Analysts underweight despite metals index's better dividend yield, lower P/E versus Sensex
Analysts said the RBI took a dovish stance looking at the uncertainty around the Omicron variant
While global equity markets rallied, other asset classes held steady. Gold, treasury, and dollar saw little change
BSE IT Index trading at P/E multiple of 34.3x - nearly 29% higher than that of Sensex
India was the worst-performing market globally on Monday, extending its recent run of underperformance to the world markets
Experts said the mood turned sombre after first Omicron cases were reported on Thursday from Karnataka
The new variant had rattled the markets, with several countries imposing travel restrictions, raising questions about whether the global economic recovery could sustain
Buoyed by easy monetary policy, a gradual re-opening of the economy and a rapid vaccination drive, the benchmark BSE Sensex Index has rallied nearly 20% year-to-date
Volatility continued on Tuesday as indices swing 1,300 pts to end 0.4% lower
The index valuation was the highest in March this year when it was trading at a P/E of around 35X.
The 50-share Nifty after dropping to a low of 16,782 managed to close at 17,053.95, with a gain of 27.5 points, or 0.16%
The gains were capped as the impact of the new variant on the economic recovery and central bank policy action remained uncertain
The benchmark Sensex is currently down 7.54 points, or 4,658 points from its record high of 61,766 on October 18
The Dow Jones Industrial Average was down 2.53 per cent at 34,898 in early trading, tracking its worst day since late October 2020
Shares of Reliance Industries Limited were in heavy demand on Thursday as it jumped over 6 per cent, helping market benchmarks close with huge gains. The market heavyweight stock jumped 6.10 per cent to close at Rs 2,494.40 on BSE. During the day, it zoomed 6.46 per cent to Rs 2,502.80. On NSE, it gained 6.36 per cent to close at Rs 2,501. It was the biggest gainer on both the benchmark indices. In volume terms, 4.77 lakh shares were traded on BSE and over 1.95 crore on NSE. The BSE 30-share benchmark index jumped 454.10 points or 0.78 per cent to close at 58,795.09, helped by rally in Reliance Industries shares.
PowerGrid was the top gainer in the Sensex pack, rising around 4 per cent
During the week, market infrastructure institutions (MIIs) will conduct an array of educational activities
Business Standard brings you the top stories on Friday
Equity benchmarks buckled under selling pressure for the third session on the trot on Thursday as bearish global cues and a disappointing market debut for Paytm unnerved investors. The 30-share BSE Sensex tumbled 372.32 points or 0.62 per cent to finish at 59,636.01. Similarly, the NSE Nifty dived 133.85 points or 0.75 per cent to 17,764.80. M&M was the top loser in the Sensex pack, shedding 3.28 per cent, followed by Tech Mahindra, HCL Tech, L&T, Tata Steel, IndusInd Bank and Maruti. Only six index constituents managed to close in the green -- SBI, PowerGrid, HDFC Bank, Reliance Industries, ICICI Bank and HUL, climbing up to 1.16 per cent. In the broader market, One97 Communications Ltd, Paytm's parent company, crashed around 27 per cent in its market debut on Thursday. Paytm's Rs 18,300-crore IPO, the country's largest initial share sale, was subscribed 1.89 times last week. "Weak listing of India's largest IPO and soft global market amid rising inflation woes impacted ...
IIFL Alternative Research estimates Wipro to see passive inflows of $166 million and Bajaj Auto to see outflows of $80 million on account of the rebalancing