by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Broadly negative global cues, along with persistent selling by foreign investors and profit booking subdued the Indian equity indices on Tuesday.
According to market observers, a depreciation in the rupee and a slight rise in global crude oil prices also eroded investor sentiments.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,633.30 points — down by 55.35 points or 0.52 per cent — from its previous close of 10,688.65 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,213.14 points ended in the red. It closed at 34,949.24 points — lower by 216.24 points or 0.61 per cent — from its previous session’s close of 35,165.48 points.
The Sensex touched a high of 35,234.14 points and a low of 34,922.18 points during the intra-day trade.
In the broder market the S&P BSE mid-cap declined by 0.44 per cent and the S&P BSE small-cap ended 0.26 per cent lower that its previous close. The BSE market breadth was tilted towards the bears with 1,470 declines against 1,214 advances.
“Markets corrected on Tuesday after three sessions of gains. The weakness came on the back of weak global cues mainly led by crisis in Italy and its repercussions on EU (European Union),” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Jasani further told IANS: “Major Asian markets have closed on a negative note. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”
Tradebulls’s Director and Chief Operating Officer, Dhruv Desai said: “Sensex and Nifty traded on the lower side, following mixed sentiment in global equities and selling by foreign investors.”
Further, on the currency front, the Indian rupee weakened by 43 paise against the US dollar to 67.87, from its previous close at 67.44 per greenback.
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 795.06 crore, while the domestic institutional investors bought stocks worth Rs 1,017.65 crore.
Sector-wise, the S&P BSE auto index rose by 106.12 points, the oil and gas index was up by 69.44 points and the IT index gained by 44.81 points.
On the other hand, the S&P BSE banking index plunged by 480.26 points, the consumer durable index fell by 162.89 points and the healthcare index ended 105.90 points lower.
The major gainers on the Sensex were Mahindra and Mahindra, up 2.26 per cent at Rs 868.80; Bharti Airtel, up 1.08 per cent at Rs 378.25; Tata Consultancy Services (TCS), up 0.54 per cent at Rs 3,522.70; Hero MotoCorp, up 0.43 per cent at Rs 3,612.35; and Infosys, up 0.18 per cent at Rs 1,216.65 per share.
The top losers were ICICI Bank, down 2.87 per cent at Rs 290.65; State Bank of India, down 2.70 per cent at Rs 264.90; IndusInd Bank, down 2.08 per cent at Rs 1,877.55; Yes Bank, down 1.78 per cent at Rs 338.45; and Asian Paints, down 1.54 per cent at Rs 1,299.15 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rohit Vaid,
Mumbai : Fluctuations in the global crude oil prices, along with the rupee’s movement against the US dollar and the upcoming macro-economic data points are expected to chart the course of the key Indian equity indices during the coming week.
According to market observers, other factors such as the ongoing quarterly results season and the direction of foreign fund flows will also impact investor sentiments.
“The fall in crude oil prices… should help to soothe the market and the INR sentiment,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
“The global situation on North Korea and the US-China trade spat would also be closely watched.”
Lately, high crude oil prices and geopolitical developments have pushed the domestic fuel prices higher and weakened the Indian rupee.
However, a reversal in the rupee’s trajectory was seen late last week as it strengthened by 23 paise to close at 67.78 against the US dollar. Even domestic fuel prices are expected to fall after the Brent crude cost eased to around $76 from $78 per barrel last Friday.
Additionally, the direction of foreign fund flows will play a key role to determine the market movement. Last week’s provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,227.06 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 2,988.86 crore, or $438.81 million, in the week ended May 25.
“Any negative emerging markets’ sentiment will adversely influence the Indian markets too. The domestic institutional investors have become the new anchors of the Indian markets given its matching net purchases to the net FPI sales,” Nevgi said.
Besides, crucial data points on the country’s ‘Fiscal Deficit’, ‘Index of Eight Core Industries’ and the Q1 GDP growth rate will be keenly watched by the market participants.
“Decelerating macro trends like increase in bond yield, rising inflation, INR depreciation and gap in current account deficit might impact market performance over the medium term,” said Vinod Nair, Head of Research at Geojit Financial Services.
“This will lower the premium valuation of India…”
Apart from the macro-data points, companies like L&T, NHPC, NMDC, NTPC, BHEL, BPCL, Coal India, Indian Overseas Bank and Mahindra & Mahindra are expected to announce their fourth quarter (Q4) earning results in the coming week.
