by admin | May 25, 2021 | Banking, Economy, Finance, Markets, News
Mumbai : A positive start to the second quarter results season, along with a stable rupee and low crude oil prices, pushed both the key equity indices — S&P BSE Sensex and NSE Nifty50 — higher for the third consecutive session on Tuesday.
The day’s trade saw all sectors close on a high note led by finance, banking and energy stocks.
Index-wise, the benchmark S&P BSE Sensex settled at 35,162.48 points, up 297.38 points or 0.85 per cent. It touched an intra-day high of 35,215.79 points and a low of 34,913.06 points.
Similarly, the NSE Nifty50 ended the day’s trade on a positive note. It closed at 10,584.75 points, up 72.25 points, or 0.69 per cent.
Vinod Nair, Head of Research, Geojit Financial Services said: “Market maintained a positive momentum as healthy start to the earnings season and gaining strength in rupee supported the sentiment.”
“Though rally was broad based, financials led from the front. However, global market remain mixed due to trade tensions. Earnings season will dictate the trend in the market as investors are gradually shifting their focus from global volatility to domestic triggers.”
According to Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund: “On the macro front, India’s merchandise trade deficit during April-September 2018 was reported at $94.32 billion. The trade deficit for September 2018 was at $13.98 billion, which is the lowest in the last 5 months, despite high oil prices.”
On Tuesday, the Indian rupee closed at 73.46, recovering 37 paise from its previous close of 73.83 per US dollar.
Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,165.63 crore, whereas domestic institutional investors bought scrip Rs 1,059.44 crore.
HDFC Securities’ Retail Research Head Deepak Jasani told: “Technically, the underlying trend of Nifty continues to be positive. At the same time one needs to be cautious of long trading positions at the highs.”
“Resistance for the Nifty is now at 10,720-10,754 band. Immediate supports to
be watched is at 10,490 levels.”
The top gainers in the Sensex were Mahindra and Mahindra, up 3.97 per cent at Rs 778.30; Adani Ports, up 3.54 per cent at Rs 333; ONGC up 3.44 per cent at Rs 165.50; SBI up 2.60 per cent at Rs 270.20; and ICICI Bank, up 2.51 per cent at Rs 321.05.
Major losers included HDFC Bank, down 0.77 per cent at Rs 1,992.40; Bajaj Auto, down 0.54 per cent at Rs 2,611.15; Maruti Suzuki, down 0.45 per cent at Rs 7,149.95; Infosys, down 0.39 per cent at Rs 696.40; and IndusInd Bank, down 0.37 per cent at Rs 1,620.85 per share.
—IANS
by admin | May 25, 2021 | Economy, Finance, Markets, News
By Rituraj Baruah,
Mumbai : Firm global cues lifted the Indian equity market for the sixth consecutive week as both the key indices — S&P BSE Sensex and the NSE Nifty50 — rose by over one per cent during the August 27-31 period.
Accordingly, the BSE Sensex hit an all time high of 38,989.65 points and the NSE Nifty50 touched a record level of 11,760.20 points. Both, Sensex and Nifty also set new respective closing highs of 38,896.63 points and 11,738.50 points during the week.
Global investor sentiments firmed up earlier in the week as US and Mexico reached an agreement on revising the North American Free Trade Agreement enforced since 1994.
The global development strengthened sentiments as trade-war concerns have off-late heightened investment risk across the globe, analysts told IANS.
The indices, however were subdued in the later part of the week as the Indian rupee slumped to unprecedented low levels against the US dollar and the fears over US-China trade war flared.
On a weekly basis, the S&P BSE Sensex closed at 38,645.07 points, higher 393.27 points or 1.03 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange on Friday ended at 11,680.50 points, higher 123.40 points or 1.07 per cent from the previous week’s close.
“Benchmark indices gained for the sixth week in a row on favourable global cues,” said Rahul Sharma, Senior Research Analyst at Equity99.
Sharma, however added renewed US-China trade war concern capped gains.
According to Hem Securities’ Director Prateek Jain, US-China tariff war hurt the emerging markets and also pushed the rupee to an all-time low.
