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Mumbai: The Economic Survey released today ahead of the NDA government's Union Budget to be presented by Finance Minister Nirmala Sitharaman tomorrow-Tuesday, July 23, has raised concerns over speculative activity in stocks, indicating cautious funds easing some stringent provisions in the Budget and index stocks trading sharply higher based on corporate results. The stock traded sharply higher last week after Reliance Industries' quarterly net profit fell 4.6 per cent and Kotak Mahindra Bank also showed a big rise in profits from the sale of stake in its general insurance business, both these stocks as well as banking stocks along with Wipro led the money. However, gains in power stocks including NTPC, Power Grid Corp and stocks including Mahindra & Mahindra, Tata Motors as well as capital goods, metal stocks and auto stocks including UltraTech Cement, HDFC Bank prevented a major fall in the market. In contrast, smaller, midcap stocks saw aggressive gains. The Sensex crashed in the range of 88801 to 80100 and finally closed down 102.57 points at 80502.08. While the Nifty 50 spot crashed in the range of 24595 to 24362, finally closed down 21.65 points at 24509.25.
Reliance Industries fell by Rs 108 to Rs 3001, Kotak Mahindra fell by Rs 65, Wipro by Rs 51.
Reliance Industries quarterly net profit fell 4.46 per cent to Rs 17,445 crore and funds cut short the stock in bullish trades due to weak performance of oil to chemicals segment, pulling the stock down Rs 108.40 to Rs 3001.10. Kotak Mahindra Bank quarterly results also saw a sharp rise in profit from sales in general insurance business, shares fell Rs 64.65 to trade at Rs 1757.10. Wipro's profit fell 5.21 per cent to Rs 505 as sell-off dragged shares down by Rs 51.50 as Morgan Stanley strategists advised investors to book profits in technology-artificial intelligence stocks and brokerage house Nuvema set a price target of Rs 557 for the stock. He was 75.
Capital Goods Index rose by 1079: BHEL, Bharat Forge rose: Hindustan Aeronautics rose by Rs 196
In Capital Goods stocks today, the BSE Capital Goods index closed 1078.61 points higher at 72677.78 as funds again reduced value buying. Hindustan Aeronautics rose Rs 196.35 to Rs 4997.55, BHEL rose Rs 10.65 to Rs 304.90, Bharat Forge rose Rs 46.05 to Rs 1625.25, Siemens rose Rs 174.25 to Rs 7021.30, Honeywell Automation rose Rs 1344.85 to Rs 54,800, AIA Engineering rose Rs 96.90 to Rs 4367.95, Praj Industries rose Rs 15.55 to Rs 706.15, CG Power rose Rs 14.65 to Rs 689.05.
Auto index up 656: Tube up 124 rupees to Rs 4121: Ashok Leyland, MRF up
The BSE Auto index closed 655.90 points higher at 57156.23 on the back of heavy buying by select funds in automobile companies. Tube Investments rose Rs 123.60 to Rs 4121.05, Ashok Leyland rose Rs 6.60 to Rs 230.55, MRF rose Rs 3011.25 to Rs 1,31,000, Mahindra & Mahindra rose Rs 75 to Rs 53.00 to Rs 2804.30, Sundaram rose Rs 24.45 to Rs 1400, Tata Motors rose Rs 13 to Rs 1002.90, Cummins India rose Rs 44.80 to Rs 3602.75, Maruti Suzuki rose Rs 111 .35 to Rs 12,632.85, Hero Motocorp rose Rs 49.50 to Rs 5473.30.
Small cap index gained 435 points, Mid cap index gained 589 points: 2163 stocks closed positive.
Against the caution of Sensex, Nifty based funds, there was aggressive broad based buying in many small, mid cap, cash stocks again today. Speculation of tough fiscal provisions in the Budget to curb F&O speculative activity and possibility of boosting cash, long term investments led to fresh buying by funds in small, mid-cap stocks. BSE Small Cap index closed 434.70 points higher at 52916.50, BSE Mid Cap index closed 589.42 points higher at 46849.45. Out of total 4152 stocks traded on BSE, number of gainers were 2163 and number of losers were 1847.
Investors' asset-market capitalisation increased by Rs 1.94 lakh crore to Rs 448.32 lakh crore.
Stocks today witnessed a surge in small, midcap stocks against weakness in Sensex, Nifty based markets, investors' wealth i.e. total market capitalisation of BSE listed companies closed lower by Rs 1.94 lakh crore and rose to Rs 448.32 lakh crore.
Net purchase of shares by FPIs/FIIs Rs.3444 crore: Net sale by DIIs Rs.1652 crore
Foreign Portfolio Investors – FPIs, FIIs bought shares worth Rs 3444.06 crore in cash today. Net sales of Rs 13,526.05 crore were made against total purchases of Rs 16,970.11 crore. While DIIs-Domestic Institutional Investors made net sales of Rs 1652.34 crore in cash today. Net sales of Rs 15,205.25 crore were made against total purchases of Rs 13,552.91 crore.