Sensex, Nifty Snap Two-Week Losing Run Aided By Auto, Banking, I.T., Fmcg Stocks
India's stock benchmarks snapped a two-week losing streak and logged best week in over a month since the week ended May 20, aided by auto, information technology, banking, fmcg stocks.
Nifty Auto index jumped nearly 7%, the best week for the gauge in at least over a year. Auto index was followed by FMCG and I.T. indices which rose 4%. Nifty Metal was the only sectoral losing, shedding over 2.7% for the week.
For the week, the Sensex rose in four out of the five sessions, with the 30-stock gauge declining 1.4% on Wednesday.
On Friday, Sensex rose over 450 points (nearly 0.9%) to 52,727.98. The 30-stock measure trimmed gains after climbing nearly 650 points to an intraday high of 52,909.87. The Nifty also advanced by similar magnitude to 15,699.25.
The broader indices outperformed their larger peers, with both the smallcap and midcap gauges jumping over 1.5%. Barring Information Technology and Teck, all the other 17 sectoral indices compiled by BSE gained, with Telecom index adding 2.5%.
The market breadth is skewed in the favour of bulls. About 2,403 stocks rose, 905 fell and 140 remained unchanged.
10-Year Bond Yield Rises
Yield on the 10-year bond rose for the second day. 10-year bond yield rose 5bps to 7.47% during the session before easing off to 7.44% at the close.
The spike in yield came after RBI's deputy governor Michael Patra warned of inflation above RBI's target band for three consecutive quarters.
Rupee Extends Losses For The Eighth Week In A Row
Indian currency rose 0.15% (12 paise) to 78.20 during the session before erasing gains to close at 78.34 on Friday
The Rupee fell to a record low 78.39 on Wednesday.
Rupee fell 0.34% (27 paise) for the week.
Rupee has logged weekly losses for nearly two months, since the week-ended April 29, 2022.
Dr. Reddy's Enters Into Settlement Agreement With Respect To Buprenorphine & Naloxone Film
Dr. Reddy's enters into settlement agreement with Indivior Inc, Indivior UK and Aquestive Therapeutics.
Dr. Reddy's will receive payments totaling $72 million by March 31, 2024.
The agreement resolves all claims between the parties related to Dr. Reddy's generic buprenorphine and naloxone sublingual film. As part of the settlement, the underlying litigation will be dismissed.
Source: Exchange filing
Canara Bank Gains Upon Approving Rs 9,000 Crore Capital Raising Plan For FY2022-23
Shares of Canara Bank rose over 2.6%, the most in three days. The bank approved the capital raising plan for FY2022-23 amounting up to Rs 9,000 crore by way of debt instruments (additional Tier I/Tier II bonds).
Out of the capital raising plan, the lender approved to raise capital of Rs 5,500 through Basel III compliant AT I bonds and Rs 3,500 crore through BASEL III Compliant AT II bonds during FY2022-23.
Out of the 14 analysts tracking the company, 13 maintain 'buy' and one suggests 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 44.9%.
Source: Exchange filing, Bloomberg
Nitin Gadkari Approves India’s New Car Assessment Program Based On Crash Tests
Transport Minister Nitin Gadkari has approved the draft GSR notification to introduce Bharat NCAP.
Automobiles in India will now be accorded star ratings based upon their performance in crash tests.
Gadkari said Bharat NCAP will be aligned with global crash test protocols factoring in existing Indian regulations, allowing OEMs to get vehicles tested at India’s in-house testing facilities.