The 30-share BSE benchmark index was trading 141.62 points higher at 59,983.83 in early deals. Soon, it jumped to 60,008.11 points, higher by 165.9 points.
The broader NSE Nifty climbed 48.25 points to 17,873.50 points.

From the Sensex pack, NTPC, Hindustan Unilever, Bajaj Finance, Asian Paints, UltraTech Cement, Reliance Industries and Bajaj Finserv were the biggest gainers.
at 60,149 points, up 0.5 per cent from Tuesday’s closing. Sensex last touched 60,000 mark in early April.
The latest bull run in Indian stocks has been continuing for the past five weeks on a trot.

Till early July, Foreign Portfolio Investors (FPIs) were consistently selling equities in the Indian markets for the past nine-to-ten months due to various reasons, including tightening of monetary policy in advanced economies, rising demand for the dollar and high returns from US bonds. They have pulled out Rs 202,250 crore so far in 2022, NSDL data showed.

Sensex

In July, they were, however, the net buyer with a total purchase of equities worth Rs 4,989 crore. So far in August, they bought equities worth another Rs 22,453 crore, data showed.

“Declining US inflation, confidence that the Fed need not have to aggressively raise rates and the increasing probability of a soft landing of the US economy are supporting this rally. In India, steadily declining inflation, strong growth momentum in the economy and FIIs turning consistent buyers are driving the rally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Meanwhile, benchmark indices – Sensex and Nifty – rose nearly 10-11 per cent during the ongoing rally on a cumulative basis, thereby recovering largely the entire losses they witnessed so far in 2022.

Notably, the ongoing rally has made Indian stocks investors richer by around Rs 25 trillion. The all-India market capitalization rose from Rs 25,319,892 crore on July 11 to Rs 27,792,290 till last updated on Tuesday

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At 09:16 AM, Nifty was down 169 points (1.05%) to trade at 15997 while Sensex was down 589 points (1.09%) to trade at 53499. The indices weakened further as the Nifty was down by more than 250 points at 9:30 AM and briefly slipped below 15,900. Sensex declined over 850 points to trade below 53,200.

From the Sensex firms, UltraTech Cement, Tata Steel, Bajaj Finance, M&M, IndusInd Bank, HDFC Bank, Bajaj Finserv and Larsen & Toubro were among the major laggards. In contrast, Power Grid emerged as the only gainer.

Meanwhile, Rupee declined 30 paise to 77.55 against US dollar in early trade, according to news agency . Global oil benchmark Brent crude futures declined 1.11 per cent to USD 106.32 per barrel.

A lacklustre trend in the domestic equity markets and a firm American currency weighed on investor sentiment. Besides, persistent foreign fund outflows and elevated crude oil prices impacted the domestic unit.

In the previous trade, the BSE Sensex ended at 54,088.39, lower by 276.46 points or 0.51 per cent. The NSE Nifty dipped 72.95 points or 0.45 per cent to settle at 16,167.10. Foreign institutional investors remained net sellers in the capital market as they offloaded shares worth Rs 3,609.35 crore, as per stock exchange data.

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Indian stock markets fell sharply today in tandem with a similar selloff in other Asian markets over fears of a new South Africa Covid variant that could be could be more infectious than Delta. The Sensex fell about 1700 points to settle at 57,107 while Nifty slumped about 3% to 17,026. Just two stocks – Nestle and Dr Reddy’s – among the Sensex 30 pack ended in green.

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Market sentiment also took a hit as new coronavirus infections continued to rise in India with cases now near 2.9 lakh.

“The statement from the US Fed that recovery from pandemic would take longer than expected triggered a weak start which worsened with a deep cut in the European indices in the latter half,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Indian markets also extended their losses after Supreme Court asked telecom operators to file replies on a roadmap for payment of government dues.

The Nifty banking index fell 2.72% following the hearing as many banks have large exposure to the telecom sector.

HDFC Bank, ICICI Bank and Kotak Mahindra Bank were the top drags, falling between 2.3% and 3.3%. The country’s top lender State Bank of India ended down 5.62%.

Shares of telecom operators Bharti Airtel fell 2.7%, while Vodafone Idea tumbled 14.75%
US Markets

Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the U.S. Federal Reserve.

