Post Session: Quick Review

Indian equity benchmarks ended in red on Friday’s trading session. The start of the trading day was on a strong note, as sentiments remained up-beat with the RBI’s latest article stating that prospects are brightening for the Indian economy achieving ‘escape velocity’ from the pandemic as the second wave of COVID-19 wanes and preparedness for future remains on war-alert status. It said aggregate demand is gaining firmer ground, while on the supply side, IIP and core industries mirror improvement in industrial activity and services sector indicators point towards sustained recovery.

In the first half of the trading session, markets remained higher, taking support with Union Finance Minister Nirmala Sitharaman’s statement that the National Asset Reconstruction Company (NARCL) would be operational soon, and it had to ensure resolving bad loans within five years, beyond which the guarantee to be issued by the government would expire. The Cabinet approved a government guarantee of Rs 30,600 crore to be provided for the security receipts issued by the NARCL to buy bad loans of lenders. But, in the second half of the trading session, markets turned negative to end at a lower note.

On the global front, European markets were trading higher helped by gains in the airlines sector on hopes Covid-19 restrictions may be ending, although concerns surrounding China, one of the world’s main growth drivers, remain. Asian markets ended mostly higher on Friday, after Hong Kong's unemployment rate declined in August. The labor force statistics from the Census and Statistics Department showed that the unemployment rate fell to a seasonally adjusted 4.7 percent in three months to August from 5.0 percent in three months to July. The underemployment rate decreased to 2.2 percent from 2.4 percent in the preceding period.

The BSE Sensex ended at 59015.89, down by 125.27 points or 0.21% after trading in a range of 58871.73 and 59737.32. There were 12 stocks advancing against 18 stocks declining on the index. (Provisional)

The broader indices ended in red; the BSE Mid cap index was down by 1.14%, while Small cap index down by 1.06%. (Provisional)

The only gaining sectoral indices on the BSE were Telecom up by 0.90% and Bankex up by 0.70%, while Metal down by 2.49%, Realty down by 2.04%, Basic Materials down by 1.78%, Power down by 1.64% and Energy down by 1.50% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Kotak Mahindra Bank up by 5.26%, HDFC Bank up by 1.51%, Bharti Airtel up by 1.39%, Maruti Suzuki up by 1.13% and Nestle up by 0.95%. On the flip side, Tata Steel down by 3.57%, SBI down by 2.07%, TCS down by 1.85%, Hindustan Unilever down by 1.66% and Reliance Industries down by 1.55% were the top losers. (Provisional)

Meanwhile, in order to rave up the innovation and entrepreneurship ecosystem across the country, Atal Innovation Mission (AIM) NITI Aayog has inked partnership with Dassault Systemes. In this regard a Statement of Intent (SoI) was signed between AIM and Dassault Systemes in a virtual event to support various current and future initiatives of AIM programs and AIM beneficiaries in India.

Under this SoI, Dassault Systemes will support and promote AIM beneficiaries including Atal Tinkering Labs (ATLs), AIM incubators (AICs and EICs), Atal Community Innovation Centres (ACIC), grantees under Atal New India Challenge (ANIC), and Atal Research & Innovation for Small Enterprise (ARISE).

As per the notification released by NITI Aayog, with an aim to promote innovation and entrepreneurship amongst aspiring entrepreneurs, this program will act as a catalyst for an open innovation collaboration to accelerate disruptive innovation in the community.

The CNX Nifty ended at 17585.15, down by 44.35 points or 0.25% after trading in a range of 17537.65 and 17792.95. There were 18 stocks advancing against 32 stocks declining on the index. (Provisional)

The top gainers on Nifty were Kotak Mahindra Bank up by 5.30%, HDFC Bank up by 1.42%, Eicher Motors up by 1.34%, Bharti Airtel up by 1.33% and Maruti Suzuki up by 1.20%. On the flip side, Tata Steel down by 3.54%, Coal India down by 3.45%, Hindalco down by 2.12%, SBI down by 2.07% and TCS down by 1.93% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 19.28 points or 0.27% to 7,046.76, France’s CAC increased 60.31 points or 0.91% to 6,682.90 and Germany’s DAX was up by 61.95 points or 0.4% to 15,713.70.

Asian markets ended mostly higher on Friday, despite mixed cues from Wall Street overnight as strong US retail sales and jobs data fuelled tapering expectations ahead of next week’s Federal Reserve meeting. South Korean shares rose due to expectations of economic recovery from the corona-virus pandemic, though gains were capped as investors refrained from placing big bets ahead of the country’s three-day holiday. Japanese shares gained amid signs of falling new virus cases in the country. Expectations of fresh economic stimulus under the new political leadership too supported the Japanese market’s sentiment. Moreover, Chinese shares closed higher ahead of the mid-autumn festival holiday, while shares of China Evergrande Group extended falls for the fifth consecutive session.

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KOSPI Composite


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