by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Expected improvement in India’s economic-macros due to falling crude oil prices aided the Indian equity market indices to advance for a second straight session on Tuesday.
Additionally, inflows of foreign funds which boosted the domestic currency gave further upside to the market trajectory.
However, during the intra-day session, market indices remained range bound but bounced-back sharply during the late trade hours.
Consequently, the S&P BSE Sensex settled up 159.06 points or 0.45 per cent at 35,513.14 points, from its previous close of 35,354.08 points.
It touched an intra-day high of 35,555.16 and a low of 35,262.97.
Similarly, the NSE Nifty 50 made gains. It rose 57 points or 0.54 per cent to end the day’s trade at 10,685.60.
“Market smartly recovered from day’s low amid global trade tensions ahead of G20 meet this week and mixed Asian peers,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Risk element on inflation is subsiding with rise in oil production, strong rupee and drop in yield, CPI inflation is expected to be under the control range. IT outperformed due to favourable valuation while ease in liquidity concern on PSU banks supported the sentiment.”
In contrast, the overall market breadth on the BSE was negative, with 1,222 stocks advancing and 1,350 declining.
“While markets traded in the positive zone, investors were a bit cautious ahead of the expiry of futures and options (F&O) contracts on Thursday (November 29) and the release of India’s gross domestic product data for the September quarter on Friday (November 30),” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
Sector-wise, while the healthcare, metals and media indices closed in the red, sharp gains were seen in the PSU bank and information technology indices.
The Nifty PSU Bank index gained 1.15 per cent after the Centre on Monday announced it would pump Rs 42,000 crore into the debt-laden banks by March.
Currently, 11 of the 21 state-run banks are under the central bank’s Prompt Corrective Action (PCA) framework, restricting their ability to lend and expand branches. The move is expected to provide them a leeway out of the PCA framework.
In terms of crude oil, prices remained subdued at $60.24 per barrel at the time markets closed here, while the Indian rupee ended at Rs 70.76 per US dollar from its previous close of 70.87.
On investments, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore on Tuesday while the domestic institutional investors bought shares worth Rs 31.21 crore.
“Technically, with the Nifty rallying higher and breaking out of the recent trading range, the bulls seem to be in control,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“Further upsides are likely once the immediate resistances of 10,695 points are taken out. Crucial supports to watch for any weakness are at 10,596 points.”
Top gainers on the Sensex were Infosys, up 2.53 per cent at Rs 637; Tata Consultancy Services, up 2.29 per cent at Rs 1,888.35; Reliance Industries, up 1.61 per cent at Rs 1,127.50; IndusInd Bank, up 1.29 per cent at Rs 1,584.45 and Maruti Suzuki, up 1.27 per cent at Rs 7,629.60.
The laggards were Sun Pharma, down 3.34 per cent at Rs 493.60; HeroMoto Corp, down 3.10 per cent at Rs 2,967.20; Yes Bank, down 2.55 per cent at Rs 183.15; Wipro, down 2.18 per cent at Rs 311.90, and Bajaj Auto, down 2.01 per cent at Rs 2,598.60 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Macro-economic indicators such as inflation, factory output as well as global crude oil prices will dictate the stock market trend next week, analysts said.
A string of assembly elections, starting November 12, will also drive investor sentiments after range-bound movement the previous week.
The government will release Consumer Price Index (CPI) and Wholesale Price Index (WPI) data for October next week.
Retail inflation for September was at 3.77 per cent, up from 3.69 in August. The wholesale inflation rose to 5.13 per cent in September, from 4.53 per cent in August.
Assembly elections kickstart with the first phase of elections in Chhattisgarh on Monday, November 12. Madhya Pradesh, Rajasthan, Chhattisgarh, Telangana and Mizoram go to polls this month and the next to reconstitute their respective assemblies.
