Sensex, Nifty closed Friday's session flat.Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets ended mixed on Friday. S&P BSE Sensex ended flat with a positive bias while Nifty ended slightly lower in the negative territory. Banking stocks surged with ICICI Bank ending 2.66% higher as the top Sensex gainer. Infosys, Axis Bank and HDFC Bank followed. ITC, ONGC, Sun Pharma, and Bharti Airtel were the top drags. India VIX or the volatility gauge closed nearly 4% lower. Nifty Bank, Financial Services, PSU Bank, Private Bank, and the IT index closed with gains while other ended in the red.
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Highlights
Equity markets moved higher during the initial hours of trade on Friday but were flat on the closing bell. S&P BSE Sensex ended 12.78 points higher at 51,544 while the broader 50-stock NSE Nifty ended the day 10 points lower at 15,163. Volatility index slipped nearly 4%. Banking stocks surged with ICICI Bank as the top Sensex gainer. Bank Nifty ended the day 1% higher. The street seemed unimpressed by ITC results as the stock closed as the worst Sensex performer for the day. It was followed by Sun Pharma, ONGC, and Bharti Airtel.
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S&P BSE Sensex ended flat with a positive bias while Nifty ended slightly lower in the negative territory.
Broader markets were trading flat ahead of Friday's closing bell. BSE Smallcap and BSE Midcap indices were up marginally. On NSE, Nifty Junior was up 0.23% while Nifty Smallcap 50 was up 0.43%.
Sensex was trading flat with a positive bias while Nifty 50 index was down with marginal losses on Friday.
Leading banking stocks were rising higher on Friday with less than an hour to go for the closing bell. Meanwhile, index heavyweights such as ITC, Reliance Industries, and Bharti Airtel were dragging the benchmark lower.
Sensex and Nifty were trading flat with a negative bias at 1:55 PM on Friday. Nifty was still holding above 15,100.
The Indian logistics industry today is at an inflection point. During the COVID-19 pandemic and the subsequent nationwide lockdown, the logistics sector played a frontline role in maintaining the intactness and continued functioning of domestic supply chains. This ensured an uninterrupted flow of essential goods and services across the geographical expanse of the country without disruptions. Budget 2021 presented by Nirmala Sitharaman has played an enabling role in bolstering the functional competencies of the sector by announcing key industry-friendly proposals. These include asset monetizing the Dedicated Rail Freight Corridor (DRFC) by Indian Railways for operations and maintenance, boosting investments to improve rail and road infrastructure in the country and building new economic corridors.
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The Supreme Court on Friday upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton, and said disbursal of funds to unit holders will continue. A bench of justices S A Nazeer and Sanjiv Khanna, while rejecting the opposition by some unit holders to the e-voting process, said disbursal of funds has to be done as per the earlier order of the apex court.
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Falling coronavirus cases, booming stock markets, and a budget that gives a big boost to spending are some factors that have made Chris Wood, Global head of equity strategy, Jefferies reaffirm his bullishness for Indian equity markets. “With Covid cases in India now 88% off their peak amid growing hopes of herd immunity, India looks right now Asia’s best post Covid recovery story,” Wood said in his weekly Greed and Fear letter. India’s weightage in Chris Wood’s portfolio is at 14%, a 5.1% mismatch from MSCI AC Asia Pacific ex-Japan index.
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On February 1, Budget 2021 was presented in a backdrop of a once-in-a-lifetime pandemic that had seriously disrupted the economic and social activity. This followed a slowdown in the previous year. The total revenue receipts are expected to be down by 28.8% and government expenditure up 16% compared to budget estimates. The Fiscal deficit will reach an unprecedented level of 9.5% as the economy contracted by 7.7%. This situation called for measures that were out of the ordinary.
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So far the newly sworn-in Joe Biden administration has primarily focused on fiscal support for the pandemic hit US economy, with more strategic initiatives expected to come later this year. The current environment augurs well for risky assets such as stock markets but rising fixed income yields could change that, according to a report by Deutsche Bank. “The US equity risk premium remains historically high, but rising fixed income yields will have a varying impact on different equity styles and sectors,” the report said.
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Infosys was up 1.69% as the top Sensex gainer on Friday morning. This was followed by IndusInd Bank and Tech Mahindra.
Karur Vysya Bank (KVB) has reported a 133% increase in its profit for the third quarter ended December 31, 2020 to Rs 35 crore from Rs 15 crore during the same period last year. Net interest margin stood at 3.29% and was almost flat compared to 3.33% a year ago.
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"The markets have opened on a tepid note this morning, unclear in its direction for the day. Sometimes traders do not wish to carry a lot of open positions over the weekend. However, the trend of the Nifty is positive and all dips can continue to be utilised as buying opportunities. The index still has steam to conquer levels closer to 15500. 14500-14600 is a good support band for the Nifty and as long as that holds, we are in comfortable territory," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Nifty and Sensex gave up all opening gains after the initial few minutes of trade on Friday morning.
Sensex and Nifty began trading with gains on Friday morning. Power Grid, Infosys, HCL Tech were among the top gainers.
Benchmark indices closed the pre-open session with gains on Friday morning. Sensex jumped over 8- points while Nifty was shy of 15,200.
After beginning the pre-open in green, Sensex and Nifty moved lower into the negative territory.
Sensex crosses 51,600 during the pre-open session while Nifty was nearing 15,200 levels.
"US equities tracked sideways again as markets remained metaphorically stuck in a clingy sweet spot as confidence in post-pandemic recovery's strength keeps risky assets supported. Still, the run of poor US economic data continues to fog up the looking glass. Nevertheless, that weak financial data prevents the US Fed and the White House from delivering anything short of full-throttle overdrive policy support with lots more " charcoal in the snow" to come," said Stephen Innes, Chief Global Market Strategist at Axi.
Resuming their upward trend, Sensex and Nifty closed higher on the weekly expiry yesterday. On the charts, Nifty could surge higher with strength. “The two days consolidation movement seems to have ended and the bulls are now ready to make a comeback in the market. One may expect further upside towards 15257 and higher in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that a sustainable move above 15260 could pull Nifty towards new upside of 15400-15500 levels in the near term, whereas immediate support is placed at 15050.
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"It was a dull weekly expiry trading session as no clear movement was there from the benchmark index and from any large counters except Reliance which single-handedly led the Nifty towards upper level and finally the index settled at 15173 levels with the gain of 66 points. Since the last four days, Nifty has been trading in a range-bound movement between the range of 15000 to 15260, so either side breakout will decide its direction till then we should use range for trading perspective. Moreover, on a daily chart, the benchmark index has strong support of its 50 Days Moving Average which shows a positive trend for the time being. At present level, Nifty has strong support at 15000 while upside resistance comes at 15260," said Sumeet Bagadia, Executive Director, Choice Broking.
Soybean meal exports rose nearly six fold to 3.36 lakh tonne during January because of higher demand in global markets. In January 2020, soybean meal exports stood at 58,000 tonne, said DN Pathak, executive director at the Soybean Processors Association of India (SOPA).
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Finance minister Nirmala Sitharaman on Thursday sought Parliamentary approval for an additional spending of Rs 6,28,380 crore in FY21, thanks to the government’s roll-out of various stimulus measures to soften the Covid-19 blow despite a plunge in its revenue mop-up.
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