Indices end flat, Nifty settles at 11,464; mid, small-caps outperform

All that happened in the markets today

The domestic stock market ended flat with a positive bias on Friday. The S&P BSE Sensex settled 14 points, or 0.04 per cent higher at 38,854.5 levels while NSE's Nifty ended at 11,464, up 15 points, or 0.13 per cent. India VIX dropped nearly 3 per cent to 20.68 levels.

SBI (up 2 per cent) ended as the top gainer on the S&P BSE Sensex while IndusInd Bank (down nearly 2 per cent) was the biggest loser. Of 30 constituents, 10 advanced while 20 declined. 

On a weekly basis, Sensex gained 1.29 per cent while Nifty added 1.15 per cent. 

The broader market, however, fared bettter than the frontline indices. The S&P BSE MidCap index settled at 14,660 levels, up 0.58 per cent and the S&P BSE SmallCap index ended 0.52 per cent higher at 14,558. 

Sectorally, IT stocks rallied the most. The Nifty IT index ended 1.29 per cent higher at 18,633 levels. Nifty PSU Bank index gained 0.79 per cent while Nifty FMCG index settled 0.63 per cent higher at 30,972 levels.

Buzzing stocks

Shares of Wipro and Tata Elxsi hit their respective 52-week highs on the BSE on Friday on the expectation of strong earnings growth in the current quarter (July-September) of financial year 2020-21 (FY21). READ MORE

Shares of Max Healthcare Institute (MHIL) hit a high of Rs 133.80 on the BSE during the day on the back of heavy block deals. The stock settled at Rs 131.30, up around 17.5 per cent. READ MORE

Strides Pharma ended nearly 13 per cent higher at Rs 685.90. In the past two months, the stock has rallied over 64 per cent after the company reported strong performance across all business segments in the April-June 2020 quarter (Q1FY21) despite significant disruptions and ambiguity in the business environment due to Covid 19. READ MORE

Global markets

European shares struggled for momentum on Friday as doubts about extra monetary stimulus and overnight falls in US big tech shares kept investors on edge. The pan-European STOXX 600  opened lower before gaining 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 per cent, moving away from a one-month trough touched earlier this week. Japan's Nikkei rose after Tokyo dropped its coronavirus alert by one notch from the highest level as Covid-19 cases trend down.

US futures were higher, pointing to recovery on Wall Street after losses on Thursday put the S&P 500 and the Nasdaq Composite on course for a second straight week of losses.

In commodities, oil prices fell for a second day and were on track for a second weekly fall after US stock markets tumbled and US stockpiles rose unexpectedly.

(With inputs from Reuters)

4:18 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"Indian benchmark indices ended flat with a slight positive bias. In spite of mixed global cues, Indian markets held out from going negative, after progress was supposed to be made during the talks to defuse border tensions with China. IT index once again gained the most, as the markets are expecting a better Q2 performance from the IT companies. Although benchmark indices gained around 1.2 per cent on a weekly basis, it was characterised by volatility while FIIs have also pulled out around Rs 4,500 crore this month".

 

WEEK AHEAD

 

"With the lack of any official statements from the high-level talks to defuse border tensions, investors need to be prepared for slow progress in this regard. As such, this uncertainty will keep worrying the markets for the short term. The lack of any fresh domestic triggers will mean that investors will continue to watch global cues for any directional trend for the next week. Many small-cap companies are declaring their results over the weekend. Stock-specific moves can be expected."

3:44 PM

SECTOR WATCH:: Nifty IT gains over 1%

3:43 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained over 14 points or 0.04 per cent to settle at 38,854.55 levels while NSE's Nifty ended at 11,464, up 15 points, or 0.13 per cent. 

3:27 PM

Strides Pharma hits 52-week high; stock soars 64% in two months

After posting an adjusted loss of Rs 27.4 crore in the January-March 2020 quarter (Q4FY20), Strides Pharma made a strong comeback in Q1FY21 with adjusted profit after tax of Rs 56 crore. This was on account of strong traction witnessed in the US/Other Regulated/Africa markets. READ MORE  

3:21 PM

MARKET CHECK

3:15 PM

MARKET CHECK:: Realty stocks gain; BSE Realty index gains over 1.5%

3:07 PM

Sebi shortlists Bharti Airtel, Wipro, others to revamp IT infra network

Markets regulator Sebihas shortlisted eight companies including Bharti Airtel, Wipro and Tata Communications to revamp its IT infrastructure network and communication systems.

 

The other shortlisted companies are -- Hewlett Packard Enterprise India, IBM India, NTT India, Orange Business Services India Technology and Sify Technologies. READ MORE

2:59 PM

Market Comment :: Sanjeev Zarbade, VP PCG Research, Kotak Securities

The BSE-30 Index gained ~ 1.1% in the current week. The market remained cautious on adverse news-flows of Covid-19 vaccine trials, increase in Sino-India geopolitical tensions and a sharp sell-off in US equities. Reliance Industries (+10%), Asian Paints (+4%) and Maruti Suzuki (+2%) were among the top gainers, while Bharti Airtel (-8%), NTPC (-7%) and State Bank of India (-7%) were among the top losers in the BSE-30 Index. Recent data shows some up-tick in activities as suggested by e-way bills data, railway freight data and digital banking transactions, even as daily Covid-19 cases continue to increase.

FPIs sold equities worth US$528 mn over the past five trading sessions while DIIs sold US$109 mn worth of equities in the same period. While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic MFs.

Valuations are not supportive either. So, investors need to be prepared for a minor correction or a side-ways market, going ahead. There are some pockets of value in small caps, but need to be selective

2:53 PM

Adani Ports & SEZ raises Rs 900 cr through NCDs on private placement basis

Adani Ports and Special Economic Zone (APSEZ) on Friday said it has raised Rs 900 crore through allotment of non-convertible debentures (NCDs) on a private placement basis. "The company has raised Rs 900 crore today (Friday) by allotment of 9,000 rated, listed, secured, redeemable NCDs of the face value of Rs 10,00,000 each on private placement basis," the company said in a regulatory filing to the BSE. READ MORE

2:48 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
COFORGE	2079.20	2099.95	8.74
EMAMI	384.70	392.90	2.00
JUBILANT FOOD.	2305.00	2376.90	1.75
LAURUS LABS	1253.00	1268.00	1.30
STRIDES PHARMA	683.60	685.00	12.42

2:47 PM

IT shares surge in a subdued market

2:44 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:38 PM

Adani Green locked in 5 per cent upper circuit after announcing June quarter results

2:33 PM

Expert View | Loan restructuring: This time is different

India’s banking sector appears unable to shake off its jinx. Years of improvement in performance tend to get erased by some exogenous shock or the other. The sector started off the post-reform phase with a ratio of gross non-performing assets (NPAs) to loans of 16.0 per cent in 1996-97, a number worth bearing in mind when analysts portray the banking sector today in apocalyptic terms. READ MORE