The Bharatiya Janata Party (BJP) rules Madhya Pradesh, Rajasthan and Chhattisgarh, and a return to power in these states will bolster Prime Minister Narendra Modi’s chances of winning next year’s general election.
Also, crude oil prices, which have eased recently, would guide the equity market next week, analysts said.
In the week ended November 9, crude prices fell significantly from their recent highs. Brent crude oil is currently hovering around $70 per barrel, compared to $86 in early October.
India imports about 80 per cent of its crude oil requirements, and a spike in global rates triggers inflation concerns in Asia’s third-largest economy.
Strength of the rupee against the dollar would also be a key factor. On Friday, November 9, the Indian currency closed at 72.49 per dollar after logging a single-day gain of 51 paise. It had closed at 72.44 the previous week.
In a holiday-truncated week, the S&P Bombay Stock Exchange (BSE) Sensex gained 146.9 points, or 0.41 per cent, to close at 35,158.55 on Friday.
Similarly, the Nifty of the National Stock Exchange (NSE) advanced 32 points, or 0.30 per cent, to settle at 10,585.20.
The markets were shut on Thursday on the occasion of “Laxmi Pujan”. On Diwali the previous day, the BSE and the NSE conducted a special “Muhurat” trading between 5.30 p.m. and 6.30 p.m.
The provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 157.79 crore in the week ended November 9.
The domestic institutional investors sold Rs 813.42-crore stocks in the past week.
The Nifty is expected to face resistance at 10,755, while support is seen at 10,444, said Deepak Jasani, Head of Retail Reseach at HDFC Securities.
(Rituraj Baruah can be contacted at rituraj.b@ians.in )
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Key Indian equity indices — the BSE Sensex and NSE Nifty50 — extended their gains for the third consecutive week as healthy macro-economic data, along with firm global cues on the back of fading trade war fears boosted investors’ sentiments.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE surged by 565.68 points or 1.68 per cent to close at 34,192.65 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,480.60 points — up 149 points or 1.44 per cent from its previous week’s close.
“Markets rallied further this week after consolidating in the early part of the week. It was the third consecutive week of gains for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The top sectoral gainers were IT, metal, Bank Nifty and energy indices. The top losers were PSU Banks, realty and pharma indices,” he added.
Prateek Jain, Director, Hem Securities, said: “Markets settled on a firm note last week as investors appeared confident in view of firm global cues. Stock markets across the globe rose after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row.”
“Escalating tensions over Syria were seen as a major contributor to weakness during the middle of the week. The Sensex and the Nifty advanced in all five trading sessions of the week,” Jain told IANS.
On the domestic front, healthy Consumer Price Index (CPI) and Index of Industrial Production (IIP) data added to the northward trajectory of the benchmark indices.
“The domestic market continued to trade higher and the Nifty managed to cross 10,500 levels in the week gone by amid global clues and healthy macro data,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
Official data released post market hours on Thursday showed that India’s March retail inflation eased to 4.28 per cent, while factory production growth slowed only marginally in February to 7.1 per cent.
“The fears of a trade war seem to have completely abated as of now,” Aggarwal said.
According to Aggarwal, the sentiments were further supported after securities market regulator Sebi decided to raise the investment limit for foreign portfolio investors (FPIs) in central government securities and corporate bonds in two tranches.
“Limit for FPIs in central government securities shall be enhanced to Rs 207,300 crore on April 12 and to Rs 223,300 crore on October 1, respectively and this is sure to boost inflows of foreign funds into Indian capital markets,” he added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,654.31 crore, while the domestic institutional investors purchased stocks worth Rs 815.06 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that FPIs divested equities worth Rs 1,178.98 crore, or $182.25 million, during April 9-13.
The top weekly Sensex gainers were: Axis Bank (up 8.23 per cent at Rs 541.90); Tata Consultancy Services (up 6.82 per cent at Rs 3,151); Coal India (up 3.59 per cent at Rs 285.35); Infosys (up 3.52 per cent at Rs 1,169); and Larsen and Toubro (up 3.37 per cent at Rs 1,355.30).
