Bajaj Finserv was the top gainer in the Sensex pack, rallying nearly 7 per cent, followed by Bajaj Finance, Axis Bank, Reliance Industries and IndusInd Bank.
Benchmark indices bounced back on Wednesday after falling for five straight sessions, with investors snapping up the recently-mauled IT, finance and consumption stocks amid a supportive trend overseas. A rebounding rupee further bolstered sentiment, traders said. Halting its five-session slide, the BSE Sensex jumped 574.35 points or 1.02 per cent to finish at 57,037.50. Similarly, the NSE Nifty surged 177.90 points or 1.05 per cent to 17,136.55.
Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the richest Indian and has now broken into the world's top 10 wealthiest persons in the latest Forbes 2024 Billionaire List. Ambani, 66, is ranked 9th on the list with a wealth of $116 billion, up from $83.4 billion in the 2023 ranking, according to Forbes. Gautam Adani is the second richest Indian and is ranked at No.17 on the global list.
Cashing in on the opportunities galore courtesy the spurt in Indian equities, foreign fund house Citigroup Global Markets has raised about Rs 400 crore (Rs 4 billion) by selling shares of 24 blue chip firms in just nine trading sessions.
Equity investors suffered a massive loss of Rs 31 lakh crore on Tuesday as markets went into a tailspin with the BSE Sensex tumbling nearly 6 per cent as vote counting trends showed the BJP may not have a clear majority in the Lok Sabha polls. Erasing the record-rally of the previous trade, the 30-share BSE Sensex cracked 4,389.73 points or 5.74 per cent to settle at 72,079.05. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.
Benchmark stock indices Sensex and Nifty rallied more than 1.6 per cent to close at lifetime high levels on Thursday following buying in banking, oil and auto shares and a record dividend payout by the RBI to the government. Regaining the 75,000 level after its best single-day gain since January 29, the 30-share BSE Sensex closed at all-time peak of 75,418.04, up by 1,196.98 points or 1.61 per cent over the last close.
Much of the discussion is happening at a "family level, not a corporate level". That means it is an Ambani or a Goenka in direct talks with Johar.
Tata Steel was the top gainer in the Sensex pack, jumping around 4 per cent, followed by NTPC, PowerGrid, Reliance Industries and Bajaj Finserv.
Dalal Street investors became richer by Rs 9.68 lakh crore in five days of market rally, where the Sensex breached the historic 73,000-mark for the first time ever to reach a new record peak, taking the market capitalisation of BSE-listed companies to an all-time high of Rs 376 lakh crore. The 30-share BSE Sensex jumped 759.49 points or 1.05 per cent to settle at a new closing high of 73,327.94 on Monday. During the day, it zoomed 833.71 points or 1.14 per cent to reach its all-time peak of 73,402.16.
Benchmark equity indices Sensex and Nifty on Tuesday spurted by over 2.5 per cent to log their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks. The 30-share BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at 54,318.47 points with all of its constituents closing with gains. During the day, it jumped 1,425.58 points or 2.69 per cent to 54,399.42. The broader NSE Nifty rallied 417 points or 2.63 per cent to finish at 16,259.30 points.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
Analysts caution against volatility and recommend buying stocks of companies that are on strong fundamental footing that have been beaten down badly in the recent carnage.
In the Sensex pack, index heavyweight Reliance Industries fell 2.84 per cent to Rs 1,057.15 after reports that the company's oil assets may take a hit due to the government's imposition of cost controls on soaring petrol and diesel prices.
Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore).
Equity benchmark Sensex tumbled over 273 points on Tuesday, tracking losses in index majors Reliance Industries, Dr Reddy's and Axis Bank amid a massive selloff in Chinese markets. Despite opening on a positive note, the 30-share BSE index turned red to end 273.51 points or 0.52 per cent lower at 52,578.76, while the broader NSE Nifty fell 78 points or 0.49 per cent to 15,746.45. Dr Reddy's was the top loser in the Sensex pack, plunging over 10 per cent, after the company reported s 36 per cent decline in consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021, on account of higher expenses.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Benchmark indices fell on Monday with the BSE Sensex declining 306 points, mainly dragged down by Reliance Industries. Foreign funds outflow also added to the overall bearish trend in equities on Monday. The 30-share BSE benchmark fell 306.01 points or 0.55 per cent to settle at 55,766.22. During the day, it declined 535.15 points or 0.95 per cent to 55,537.08. The broader NSE Nifty dipped 88.45 points or 0.53 per cent to 16,631.