The Dow Jones Industrial Average fell 1,861.82 points, or 6.9%, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89%, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27%, to 9,492.73.
Asian Markets

Asian equities are set to fall sharply on Friday after Wall Street stocks and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of reopening economies.

Australian S&P/ASX 200 futures were down 3.04% at 20:59 GMT, while Japan’s Nikkei 225 index closed down 2.82% at 22,472.91 on Thursday. Hong Kong’s Hang Seng index futures were down 2.06%.

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After touching a low of 34,010.86, the 30-share index was trading 214.42 points, or 0.63 per cent, lower at 34,032.63.

Similarly, NSE Nifty fell 57.90 points, or 0.57 per cent, to 10,058.25.

Shares of Vodafone Idea fell 10% on the stock exchanges, hitting the lower circuit, ahead of a Supreme Court hearing on the adjusted gross revenue (AGR) case. The hearing may include the government’s application that telecom firms be allowed to spread the payment of their dues over 20 years or less.

Sun Pharma was the top laggard in the Sensex pack, shedding around 2 per cent, followed by HDFC Bank, Titan, NTPC, Kotak Bank, TCS and Infosys.

On the other hand, IndusInd Bank, Hero MotoCorp, Nestle India and Axis Bank were among the gainers.

In the previous session, the BSE barometer settled 290.36 points, or 0.86 per cent, higher at 34,247.05, and the broader Nifty climbed 69.50 points, or 0.69 per cent, to 10,116.15.

On a net basis, foreign institutional investors sold equities worth Rs 919.26 crore in the capital market on Wednesday, provisional exchange data showed.

According to analysts, market started on a negative note amid foreign fund outflow and weak cues from global markets after US Federal Reserve policy outcome.

The US central bank on Wednesday cut its benchmark short-term rate to near zero, and said nearly all its policymakers foresee no rate hike through 2022.

It also said that it will keep buying bonds to maintain low borrowing rates and support a US economy mired in a deep recession with high unemployment.

Stock exchanges on Wall Street ended on a mixed note in overnight trade.

Bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading with gains.

International oil benchmark Brent crude futures fell 2.66 per cent to USD 40.62 per barrel.

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The RBI’s liquidity facility for mutual funds will be effective from today till May 11, 2020 or up to utilization of the allocated amount, whichever is earlier.

The RBI also assured that it will review the timeline and amount, depending upon market conditions.
Under this facility, the RBI will provide funds to banks at lower rates and banks can avail funds for exclusively meeting the liquidity requirements of mutual funds.

Banks can extend loans to mutual funds, undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers (CPs), debentures and certificates of deposit (CDs) held by mutual funds.

The RBI shall conduct repo operations of 90 days tenor at the fixed repo rate.

This liquidity facility is on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays).

The RBI reiterated that it “remains vigilant and will take whatever steps are necessary to mitigate the economic impact of COVID-19 and preserve financial stability.”

The RBI however said that stress is confined to the high-risk debt mutual fund segment at this stage.

“The larger industry remains liquid,” the central bank said.

“Heightened volatility in capital markets in reaction to COVID-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom,” the RBI said.

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The ICICI has a $100 million exposure to Singapore-based oil trading company Hin Leon Trading Pte, which has filed for bankruptcy protection in the Singapore courts, a report by S&P-owned Platts agency said. Shares of the bank fell 5.9% to ₹339.95 on the BSE.

State-owned Bharat Heavy Electricals (BHEL) received an order to manufacture and supply heavy material handling equipment for its thermal power plant at Yadadri in Telangana. The stock was down 2.3% at ₹895 on the BSE.

Aurobindo Pharma the pharmaceutical company jumped 10% to ₹594.60 on the BSE after it said the US Food and Drug Administration (USFDA) has classified the inspection conducted at Unit IV, an injectable manufacturing formulation facility, as Voluntary Action Indicated (VAI). The inspection was held during 4-13 November, 2019

The Indian rupee opened at 76.74 against the US dollar, compared with Monday’s close of 76.54.
Top Nifty gainers, laggards Dr Reddy’s Laboratories, Cipla, Sun Pharmaceutical, Britannia and Nestle were the top gainers on the Nifty 50 index, while IndusInd Bank, Hindalco, Axis Bank, ICICI Bank and Bajaj Finance fell the most.

