The rally in the broader market also mirrored the positive trend seen in other Asian markets.
India's largest listed pharmaceutical (pharma) company - Sun Pharmaceutical Industries (Sun Pharma) - is expected to maintain its outperformance vis--vis the sector's, as its multiple bets on specialty products, improving product mix, recent acquisitions, and branded business are finding favour with brokerages. While it has gained 7 per cent over the past year, the Nifty Pharma Index is down 13.6 per cent. Its outperformance over two years has been fairly evident, with the market leader gaining 66 per cent to Nifty Pharma's minus 1.4 per cent.
In the broader markets, the mid and smallcap indices were up 0.3% each, underperforming the BSE benchmark index which gained 0.5%.
Aviation companies were in focus with all the three airliners SpiceJet, InterGlobe Aviation and Jet Airways adding in the range of 2% to 3% on the BSE
IT major Accenture's second straight cut in its revenue growth forecast for FY23 suggests there is more pain ahead for the Indian IT sector, say analysts. Accenture has lowered the top end of its FY23 growth guidance in constant currency (CC) to 9 per cent from 10 per cent earlier. The firm, which follows a September-August fiscal cycle, expects a 2-6 per cent CC growth in Q4 of FY23 (June-August 2023) versus the 6-10 per cent prior guidance.
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
The breadth, indicating the overall health of the market, turned negative. On the BSE, 1,581 shares declined and 1,246 shares fell. A total of 165 shares were unchanged.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
Profit-booking in IT and index-heavyweights dragged markets.
At an aggregate level, the late ace investor's portfolio that was valued at Rs 32,445 crore as on March 31, 2023 is now worth Rs 35,979 crore.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
BSE Midcap and BSE Smallcap indices registered an uptick of 0.06%, and 0.05%, respectively
A record net inflow in Indian equities in the financial year ending March 2013 helped foreign investors widen their grip.
Investors indulged in profit booking at attractive and higher valuations
'Especially if their investment horizon is over two years.'
If a 5% to 10% fall in the equity market gives you sleepless nights, you are not cut out for a 75% to 80% allocation to equities and must reduce it.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
Results of some blue-chip companies exceeded expectations, providing additional thrust, traders said.
Domestic markets are also aided by a rally in the global markets with US market surging to record high and a firming trend at other Asian bourses.
Mutual funds, as experts and custodians of another set of retail investors' savings, play a speculative game they are neither supposed to nor equipped to do, cautions Debashis Basu.
The 30-share Sensex ended down 604 points at 28,845 and the 50-share Nifty ended down 181 points at 8,757. The Bank Nifty ended down 602 points at 19,146.
Sensex zooms 200 points in Muhurat trading, Nifty regains 7,800.
Equity benchmarks Sensex and Nifty ended over 1 per cent higher on Friday, helped by heavy buying in Infosys and banking stocks amid a rally in global stock markets. The 30-share BSE Sensex jumped 684.64 points or 1.20 per cent to settle at 57,919.97. During the day, it rallied 1,199.79 points or 2.09 per cent to 58,435.12.
HDFC and Infosys contribute the most to today's rally.
Mutual funds (MFs) are lining up distinguished new fund offerings (NFOs) for the next financial year to win over investors after a lukewarm response to product launches in the 2022-23 financial year (FY23). NFOs drew a lukewarm response in FY23 as launches were mostly in the passive debt space, which has a comparatively lower popularity among retail investors. The limited launches in equity space also failed to rake in huge sums due to subdued investor sentiments in a volatile market.
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
'I want us not to underestimate Indian voters. They can tell good work from bad.'
Market participants are now awaiting Thursday's meeting of the European Central Bank
Foreign Portfolio Investors (FPIs) pumped in Rs 43,838 crore in Indian equities in May, the highest level in nine months, supported by strong macroeconomic fundamentals, and reasonable valuations. FPIs continued the buying stance in June too, and invested Rs 6,490 crore in just two trading sessions of the month, data with the repositories showed. VK Vijayakumar, chief investment strategist at Geojit Financial Services, said that inflow by FPIs will continue in the current month since the latest GDP data and high-frequency indicators reflect a robust economy gaining further strength.
'As China's reopening euphoria fizzled out on the back of some disappointing economic data, we saw inflows coming back to India with full force in the past 3-4 months.'
Among the Sensex firms, Bajaj Finance emerged as the biggest gainer by climbing 2.95 per cent. Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, State Bank of India, Larsen & Toubro, HDFC, HDFC Bank, Maruti, Reliance Industries and Bharti Airtel were the other major winners. HCL Technologies, Axis Bank, ICICI Bank, Tech Mahindra and Titan were among the laggards.
The sharp rally in the broader markets has propelled India's market capitalisation (m-cap) to a new high. The combined m-cap of all BSE-listed firms rose to Rs 291.9 trillion in intraday trade on Thursday before settling lower at Rs 290.9 trillion. The previous record was on December 14, 2022, at Rs 291.3 trillion.
The Sensex closed the day at 28,141, up 486 points, while Nifty50 settled at 8,716, up 155 points.
Nifty50 surged 145 points to close at 8,468 after hitting an intra-day high of 8,475.
The FMCG sector is generally considered to be a safe haven during difficult times as people never stop buying soap and toothpaste. However, weak rural and semi-urban demand has been a factor since the lockdowns of 2020-21 while rising inflation has also impacted margins. While the FMCG majors have survived on the basis of price hikes and good management practices, they have seen growth slowdowns and experienced margins being squeezed as raw materials and transport costs rose. The FMCG sector witnessed positive volume growth in the fourth quarter of the 2022-23 financial year (Q4FY23) after five consecutive quarters of decline, and the rebound in demand was led by urban markets.
Adani Enterprises became the fourth listed company of Gautam Adani Group to cross Rs 4 trillion market capitalisation (market cap), as the stock hit a new high on the BSE in Tuesday's intra-day trade. At 01:24 pm; with Rs 4.04 trillion market cap, Adani Enterprises stood at number 15th position in overall market cap ranking on the BSE, data shows. Adani Transmission is at top of the group companies list, with market cap of Rs 4.48 trillion, followed by Adani Total Gas (Rs 3.96 trillion), and Adani Green Energy (Rs 3.72 trillion).
Bajaj Finance's quarterly business update, coupled with around 24 per cent fall over the past six months, has turned risk-reward favourable for investors, observe analysts. They see up to 39 per cent upside in the stock, from a one-year perspective. Global brokerage CLSA, for instance, has upgraded the stock from 'underperform' to 'outperform' with an increased one-year target price of Rs 6,600 (vs Rs 6,000 earlier) as it believes the risk-reward has turned favourable for the counter, and there is scope for expansion if growth remains robust.
Banks stocks continued to trade weak along with FMCG major ITC.
Less-than-expected rainfall and a poor spatial distribution, experts say, can rekindle fears of a rise in food and fuel inflation that can have an impact on the RBI's monetary policy. The fear of less than optimal rainfall due to El Nino this year, analysts believe, is the biggest short-term risk for the markets, which they said has not been fully priced in yet by them. Monsoon set over Kerala on June 08, a week later than its scheduled date.
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