by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Bolstered by an upbeat domestic macro data and global cues, the two key Indian equity indices — BSE Sensex and NSE Nifty50 — rode the bulls to scale new highs during the week ended Friday.
According to market analysts, India’s advancement to the top 100 in the World Bank’s Ease of Doing Business global rankings, along with a strengthening rupee and healthy buying in index heavyweights, gave a boost to the upward rally of the indices for the fourth consecutive week.
On Friday, the broader Nifty50 of the National Stock Exchange (NSE) hit a new 52-week high of 10,461.70 points intra-day, and closed trading at record 10,452.50 points.
On a weekly basis, it edged higher by 129.45 points, or 1.25 per cent.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, too, saw a strong closing at 33,685.56 points — up 528.34 points, or 1.59 per cent, on a weekly basis.
The Sensex hit a new 52-week high of 33,733.71 points on intra-day basis.
“Carrying on from last week, markets continued to surge higher this week to touch new life highs,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
“Sectorally, the top gainers were realty, PSU banks, bank Nifty and pharma indices. The top losers were IT, metal and FMCG indices.”
According to Vinod Nair, Head of Research at Geojit Financial Services, market witnessed strong up-move led by affirmative signs of recovery in domestic earnings and rally in index heavyweights.
“Strong core industries data, US Fed status quo on interest rate and positive global cues supported this trend. Market was enthused by September core industries data which grew by 5.2 per cent, showing signs of revival in industrial growth, easing of GST and pick-up in restocking in the economy,” said Nair.
“There were ample signs of reversal in corporate earnings growth, with better than expected results from index heavyweights, which improved the market sentiments,” he added.
On the currency front, the rupee strengthened by 50 paise to close at 64.55 against the US dollar from its last week’s close at 65.05.
Market observers pointed out that although most macro indicators gave a boost to market sentiments, some momentum was lost on account of lower-than-expected automobile sales numbers for the month of October.
“Domestic markets touched a lifetime high after India’s ranking rose 30 notches to 100 in the World Bank’s Ease of Doing Business Survey for 2018. Besides the positive sentiment driven by macro indicators and ease of doing business, global markets have also been supportive for the Indian markets,” said D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors.
“However, it lost nerve soon to close lower after the announcement of muted auto sales numbers. The government’s recent recapitalisation plan and ‘Bharatmala Pariyojana’ have boosted market sentiment and fuelled growth recovery hopes,” Aggarwal told IANS.
Provisional figures from the stock exchanges showed that foreign institutional investors off-loaded stocks worth Rs 8,336.86 crore during the week, while the domestic institutional investors divested in scrips worth Rs 354.42 crore.
Figures from the National Securities Depository Ltd (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 2,773.08 crore, or $179.57 million, during October 30-November 3.
The top weekly Sensex gainers were: Bharti Airtel (up 11.60 per cent at Rs 541.35); Axis Bank (up 11.46 per cent at Rs 540); ICICI Bank (up 4.95 per cent at Rs 315.85); Lupin (up 4.84 per cent at Rs 1,049.25); and HDFC (up 4.56 per cent at Rs 1,775.35).
The losers were: Mahindra and Mahindra (down 3.95 per cent at Rs 1,331.15); Hero MotoCorp (down 2.80 per cent at Rs 3,690.80); Tata Steel (down 2.39 per cent at Rs 708.90); Infosys (down 2.20 per cent at Rs 926.65); and Bajaj Auto (down 2.02 per cent at Rs 3,223.10).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rohit Vaid,
Mumbai : The key Indian equity indices — the S&P BSE Sensex and the NSE Nifty 50 — rose for the third straight week as a healthy macro-data led positive momentum enhanced the risk-taking appetite of investors.
However, profit booking, along with fears of higher non-performing asset (NPA) levels in the banking sector arrested the north-bound movement of the key indices during the truncated weekly trade ended on Wednesday.
The 30-scrip Sensitive Index (Sensex) edged higher by 151 points or 0.46 per cent to 32,584.35 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made gains. It rose by 43.4 points or 0.42 per cent to close at 10,210.85 points.
“Though the domestic market have suffered a bout of correction recently but have since rebounded and the Nifty is back above 10,000 mark on the back of encouraging domestic economic readings and optimism in major global markets which lifted sentiment,” D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, told IANS.
“The market also got strength following encouraging comments from the IMF chief Christine Lagarde — that the Indian economy is on a solid growth track in the medium and long term due to the structural reforms undertaken by the government.”
In terms of macro-data, India’s annual rate of inflation based on Wholesale Price Index (WPI) in September eased to 2.6 per cent from 3.24 per cent in August.
Another major economic performance pointer showed that India’s exports grew to $28.61 billion in September from $23.81 billion in August and $22.77 billion during the corresponding month of last year.
Notwithstanding the positive macro-data, the upward movement was halted on Wednesday after Axis Bank came out with its quarterly earnings results.