The Indian rupee touched a new low of 71 per dollar on Friday. It settled at 70.99-71 per greenback, around Rs 1.09 weaker than the previous week’s close of 69.91 per dollar.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 579.20 crore and the domestic institutional investors bought stocks worth Rs 605.27 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 46.36 crore, or $6.47 million in the equities segment during August 27-31.
Sector-wise, metal, IT and pharma stocks were the top gainers while the major losers were media and energy stocks, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Power Grid (up 5.11 per cent at Rs 200.60), Tata Steel (up 4.55 per cent at Rs 601.65), Tata Motors (up 4.50 per cent at Rs 267.10), Infosys (up 4.35 per cent at Rs 1,440) and Bharti Airtel (up 4.03 per cent at Rs 383.35 per share).
The major losers were Yes Bank (down 8.34 per cent at Rs 343.40), Reliance Industries (down 2.90 per cent at Rs 1,240.95), Asian Paints (down 1.54 per cent at Rs 1,240.95), Coal India (down 1.48 per cent at Rs 286.10) and IndusInd Bank (down 1.21 per cent at Rs 1,903.85 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices — S&P BSE Sensex and NSE Nifty50 — rose over 1 per cent each on Friday supported by a healthy macro economic data and prediction of recovery in monsoon rains.
Market observers cited broadly positive global indices coupled with lower crude oil prices as other factors which buoyed investor sentiments.
On Friday, the Nikkei India Services Business Activity Index showed an exponential rise in the rate of output growth during July.
Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) closed at 11,360.80 points, higher by 116.10 points or 1.03 per cent from the previous close of 11,244.70 points.
The benchmark BSE Sensex, which had opened at 37,327.16 points, closed at 37,556.16 points, 391 points or 1.05 per cent higher from the previous close of 37,165.16 points.
On an intra-day basis, it touched a high of 37,582.27 points and a low of 37,319.61 points. The BSE market breadth was bullish with 1,768 advances and 937 declines.
“Stock markets in India traded the day on a positive note as upbeat macro-economic developments gave a fillip to investor sentiment,” said Abhijeet Dey, Senior Fund Manager for Equities, BNP Paribas Mutual Fund.
According to Deepak Jasani, Head of retail research at HDFC securities sentiments were also boosted after the weather department’s forecast of recovery in monsoon in August and September.
On the currency front, the rupee closed at 68.61, strengthened by 10 paise from the previous close of 68.71 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 5.87 crore and the domestic institutional investors bought stocks worth Rs 87.08 crore.
Sector-wise, all the indices traded on a positive note on Friday with the S&P BSE banking gaining the most, by 502.75 points. It was followed the consumer durables index which rose 320.27 points and the metal index which ended 188.60 points higher from its previous close.
The major gainers on the Sensex were Axis Bank, up 5.17 per cent at Rs 574.35; Vedanta, up 3.60 per cent at Rs 221.85; Yes Bank, up 2.96 per cent at Rs 372.45; ICICI Bank, up 2.33 per cent at Rs 304.80; Kotak Mahindra Bank, up 2.20 per cent from Rs 1,309.20 per share.
The major losers were Tata Motors, down 0.84 per cent at Rs 258.75; Tata Motors (DVR), down 0.80 per cent at Rs 142.65; Hero MotoCorp, up 0.63 per cent at Rs 3,246.10; Asian Paints, down 0.50 per cent at Rs 1,411.35; and HDFC Bank, down 0.39 per cent at Rs 2,121 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : With healthy quarterly earnings, tax-rate cuts on over 50 consumer items, domestic investor sentiments firmed up in the week ended Friday making the equity indices set new records and benchmarks every other day.
On Friday, both the S&P BSE Sensex and NSE Nifty50 settled at their respective highest closing levels of 37,336.85 points and 11,278.35 points after touching intra-day records of 37,368.62 points and 11,283.40 points earlier in the day.
According to market observers, appreciation in the Indian rupee and progress in the southwest monsoon rains also added to the enthusiasm in the market.
On a weekly basis, Sensex closed at 37,336.85 points — up 840.48 points or 2.30 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,278.35 points, higher by 268.15 points or 2.44 per cent — from its previous week’s close.
