by admin | May 25, 2021 | Banking, Economy, Finance, Markets, News
Mumbai : Healthy buying in banking, FMCG and consumer durable stocks lifted the key Indian equity indices on Monday with the BSE Sensex setting a fresh benchmark of 36,749.69 points by the fag end of the day’s trade.
Investor sentiments were boosted after Goods and Services Tax on many items including electronic appliances were slashed on Saturday, analysts said.
Index-wise, the BSE Sensex closed at 36,718.60 points — higher by 222.23 points and 0.61 per cent — from the previous close of 36,496.37 points.
The wider Nifty50 on the National Stock Exchange closed the day’s trade at 11,084.75 points, up 74.55 points or 0.68 per cent from the previous close of 11,010.20 points.
As mentioned, the Sensex touched an all-time high of 36,749.69 points, and an intra-day low of 36,491.83 points. The previous record high on Sensex was 36,747.87 hit on July 18.
In the broader markets, the S&P BSE mid-cap closed 1.29 per cent higher while the S&P BSE small-cap rose by 0.93 per cent from its previous close. The BSE market breadth was bullish with 1,511 advances against 1,089 declines.
“The gains came on the back of the government’s announcement on reduction in goods and services tax (GST) rate on 88 goods and services over the weekend,” said Deepak Jasani, Head, Retail Research, HDFC Securities.
Further, according to Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, stock market in India started the week on an upbeat note as sentiments were boosted by the government winning the no-confidence motion in the Lok Sabha on Friday, July 20.
On the currency front, the rupee closed at 68.86, depreciating by just one paisa from the previous close of 68.85 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 259.37 crore and the domestic institutional investors purchased stocks worth Rs 124.82.
Sector-wise, the S&P BSE banking index gained the most, by 291.31 points, followed by the consumer durables index, up 259.97 points and the FMCG rose by 259.95 points.
On the contrary, the S&P BSE energy index was the only loser with a decline of 16.54 points from its previous close.
The major gainers on the Sensex were Vedanta, up 4.42 per cent at Rs 211.55; Adani Ports, up 3.83 per cent at Rs 384.05; ITC, up 3.80 per cent at Rs 283.85; Bharti Airtel, up 3.49 per cent at Rs 357.60; and ICICI Bank, up 3.33 per cent at Rs 274.85 per share.
The top losers were Hero MotoCorp, down 6.20 per cent at Rs 3,163.90; Bajaj Auto, down 5.35 per cent at Rs 2,689.10; Wipro, down 2.47 per cent at Rs 276.05; HDFC Bank, down 1.48 per cent at Rs 2,157.75; and ONGC, down 0.86 per cent at Rs 156.50 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : From the BSE Sensex hitting a new record high earlier in the day, to closing on a flat-to-negative note, the key Indian equity indices saw a very volatile trade on Friday.
Although the market had opened on a positive note in continuation with Thursday’s bull run helping the Sensex touch a fresh all-time high of 36,740 points in the morning session, still the indices could not hold on to the earlier gains.
Analysts attribute the shedding of gains on the indices to the weak macro-economic data released on Thursday — higher retail inflation in June and fall in industrial output in May.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,018.90 points — lower by 4.30 points or 0.04 per cent — from its previous close of 11,023.20 points.
The barometer 30-scrip Sensex on the BSE, which had opened at 36,635.14 points, closed at 36,541.63 points — down 6.78 points or 0.02 per cent — from its previous close of 36,548.41 points.
As mentioned, it touched a record intra-day high of 36,740.07 points and a low of 36,501.61 points.
In the broader markets, the S&P BSE mid-cap fell by 0.77 per cent and the S&P BSE small-cap ended 1.36 per cent lower from its previous close. The BSE market breadth was bearish with 1,824 declines and 813 advances.
“It was a volatile day on the bourses as stocks oscillated between the positive and negative zones through the day, reacting to conflicting cues in terms of positive global stocks and lacklustre macro-economic data,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
He added: “On the macro front, data revealed that India’s factory output growth slowed to a seven-month low in May while retail inflation quickened to a five-month high in June.
On the currency front, the rupee appreciated by five paise to end at 68.53 per dollar, against the previous close of 68.58 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,104.65 crore while the domestic institutional investors bought stocks worth Rs 872 crore.
Sector-wise, the S&P BSE consumer durables index gained the most, by 178.22 points, followed by the IT index, which was up 49.21 points and the energy index rose by 32.90 points.
On the contrary, the S&P BSE banking index fell by 170.58 points, the capital goods index was down 157.32 points and the FMCG index ended 101.60 points lower from its previous close.
