Market Wrap Podcast, January 7: All that happened in the markets today
Sectorally, the Nifty Auto and Pharma indices were among the major losers, down up to 0.4 per cent. The BSE Telecom index was also an underperformer for the second day, down 0.5 per cent
BS Web Team New Delhi
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Domestic indices on Friday started on a highly positive note, but failed to hold their opening gains and ended marginally higher amid consolidatory mood and mixed global cues.
After starting gap-up, the BSE Sensex index inched over 500 points to hit an intra-day high of 60,130. However, selling in select heavyweights like Bajaj twins, M&M, HDFC, Bharti Airtel, and L&T in the second half of the session erased gains. The index eventually ended 143 points higher at 59,745. Its NSE counterpart, Nifty50, meanwhile, closed at 17,813, up 67 points.
The broader markets, however, outperformed the benchmarks for a second straight day with the BSE MidCap and SmallCap indices ending around 0.5 per cent higher each.
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Sectorally, the Nifty Auto and Pharma indices were among the major losers, down up to 0.4 per cent. The BSE Telecom index was also an underperformer for the second day, down 0.5 per cent.
On the contrary, the Nifty Oil & Gas index was the top gainer, which ended 1.3 per cent higher, followed by FMCG and Bank indices, which closed 0.6 per cent up each.
Among individual stocks, Tata Group company Tata Teleservices entered the list of top-100 most valued companies in the country with its market capitalization crossing the Rs 50,000 crore-mark for the first time since listing. The stock was locked in the 5% upper circuit and hit a new record high. It has rallied a whopping 567% in the last three months.
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On the flip side, shares of Hinduja Global Solutions were locked in the 20% lower circuit on the BSE on profit booking after the company's announcement of a bonus share issue in 1:1 ratio, and an interim dividend of Rs 150 a share failed to cheer investors.
Meanwhile, on the economic front, HSBC Holdings Plc sees new restrictions in India due to rising Covid-19 cases possibly lowering the country's GDP growth by about 25 basis points in the current financial year. Further, HSBC economist Pranjul Bhandari said that the rapid rise in covid cases could also defer RBI rate hikes for a while, but eventually the central bank would need to act due to rising price pressures.
Lastly, the world's biggest cryptocurrency Bitcoin tumbled below $42,000 to its lowest level since September amid hawkish sentiments after the US Fed's December meeting minutes were released. The cryptocurrency declined as much as 4.9% to $41,008, a fall of about 40% from its record near $69,000 level reached on November 10.
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First Published: Jan 07 2022 | 5:38 PM IST