Share market wrap: Sensex, Nifty log minimal weekly gains amid festivity; macro-data, elections to steer ahead
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Sensex and Nifty recorded minimal gains during the truncated week ended Friday amid the festive season and volatility in the global markets. However, easing crude prices provided some relief to the rupee. On Friday, benchmark Brent crude oil fell below $70 a barrel for the first time since early April. The week also marked the end of the Samvat 2074. While Sensex returned 7% and the Nifty only 4% gains in Samvat 2074, IT stocks gave excellent returns with shares of Tech Mahindra, Infosys, TCS returning up to 52% since last Diwali.
“We have had many global events like US midterm state elections. We also had speculation around Brexit. Also, Fed reserve policy and comments which stated no change as final hike may come in December,” Pritam Deuskar, Fund Manager, Bonanza portfolio told FE Online. “Domestically we had NBFC liquidity issue on the rise. Average funding by commercial papers to NBFC had been about 30-35% and most of these papers may not get rollovers. Cash becomes survivor but can not be used for growth in a full-fledged manner by NBFCs,” Deuskar said.
On Wednesday (November 7), the stock market kicked off the new year Samvat 2075 on a good note, with the Sensex climbing 246 points or 0.7% to end the Muhurat-trade session at 35,237.68 points. The Nifty rose 68 points or 0.65% to close at 10,598. Notably, the headline indices posted their best Muhurat-day trading gains in 10 years with rise in most automobile, consumer goods, IT and capital goods stocks. The Indian stock market and currency markets were closed on Thursday (November 8) on the occasion of Diwali Balipratipada.
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The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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