“The NSE Nifty had edged lower on Wednesday, retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country’s banking sector,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
In terms of investments, provisional figures from the stock exchanges showed that FIIs offloaded stocks worth Rs 1,766 crore during the week. However, domestic institutional investors continued to pump-in funds and bought scrips worth Rs 1,985.99 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,797.22 crore, or $276.76 million, during October 16-18.
On the currency front, the rupee depreciated during last week. It inched lower by 11 paise to close at 65.04 against the US dollar from its previous close at 64.93.
According to Deepak Jasani, Head – Retail Research, HDFC Securities on a sector specific basis metals, realty and oil and gas indices gained during the week ended October 18, whereas banking index plunged.
Last week’s trade also concluded the Hindu Year — Samvat 2073 — which saw a stellar performance by the key Indian equity indices.
In Samvat 2073, the barometer index (BSE Sensex) gained 4,654 points or 16.6 per cent whereas the NSE Nifty 50 rose by 1,585 points or 18.4 per cent.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Paring the previous day’s losses, key Indian equity indices closed on a higher note on Thursday buoyed by positive global cues and intense buying activity during the last hour of trade.
Index heavyweights like Reliance Industries (RIL), Tata Consultancy Services (TCS), Sun Pharma, Axis Bank and Hindustan Unilever, among others, aided in the upward trajectory of the indices, according to market observers.
The 30-scrip Sensitive Index (Sensex) of the BSE closed above the psychologically important 32,000-mark, which was breached for the first time on July 13.
The Sensex closed at 32,182.22 points — up 348.23 points, or 1.09 per cent — after touching a high of 32,209.03 points and a low of 31,813.67 during intra-day trade.
The wider Nifty50 of the National Stock Exchange (NSE) surged by 111.60 points, or 1.12 per cent, to close at 10,096.40 points.
“After showing decline in the last session, Nifty shifted into a sharp upmove and closed the day higher by around 112 points, closing near the day’s high,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Technically, the Nifty by rising sharply today has nullified the negative pattern created in the last session. This is a positive indication, and one may expect further upmove in the next session,” Jasani asserted.
In terms of the broader markets, the S&P BSE mid-cap index rose by 0.98 per cent, while the small-cap index gained 1.15 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market regained from yesterday’s loss and stayed close to 10,100-mark ahead of economic data, inflation and IIP (Index of Industrial Production) later during the day.”
“Good demand on consumer stocks on arrival of festival season and ecstasy on pharma stocks amid some positive regulatory approvals fuelled the market. Investor’s expectation on some tail winds in IT stocks ahead of results kept the counter busy,” Nair added.
On the currency front, the rupee strengthened by six paise to close at 65.08-09 against the US dollar from its previous close at 65.14-15.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 668.13 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 872.54 crore.
According to sources, RIL, the most valued company on BSE in terms of market capitalisation, touched its new high of Rs 876.20 per share on an intra-day basis.
On a closing basis, the market capitalisation of the company stood at Rs 5,52,515.10 crore, as shown on the BSE side.
“Shares of Reliance Industries rallied over four per cent to hit its record high of Rs 875 ahead of its September quarter earnings due tomorrow (Friday),” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Top gainers on the NSE were Hindalco, Infratel and Reliance Industries, while on the decline were Bharti Airtel, Ultratech Cement and Indian Oil Corporation,” Desai told IANS.
All the 19 sub-indices of the BSE ended in the green.
Sector-wise, the S&P BSE metal index surged by 266.16 points, followed by banking index by 257.27 points and automobile index by 245.75 points.
Major Sensex gainers on Thursday were: RIL, up 3.82 per cent at Rs 872.50; Sun Pharma, up 2.59 per cent at Rs 539.40; TCS, up 1.92 per cent at Rs 2,548.55; Axis Bank, up 1.77 per cent at Rs 524.65; and Hindustan Unilever, up 1.71 per cent at Rs 1,238.20.
Major Sensex losers were: Bharti Airtel, down 0.83 per cent at Rs 400.05; Coal India, down 0.46 per cent at Rs 282.40; Infosys, down 0.37 per cent at Rs 927.15; Asian Paints, down 0.03 per cent at Rs 1,160.10; and Power Grid, down 0.02 per cent at Rs 202.70.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Key Indian equity indices — the BSE Sensex and the NSE Nifty — witnessed further correction and closed lower by almost two per cent during the week ended Friday, as persistent outflow of foreign funds on the back of a weak rupee, coupled with geo-political risks, suppressed investors’ sentiments.
However, the indices pared most of their losses towards the later half of the week and closed on a flat note as sentiments were buoyed by continous pumping in of funds by domestic institutional investors (DIIs) and bargain hunting.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE plunged by 638.72 points or two per cent to close at 31,283.72 points.
Similarly, the Nifty50 of the National Stock Exchange (NSE) receded by 175.8 points or 1.76 per cwent to close the week’s trade at 9,788.60 points.
