by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Supportive global cues and a healthy start to the earnings season lifted the key Indian equity indices over 2 per cent in the week ended Friday, with the BSE Sensex setting fresh benchmarks and the NSE Nifty50 closing over the 11,000-mark.
On Thursday, the barometer 30-scrip Sensex touched a record high of 36,699.53 points, only to surpass the level the very next day and set a fresh all-time high of 36,740.07 points.
It had also set a new closing high of 36,548.41 points on Thursday.
Globally, investors’ sentiments were strengthened after reports on Wednesday said China and the US may hold talks to resolve the ongoing trade tensions. Easing crude oil prices was also welcomed by the markets.
However, in the domestic market, weak macro-economic data released on Thursday trimmed the gains.
Index-wise, the wider Nifty50 of the National Stock Exchange closed the week’s trade at 11,018.90 points — up 246.25 points or 2.29 per cent — from its previous week’s close.
The Sensex on BSE rose by 883.77 points or 2.48 per cent to close at 36,541.63 points on a weekly basis.
Market breadth, however, was negative in three out of the five trading sessions of the week, said Deepak Jasani, head of Retail Research at HDFC Securities.
Prateek Jain, Director of Hem Securities said: “Traders and investors seem impressed by the healthy start to the earnings season and easing crude oil prices. But towards the fag end of the week, profit-booking set on concerns of macro indicators.”
Retail inflation grew 5 per cent in June to a five-month high while industrial production slowed down to 3.2 per cent in May on weak manufacturing sector output, Jain said.
According to Equity99’s Senior Research Analyst, Rahul Sharma: “The stock-specific action continued last week with IT major TCS (Tata Consultancy Services) beating market estimates, while IndusInd Bank was in line (with expectation).”
On the currency front, rupee closed at 68.53, strengthening by 35 paise from its previous week’s close of 68.88 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,801.65 crore, while the domestic institutional investors purchased stocks worth Rs 2,288.08 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 1,540.59 crore, or $224.27 million from the equities segment on stock exchanges during the week ended on July 13.
Sector-wise, oil and gas, IT and capital goods ended on a positive note, while metals and auto were among the major losers, Jasani told IANS.
Scrip-wise, Reliance Industries gained the most on the Sensex and in a major development its market capitalisation (m-cap) crossed the $100 billion mark this week.
On Friday, the m-cap of the company at closing was Rs 694,944.56 crore or $101.40 billion.
The top weekly Sensex gainers were Reliance Industries (up 12.31 per cent at Rs 1,096.75); Yes Bank (up 6.81 per cent at Rs 376.40); Wipro (up 6.73 per cent at Rs 280.70); Hindustan Unilever (up 3.70 per cent at Rs 1,741.15); and Bajaj Auto (up 3.66 per cent at Rs 3,134 per share).
The major losers were Hero MotoCorp (down 4.84 per cent at Rs 3,460.60); Tata Motors (DVR) (down 4.18 per cent at Rs 150.30); Vedanta (down 4.05 per cent at Rs 210.60); Tata Motors (down 2.58 per cent at Rs 264.15); and IndusInd Bank (down 1.81 per cent at Rs 1,923.45 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—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 | Business, Commodities, Commodities News, Economy, Markets, News, SMEs
New Delhi : Retail inflation in India touched the 5 per cent mark in June, compared to 4.87 per cent in May, even as industrial output in May grew at 3.2 per cent over the same month last year but declined as compared to rise of 4.9 per cent in April mainly on account of a decline in manufacturing, official data showed on Thursday.
As per data released by the Central Statistics Office (CSO), the average annual rate of inflation as per the consumer price index (CPI) in June last year was 1.46 per cent.
The consumer food price index (CFPI) in June at 2.91 per cent, however, softened as compared to the 3.10 per cent of the previous month. The inflation in vegetables dropped to 7.8 per cent from 8.04 per cent in the previous month.
The CPI for the ‘fuel and light’ category rose to 7.14 per cent in June, from 5.8 per cent in May.
The higher inflation last month comes in the backdrop of rising global crude oil prices which have been ruling at over $75 a barrel.
Breaking the cycle of interest rate cuts begun in January 2015, the Reserve Bank of India (RBI), at its last monetary policy review in June, raised its repo rate by 25 basis points to 6.25 per cent citing inflationary concerns.
