by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Latest global trade protectionist measures, along with high crude oil prices and a depreciation in rupee’s value, dragged the Indian equity market in the red for a second consecutive session on Tuesday.
Sector-wise, heavy selling pressure was witnessed in the interest sensitive stocks like banking, auto and capital goods.
Index-wise, the wider NSE Nifty50 provisionally closed at 11,278.90 points, lower by 98.85 points or 0.87 per cent from the previous close of 11,377.75 points.
The S&P BSE Sensex, which had opened at 37,660.19 points, provisionally closed at 37,290.67 points, lower by 294.84 points or 0.78 per cent from the previous close of 37,585.51 points.
It touched a high of 37,745.44 points and a low of 37,242.85 during the day’s trade.
“Carrying on from Monday, markets continued to dive on Tuesday to close in the red for the second consecutive session. The Nifty had in fact opened on a positive note, but selling soon resumed and pulled the index lower,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“The weakness came on the back of rising global trade tensions after (US President Donald) Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, escalating the trade conflict.”
According to Vinod Nair, Head of Research, Geojit Financial Services: “Selling pressure increased on the bourses due to spike in oil prices led by factors like implication of US sanction on Iran and supply constraints.
“Domestic triggers failed to add momentum despite ease in inflation, government policies to contain CAD and consolidation in PSUBs. This situation will ease once the global bond and currency market stabilise which is currently under pressure given the chaos over oil and Fed rate hike.”
On the currency front, the Indian rupee closed at 72.98, weakening 47 paise from its previous close of 72.51 per greenback.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 1,143.73 crore and domestic institutional investors bought stocks worth Rs 264.66 crore.
Sector-wise, only FMCG stocks on the BSE ended in the green, gaining 102.11 points.
On the other hand, the S&P BSE banking index lost 510.20 points, the auto index was down 353.54 points and the capital goods ended 250.56 points lower from its previous close.
The top gainers on the Sensex were Hindustan Unilever, up 3.87 per cent at Rs 1,666.15; Yes Bank, up 1.43 per cent at Rs 323.15; Wipro, up 1.02 per cent at Rs 332.50; ONGC, up 0.93 per cent at Rs 173.35; and ITC, up 0.23 per cent at Rs 302.60 per share.
The losers were State Bank of India, down 4.06 per cent at Rs 274; Tata Motors, down 3.36 per cent at Rs 251.45; Bajaj Auto, down 2.84 at Rs 2,775.90; Axis Bank, down 2.81 per cent at Rs 608.45; Tata Motors(DVR),down 2.45 per cent at Rs 137.55 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Trade-war concerns and the resultant weak global sentiments subdued the key Indian equity indices on Friday, halting the recent record run.
Of late, the Indian equity market has been hovering around record levels, and on Thursday both the key indices of S&P BSE Sensex and the NSE Nifty50 had touched their respective all-time intra-day and closing highs.
On Friday, however, sentiments in both the domestic and global markets were subdued as China and the US could not achieve a major breakthrough in their latest round of talks. Rather, the trade war escalated on Thursday as both the countries enforced 25 per cent tariffs on each other’s goods worth $16 billion.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,557.10 points, down by 25.65 points or 0.22 per cent from its previous close of 11,582.75 points.
The benchmark BSE Sensex, which had opened at 38,366.79 points, closed at 38,251.80 points, lower by 84.96 points or 0.22 per cent from its previous close of 38,336.76 points. It touched an intra-day low of 38,172.77 points.
In the broader markets, the S&P BSE Mid-cap declined by 0.26 per cent and the S&P BSE small-cap ended 0.34 per cent lower than its previous close. The BSE market breadth was bearish with 1,569 declines and 1,140 advances.
“Sentiments turned sour after it became evident that there will be no major progress with respect to the ongoing trade conflict between China and the US,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
On the currency front, the Indian rupee opened on a weak note but recoverd to settle at 69.91 per dollar, 21 paise stronger than its previous close of 70.12 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 75.78 crore whereas domestic institutional investors purchased stocks worth Rs 904.75 crore.
