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Mumbai: The US is expected to cut interest rates sharply to prevent the US economy from slipping into recession and as high interest rates weaken demand growth. Indian stock markets saw a big jump in early gains today as the Federal Reserve yesterday cut interest rates by half a percentage point for the first time in four years, buoyed by improving global markets. Of course, in the wake of the initial rally in the Sensex, Nifty, funds, high net worth investors, overvaluation in small, mid cap stocks and many A group stocks created quick big offloading opportunities for the giants to further lighten their portfolios. As a result, many stocks took big losses. Telecom-IT stocks fell after the Supreme Court dismissed Vodafone Idea's AGR plea.
Sensex rose 825 points to close at 83774 and Nifty rose 234 points to a new high of 25612.
Sensex today jumped from an opening high of 825.38 points to hit a new all-time high of 83773.61 and finally closed at a new high of 83184.80, up 236.57 points. While Nifty 50 spot rose 234.40 points in the opening storm to hit a new all-time high of 25611.95 and finally closed at a new high of 25415.80, up 38.25 points. IT stocks TCS, HCL Technology, Wipro, capital goods stocks Larsen & Toubro along with oil-gas stocks and metal stocks witnessed a massive decline today. However, FMCG stocks remained in the positive zone at the end of the market on the back of Titan, NTPC, Maruti Suzuki, HDFC Bank, Kotak Mahindra Bank along with Hindustan Unilever, Nestle India.
Capital Goods index drops 1066 points: Hind Aeronautics Rs 203, Larsen Rs 47
Funds in leading capital goods stocks, analysts cut key bullish trades and called for a dip in some stocks today. Hindustan Aeronautics fell Rs 203.30 to Rs 4233.35, ABB India fell Rs 282.85 to Rs 7502.65, BDL fell Rs 44.30 to Rs 1122, BEL fell Rs 10.10 to Rs 272, BHEL fell Rs 75.85 to Rs 75.85, BSE fell Rs 8.05 to Rs 257.15, Mazagon Dock fell Rs 119.25 to Rs 4058, Welcorp fell Rs 19.05 to Rs 662.65, Larsen & Toubro fell Rs 47.15 to Rs 3682.50. BSE Capital Goods index fell 1065.85 points to close at 71712.98.
Oil India falls by Rs 23 to Rs 571 : BPCL, HPCL fall : Reliance Industries rises
Funds continued to sell oil & gas stocks for the second consecutive day today as international crude oil prices remained in a narrow range. Oil India fell Rs 23.15 to Rs 571.60, BPCL fell Rs 11.50 to Rs 324.40, GAIL India fell Rs 6.70 to Rs 211.05, HPCL fell Rs 9 to Rs 398. Reliance Industries, however, rose Rs 13.10 to Rs 2939.35. The BSE Oil & Gas index closed 550.63 points lower at 29905.28.
Oracle, TCS, Quick Hill, D-Link break: Nasdaq futures up 420 points late in the evening
Selling of funds in IT-software services, technology stocks continued today as well. In which D-Link India fell by Rs 39.95 to Rs 641.90, Quick Hill Technology fell by Rs 27.95 to Rs 660.80, RateGain fell by Rs 25.30 to Rs 730, Oracle Finserv fell by Rs 234.40 to Rs 11,016.40, Axiscades fell by Rs 10.20 to Rs 530.20, TCS fell by Rs 49.75 to Rs 4296.85, HCL Technologies fell by Rs 15.15 to Rs 1740.50, Orionpro Solution fell by Rs 66.70 to Rs 1695. . In the evening futures trading in the US stock markets, the Nasdaq index showed a jump of 420 points.
Selective gains in FMCG stocks: Pratap Snacks up Rs 35 to Rs 856: Nestle, Balrampur Chini gain
Funds preferred valuations in FMCG stocks today as the GST council recently reduced the GST rate on extruded salty snacks from 18 per cent to 12 per cent. Balrampur Chinese rose Rs 11.90 to Rs 584.25, Nestle India rose Rs 39.25 to Rs 2634, Prataap Snacks rose Rs 35 to Rs 855.90, Kokuyo Camlin rose Rs 7.70 to Rs 218, Hindustan Unilever rose Rs 34.90 to Rs 2911.35, Bikaji Foods rose Rs 13.95 to Rs 933.50.
Maruti hikes rates by Rs 120 across 25,000 EV charging stations: Sundaram, MRF, Bajaj up
Funds made selective purchases in stocks of automobile companies today. Stocks rose by Rs 120.80 to Rs 12,321 after Maruti Suzuki decided to set up a network of 25,000 electric charging stations across the country before launching its first electric vehicle. Sundaram price rose by Rs 33.40 to Rs 1409.85, Balkrishna Industries price rose by Rs 61.50 to Rs 3096.65, MRF price rose by Rs 2247.80 to Rs 1,36,449, Apollo Tyres price rose by Rs 7.55 to Rs 518.60, Bajaj Auto price rose by Rs 7.55 to Rs 518.60, Bajaj Auto price rose by Rs 123.90 to Rs 11,890.
Small cap index falls 603 points: Mid cap falls 257 points: 2734 stocks closed negative
Under the cover of record rally in Sensex, Nifty, funds, maharathis, high net worth investors, operators took the opportunity to lighten their investments in small, mid cap stocks and continued the big sell-off today. As a result, the number of events was 2734 out of 4075 stocks traded on BSE. While the climbing stocks were just 1246. The BSE Small Cap Index fell 603.27 points to close at 56312.66 and the BSE Mid Cap Index fell 256.93 points to close at 48600.14.
Net Sale of Shares by FPIs/FIIs Rs.2547 crore: Net Purchase by DIIs Rs.2012 crore
Foreign Portfolio Investors – FPIs, FIIs net sold shares worth Rs 2547.53 crore in cash today on Thursday. Total sales of Rs 20,399.85 crore were made against purchases of Rs 17,852.32 crore. While DIIs-Domestic Institutional Investors net bought shares worth Rs 2012.86 crore in cash today. Total sales of Rs 14,221.83 crore were made against purchases of Rs 16,234.69 crore.
The asset-market capitalisation of investors in shares fell by Rs 2.25 lakh crore to Rs 465.47 lakh crore.
In comparison to the record rise of Sensex and Nifty, many stocks including small and midcap fell, the wealth of investors i.e. the total market capitalization of companies listed on BSE also fell by Rs 2.25 lakh crore to Rs 465.47 lakh crore in a day.