It also revised upwards its inflation projection to 4.8-4.9 per cent for the first half of the current fiscal.
The fall in the Index of Industrial Production in May was caused by a sharp slowing in the growth of the manufacturing sector which registered a growth of 2.8 per cent, as compared to 5.2 per cent in April.
“The industry group ‘Other manufacturing’ has shown the highest negative growth of (-) 31.9 percent followed by (-) 15.6 percent in ‘Manufacture of tobacco products’ and (-) 12.8 percent in ‘manufacture of wearing apparel’,” a CSO statement said.
“The industry group ‘Manufacture of computer, electronic and optical products’ has shown the highest positive growth of 27.0 per cent followed by 21.1 percent in ‘Manufacture of motor vehicles, trailers and semi-trailers’ and 13.2 percent in ‘Manufacture of furniture’.”
Mining output in May at 5.7 per cent in May improved marginally over the 5.1 per cent in April.
Electricity production in the month under consideration rose to 4.2 per cent over the 2.1 per cent in April.
The cumulative IIP growth for the period April-May 2018 over the corresponding period of the previous year stands at 4 per cent, the statement added.
The IIP for April has been revised to 4.8 per cent, from the earlier figure of 4.9 per cent.
Commenting on the IIP data, Deloitte India Lead Economist Anis Chakravarty said in a statement: “The recent easing came largely on the back of manufacturing, while improvements were made across mining and electricity. That said, the movement in manufacturing remains largely steady which bodes well for economic growth, especially when the economy remains at risk from global changes.”
“A clear positive was on food price momentum that remained muted… Although core remains elevated that may keep RBI on guard. We have not yet removed the ‘risk’ of one more rate hike,” said Yes Bank Group President Shubhada Rao.
—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
Mumbai : Firm global cues coupled with an appreciation in the Indian rupee lifted the key Indian equity indices on Monday.
According to market observers, a healthy US jobs data released on Friday strengthened the investor sentiments in the global markets.
Index-wise, in the domestic market, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,852.90 points — higher by 80.25 points or 0.74 per cent — from its previous close of 10,772.65 points.
Similarly, the barometer 30-scrip Sensex on the BSE, which had opened at 35,835.10 points, closed on a positive note. It ended the day’s trade at 35,934.72 points — up by 276.86 points or 0.78 per cent — from its previous session’s close of 35,657.86 points.
Sensex touched a high of 35,977.37 points and a low of 35,779.72 during the intra-day trade.
In the broader markets, the S&P BSE mid-cap rose by 1.23 per cent and the S&P BSE small-cap ended 1.58 per cent higher from its previous close. The BSE market breadth was bullish with 1,708 advances against 907 declines.
“The gains came on the back of a robust June payrolls in the US,” said V.K. Sharma, Head of Private Client Group and Capital Market Strategy at HDFC Securities.
The BNP Paribas Mutual Fund’s Senior Fund Manager for Equities, Abhijeet Dey said trading for the week began on a firm note following positive global stocks.
Fresh buying in pivotal indices propelled the key benchmark indices to trade in the positive zone, Dey added.
Further, appreciation in the rupee against the dollar also firmed up the investor sentiments.
The rupee strengthened by 15 paise on Monday to end at 68.72 per dollar, against the previous close of 68.87 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 569.91 crore while the domestic institutional investors bought stocks worth Rs 740.39 crore.
Sector-wise, all the indices ended on a positive note with the S&P BSE banking index gaining the most, by 277.41 points. It was followed by the capital goods and metal indices, which rose by 255.43 points and 155.99 points respectively.
The major gainers on the Sensex were Vedanta, up 3.14 per cent at Rs 226.40; Asian Paints, up 3.11 per cent at Rs 1,364; Yes Bank, up 2.70 per cent at Rs 361.90; Sun Pharma, up 1.97 per cent at Rs 569.45; and Reliance Industries, up 1.96 per cent at Rs 995.65 per share.
The top losers were Tata Consultancy Services, down 1.34 per cent at Rs 1,887.65; HDFC, down 0.32 per cent at Rs 1,909.70; IndusInd Bank, down 0.22 per cent at Rs 1,954.60; Bharti Airtel, down 0.22 per cent at Rs 361.05; and Coal India, down 0.11 per cent at Rs 271 per share.
—IANS