“Given the weakening macro scenario and likely inflationary pressure in coming months due to crude oil prices, direction of market is completely dependent upon the earnings trajectory of companies,” said SMC Investments and Advisors’ Chairman and Managing Director D.K. Aggarwal.
“Going forward, unfavourable developments on the macroeconomic front may dent the confidence of the market participants.”
On technical-charts, any further upsides in NSE Nifty 50 which has rallied for two consecutive sessions till last Friday are seen after the immediate resistance level of 10,628 points is crossed.
“Technically, with the Nifty rallying for the second consecutive session on Friday, traders will need to watch if the recent gains can sustain early next week,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“Further upsides are likely once the immediate resistance of 10,628 points is taken out. Crucial supports to watch for resumption of weakness is at 10,417 points.”
Last week, both the key Indian equity indices — S&P BSE Sensex and NSE Nifty 50 — made marginal gains on the back of attractive valuations, as well as a fall in global crude oil prices and appreciation in the Indian rupee.
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 76.57 points or 0.22 per cent to close at 34,924.87 points on a weekly basis.
Similarly, the wider Nifty50 of the NSE closed the week on a slightly positive note. It closed at 10,605.15 points — up 8.75 points or 0.08 per cent.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : The key Indian equity indices settled with marginal gains in the week ended Friday after largely volatile trade throughout the week.
Value buying, a fall in global crude oil prices and appreciation in rupee on Friday led to a nearly one per cent rise in both the BSE and NSE on the week’s last trading day, which eventually lifted the indices on a week-on-week basis.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 76.57 points or 0.22 per cent to close at 34,924.87 points on a weekly basis.
The wider Nifty50 of the NSE closed the week’s trade at 10,605.15 points — up 8.75 points or 0.08 per cent — from its previous close.
“Markets ended the week with marginal gains after a sharp bounce back from the lows of 10,417 points (on Nifty) towards the end of the week. Buying by domestic institutions, stabilisation of rupee and crude prices helped the Nifty to make a sharp recovery. This week’s marginal gain came after the sharp fall seen last week,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Equity99’s Senior Research Analyst, Rahul Sharma said: “Volatility was high last week due to political developments in Karnataka. Also, weak global clues and high crude prices added to sentiments.”
“Markets last week ended flat, but (there was) extremely high volatility influenced by quarterly results, crude oil price movement and geopolitical news,” said Prateek Jain, Director of Hem Securities, adding that market observed a slump in the crude oil and dollar improved the frail macro indicators lighting a fire in the Nifty.
On the currency front, the rupee strengthened by 23 paise to close at 67.78 against the US dollar from its previous week’s close of 68.01 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,227.06 crore, while the domestic institutional investors purchased stocks worth Rs 4,364.93 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 2,988.86 crore, or $438.81 million, in the week ended May 25.
Sector-wise, PSU Banks, IT and pharmaceuticals gained the most, while realty, energy and FMCG lost the most, Jasani told IANS.
The top weekly Sensex gainers were: State Bank of India (up 11.62 per cent at Rs 267); Bharti Airtel (up 4.06 per cent at Rs 376.65); Infosys (up 3.81 per cent at Rs 1,228.80); Coal India (up 3.62 per cent at Rs 276.05); and ICICI Bank (up 3.53 per cent at Rs 296.50 per share).
The major losers were: ONGC (down 5.24 per cent at Rs 175.35); Tata Motors (DVR) (down 4.74 per cent at Rs 171.75); Tata Steel (down 4.11 per cent at Rs 567.20); ITC (down 3.62 per cent at Rs 271.95); and Tata Motors (down 3.62 per cent at Rs 294.20 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The Indian equity markets rose for the second consecutive day on Friday as a fall in global crude oil prices along with strengthened rupee enhanced investors’ risk-taking appetite.
However, geopolitical uncertainties after US President Donald Trump pulled out of the planned talks with North Korea’s leader Kim Jong-un capped gains.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,605.15 points, up 91.30 points or 0.87 per cent from the previous close of 10,513.85 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,753.47 points, closed at 34,924.87 points — up 261.76 points or 0.76 per cent — from its previous session’s close of 34,663.11 points.
The Sensex touched a high of 35,017.93 and a low of 34,700.52 points. The BSE market breadth was bullish with 1,599 advances and 1,037 declines.