US stocks tumble as oil prices crash Key Wall Street indices fell after US crude futures turned negative for the first time in history, underscoring the chaos the coronavirus pandemic has unleashed on the global economy. A devastating supply glut of oil has forced traders to pay others to take the crude off their hands.

A deal announced last week between the Organization of the Petroleum Exporting Countries (OPEC) and independent producers to cut output by about 10 million barrels per day starting in May has failed to boost investor sentiment.

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Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.

US benchmark West Texas Intermediate was up 7.7% at USD 24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5% to USD 33.08 a barrel.

The shares of India’s largest mortgage lender slipped into the red. At 09:53am the shares of HDFC Ltd traded 3% lower at ₹1654 apiece on the BSE while the benchmark Sensex dropped nearly 2%.

China’s central bank has raised its stake in HDFC Ltd to 1.01% from 0.8% earlier.

Zydus Cadila has received tentative approval from the USFDA to market Empagliflozin Tablets, in the strengths of 10 mg and 25 mg. The medication is used together with diet and exercise to improve blood sugar control in adults.

The Hyderabad-based company has received an establishment inspection report from the US health regulator for its Nalgonda-based active pharmaceutical ingredient manufacturing unit. “… we would like to inform you that we have received the EIR from the USFDA, for the above-referred facility, indicating closure of the audit,” it said in a regulatory filing.

The Indian rupee fell 15 paise to 76.43 against the US dollar in opening trade on Monday, tracking weak domestic equities and sharp rise in coronavirus cases in the country.

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Among headline indices, the S&P BSE Sensex was up 570 points, or 1.95 per cent, at 30,440 and the Nifty50 index hovered around 8,920 level, up 175 points, or 2 per cent. Index heavyweight HDFC, up 5 per cent, was the top contributor to the Sensex’s gain. Besides, Bajaj Finance, ICICI Bank, Axis Bank, and ONGC were all up over 4 per cent.

All the Nifty sectoral indices were in the green, led by Nifty Auto index, up 7 per cent. Besides, Nifty Pharma index gained 5 per cent. Among the index’s components, Cipla (up 15%) and Lupin (up 10%) were the top gainers.

The broader market also tracked gains in the main indices. The S&P BSE MidCap and SmallCap indexes were both up over 2.5 per cent each.

Gold-backed exchange traded funds (ETFs) witnessed a net inflow of $23 billion, or 298 tonnes (t), in the January – March 2020 quarter across all regions, suggests the latest data from World Gold Council (WGC).

This is the highest quarterly amount ever in absolute US dollar terms and the largest tonnage additions since 2016.

“During the past year, gold ETFs added 659 tonnes, the highest on a rolling annual basis since the financial crisis, with assets under management (AUM) growing 57 per cent over the same period,” WGC said.

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Investors were encouraged by reports that the US Senate has passed a $2 trillion coronavirus relief package while a separate report said the Indian government was likely to agree an economic stimulus package of more than Rs 1.5 trillion to fight the downturn caused by the coronavirus outbreak.

Frontline index S&P BSE Sensex was up 1300points, or 5.05 per cent, at 29,900 levels, and the Nifty50 index hovered around 8,620 level, up 301 points, or 3.62 per cent.

Among individual stocks, IndusInd Bank bucked its downtrend to surge 35 per cent intra-day. Besides, ICICI Bank and HDFC (both up 12 per cent) and HDFC Bank (up 8 per cent) were among the top contributors to Sensex’s up move.

All the Nifty sectoral indices were trading in the green, led by Nifty Private Bank index, up over 10 per cent. Nifty Bank index also rose 9 per cent.

In the broader market, the S&P BSE MidCap index was up 3.8 per centand the S&P BSE SmallCap index surged 4.7 per cent.

Shares of IndusInd Bank rallied as much as 30% and was the top gainer on the Nifty 50 index. Bajaj Finserv, Axis Bank, Bajaj Auto and Bajaj Finance were the other top performers. Indian Oil Corporation, GAIL India, HCL Technologies, NTPC and ITC were the biggest laggards.

The US Senate has passed a stimulus package worth $2 trillion to mitigate the economic damage likely to be caused by the coronavirus pandemic.

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