by admin | May 25, 2021 | Economy, Markets, News
By Rohit Vaid,
Mumbai : The Indian rupee’s movement, coupled with fluctuations in global crude oil prices, are expected to drive investor sentiments on the key domestic equity indices during the upcoming week.
Besides, equity market participants will monitor the monthly automobile sales data along with production figures for eight core industries (ECI) in June and the direction of foreign fund flows to gauge economic performance.
“The next week will be dominated by global markets’ sentiments, especially in the emerging markets and their currencies, the Indian rupee’s movements and the RBI (Reserve Bank of India) r government’s actions on this will be closely monitored,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
“The sentiments towards sectors deriving USD revenue are expected to be positive. The large cap and quality bias in stock markets would continue, with the mid and small caps valuations not attractive enough for nibbling. Any fresh salvos fired in the ongoing global trade wars could dampen the sentiment.”
Lately, high crude oil prices and geopolitical developments have weakened the Indian rupee, which depreciated to touch its all-time low during the week just ended at the 69 per US dollar mark.
It closed at 68.47, weaker by 63 paise from its previous week’s close of 67.84 per greenback.
“Over the next couple of months, USD/INR may build a base between 67 and 69 on spot, before heading towards 71/72 before the FY19 draws to a close. Over the next week, a range of 67.80 to 68.80 can play out,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,380.94 crore during the week under review.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 528.41 crore, or $79.66 million, in the week ended on June 29.
Apart from the rupee’s movement, investor sentiments will be driven by the monthly automobile sales figures as well as the ECI data and purchasing mangers index (PMI) readings.
On technical charts, further upsides are seen in the National Stock Exchange (NSE) Nifty 50 during the initial period of next week.
“Technically, with the Nifty holding above the crucial supports of 10,550 points and bouncing back smartly on Friday, the bulls do seem to have an upper hand for the initial part of the coming week,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“Further upsides are likely once the immediate resistances of 10,733 points level are taken out. Crucial supports to watch for any weakness are at 10,612 points.”
On a weekly basis, both the key Indian equity indices — S&P Bombat Stock Exchange (BSE) Sensitive Index (Sensex) and NSE Nifty 50 — declined for the first time in last five-weeks, as escalating trade war concerns along with rising crude oil prices and a weak Indian rupee eroded investor sentiments.
Consequently, the barometer 30-scrip Sensex of the BSE fell by 266.12 points or 0.75 per cent to close at 35,423.48 points.
Similarly, the wider Nifty50 of the NSE closed the week in the red. It ended at 10,714.30 points — down 107.55 points or 0.99 per cent — from its previous close.
(Rohit Vaid can be contacted at rohit.v@ians.in )
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Subdued global markets and a weak Indian rupee pulled the domestic equity indices lower on Thursday, with the BSE Sensex closing 179 points lower.
Globally, investor sentiments were weighed down by the ongoing trade war concerns among major economies.
In the domestic market, expiry of the June derivative contracts also added to the volatility on Thursday.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,589.10 points, down 82.30 points or 0.77 per cent from the previous close of 10,671.40 points.
Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,207.19 points, closed at 35,037.64 points, down 179.47 points or 0.51 per cent from its previous session’s close of 35,217.11 points.
The Sensex touched an intra-day high of 35,282.40 and a low of 34,937.15 points. The BSE market breadth was bearish with 1,853 declines and 765 advances.
“Stock markets in India continued to trade on a weak note as a sharp slide in the Indian rupee, global trade uncertainty and the expiry of June derivatives contracts lent volatility to the markets and dampened investor sentiment,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
Deepak Jasani, Head of Retail Research at HDFC Securities said major Asian markets closed on a negative note, barring the Straits and Hang Seng indices and the European indices like CAC 40 and DAX also traded in the red.
HDFC Securities’ Head of Private Client Group and Capital Markets Strategy, V.K. Sharma said rupee registered its all time low on Thursday after crossing 69 per dollar mark, which triggered further sell-off in the Indian equity market.
The rupee ended at 68.79 per dollar, 18 paise weaker than its previous close of 68.61 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 951.51 crore while the domestic institutional investors bought stocks worth Rs 442.64 crore.