“Continued buying by domestic institutions helped to push the markets higher. Gain in
rupee and fall in crude prices helped sentiments,” HDFC Securities’ Head of Retail Research Deepak Jasani told IANS.
“Major Asian markets have closed on a mixed note. European indices like FTSE 100, CAC 40 and DAX are trading in the green.”
On the currency front, the Indian rupee strengthened by 65 paise against the US dollar to 67.78, from its previous close at 68.43 per greenback.
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 768.29 crore, while the domestic institutional investors bought stocks worth Rs 887.76 crore.
Sector-wise, the S&P BSE oil and gas index surged by 412.34 points, the auto index rose by 404.63 points and the banking index gained by 299.14 points.
On the other hand, the S&P BSE consumer durables index was the only sector-wise loser, which fell by 62.27 points.
The major gainers on the Sensex were ONGC, up 4.59 per cent at Rs 175.35; Tata Steel, up 3.43 per cent at Rs 567.20; Yes Bank, up 2.71 per cent at Rs 339.45; Adani Ports, up 2.34 per cent at Rs 379.90; and IndusInd Bank, up 2.33 per cent at Rs 1,914.75 per share.
The top losers were Coal India, down 1.36 per cent at Rs 276.05; ITC, down 1.04 per cent at Rs 271.95; State Bank of India, down 0.56 per cent at Rs 267; Tata Consultancy Services, down 0.43 per cent at Rs 3,589.45; and ICICI Bank, down 0.25 per cent at Rs 296.50 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Persistent outflow of foreign funds along with weak global cues and a depreciation in the rupee led to the key Indian equity indices plunging on Wednesday.
According to market observers, rise in domestic transportation fuel prices as well as renewed global geopolitical tensions and trade disputes between the US and China eroded investor sentiments.
Consequently, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,430.35 points, down 106.35 points or 1.01 per cent from the previous close of 10,536.70 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE tumbled nearly one per cent. It opened at 34,656.63 points and closed at 34,344.91 points — down 306.33 points or 0.88 per cent — from its previous session’s close of 34,651.24 points.
In terms of intra-day trade, Sensex touched a high of 34,668.47 points and a low of 34,302.89 points. The BSE market breadth was bearish with 1,587 declines and 1,168 advances.
“Markets corrected sharply on Wednesday after witnessing a minor bounce on Tuesday. The weakness came on the back of weak global cues as investors were concerned about trade tensions, the possible cancellation of North Korea summit planned in June, economic issues in Turkey and commodity prices fall,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Major Asian markets have closed on a negative note, barring the KOSPI and Jakarta indices. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”
Geojit Financial Services’ Head of Research Vinod Nair said: “Market edged lower amid pessimism on global trade talks and below par fourth quarter earnings.”
“Metals sank while PSU bank outperformed and prevented the market from a nose dive correction. Investors expect that the worst is over related to PSU banks NPA with adequate provisions and expectation of recapitalisation from government.
“On the other hand, rupee continued to fall and the fear of inflationary pressure may lead the market to consolidate,” Nair added.
On the currency front, the Indian rupee weakened by 38 paise against the US dollar to 68.43, from its previous close at 68.05 per greenback.
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 311.11 crore, while the domestic institutional investors bought stocks worth Rs 789.78 crore.
Sector-wise, the S&P BSE consumer durables index and the capital goods index gained by 62.06 points and 10.54 points respectively.
On the other hand, the S&P BSE metal index plunged by 534.27 points, followed by the oil and gas index, which receded by 491.72 points and the auto index that ended lower by 130.31 points.
The major gainers on the Sensex were State Bank of India, up 3.56 per cent at Rs 263.20; NTPC, up 0.82 per cent at Rs 166.35; Larsen and Toubro, up 0.55 per cent at Rs 1,327.20; Tata Motors, up 0.49 per cent at Rs 309.25; and Mahindra and Mahindra, up 0.05 per cent at Rs 831.25 per share.
The top losers were Tata Steel, down 6.57 per cent at Rs 539.25; ONGC, down 4.75 per cent at Rs 175.55; Dr Reddy’s Lab, down 2.92 per cent at Rs 1,955; IndusInd Bank, down 2.80 per cent at Rs 1,856.70; and ITC, down 1.92 per cent at Rs 273.45 per share.
—IANS
