Sensex, Nifty Extend Winning Streak For Third Week Aided By I.T., Realty Stocks
The broader indices underperformed their larger peers, with both MidCap and SmallCap gauge shedding over 1% on Friday. Sixteen of the 19 sectoral indices compiled by BSE Ltd. declined, with power, utilities, consumer durables, auto indices losing the most.
The market breadth is skewed in the favour of bears. About 1,366 stocks rose, 1,969 fell and 131 remained unchanged.
The broader indices underperformed their larger peers with both the MidCap and SmallCap measures logging losses. Eleven of the 19 sectoral indices compiled by BSE Ltd. declined with power and utility gauges falling the most. On the flipside, the information technology index gained over 1.5%.
The market breadth was skewed in the favour of bulls. About 1,714 stocks gained, 1,481 declined and 126 remained unchanged.
Services PMI in May at 58.9 vs 57.9 in April.
Survey reflected better underlying demand and strong inflows of new orders.
May data marked a twenty-third successive month of rising input prices at Indian service providers.
Rate of inflation climbed to the highest in 16-and-a-half years of data collection.
Source: IHS Markit
Shares of Aether Industries got listed at Rs 704 on the National Stock Exchange, a 9.66% premium to its issue price of Rs 642.
The stock, then jumped to an intraday high of Rs 774.40 apiece.
Source: NSE
Aether Industries pre-market discovery price at Rs 706.15
Source: Bloomberg
The broader indices underperformed their larger peers with S&P BSE MidCap gaining 0.6% and S&P BSE SmallCap adding 0.8%. All the 19 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Information Technology index rising over 2%.
The market breadth is skewed in the favour of bulls. About 1,922 stocks rose, 481 fell and 90 remained unchanged.
Yield on the 10-year bond rose 3bps to 7.46% during the session.
The yield is now, just 3bps away from 7.49% reached on May 9, the highest since 2019.
Source: Bloomberg
Indian currency appreciated 0.20% to 77.46, at the open.
Source: Bloomberg
Aether Industries: The Rs 808-crore IPO was subscribed 6.25 times.
Bajaj Auto: Dealers are grappling with a severe shortage of inventory as the chip crunch and vendor issues are hurting the maker of Pulsar motorcycles.
UltraTech Cement: The company will invest Rs 12,886 crore towards 22.6 MTPA capacity expansion after the board approved mix of brown field and green field expansion. The move comes weeks after Adani Group acquired Holcim India's Ambuja Cements Ltd. and ACC Ltd. to emerge as the country's second largest cement maker.
GR Infraprojects: Subsidiary GR Madanpalli Pileru Highway Pvt. Ltd. has executed the concession agreement with the National Highways Authority of India.
Hindalco Industries: The company has completed the disinvestment process of Hindalco Do Brazil Industria Comercia de Alumina LTDA, a wholly owned stepdown subsidiary.
McDowell Holdings: The company approved the appointment of CA Krishna Mohan Maddula as CFO with effect from May 31, 2022.
Omaxe: The company incorporated a wholly-owned subsidiary, Worldstreet Sports Center.
Asian shares rose on Friday after U.S. equities snapped a two-day slide ahead of a key jobs report.
Stocks gained in Japan, Korea and Australia, while U.S. futures edged up. Markets are shut in Hong Kong and China. On Thursday, the S&P 500 rose 1.8%, led by gains in consumer discretionary shares, while the tech-heavy Nasdaq 100 surged nearly 3%.
The Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, rose 0.88% to 16,758.59 points as of 6:50 a.m.
Elsewhere, OPEC+ agreed to increase the size of its oil-supply hikes by about 50% in July and August. Yet, oil continued to rise.
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