Nifty50's earnings growth, estimated at 20 per cent by global research and brokerage firm Jefferies for financial year 2023-24 (FY24), will be amongst the top three in the Asian region, and is likely to outperform peers. Asean 40 index with 29.1 per cent estimated earnings growth and Straits Times Index (STI) with 29.1 per cent estimated earnings growth are the only two other indices in the Asian region that are likely to outperform India, suggests the recent Jefferies report, coauthored by Mahesh Nandurkar, their managing director along with Abhinav Sinha and Nishant Poddar.
Despite the biggest weekly loss, market analysts expect a better week ahead as falling prices have made stocks very attractive, given that the quarterly results were not a complete letdown.
Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
Equity benchmark Sensex declined over 215 points on Wednesday, weighed by losses in index heavyweight Reliance Industries, Bajaj Finserv and Tata Steel, after the Reserve Bank raised the key interest rate by 35 basis points. Subdued Asian markets and continued selling by foreign investors also weighed on sentiment, traders said. Extending its losses for the fourth straight session, the 30-share BSE Sensex ended 215.68 points or 0.34 per cent lower at 62,410.68.
Among the Sensex firms, JSW Steel, Titan, Tata Steel, Sun Pharma, Reliance Industries, Bharti Airtel, Tata Motors and HDFC Bank were the biggest gainers. NTPC, Tech Mahindra, Maruti, State Bank of India and Larsen & Toubro were among the laggards.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
State-owned Life Insurance Corporation of India (LIC), which completes one year of its listing on Tuesday, presents a sorry scorecard as far as its stock market performance goes. Shares of the insurance behemoth are down 40 per cent over their issue price of Rs 949 to Rs 567 apiece. The Sensex, on the other hand, has risen 14 per cent in the past one year.
Justice Roshan Dalvi sought to recuse herself from the case involving Reliance Industries Ltd and state-owned National Thermal Power Corporation over the supply of gas from the Krishna-Godavari basin on Wednesday.
At the heart of one of the biggest transformations in India's corporate history lies a plan to offer super-fast broadband services.
Reliance Industries chairman Mukesh Ambani has overtaken Adani Group chairman Gautam Adani to become the richest Indian in the world with a net worth of $84.3 billion, according to Forbes Real-time billionaire list for 2023. Ambani overtook Adani after the Reliance Industries chairman's assets went up 0.19 per cent with an increase of wealth by $64 million while Gautam Adani's assets went down by 4.62 per cent with the industrialist's weath pegged at $84.1 billion according to the real time tracker of Forbes of 5 pm EST on Tuesday. Adani who figured among the top three billionaires in the world has dropped in the ranking to number 10 just below Mukesh Ambani.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Among Sensex stocks, Wipro gained the most by 3.29 per cent. Ultratech Cement, Reliance Industries, Hindustan Unilever, Nestle, NTPC, M&M, HDFC Bank, ITC, Kotak Bank and Axis Bank were among the winners. On the other hand, HCL Tech fell the most by 1.24 per cent. SBI, TCS, Infosys, IndusInd Bank and Tata Steel also dropped.
The affidavit came in response to the government moving the Delhi high court seeking to block Reliance selling 20 per cent stake in its oil and chemical business to Saudi Aramco for $15 billion, in view of pending dues of $3.5 billion in Panna-Mukta and Tapti oil and gas fields. Countering the charges, RIL said it was a 'falsehood' and the petition is an abuse of process.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
From the Sensex pack, HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv and ICICI Bank were the major gainers. Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies and Axis Bank were among the laggards.
Shares of ITC ended 1.65 per cent higher at Rs 330.20
Tech Mahindra was the top laggard in the Sensex pack, cracking over 5 per cent, followed by Infosys, HDFC, IndusInd Bank, Reliance Industries and NTPC. On the other hand, Hero MotoCorp, L&T, Maruti, UltraTech Cement and Sun Pharma led the gainers' chart.
India's first $1 trillion company by market capitalisation (mcap) is achievable by 2032 and HDFC Bank and Reliance Industries (RIL) are seen as lead contenders, ICICI Securities said in a note on Monday. To achieve this, the shares of both the firms will have to appreciate at least 20 per cent annually for the next decade. ICICI Securities believes this is possible if India's gross domestic product (GDP) growth accelerates to 9 per cent per annum and corporate profitability cycle peaks. "Our calculations suggest that India's first $1 trillion mcap stock could emerge by 2032.
Nine of the 10 most valued firms together added over Rs 2.12 lakh crore in their market valuation last week, with HDFC Bank and TCS emerging as the lead gainers. Last week, the 30-share BSE benchmark jumped 844.68 points or 1.38 per cent. The stock markets were closed on Tuesday for Guru Nanak Jayanti.
FMCG major ITC again became the BSE benchmark Sensex's most influential stock on Monday, pushing energy giant Reliance Industries to the second place.
Ajit Mishra, vice president, research, Religare Broking, answers your stock market queries.
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