Market breadth was positive in all the five trading sessions of the week, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
“Traders and investors were happy about a good start to the earnings session and GST tax rate cuts,” said Prateek Jain, Director of Hem Securities.
Kotak Mutual Fund’s Senior Vice President and Head of Equity Research, Shibani Kurian said the investor sentiments were also boosted by the reduction in tax rates of many consumer items from 28 per cent to 18 per cent.
The GST (Goods and Services Tax) council on July 21 in its 28th meeting decided to lower tax rates on several consumer items.
The progress of the South-West monsoons picked up pace, which further improved the sentiments, Kurian told IANS.
On the currency front, the rupee closed at 68.66 on Friday, strengthening by 19 paise from its previous week’s close of 68.85 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 2,539.58 crore, while the domestic institutional investors sold stocks worth Rs 1,573.68 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested Rs 3,154.23 crore, or $459.02 million from the equities segment on stock exchanges during the week ended on July 27.
Sector-wise, top gainers were public sector banks, metals, FMCG and realty indices while the IT index was the only loser during the week, Jasani told IANS.
The top weekly Sensex gainers were ITC (up 10.51 per cent at Rs 302.20); ICICI Bank (up 10.26 per cent at Rs 293.30); State Bank of India (up 9.83 per cent at Rs 286.60); Tata Steel (up 9.14 per cent at Rs 549.45); and Vedanta (up 8.49 per cent at Rs 219.80 per share).
The major losers were Bajaj Auto (down 5.74 per cent at Rs 2,678.05); Hero MotoCorp (down 5.32 per cent at Rs 3,193.80); Yes Bank (down 4.33 per cent at Rs 369.90); Wipro (down 3.02 per cent at Rs 274.50); and Tata Consultancy Services (down 2.65 per cent at Rs 1,943.10 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Supported by healthy corporate earnings and firm global cues, the domestic equity market continued its bull run on Friday with the S&P BSE Sensex and the NSE Nifty50 hitting fresh intra-day highs and ending at new closing benchmarks.
Both the Sensex and Nifty50 settled at their respective highest closing levels of 37,336.85 points and 11,278.35 points after touching intra-day records of 37,368.62 points and 11,283.40 points earlier in the day.
According to market observers, healthy corporate earnings coupled with firm global cues strengthened the domestic investor sentiments.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,278.35 points, higher by 111.05 points or 0.99 per cent from its previous close of 11,167.30 points.
The 30-scrip Sensex, which had opened at 37,253.86 points, closed at 37,336.85 points, higher by 352.21 points or 0.95 per cent from the previous close of 36,984.64 points. It touched an intra-day low of 37,134.88 points.
The BSE market breadth was bullish with 1,665 advances against 970 declines.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Growth and earnings outlook is showing signs of pickup which elevated the market to a new high.”
On the global front, Nair said the European Central Bank kept the key rates on hold and signs of ease in trade tensions between US and EU added some confidence
“The gains came on the back of positive global cues,” said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX traded in the green.
On the currency front, the rupee closed at 68.66, appreciating by just one paisa from the previous close of 68.67 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 738.05 crore and the domestic institutional investors purchased stocks worth Rs 406.12 crore.
Sector-wise, the S&P BSE Consumer Durables index gained the most, by 411.23 points, followed by the banking index, which rose by 316.99 points and the oil and gas index, up 246.98 points.
On the contrary, only the S&P BSE IT index ended on a negative note with a marginal decline of 2.90 points from it previous close.
The major gainers on the Sensex were ITC, up 5.24 per cent at Rs 302.20; Tata Motors (DVR), up 4.48 per cent at Rs 149.10; Tata Motors, up 3.56 per cent at Rs 267.70; Tata Steel, up 2.71 per cent at Rs 549.45; and ICICI Bank, up 2.62 per cent at Rs 293.30 per share.
The top losers were Power Grid, down 1.72 per cent at Rs 179.60; Adani Ports, down 1.44 per cent at Rs 394.25; Coal India, down 1.04 per cent at Rs 261.95; Tata Constultancy Services, down 1.03 per cent at Rs 1,943.10; and Maruti Suzuki, down 0.86 at Rs 9,315.45.
—IANS
