Mumbai, February 06: The Bombay Stock Exchange extended their losses for the sixth successive session with the benchmark Sensex falling by another 561 points to close at a one-month low of 34,195.94. Along with Sensex, NIFTY recorded a loss of over 292 points at the open. This loss comes in the wake of US markets suffering a setback, with Dow Jones losing 1252 points at its opening on February 06.
After opening at 33,753.78, the BSE Sensex continued its slide to hit a low of 33,482.81 as selling gathered momentum in tandem with weak global leads. However, value-buying emerged at several counters during the late trading session. The benchmark finally ended at 34,195.94, down 561.22 points, or 1.61%.
These crashes in the market can be attributed to the crashes in US markets. The Dow suffered its worst point decline in history February 05. It amounted to 4.6% – the biggest decline since August 2011, during the European debt crisis.
However, there were many stocks that braved the situations and recorded as high as 13% rise in the day. SpiceJet rose 13%, followed by Intellect Design Arena – 9% – Polaris Consulting gained 7.3%, while Crompton Greeves went up 7% among the constituents in the S&P BSE 500 index.
The Indian stock market faced a sense of volatility on Friday, June 30, ahead of the midnight launch of the GST tax regime in the country. During the early hours of the day, the Sensex fell 150 points, but closed at a slightly higher benchmark. BSE rose by 64 points at 0.21%, while on the other the Nifty rose 16.80 points to close at 0.18%.
This unstable economic condition is the harbinger of a new tax regime that will apply to 1.3 billion people in a $2 trillion economy. As reported by the Financial Express, Siddharth Sedani, head of equity advisory at Anand Rathi, said that “there is some kind of profit-booking and sideways consolidation in the market, so so most sectors are volatile.”
The Auto industry is facing difficult times with the Nifty Auto Index indicating a 0.9% fall. In fact, stocks of Indigo Airline’s parent company InterGlobe Communications fell by 5.5% when the company mentioned its interest to invest in Air India.
Other sectors like FMCG, consumer durables, healthcare and power performed well in indexes when the market closed at 3:30 pm on June 30, 2017.
Sensex marked their largest single day gain in about a month with the stick markets gaining over 1 per cent.
The larger, Nifty 1.21 percent each, settling the day at almost the 7,850 mark, while the yardstick Sensex ended 309 points higher, which in turn led to the biggest single day percentage gain since November 19.
This comes after the raise in the interest rates of the U.S Federal Reserve for the first time in almost 10 years and signalled its constricting cycle would be “gradual”. “The markets had factored this (Fed hike) in, the Santa rally which we had predicted is now happening,” said Kapil Khandelwal, director at Equnev Capital.
The BSE benchmark Sensex rose by 272 points today after the government presented its Economic Survey ahead of the Budget in the parliament.
This survey gave a scope for policy easing due to lower inflation. The growth in2014-15 is expected to be around 8%, largely due to domestic demand. This survey also led to a rise of 8750 points in 50 shares of Nifty which is soon going to attain 8800 with gains in capital goods, metal, realty and power stocks.
As per the key government report, India should concentrate more on public investment other than borrowing. “India has reached a sweet spot and there is a scope for Big Bang reforms now,” said the report. It is on its way to achieve the double digit economic growth.
So according to this prediction there is a possibility of 7.4 percent growth in the fiscal year ending now, which will give Prime Minister Narendra Modi an opportunity to allot more funds for investment without resorting to deficit financing.
“India can balance the short-term imperative of boosting public investment to revitalize growth with fiscal discipline” said Arvind Subramanian, an
The Bombay Stock Exchange (BSE) Sensex recovered over 180 points in early trade on Friday. This was caused on account of the emergence of buying by funds and retail investors.
The 30-share index of BSE, which lost 261.34 points yesterday, recovered by 0.63 per cent to become
28,927.56. The recovery was felt by an increase in the prices of stocks of capital goods, consumer
durables, metal, healthcare, auto, banking, and power sectors, leading the recovery. Similarly, the
National Stock Exchange index (Nifty) also recaptured the 8,700-mark by noticing a rise of 57.15 points,
or 0.66 per cent, to 8,741.
The reasons for the increase have been devoted to the upside in stock price, at the beginning of March in the derivatives segment. Brokers also said that fresh buying by investors and foreign funds ahead of the Economic Survey which is to be released later in the day and the Union Budget on Saturday facilitated the trading sentiments here.
Among the other Asian markets, Hang Seng in Hong Kong was up by 0.62 per cent, while Japan’s Nikkei witnessed a rise of 0.15 per cent in an early trade on Friday.
The Sensex and Nifty both fell for the second straight session on Monday. This happened due to some major stocks like Reliance Industries and other financial stocks falling. It is considered to be a significant caution ahead of the budget due on Feb 28.
Other blue chip stocks like ITC Ltd, Housing Development Finance Corp Ltd and State Bank of India experienced similar sort of selling pressures due to the ongoing condition of the market.
The budget which is due on February 28 is a highly anticipated event that has affected the market previously; as was the situation in case of the monetary policy review by the Reserve Bank of India (RBI) to hold back certain decisions till the final announcement of the budget. The Sensex closed down 0.88 percent at 28,975.11, while Nifty fell 0.89 percent to 8,754.95.
Mumbai: Domestic markets began on a cheerful note as Sensex and Nifty showed a early signs of growth owing to GDP performance in the June quarter. While Sensex shot up by 134 points at 26,772, Nifty rose by 48 points at 8,002 level.
The GDP climbed up to a nine-quarter high of 5.7%, compared to 4.6% in the previous quarter, a growth mostly boosted by industries.
Overall, BSE Midcap and Smallcap indices noted a 0.5% growth in their trading. Capital Goods, Metal, Auto and Tech indices trading higher between 0.5-1%. Banking stocks like SBI, Axis Bank, ICICI Bank are rallying up by 0.5-1.2%.
IT stocks like TCS, Wipro and Infosys are contributing to the rise by 0.5-1%.
Prominent stocks on the Sensex – L&T and ICICI Bank are major contributors to the early upward trend growth.
On the contrary, Sun Pharma and BHEL are falling and stand at a loss of 1% due to profit booking.
On the global front, Euro slipped to a one-year low ahead of European Central Bank meeting this week. Japan’s Nikkei stock recovered some lost ground as it gained abut 0.3% from its previous monthly result. U.S market too showed a healthy growth ahead of three day weekend owing to Labour Day on Monday.