Sector-wise, the S&P BSE metal index rose 249.30 points, the oil and gas index 63.98 points and the healthcare index 55 points.
In contrast, the S&P BSE banking index declined 254.91 points, the consumer durable index fell 172.66 points and auto index ended 112.52 points lower from its previous close.
The top gainers on the Sensex were Vedanta, up 4.26 per cent at Rs 223.95; ONGC, up 1.83 per cent at Rs 174.90; Axis Bank, up 1.23 at Rs 639.60; Wipro, up 0.97 per cent at Rs 292.30; and Mahindra and Mahindra, up 0.74 per cent at Rs 968.80 per share.
The majors losers were Yes Bank, down 3.52 per cent at Rs 374.65; Hero Motocorp, down 2.08 per cent at Rs 3,212.60; ICICI Bank, down 2.02 per cent at Rs 330.10; Adani Port, down 1.98 per cent at Rs 376.20 per share; and Indus Bank, down 1.57 per cent at Rs 1,927.25 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Profit booking, along with concerns over global protectionist measures, subdued the Indian equity indices on Tuesday.
According to market observers, heavy selling pressure in oil and gas, banking and healthcare stocks capped the gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at 37,665.80 points, down by 26.09 points and 0.07 per cent from its previous close.
The barometer index touched a fresh record high of 37,876.87 points and a low of 37,586.88 points during the intra-day trade.
In contrast, the broader 50-scrip Nifty of the National Stock Exchange (NSE) closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
“Market was range bound after touching a new high and ended up with a marginal gain. Global cues were positive despite concerns of trade tensions,” said Geojit Financial Services’ Head of Research Vinod Nair.
“Back home, PSU banks slid on account of profit booking after two consecutive days of rally. Earnings were largely in line with market expectation while positive guidance for sectors like consumer durables, pharma and select large caps will enthuse the market to have a positive momentum.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note and scaled a record high, amidst mild volatility.”
“However, key benchmark indices subsequently reversed initial gains to trade in the negative zone in the mid-morning trade to finally close near the flat line.”
On the currency front, the rupee strengthened by 11 paise to 68.68 against the US dollar from the previous close of 68.89 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 314.83 crore, while the domestic institutional investors sold stocks worth Rs 319.90 crore.
Sector-wise, the S&P BSE consumer durables index rose by 267.70 points, the S&P BSE metal index was up 163.47 points and the auto index ended higher by 37.49 points.
Against this, the S&P BSE oil and gas index declined by 155.77 points, followed by the banking index, which was down 80.79 points and the healthcare index which ended lower by 62.41 points.
The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 573.40; Asian Paints, up 1.63 per cent at Rs 1,419.60; NTPC, up 1.31 per cent at Rs 158.60; Vedanta, up 1.25 per cent at Rs 226.80; and Maruti Suzuki up 1.18 per cent from Rs 9396.80 per share.
The major losers were Adani Ports, down 6.49 per cent at Rs 371.95; Coal India, down 2.63 per cent at Rs 275.40; State Bank of India, down 1.47 per cent at Rs 304.00; Bharti Airtel, down 1.26 per cent at Rs 381.35; and ONGC, down 1.24 per cent at Rs 167.10 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Broadly firm Asian markets along with healthy buying in banking, metal and capital goods stocks lifted the key Indian equity indices on Friday.
According to market analysts, caution ahead of the assembly election in Karnataka on May 12 arrested further gains.
At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,806.50 points, up 89.95 points or 0.84 per cent from the previous close.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE ended in the green. It had opened at 35,287.99 points and closed at 35,535.79 points (3.30 p.m.) – up 289.52 points or 0.82 per cent — from its previous session’s close.
The Sensex touched a high of 35,596.15 and a low of 35,262.06 points.
However, the BSE market breadth was bearish with 1,544 declines and 1,120 advances.