“Carrying on from last week, markets continued to correct further this week. A bounce back towards the end of the week helped to curb the losses,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Sectorally, the top gainers were the metal, realty and auto indices. The top losers were the PSU banks, pharma and FMCG indices,” he added.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the Indian markets snapped a seven-day losing streak on September 28 and ended with modest gains as traders covered their short positions on the eve of September series derivative expiry.
Market observers pointed out that the seven-day fall was the longest losing streak for the indices after a nine-day fall that occurred during December 13-26, 2016.
“The geo-political wave continued for yet another week, this time from Indian forces taking military action against militant’s hideouts in Myanmar,” Desai told IANS.
D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, said: “In the week gone by, investors sold equities on the back of geo-political concerns between the US and North Korea. Strong words got exchanged between the two countries, increasing the possibility of a war-like situation.”
“Back at home, concerns pertaining to the possibility of fiscal slippage on the possibility of fiscal stimulus to boost growth receded with government announcing that it will stick to the budget plan,” Aggarwal told IANS.
On the currency front, the Indian rupee weakened by 49 paise to close the week at 65.29 to a US dollar from its previous week’s close at 64.80.
“During the week, weakness in the indices continued with rupee becoming weak and crude oil prices rising,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.
“FIIs (foreign institutional investors) continued to be net sellers in the Indian equities, however DIIs gave good support with positive flows,” Gandhi added.
Provisional figures from the stock exchanges showed that FIIs continued with their selling spree and off-loaded stocks worth Rs 10,896.59 crore during the week, whereas the DIIs bought scrip worth Rs 11,666.60 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 5,899.95 crore, or $897.14 million, during September 25-29.
The top weekly Sensex gainers were: Coal India (up 6.58 per cent at Rs 270.60); ONGC (up 3.77 per cent at Rs 170.65); Bajaj Auto (up 2.16 per cent at Rs 3,105); Power Grid (up 1 per cent at Rs 211.85); and Axis Bank (up 0.98 per cent at Rs 510).
The losers were: Asian Paints (down 8.07 per cent at Rs 1,117.05); Adani Ports (down 6.01 per cent at Rs 377.15); Hindustan Unilever (down 5.20 per cent at Rs 1,175.15); Dr. Reddys Lab (down 5.18 per cent at Rs 2,329.40); and Wipro (down 4.46 per cent at Rs 280.95).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Breaking a seven-day-long losing streak, key Indian equity indices — the BSE Sensex and the NSE Nifty50 — on Thursday closed in the green on the back of positive European markets and bargain hunting.
Although volatility was induced in the markets intra-day on September derivatives expiry as investors booked profits, short covering in banks, automobile and healthcare stocks aided the key indices to pare losses and close on a higher note.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 33.20 points or 0.34 per cent to close at 9,768.95 points.
The 30-scrip Sensitive Index of the BSE, which lost around 1,263.95 points in the previous seven sessions, closed higher by 122.67 points, or 0.39 per cent, at 31,282.48 points.
The BSE market breadth was bullish — with 1,531 advances and 987 declines.
“Markets ended with modest gains on Thursday after bouncing back from a low of 9,688. Today’s gains came after seven consecutive sessions of losses for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.
“It was also the expiry day of the September derivative series. Bargain hunting and positive European markets supported the Indian indices,” added Jasani.
On the currency front, the rupee strengthened by 21 paise to close at 65.50-51 against the US dollar from its previous close at 65.71-72.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 5,328.46 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 5,196.60 crore.
“The Sensex rose over 100 points while the Nifty regained the 9,750 mark after a tepid start on Thursday as pharma, FMCG and banking stocks witnessed buying. However, volatility was visible due to expiry of future and options contracts of September series,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Buying was also visible due to off-loading of short positions future and options contracts, traders say. Mid-cap and small-cap shares, which were among the worst hit in recent selloff, outperformed benchmark indices,” Desai told IANS.
The BSE mid-cap index rose by 0.77 per cent, while the BSE small-cap index by 0.90 per cent.
Sector-wise, the S&P BSE banking index surged by 206.65 points, automobile index by 108.94 points, and healthcare index by 92.31 points.
On the other hand, the S&P BSE consumer durables index fell by 58.14 points, capital goods index by 53.89 points, and energy index by 19.89 points.
Major Sensex gainers on Thursday were: Dr. Reddy’s Lab, up 2.62 per cent at Rs 2,367.85; Kotak Bank, up 2.43 per cent at Rs 1,004; Coal India, up 2.32 per cent at Rs 267; Maruti Suzuki, up 2.11 per cent at Rs 7,897.15; and Cipla, up 2.05 per cent at Rs 581.50.
Major Sensex losers were: Asian Paints, down 2.73 per cent at Rs 1,129.25; Reliance Industries, down 1.48 per cent at Rs 786.75; Wipro, down 0.95 per cent at Rs 285.85; Bharti Airtel, down 0.77 per cent at Rs 382.40; and Tata Motors, down 0.69 per cent at Rs 401.10.
—IANS