Sector-wise, the S&P BSE metal and the telecom indices ended with marginal gains, by 22.8 points and 2.2 points respectively.
On the other hand, S&P BSE consumer durables index slumped by 482.19 points, the oil and gas index by 342.45 points and the auto index ended lower by 183.46 points.
The major gainers on the Sensex were NTPC, up 1.79 per cent at Rs 156.05; Mahindra and Mahindra (M&M), up 1.78 per cent at Rs 907.25; Infosys, up 1.55 per cent at Rs 1,288.85; HDFC Bank, up 1.01 per cent; and Kotak Mahindra Bank, up 1.01 per cent at Rs 1,338.10 per share.
The top losers were ICICI Bank, down 2.78 per cent at Rs 271.15; Tata Motors, down 2.69 per cent at Rs 263.90; Tata Motors (DVR), down 2.59 per cent at Rs 157.65; Coal India, down 2.23 per cent at Rs 260.50; and Reliance Industries, down 2.13 per cent at Rs 944.70 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Negative global cues, including rising crude oil prices and the escalating trade war concerns along with a weak Indian rupee, pulled the domestic equity indices deep into the red on Wednesday.
Benchmark Asian indices also traded in the negative territory during the day.
In the domestic market, the NSE Nifty50 closed at 10,671.40 points, down 97.75 points or 0.91 per cent from the previous close of 10,769.15 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,543.89 points, closed at 35,217.11 points — down 272.93 points or 0.77 per cent — from its previous close of 35,490.04 points.
The Sensex touched an intra-day high of 35,618.85 and a low of 35,154.21 points. The BSE market breadth was bearish with 2,218 declines and 464 advances.
“Weak global cues on the back of escalating global trade tension between the world’s biggest economic powers dented the market sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said: “Indian market ended in red due to a rise in global crude oil prices and rupee hitting a 19-month low during the day, and traders turned cautious a day before the expiry of June derivatives contracts.”
The rupee hit a low of 68.70 per dollar on Wednesday before ending 36 paise weaker at 68.61 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 67.44 crore while the domestic institutional investors bought stocks worth Rs 84.31 crore.
Sector-wise, the only gainer was the S&P BSE IT index which ended marginally higher by 13.46 points.
On the other hand, S&P BSE Oil & Gas index plunged by 540.40 points, the capital goods index by 414.85 points and the auto index ended lower by 324 points.
The major gainers on the Sensex were HDFC Bank, up 0.89 per cent at Rs 2,111.65; Coal India, up 0.74 per cent at Rs 266.45; Tata Consultancy Services (TCS), up 0.38 per cent at Rs 1,859.80; Adani Ports, up 0.37 per cent at Rs 364.70; and Sun Pharma, up 0.35 per cent at Rs 574.95 per share.
The top losers were ICICI Bank, down 3.16 per cent at Rs 278.90; Larsen and Toubro, down 2.71 per cent at Rs 1,235.10; Tata Motors (DVR), down 2.44 per cent at Rs 161.85, Tata Motors, down 2.22 per cent at Rs 271.20; and State Bank of India, down 2.06 per cent at Rs 261.65 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Noting a mixed trend in the global markets, the key Indian equity indices ended their volatile trade on Tuesday on a flat note.
Although the indices had opened in the red, they pared their losses around an hour into the trade, with the BSE Sensex gaining over 100 points by the afternoon session.
By the end of the day’s trade, the indices ended flat, with minor gains, noting mixed global cues — weak Asian markets and positive Europeran markets.
Depreciation in the Indian rupee also eroded investor sentiments during the day, analysts said.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,769.15 points, up 6.70 points or 0.06 per cent from the previous close of 10,762.45 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,355.72 points, closed at 35,490.04 points — up 19.69 points or 0.06 per cent — from its previous session’s close of 35,470.35 points.
The Sensex touched an intra-day high of 35,616.64 and a low of 35,338.09 points. The BSE market breadth, however, was bearish so far with 1,786 declines and 850 advances.
“Sensex and Nifty closed marginally higher on Tuesday, amid mixed sentiment in global equity markets. European stocks edged higher despite a sell-off in Asian markets amid escalating trade tensions between the US and other major economies,” said Tradebulls Director and Chief Operating Officer Dhruv Desai.