The major gainers on the Sensex were Reliance Industries, up 1.34 per cent at Rs 1,096.75; Infosys, up 1.12 per cent at Rs 1,309.10; Bajaj Auto, up 1.03 per cent at Rs 3,134; Coal India, up 0.96 per cent at Rs 267.75; and Maruti Suzuki, up 0.93 per cent at Rs 9,434.30 per share.
The top losers were ONGC, down 2.80 per cent at Rs 154.60; Axis Bank, down 2.48 per cent at Rs 523.90; ITC, down 2.29 per cent at Rs 270.40; State Bank of India, down 1.96 per cent at Rs 257.60; and ICICI Bank, down 1.60 per cent at Rs 268.05 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global markets supported the key Indian equity indices on Tuesday with the BSE Sensex gaining over 300 points higher.
According to market observers, optimism over the quarterly earnings for the April-June period starting later in the day also strengthened investor sentiments.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,947.25 points — higher by 94.35 points or 0.87 per cent — from its previous close of 10,852.90 points.
The barometer 30-scrip Sensitive Index (Sensex), which had opened at 36,068.27 points, closed at 36,239.62 points — up by 304.90 points or 0.85 per cent — from its previous session’s close of 35,934.72 points.
The Sensex touched a high of 36,274.33 points and a low of 36,019.63 points during the intra-day trade.
In the broader markets, the S&P BSE mid-cap rose by 1.01 per cent and the S&P BSE small cap ended 1.04 per cent higher from its previous close. The BSE market breadth was bullish with 1,678 advances and 971 declines.
“Investors now await the start of the earnings season and seem to have kept trade war concerns aside for the time being,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
He further said that Asian markets were largely up and European markets also traded in the positive.
On the currency front, the rupee weakened by 11 paise to end at 68.83 per dollar, against the previous close of 68.72.
Sector-wise, the S&P BSE auto index gained the most, by 233.18 points, followed by the metal index which was up 202.26 points and the banking index which rose by 170.99 points.
On the contrary, the S&P BSE healthcare index was the only loser on Tuesday, ending 20.39 points lower from its previous close.
The major gainers on the Sensex were Reliance Industries, up 3.02 per cent at Rs 1,025.75; Yes Bank, up 2.58 per cent at Rs 371.25; Coal India, up 2.56 per cent at Rs 278; Bajaj Auto, up 2.36 per cent at Rs 3,089.05; and Wipro, up 2.26 per cent at Rs 271.10 per share.
The top losers were Sun Pharma, down 1.24 per cent at Rs 562.40; IndusInd Bank, down 1.05 per cent at Rs 1,934.10; Kotak Mahindra Bank, down 0.96 per cent at Rs 1,372.45; Hero MotoCorp, down 0.83 per cent at Rs 3,592.15; and Tata Consultancy Services, down 0.56 per cent at Rs 1,877 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah and Porisma P.Gogoi,
Mumbai : Forecast of normal monsoon rains, along with healthy earnings in the IT sector, lifted the Indian equity markets during the week ended Friday.
Besides, supportive global cues, coupled with expectations of healthy corporate earnings, led the two equity indices — the BSE Sensex and the NSE Nifty50 — to extend their rise for the fourth consecutive week.
However, higher crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks — triggered by a likely hawkish stand of the Reserve Bank of India (RBI) in its next monetary policy review — trimmed some gains of the benchmark indices, said market observers.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 222.93 points or 0.65 per cent to close at 34,415.58 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,564.05 points — up 83.45 points or 0.80 per cent from its previous week’s close.
“Markets extended their winning streak to the fourth consecutive week on strong earnings from TCS (Tata Consultancy Services), Mindtree and Cyient which posted a better than expected quarterly numbers,” Prateek Jain, Director, Hem Securities, told IANS.
“Sentiments also got a boost from postive global clues and IMD’s (India Meteorological Department) forecast that India is likely to receive a normal monsoon in 2018, which further boosted sentiments,” said Jain.
Rahul Sharma, Senior Research Analyst, Equity99, said: “Investors’ sentiment also got a boost after India’s annual WPI-based inflation eased to 2.47 per cent in March, helped by a fall in food prices.”
“Positive global stocks also supported buying,” Sharma told IANS.
Official data released during market hours on Monday showed that India’s Wholesale Price Index (WPI) inflation softened to 2.47 per cent in March from a rise of 2.48 per cent reported for February and acceleration of 5.11 per cent in the corresponding month of last year.
On the currency front, the rupee weakened by 92 paise to close at 66.13 against the dollar from its previous week’s close at 65.21.
