The rupee weakened by 14 paise to close at a new lifetime low of 79.59 against the US dollar on Tuesday as a strong greenback overseas and persistent foreign fund outflows continued to weigh on investor sentiment. This comes a day after the RBI announced measures for international trade settlement in rupees. At the interbank forex market, the local unit opened weak at 79.55 against the greenback and witnessed an intra-day high of 79.53 and a low of 79.66.
Analysts believe that investors should look at stocks that hit 52-week lows only if they have a dividend paying track record, are debt-free and have sound fundamentals.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The rupee fell by 41 paise to close at a fresh lifetime low of 79.36 (provisional) against the US dollar on Tuesday amid a strong greenback overseas and unrelenting foreign fund outflows. At the interbank forex market, the local unit opened at 79.04 against the greenback and witnessed an intra-day high of 79.02 and a low of 79.38. It finally settled at 79.36 (provisional), down 41 paise over its previous close.
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