The major gainers on the BSE were Asian Paints, Tata Steel, HDFC, Larsen and Toubro and ICICI Bank, while Bharti Airtel, Sun Pharma, Tata Motors (DVR), Hero MotoCorp and Tata Motors were the major losers.
On the NSE, the top gainers were Asian Paints, Hindustan Petroleum and Indiabulls Housing Finance. The major losers were Bharti Airtel, Sun Pharma and Titan.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : The weekly trade in the Indian equity markets was almost flat. However, a slew of domestic developments like a $1.8 billion fraud reported by the Punjab National Bank (PNB) and release of major macro-economic data impacted the movements of the two key equity indices, analysts said.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) rose a tad by 5 points or 0.01 per cent to close at 34,010.76 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,452.30 points — bit lower by 2.65 points or 0.02 per cent from its previous week’s close.
“Local factors were more at work during this week. Globally, the markets — especially the US markets — have done very well over the last six sessions. But upper moves in the domestic markets have been limited because of local factors,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The market sentiments kept facing new challenges one after the other. This caused some concern in terms of their financial impact and/or political repercussions,” he added.
According to Jasani, it was the third consecutive week of losses for the Nifty50 index.
During the week, a massive-sell off in the banking sector stocks was triggered after the Reserve Bank of India (RBI) announced new norms to deal with non-performing assets on Monday.
Besides RBI’s latest move, the massive $1.8 billion fraud detected at one of the Mumbai branches of PNB — the country’s second largest public sector bank — on February 14 also spooked investors.
The markets were closed on Tuesday for Mahashivratri.
“The truncated week began with a gap-up opening on Monday; however, bulls failed to keep the momentum and eventually ended the week on lower note as the sentiments got further dented by a $1.77 billion fraud reported by the PNB earlier this week,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
PNB shares started to decline after the bank detected a multi-crore fraud case and authorities blamed billionaire diamond trader Nirav Modi for the fraud along with wife Ami, brother Nishal and maternal uncle and business partner Mehul Choksi.
The bank’s shares plunged drastically following the news — over 9 per cent — along with the stocks of Choksi-promoted jewellery company Gitanjali Gems, which plunged almost 20 per cent.
On the macro-front, Aggarwal said: “The CPI (Consumer Price Index) fell marginally to 5.07 per cent in January, while industrial activity has shown growth of 7.1 per cent in December.”
“The December growth showed not only a robust year-on-year growth but also a strong chronological improvement in the industrial activity,” he added.
On the currency front, the rupee strengthened by 18-19 paise to close at 64.21-22 against the US dollar from its last week’s close at 64.40.
Provisional figures from the stock exchanges showed that foreign institutional investors sold off scrips worth Rs 2,849.1 crore, while domestic institutional investors purchased scrips worth Rs 2,368.01 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 3,006.58 crore, or $467.77 million, during February 12-16.
“The benchmark index Nifty closed below 10,500 levels as banking stocks dragged after the PNB fraud case,” Arpit Jain, AVP at Arihant Capital Markets, told IANS.
“On the domestic front the country’s exports increased by 9 per cent in January, while trade deficit touched a three-year high of $16.3 billion due to an increase in crude oil imports,” he added.
Sector-wise, banks, consumer durables and auto fell the most, while metals, FMCG, and oil and gas indices ended marginally in the positive.
The top weekly Sensex gainers were: Tata Steel (up 2.52 per cent at Rs 688.30); Reliance Industries (up 2 per cent at Rs 921.70); Asian Paints (up 1.75 per cent at Rs 1,143.70); Dr Reddy’s Lab (up 1.55 per cent at Rs 2,212.75); and Hindustan Unilever (up 1.51 per cent at Rs 1,352.45).
The losers were: State Bank of India (down 9.85 per cent at Rs 271.75); Yes Bank (down 6.91 per cent at Rs 311.90); Axis Bank (down 5.41 per cent at Rs 537.75); ICICI Bank (down 4.05 per cent at Rs 321); and ITC (down 2.67 per cent at Rs 266.35).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