“The Indian currency got hammered and sank to a 13-month low of 66.06 against the dollar (during the week) due to rapid surge in global crude oil prices and fiscal deficit worries,” D.K. Aggarwal, Chairman and MD of SMC Investments and Advisors, told IANS.
“The minutes of the last (previous) meeting of the Monetary Policy Committee (MPC) indicated the RBI may shift to a hawkish monetary stance in June. At present, market participants looked little worried that the commodity will continue appreciating to new highs, which would spell trouble for Indian markets,” Aggarwal added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,821.24 crore, while the domestic institutional investors purchased stocks worth Rs 2,124.16 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 3,096.62 crore, or $471.78 million, during April 16-20.
“The top sectoral gainers were IT, metal, fast moving consumer goods (FMCG) and realty indices and the major losers were PSU banks, energy and bank Nifty indices,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
On Friday, shares of IT bellwether Tata Consultancy Services (TCS) rose nearly seven per cent to touch a new high of Rs 3,414 per share, on the back of its robust earnings taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.
The top weekly Sensex gainers were: TCS (up 8.11 per cent at Rs 3,406.40); Bharti Airtel (up 6.07 per cent at Rs 400.75); ITC (up 5.81 per cent at Rs 275.95); Power Grid (up 4.94 per cent at Rs 207.30); and Hindustan Unilever (up 3.96 per cent at Rs 1,465.50).
The losers were: Axis Bank (down 6.65 per cent at Rs 505.85); Tata Motors (DVR) (down 5.84 per cent at Rs 190.95); Tata Motors (down 5.72 per cent at Rs 336.25); State Bank of India (down 3.90 per cent at Rs 241.40); and IndusInd Bank (down 2.42 per cent at Rs 1,814.00).
(Riuraj Baruah can be contacted at rituraj.b@ians.in and Porisma P.Gogoi at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Key Indian equity indices — the BSE Sensex and NSE Nifty50 — extended their gains for the third consecutive week as healthy macro-economic data, along with firm global cues on the back of fading trade war fears boosted investors’ sentiments.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE surged by 565.68 points or 1.68 per cent to close at 34,192.65 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,480.60 points — up 149 points or 1.44 per cent from its previous week’s close.
“Markets rallied further this week after consolidating in the early part of the week. It was the third consecutive week of gains for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The top sectoral gainers were IT, metal, Bank Nifty and energy indices. The top losers were PSU Banks, realty and pharma indices,” he added.
Prateek Jain, Director, Hem Securities, said: “Markets settled on a firm note last week as investors appeared confident in view of firm global cues. Stock markets across the globe rose after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row.”
“Escalating tensions over Syria were seen as a major contributor to weakness during the middle of the week. The Sensex and the Nifty advanced in all five trading sessions of the week,” Jain told IANS.
On the domestic front, healthy Consumer Price Index (CPI) and Index of Industrial Production (IIP) data added to the northward trajectory of the benchmark indices.
“The domestic market continued to trade higher and the Nifty managed to cross 10,500 levels in the week gone by amid global clues and healthy macro data,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
Official data released post market hours on Thursday showed that India’s March retail inflation eased to 4.28 per cent, while factory production growth slowed only marginally in February to 7.1 per cent.
“The fears of a trade war seem to have completely abated as of now,” Aggarwal said.
According to Aggarwal, the sentiments were further supported after securities market regulator Sebi decided to raise the investment limit for foreign portfolio investors (FPIs) in central government securities and corporate bonds in two tranches.
“Limit for FPIs in central government securities shall be enhanced to Rs 207,300 crore on April 12 and to Rs 223,300 crore on October 1, respectively and this is sure to boost inflows of foreign funds into Indian capital markets,” he added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,654.31 crore, while the domestic institutional investors purchased stocks worth Rs 815.06 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that FPIs divested equities worth Rs 1,178.98 crore, or $182.25 million, during April 9-13.
The top weekly Sensex gainers were: Axis Bank (up 8.23 per cent at Rs 541.90); Tata Consultancy Services (up 6.82 per cent at Rs 3,151); Coal India (up 3.59 per cent at Rs 285.35); Infosys (up 3.52 per cent at Rs 1,169); and Larsen and Toubro (up 3.37 per cent at Rs 1,355.30).
The losers were: State Bank of India (down 3.31 per cent at Rs 251.20); Tata Motors (down 1.98 per cent at Rs 356.65); Bharti Airtel (down 1.97 per cent at Rs 377.80); Dr. Reddy’s Lab (down 1.75 per cent at Rs 2,087); and Tata Motors (DVR) (down 1.74 per cent at Rs 202.80).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
