Sensex, Nifty Snap Two-Week Losing Streak Aided By Metals, Pharma Stocks
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
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Closing Bell
India's stock benchmarks logged gains for the week, after two consecutive weeks of decline, amid rising concerns over tapering and volatility in global equities.
All the sectoral indices advanced for the week, with Nifty Metal and Pharma leading the gains.
The S&P BSE Sensex and NSE Nifty 50 gained in the first three days of the week (including on the day of union budget 2022, Feb. 1). Over the last two sessions, the benchmarks fell, amid rising volatility due to tech selloff in the U.S. and concerns over hawkish tilt to monetary policy framework by the U.S. Federal Reserve.
On Friday, the S&P BSE Sensex fell 0.24% to 58,644.82. The 30-stock gauge fluctuated between gains of over 0.25% and losses of 0.6% through the session. The NSE Nifty also declined by similar magnitude to 17,516.30.
Hero MotoCorp Ltd. had the largest drop, falling 2.2%. Today 34 of 50 shares fell, while 16 rose.
The broader indices underperformed their larger peers with S&P BSE MidCap shedding 0.7% and S&P BSE SmallCap slipping 0.45%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Realty shedding nearly 3%. On the flip side, the S&P BSE Metal rose over 1%.
The market breadth was skewed in the favour of bears. About 1,592 stocks advanced, 1,747 declined and 93 remained unchanged.
"The equity market continued to be in the grip of extreme volatility, which has been a continuous feature of the markets during the whole week. The concerns over rising interest rates in the US, the likely Fed rate action, the build- up of political and military tensions in Eastern Europe, and the adverse effects of the new variant of the pandemic, are all factors that worked on the minds of the investors", Dr Joseph Thomas, Head of Research at Emkay Wealth Management wrote in a note and added that "these factors, by their very nature, are likely to influence the markets in the coming weeks too".
RBI Does Not Accept Bids For 2026 & 2035 Bonds At Friday's Auction
No bids accepted for Rs 6,000 crore auction of 2026 bonds.
No bids accepted for Rs 9,000 crore auction of 2035 bonds.
Rs 2,000 crore raised via 2023 bonds and Rs 8,525 crore raised via 2051 bonds.
No devolvement on primary dealers.
Source: RBI
Radico Khaitan Slips The Most In 21 Months
Radico Khaitan shares slip the most in intraday trade in 21 months. Radico Khaitan reported 5.88% YoY decline in consolidated net profit in Q3.
Trading volume on the stock was four times the 30-day average volume at this time of the day.
The company agreed to acquire Accomreal Builders Pvt Ltd on Thursday. Financial terms of the transaction were not disclosed.
Source: Exchange filing, Bloomberg
CE Info Systems Slips The Most In A Week
Shares of CE Info Systems fell over 4.5%, the steepest intraday decline in a week.
The company approved acquisition of 75.98% of Gtropy Systems Pvt Ltd for Rs 13.5 crore. The indicative time period for completion of the acquisition is 45 days.
Gtropy Systems, which belongs to IoE and logistics Software-as-a-Service Tech industry, had a turnover of 8.49 crore in FY21 and Rs 2.58 crore in FY2020.
Gtropy Systems is likely to aid MapmyIndia in expanding IoT and SaaS solutions into CV fleet and OE market by providing route optimization, vehicle tracking, telematics and advanced navigation solutions.
The company also declared interim dividend of Rs 2 per equity share bearing face value of Rs 2 each, for FY2022. The record date to ascertain the eligible members for the payment of interim dividend will be February 14, 2022.
Source: Bloomberg, Exchange Filing.
Oberoi Realty: No Discussions On Formation Of JV With External Investors For Development Of Overseas Properties
Oberoi Realty Ltd. denied reports regards proposed formation of joint venture by the company with external investors for joint development of overseas properties and equity investment in the company.
The company informed the exchanges that no such discussions took place.
The company pared nearly 5% intraday gains following the announcement. Trading volume on the stock was nearly 2.5 times the 30-day average volume, at this time of the day.
Of the 28 analysts tracking the company, 12 maintained 'buy', eight maintained 'hold' and eight maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 0.8%.
Source: Bloomberg
Analyst Actions: V-Guard Industries
V-Guard raised to 'buy' from 'accumulate' at Elara Securities India; price target set at Rs 290.
Source: Bloomberg
