Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
Reliance Industries was the top gainer in the Sensex pack, rising over 1 per cent, followed by M&M, HCL Tech, Axis Bank, ICICI Bank and HUL. On the other hand, Bharti Airtel, Maruti, SBI, PowerGrid, NTPC and Tata Steel were among the laggards.
Government hits back, tells rating agency to introspect on processes.
The global semiconductor shortage is turning into a headache for automotive (auto) and appliance manufacturers. But it is proving to be a boon for equity investors. Semiconductor stocks are among the best performers this year. The PHLX Semiconductor Index has gained more than 35 per cent year-to-date.
Tuesday's was the S&P's worst drop since August 24.
Many retail investors, who are experiencing their first bear market, are shocked at the erosion in the value of their mutual fund (MF) portfolios. The pain is especially acute for those who had taken excessive exposure to sector/thematic and small-cap funds. Even international diversification has failed to stanch the bleed in this downturn.
Out of 11 companies that got listed in 2019, nine have outrun the market by gaining more than 10 per cent against their respective issue price.
It's the first time in my memory that I have seen a negative expected return for equities, notes Akash Prakash. Hopefully, this implies the consensus is being too negative, and markets, as usual, will surprise everyone and deliver the least likely outcome.
Monsoons have had limited effect on market returns for a given year, report Sachin Mampatta and Sundar Sethuraman.
Broader market outperformed the benchmark indices with S&P BSE Midcap gaining over 1%
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
Rating agency Standard & Poor's on Friday revised upwards the long-term corporate credit ratings of software majors TCS, Infosys and Wipro to 'A' from 'BBB+.'
Observing that India's worsening COVID-19 situation and the strict measures to contain it have hit the economy hard, the rating agency said productive capacity has been severely disrupted since the start of the pandemic.
S&P BSE Midcap index and S&P BSE Smallcap were down 2% and 1.3% respectively
In a report on the rupee's depreciation, S&P said, "Revenue for companies that export and operate overseas would rise, because they would get more rupees for the goods and services they sell."
The S&P BSE Midcap and the S&P BSE Smallcap indices added 0.5% and 0.7%, respectively
Shares of IT companies were in focus with the Nifty IT and S&P BSE IT index gaining more than 2% in an otherwise lower market
S&P BSE Sensex settled at 31,170, up 60 points, while the broader Nifty50 closed at record high for third straight session. It ended at 9,624, up 19 points.
Recently, TPEM's first born electric concept, Avinya broke cover. The model promises a minimum range of 500 kilometres and advanced technology features, aimed at buyers in India and outside. TPEM, the newly formed entity may also consider a separate dedicated sales channel for the EVs with a distinctive corporate identity once the volumes reach a critical mass and throughput is large enough for the dealers to be profitable, said Chandra. Elaborating further on the hiring strategy he said, "We will hire from everywhere-wherever the talent of the required competency is available."
the investigation began before Standard
In the broader market, the S&P BSE Midcap added over 1% to finish at record closing high
Many years during which monsoons were poor saw high returns, while normal or excess rainfall has also coincided with poor calendar year gains.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.5% and 0.4%, respectively.
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
From the 30-share pack, Sun Pharma, TCS, Tech Mahindra, NTPC, Wipro, UltraTech Cement, Dr Reddy's Laboratories and Infosys were the major gainers, jumping up to 3.99 per cent. In contrast, Tata Steel, Nestle, Titan Company, PowerGrid, Reliance Industries Limited and State Bank of India were among the laggards.
The S&P BSE Midcap and S&P BSE Smallcap indices gained 0.4% and 1%, respectively
Weak economy and high interest rates in India, which have adversely affected cash flows and debt-servicing ability, have prompted the companies to improve their financial profiles.
Among Sensex stocks, Maruti rose the most, followed by Tech Mahindra, Mahindra & Mahindra and Asian Paints. Gains in Reliance, TCS, Infosys, HCL Tech, HDFC and ICICI Bank also helped the barometer extend its rally for a second day.
Overseas shipments at auto firms expanded at a brisk pace year-on-year (YoY) in March, bumping up the overall annual exports for FY22 and taking it to a record level for some like Maruti Suzuki India and Bajaj Auto. Amid a semiconductor shortage, a depreciating rupee and a strong demand in various export destinations, passenger vehicle makers diverted capacity meant for the local market in favour of the more-lucrative export market. Among the passenger vehicle makers, market leader Maruti Suzuki led the rally with its overseas shipments touching a record level of 238,376 units in FY22 - the highest for the company in any financial year.
Moody's Investors Service on Thursday slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation. In its update to Global Macro Outlook 2022-23, Moody's said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year. However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead.
Bank of America (BofA) Securities expects India to be the third-largest economy in the world by 2031. The economic rise could become a reality by 2028, but the Covid pandemic delayed the pace, BofA Securities economists Indranil Sen Gupta and Aastha Gudwani wrote in a report.
Broader market underperformed with the BSE Midcap and the BSE Smallcap indices losing up to 0.2%
With the world's worst outbreak of COVID pandemic stalling a nascent economic recovery, the government has begun assessing the impact of the second wave of infections on different sectors and may look at providing support at an appropriate time to segments requiring fiscal help. Some of the economic indicators, including the Goods and Services Tax (GST) collections, still provide confidence and incoming data will throw some more light on the state of the economy, sources said. Services sectors like hospitality, tourism and aviation which had just started recovering were hit hard by the second wave of COVID, the sources said, adding these segments might need some support on an urgent basis from the government.
The improved outlook on the Government of India announced by rating agency Moody's might need to be viewed with some scepticism. There is no doubt the performance of the Indian economy has sharply improved from the deep trough it hit last year. But the ability of the second largest global ratings agency to assess an upside and downside before events make everyone wise about India has been dismal for a long time, as the chart shows.
Despite a massive underperformance at the bourses since the last six months, analysts are turning optimistic on Reliance Industries (RIL). Those at Jefferies, for instance, say that the company is a proxy play for India's consumption growth story. The key catalysts for the stock, according to a Jeffries note, include faster-than-expected market share gain in retail, oil-to-chemicals (O2C) stake sale, recovery in gross refining margins (GRM), potential public listing of Jio and even a possible banking licence going ahead. That apart, analysts feel any tariff hike in Reliance Jio (RJio) - its telecom venture - will also aid performance. With balance sheet adequately de-levered, proceeds from a strategic stake sale in the O2C business will create a sizeable war chest for the company, analysts say.
S&P is the only of the three major credit agencies with a 'negative' outlook on India.
BSE Auto index fell over 0.5% after reports that automobiles might get costlier post GST
Thus far in 2017-18, FIIs and MFs have invested Rs 198.91 billion and Rs 1,119.49 billion in the Indian equity markets. Of this, around Rs 152.46 billion has come in January alone.
NTPC, Sun Pharma Coal India and Asian Paints were among top losers on BSE Sensex
