The primary market is set for a bumper Rs 80,000-crore bonanza with 30 companies already filing IPO papers to raise Rs 55,000 crore, while around 10 more are lined up for this month itself, seeking to mop up another Rs 25,000 crore, say investment bankers. The market has been on a non-stop rally, hitting new records almost every week, on the back of an influx of investors -- a vast majority of them first-timers -- coupled with a flood of liquidity. Foreign funds alone had pumped in a record $35 billion into the market in FY21, while the trend has continued this fiscal as well. Domestic institutions led by LIC have also infused trillions of rupees, helping woo retail investors in troves -- the year saw over 20 million new investors coming to the market.
The 30-share Sensex ended 50 points lower at 28,112 and the 50-share Nifty declined 12 points to close at 8,531.
The biggest spender was Tata Motors, with Rs 4,224.6 crore assigned under the R&D head.
Mahindra and Mahindra was the top gainer in the Sensex pack, surging over 16 per cent, followed by Maruti, Titan, Bajaj Finance, HDFC, Bajaj Auto and Hero MotoCorp. On the other hand, HUL, Tech Mahindra, IndusInd Bank and Nestle were the laggards.
Oil & gas, banking and pharma sector stocks stole the show
The positive bias was aided by metal, realty and auto indices
'When fund managers talk of being bullish for the long term, they assume strong economic growth.' 'That is what they have assumed every year, naively believing the pronouncements and promises of ministers.' 'Unfortunately, they have been wrong year after year,' observes Debashis Basu, editor, www.moneylife.in.
'You can put 25 per cent right now; put another 25 per cent when Nifty corrects another 500 points.' 'At 13,500 put another 25 per cent and at 13,000 one can get fully deployed.'
The 14 listed Tata group companies in which Tata Sons holds a stake are paying out a record Rs 35,441 crore to their shareholders by way of dividends and share buyback for FY21.
Top gainers in the Sensex pack included Bajaj Finance, ONGC, Yes Bank, HDFC, HCL Tech, Tech Mahindra, TCS, ICICI Bank and RIL, rising up to 3.57 per cent.
Metal stocks lose ground with Hindalco, Tata Steel, Sesa Sterlite down 4-10%.
Production grew by a mere 0.5 per cent year-on-year, a significant comedown from the 3.5 per cent clocked in June.
11 top defensive stocks in the information technology (IT), pharmaceutical and fast moving consumer goods (FMCG) sectors made a new all-time high, while cyclical stocks saw a sell-off.
So, what's the problem if our present is screwed up when the future promises to be profitable? It's an Indian habit, notes Shyam G Menon.
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
A more effective promotion of domestic manufacturing and mining could significantly reduce the trade deficit in key sectors, says T N Ninan.
The use of RBI capital to strengthen public sector banks will have many positive implications for the economy -- and a few manageable downsides, points out R Jagannathan.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
At the BSE, 1,879 companies declined, while 685 advanced and 131 remained unchanged.
The IPL uses this system for players' auction.
Equity benchmark Sensex tumbled 674 points on Friday, weighed by losses in banking stocks as an unabated spike in new coronavirus cases fuelled uncertainty over the economic impact of the pandemic. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95. The NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.
Large and small businesses alike have delivered low-key performances.
SBI was the top gainer in the Sensex pack, rallying over 10 per cent, followed by Kotak Bank, Dr Reddy's, UltraTech Cement, ITC and HDFC Bank. On the other hand, Axis Bank, Bharti Airtel, ICICI Bank, Maruti and HCL Tech were among the laggards.
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
With India being the largest beneficiary of the GSP, it has been hit the most by the latest decision of the Trump administration
'Stick to the known quality names, avoid short term thinking and don't be in a hurry to book profits on your winners.'
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
Through the past 18-month period, peace has prevailed in the disputed border regions, which was immensely helpful in the difficult situation that the country was passing through, observes Ambassador M K Bhadrakumar.
The broader NSE Nifty cracked below the key 10,400-mark to touch a low of 10,336.30, before finally ending 15.95 points, or 0.15 per cent, down at 10,410.90.
'It's hard to call whether the Indian markets will go through a time or price correction.' 'There could be a swift 5 to 10 per cent fall in the market in the next two months or there could be a gradual fall and six months sideway movement.' 'Eventually, I think there will be a bit of both.'
The Nikkei India Manufacturing Purchasing Managers Index (PMI), fell from 52.1 in February to a five-month low of 51.0 in March, indicating the slowest improvement in operating conditions recorded by the survey since last October.
India's major import items from UAE include petroleum and petroleum products, precious metals, stones, gems, jewellery, minerals and chemicals
NTPC was the top gainer, spurting 4.28 per cent. Other winners were Bajaj Auto, Bajaj Finance, Sun Pharma, ITC, Hero MotoCorp, TCS, Yes Bank, HDFC, HDFC Bank and SBI, rising up to 1.38 per cent.
Top losers in the Sensex pack included TCS, Yes Bank, ITC, Sun Pharma, Reliance, Coal India, Asian Paints, SBI, Maruti, HUL, HCL Tech and ICICI Bank, falling up to 2.91 per cent.
The broader NSE Nifty gained 22 points to 10,480.60
The study, 'Trade and trade diversion effects of United States tariffs on China', shows that the ongoing US-China trade war has resulted in a sharp decline in bilateral trade, higher prices for consumers and trade diversion effects -- increased imports from countries not directly involved in the trade war.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
Strong gains in metal, energy, auto and power shares lifted the key indices to new highs.
'Whoever owns the best chip industry will be the Saudi Arabia of the era of data,' predicts Rajeev Srinivasan.
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