by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Global factors such as concerns over trade wars and further developments on tariffs, along with the decision of the Organisation of Petroleum Exporting Countries (OPEC) to marginally increase oil production, would drive the domestic equity market in the week ahead.
According to market analysts, progress in the monsoon rains and the macro-economic data due later in the week would also give the market cues.
“The rise in oil prices after the modest supply increase by OPEC would dampen the sentiment in stocks, bonds and the FX (forex) markets,” Delta Global Partners’ Founder and Principal Partner Devendra Nevgi told IANS.
Global event risks, especially the developments on trade wars between the US and China, would be closely monitored, he said.
Geojit Financial Services’ Head of Research, Vinod Nair said: “Progressing monsoon and positive outlook on rural market is giving boost to the economy, which is already showing signs of improvement.”
However, the risk of downgrade in financial year 2019 earnings followed by weak fourth quarter earnings would test investors sentiment, Nair said.
Besides, cues from economic data like Consumer Price Index, Index of Industrial Production and Wholesale Price Index data to be released later in the week also would be a determining factor in the market movement, he added.
According to Equity99’s Senior Research Analyst, Rahul Sharma: “Stock specific action will remain the flavor of the week in an otherwise dull and direction-less trading market where investors look for global clues.”
Sector-wise, oil marketing companies, IT and pharma stocks would be in focus, Nevgi said, adding that invesment-wise the support to the markets “continue to come from domestic investors, given the selling by foreign investors”.
In the week gone by, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,088.81 crore, while the domestic institutional investors purchased stocks worth Rs 4,720.76 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 4,528.63 crore, or $665.71 million, in the week ended on June 22.
In the coming week, Gaurav Jain, Director of Hem Securities, feels trading could be volatile as traders would roll over positions in the F&O segment from the near month June 2018 series to July 2018 series.
On a technical basis, the key Indian equity indices, Jasani said, are likely to witness “further upside” in the coming week once the immediate resistance level of 10,837 points on the Nifty50 is breached. Crucial supports to watch for resumption of weakness are at 10,710 points , he said.
In the week just ended, both the key Indian equity indices — S&P BSE Sensex and the Nifty 50 on the National Stock Exchange — rose for the fifth consecutive week, although with marginal gains. The indices ended higher on a weekly basis due to value buying, even as the trade was largely volatile and bearish.
The wider Nifty50 closed trade at 10,821.85 points — up 4.15 points or 0.04 per cent — from its previous close.
Similarly, the barometer 30-scrip Sensex rose by 67.46 points or 0.19 per cent to close at 35,689.60 points on a weekly basis.
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Broadly negative global markets subdued the key Indian equity indices on Thursday. Indices on both the BSE and the National Stock Exchange (NSE) ended in the red after a largely volatile trade throughout the day.
Concerns of a renewed global trade war dampened investor sentiments in the international markets, analysts said.
The key indices had opened on a positive note but could not hold on to the gains for long, with heavy selling pressure on auto, capital goods and consumer durables stocks.
Index-wise, the wider Nifty50 of the NSE closed at 10,741.10 points, down 30.95 points or 0.29 per cent from the previous close of 10,772.05 points.
Similarly, the BSE Sensex, which had opened at 35,644.05 points, closed at 35,432.39 points — down 114.94 points or 0.32 per cent from its previous session’s close of 35,547.33 points.
The Sensex touched an intra-day high of 35,678.69 points and a low of 35,396.97 points. The BSE market breadth was bearish with 1,793 declines against 808 advances.
“Markets ended lower on Thursday after correcting from a high of 10,810 points (Nifty50). Weak global cues from trade tensions and oil price direction dampened the sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Major Asian markets have closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, he added.
On the currency front, the Indian rupee appreciated by nine paise against the US dollar to 67.99, from its previous close of 68.08 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 1,126.75 crore and the domestic institutional investors bought stocks worth Rs 663.57 crore.
Sector-wise, the S&P BSE oil and gas index was the only gainer on Thursday, ending 85.89 points higher from its previous close.
On the other hand, S&P BSE auto slumped 223.81 points, the capital goods index was down 196.03 points and the consumer durables index ended lower by 171.09 points.
Stock-wise, the major gainers on the Sensex were ICICI Bank, up 1.47 per cent at Rs 297.55; Reliance Industries, up 1.22 per cent at Rs 1,032.35; HDFC, up 0.35 per cent at Rs 1,853; Tata Motors, up 0.31 per cent at Rs 306.55; and Infosys, up 0.24 per cent at Rs 1,246.35 per share.
The top losers were Mahindra and Mahindra, down 2.11 per cent at Rs 883.60; ONGC, down 1.9 per cent at Rs 159.70; Power Grid, down 1.88 per cent at Rs 195.85, State Bank of India, down 1.67 per cent at Rs 268.70; and Sun Pharma, down 1.6 per cent at Rs 554.60 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Broadly positive global cues lifted the key Indian equity indices on Wednesday, with the barometer Sensex of the BSE closing with gains of more than 200 points.
