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Mumbai: The market today recovered from the initial shock due to continuous buying by domestic institutional investors amid heavy selling by foreign portfolio investors (FPIs) in the Indian stock markets. Funds continued to register big gains in PSU stocks, along with weak gains in small, mid-cap stocks, making the sentiment good again. Frontline auto stocks Mahindra & Mahindra along with banking stocks State Bank of India, HDFC Bank led heavy buying by funds and power stocks, IT stocks Infosys, Wipro along with NTPC led Sensex, Nifty to fall early. Induced to digest and enter. Positive area. On the global front, Japan's Tokyo Stock Exchange's Nikkei 225 index jumped 454.62 points to 38157.94 today despite news that Japan has lost its third position as the world's largest economy due to economic slowdown.
Report of Rs 5100 crore scam in Axis Bank, big loss in shares: selling in FMCG shares
Sensex initially fell 178.39 points to a low of 71,644.44 on reports of Axis Bank's Rs 5100 scam and FMCG stocks including Hindustan Unilever, ITC, Nestle India, Reliance. Since the beginning of the fall, funds bought IT stocks as well as banking, auto, power frontline stocks and went up to 72164.97 and finally closed at 72050.38, up 227.55 points. Nifty 50 spot index also initially fell to 21794.80, then it came into positive zone and went up to 21953.85 and finally closed at 21910.75 with an increase of 70.70 points.
Mahindra up by Rs 108 at Rs 1765: Cummins up by Rs 60 at Rs 2627: Bosch, MRF up.
BSE Auto index closed 637.78 points higher at 45,994.60 as funds made selective aggressive buying in automobile companies today. Mahindra & Mahindra rose by Rs 107.95 to Rs 1765.55, Cummins India rose by Rs 60.30 to Rs 2627.05, Bosch rose by Rs 559.05 to Rs 27,941, MRF rose by Rs 991.80 to Rs 1,48,181.85. Apollo Tires rose by Rs 3.05 to Rs 521.20.
Oil-gas index jumped 741 points: HPCL jumped by Rs 32 to reach Rs 575.
Oil marketing today continued buying of funds in other oil-gas stocks as well as PSU stocks in anticipation of attractive valuations and re-rating of companies. HPCL rose by Rs 32.50 to Rs 574.95, BPCL rose by Rs 28.80 to Rs 652.45, GAIL rose by Rs 7.90 to Rs 184.20, Indian Oil-IOC rose by Rs 6.20 to Rs 189.90, ONGC rose by Rs 6.20 to Rs 189.90. It rose by Rs 8.20 to Rs 277.10, Petronet LNG rose by Rs 5.05 to Rs 277.20, Indraprastha Gas rose by Rs 8.10 to Rs 444.90, Linde India rose by Rs 73.40 to Rs 5614.90. While profit booking of Reliance Industries declined by Rs 20.70 to Rs 2941.90. BSE Oil-Gas Index closed 741.29 points higher at 29117.62.
PSU index hits new high: Up 542 points: MRPL rises Rs 36 to Rs 240
The BSE PSU index touched a new record high of 18,968.25 today and finally closed 542.23 points higher at 18,933.03 as funds made heavy purchases in shares of PSU companies. MRPL rose by Rs 36.20 to Rs 240.40, Oil India rose by Rs 64.70 to Rs 563.65, KIOCL rose by Rs 47.30 to Rs 479.80, NMDC Steel rose by Rs 5.79 to Rs 64.75, NLC India rose by Rs 5.79 to Rs 64.75. ITI rose by Rs 21.55 to Rs 258.05, ITI rose by Rs 19.60 to Rs 314.60, NMDC rose by Rs 13.10 to Rs 248.60.
State Bank up by Rs 18 at Rs 761: HDFC Bank up by Rs 26 at Rs 1410: Bankex up 210 points
Funds continued buying in banking frontline stocks today. State Bank of India rose by Rs 25.75 to Rs 1409.75, Federal Bank rose by Rs 5.55 to Rs 155.10, Bank of Baroda rose by Rs 6.85 to Rs 275.15, HDFC Bank rose by Rs 25.75. Rs 1409.75 BSE Bankex index closed 210.60 points higher at 52535.36. Along with this, Bank of India increased by Rs 7.05 to Rs 142.85, Tourism Finance increased by Rs 9.50 to Rs 199.70, PNB increased by Rs 5.80 to Rs 128.80, Union Bank increased by Rs 6.70. to Rs 145.75. The stock fell Rs 23.15 to Rs 1,072.60 today amid allegations of Rs 5,100 crore scam by Axis Bank in Max Life Insurance and Max Life Financial deals.
Selective buys in IT stocks: 3i Infotech, Rategain, Mphasis, Wipro, Infosys gain traction
Funds made selective purchases in IT-software services, technology stocks today. Wipro rose by Rs 4.20 to Rs 518.25, Infosys rose by Rs 12.20 to Rs 1678.20, Amudra rose by Rs 5.20 to Rs 475, 3i Infotech rose by Rs 6.18 to Rs 55.40, Rategain Travel rose by Rs 5. .71.50 up by Rs 906.90, Mphasis up Rs 152.35 to Rs 2711.35, 63 Moons Technology up Rs 24.20 to Rs 058.85.
Funds, operators are active again: Small, mid-cap stocks are broadly bullish again: 2354 stocks are positive.
Small, mid-cap stocks rallied strongly today as funds, operators, high net worth investors became active again. The market sentiment became extremely positive. Of the total 3938 stocks traded on BSE, the number of gainers was 2354 and the number of decliners was 1504.
Net sale of shares by FPI/FII was Rs. 3064 crore: Net purchases by DIIs amount to Rs. 2277 crores
Foreign portfolio investors-FPIs, FIIs made net sale of Rs 3064.15 crore in cash today. There were sales of Rs 6,722.03 crore against total purchases of Rs 13,657.88 crore. While DII-Domestic Institutional Investors made net purchase of shares worth Rs 2276.93 crore today. There were sales of Rs 9615.01 crore against total purchases of Rs 11,891.94 crore.
Asset-market capitalization of investors increased by Rs 2.56 lakh crore to Rs 387.30 lakh crore.
Sensex, Nifty-based losses led funds to rise for the second consecutive day, with many stocks rising due to slow gains in small, mid-cap stocks. Reached Rs.30 lakh crore.