HDFC Securities’ Head of Retail Research, Deepak Jasani told IANS: “Markets ended flat on Tuesday after a volatile intra-day session that saw the Nifty swinging from positive to negative territory several times during the day.”
On the currency front, the Indian rupee weakened by 12 paise against the US dollar to 68.25, from its previous close of 68.13 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 538.40 crore while the domestic institutional investors bought stocks worth Rs 238.05 crore.
Sector-wise, the S&P BSE consumer durables index rose by 107.77 points, the FMCG stocks were up 85.13 and the IT stocks ended 83.38 points higher from its previous close.
On the other hand, S&P BSE auto index fell by 117.02 points, the healthcare index was down 83.02 points and the capital goods index ended lower by 59.56 points.
Stock-wise, the major gainers on the Sensex were Coal India, up 2.10 per cent at Rs 264.50; Maruti Suzuki, up 1.80 per cent at Rs 8,950.10; Tata Consultancy Services (TCS), up 1.77 per cent at Rs 1,852.70; Bharti Airtel, up 1.75 per cent at Rs 380.15; and Asian Paints, up 1.57 per cent at Rs 1,273.70 per share.
The top losers were Tata Motors, down 4.31 per cent at Rs 277.35; Reliance Industries, down 2.48 per cent at Rs 978.70; Power Grid, down 1.82 per cent at Rs 191.45, Tata Motors (DVR), down 1.69 per cent at Rs 165.90; and Tata Steel, down 1.64 per cent at Rs 549.35 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Weak global cues pulled the key Indian equity indices lower on Monday, with the benchmark BSE Sensex falling over 200 points.
Heavy selling pressure was witnessed in the auto, banking and capital goods stocks.
Globally, stock markets slumped due to the escalating trade war concerns.
In the domestic market, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,762.45 points, down 59.40 points or 0.55 per cent from the previous close of 10,821.85 points.
Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,783.75 points, closed at 35,470.35 points — down 219.25 points or 0.61 per cent — from its previous session’s close of 35,689.60 points.
The Sensex touched an intra-day high of 35,806.97 and a low of 35,430.11 points.
In the broader markets, the S&P BSE mid-cap declined by 0.80 per cent and the S&P BSE small-cap ended 0.89 per cent lower from its previous close. The BSE market breadth was bearish with 1,775 declines and 819 advances so far.
“Markets corrected on Monday after witnessing a rally last Friday. The weakness came on the back of weak global cues as trade tensions continued between US and China,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, said: “Sentiment across Asia was negative after the US Treasury department announced its decision to scrutinise Chinese investments in sensitive US industries concerned with economic and national security.”
Major Asian markets closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, Jasani said.
On the currency front, the Indian rupee weakened by 29 paise against the US dollar to 68.13, from its previous close of 67.84 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors purchased scrip worth Rs 198.68 crore while the domestic institutional investors sold stocks worth Rs 86.22 crore.
Sector-wise, the S&P BSE IT index and the Teck (technology, media and entertainment) index were the gainers on Monday, ending higher by 115.29 points and 40.56 points respectively.
On the other hand, S&P BSE auto index slumped by 371.94 points, the banking index was down 279.83 points and the capital goods index ended 233.08 points lower from its previous close.
Stock-wise, the major gainers on the Sensex were Infosys, up 2.07 per cent at Rs 1,272.30; Kotak Mahindra Bank, up 0.70 per cent at Rs 1,329.45; Vedanta, up 0.70 per cent at Rs 230.25; IndusInd Bank, up 0.65 per cent at Rs 1,967.10; and HDFC Bank, up 0.58 per cent at Rs 2,093.95 per share.
The top losers were Tata Motors (DVR), down 7.08 per cent at Rs 168.75; Tata Motors, down 5.94 per cent at Rs 289.85; ICICI Bank, down 3.79 per cent at Rs 289.45, Coal India, down 2.28 per cent at Rs 259.05; and Larsen and Toubro, down 2.05 per cent at Rs 1,269 per share.
—IANS