According to analysts, banking, metal and auto stocks witnessed healthy buying activity.
At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,772.05 points, up 61.60 points or 0.58 per cent from the previous close of 10,710.45 points.
Similarly, the Bombay Stock Exchange (BSE) Sensex, which had opened at 35,329.61 points, closed at 35,547.33 points (3.30 p.m.) — up 260.59 points or 0.74 per cent — from its previous session’s close of 35,286.74 points.
The Sensex touched a high of 35,571.37 points and a low of 35,329.51 points.
The top gainers on the Sensex were Reliance Industries, IndusInd Bank, Vedanta, Tata Steel and Yes Bank whereas ONGC, Coal India, ITC, Wipro and Larsen and Toubro (L&T) were the major losers.
On the NSE, Reliance Industries, IndusInd Bank and Tata Steel were the highest gainers while UPL, Hindustan Petroleum and Indian Oil Corp lost the most.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Broadly negative global markets ahead of the US Federal Reserve’s rate setting meet and profit booking led the key domestic equity indices to close on a flat-to-positive note on Wednesday.
According to market analysts, domestic indices rose during the day’s trade on the back of higher April industrial production. However a late hour burst of profit booking eroded most of their gains.
Besides, the day’s trade saw healthy buying in IT, consumer durables and banking counters, whereas heavy selling prevailed in capital goods, metal and FMCG stocks.
The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,856.70 points — inching-up by 13.85 points or 0.13 per cent — from its previous close of 10,842.85 points.
The barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,835.44 points, closed at 35,739.16 points — higher by just 46.64 points or 0.13 per cent — from its previous session’s close of 35,692.52 points.
Sensex touched a high of 35,877.41 points and a low of 35,715.96 points during the intra-day trade. The BSE market breadth was tilted towards the bears with 1,414 declines against 1,272 advances.
“Markets ended with marginal gains on Wednesday after a sell-off seen in the last hour of trade wiped out most of the intraday gains,” said Deepak Jasani, Head, Retail Research, HDFC Securities.
The markets had initially rallied in the first half of the trade session on the back of healthy industrial production data for April and positive European cues, he said.
On the currency front, the Indian rupee weakened by 16 paise against the US dollar to 67.65, from its previous close at 67.49 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 70.77 crore while the domestic institutional investors bought stocks worth Rs 486.78 crore.
Sector-wise, the S&P BSE IT index gained 176.36 points, the consumer durables index rose by 117.26 points and the banking index ended 81.08 points higher.
On the other hand, S&P BSE capital goods index was fell by 124.19 points, the metal index was down 52.41 points and the FMCG index ended lower by 48.02 points.
The major gainers on the Sensex were Dr Reddy’s Lab, up 2.82 per cent at Rs 2,252; Tata Consultancy Services, up 2.43 per cent at Rs 1,824.20; State Bank of India, up 1.70 per cent at Rs 287.65; Power Grid, up 1.43 per cent at Rs 198.50; and Infosys, up 1.41 per cent at Rs 1,276.10 per share.
The top losers were Tata Steel, down 2.12 per cent at Rs 567.50; Adani Ports, down 1.48 per cent at Rs 382.15; Hindustan Unilever, down 1.31 per cent at Rs 1,619, Bharti Airtel, down 1.30 per cent at Rs 376.10 and ONGC, down 0.79 per cent at Rs 170 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Profit booking and weak global markets subdued the key Indian equity indices to provisionally close Monday’s volatile trade session on a flat-to-positive note.
According to market observers, the key indices ceded most of their gains during the last hour of Monday’s trade session.
In the late-afternoon trade session, both the NSE Nifty50 and the S&P BSE Sensex made significant gains, with the barometer Sensex rising over 200 points, supported by healthy buying in the consumer durables, banking and capital goods stocks.
At 3.30 p.m., the wider NSE Nifty50 provisionally ended the day’s trade at 10,786.95 points, up 19.30 points or 0.18 per cent from its previous close of 10,767.65 points.
The benchmark S&P BSE Sensex, which had opened at 35,472.59 points, closed at 35,483.47 points (3.30 p.m.) — up 39.80 points or 0.11 per cent — from the previous closing level of 35,443.67 points.
The volatility in the market could be gauged by the fact that the Sensex touched an intra-day high of 35,704.84 points against the intra-day low of 35,444.49 points.
The BSE market breadth was slightly tilted towards the bulls with 1,516 advances against 1,158 declines.
The top gainers on the Sensex were Bharti Airtel, Sun Pharma, IndusInd Bank, Maruti Suzuki and Dr Reddy’s Lab whereas Tata Steel, Power Grid, Coal India, Yes Bank and Tata Motors (DVR) were the major losers.
On the NSE, Bharti Airtel, Grasim Industries and UltraTech Cement were the highest gainers while Tata Steel, UPL and HCL Technologies lost the most.
—IANS