The losers were: State Bank of India (down 3.31 per cent at Rs 251.20); Tata Motors (down 1.98 per cent at Rs 356.65); Bharti Airtel (down 1.97 per cent at Rs 377.80); Dr. Reddy’s Lab (down 1.75 per cent at Rs 2,087); and Tata Motors (DVR) (down 1.74 per cent at Rs 202.80).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks, led the key Indian equity indices to extend their gains for the seventh consecutive session on Friday.
Market observers said some gains were capped on the back of a sell-off during the late-afternoon trade session.
“Equity markets continued to go green for the seventh straight session, its longest winning streak since November 2017,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 41.50 points or 0.40 per cent to 10,458.65 points.
The barometer 30-scrip Sensex of the BSE closed at 34,192.65 points — up 91.52 points or 0.27 per cent from its previous session’s close.
However, the BSE market breadth remained bearish with 1,434 declines and 1,291 advances.
In the broader markets, the S&P BSE mid-cap index edged higher by 0.46 per cent and the small cap index by 0.26 per cent.
“Markets moved up further on Friday as the Nifty ended with gains for the seventh consecutive session. A sell-off from the highs in the afternoon session curbed the gains for the day,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a mixed note. European indices like DAX and CAC 40 traded in the green,” he said.
Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund, said: “Indian markets opened the day on a buoyant note in response to positive macro-economic data released in India after trading hours, yesterday (Thursday).”
“However, bouts of volatility plagued the markets and kept any large gains at bay. Both the benchmark Sensex and the Nifty finally closed the day with marginal gains,” he added.
Official data released post market hours on Thursday showed that India’s March retail inflation eased to 4.28 per cent, while factory production growth slowed marginally in February to 7.1 per cent.
On Friday, the Indian rupee strengthened by five paise to 65.21 against the US dollar from its previous close at 65.26.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 399.59 crore, while the domestic institutional investors purchased stocks worth Rs 306.05 crore.
Sectorwise, the S&P BSE metal index rose by 139.57 points, followed by healthcare index by 75.98 points and IT index by 64.22 points.
On the other hand, the S&P BSE capital goods index fell by 64.02 points, oil and gas index by 37.04 points and FMCG index by 31.87 points.
Major Sensex gainers on Friday were: Adani Ports, up 2.66 per cent at Rs 381.95; Wipro, up 2.28 per cent at Rs 293.35; Coal India, up 1.57 per cent at Rs 285.35; Kotak Bank, up 1.52 per cent at Rs 1,148.50; and Dr. Reddy’s Lab, up 1.37 per cent at Rs 2,087.
The Sensex losers were: State Bank of India, down 1.22 per cent at Rs 251.20; Axis Bank, down 1.17 per cent at Rs 541.90; Yes Bank, down 0.66 per cent at Rs 309.40; Maruti Suzuki, down 0.65 per cent at Rs 9,138.45; and Bharti Airtel, down 0.61 per cent at Rs 377.80.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices provisionally closed in the green on Thursday supported by healthy buying in IT, Teck (technology, media and entertainment) and banking stocks.
However, selling pressure in metal, healthcare and realty stocks limited the gains.
According to market observers, gains were further trimmed as caution prevailed ahead of the release of macro economic data such as the Index of Industrial Production and the Consumer Price Index later in the evening.
At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed higher by 41.50 points or 0.40 per cent at 10,458.65 points.
The barometer 30-scrip Sensex of the BSE, which opened at 33,987.55 points, closed at 34,101.13 points — up 160.69 points or 0.47 per cent from its previous session’s close.
The Sensex touched a high of 34,177.44 points and a low of 33,924.88 during the intra-day trade.
The BSE market breadth was, however, bearish with 1,519 declines and 1,142 advances.
TCS, Infosys, Axis Bank, Tata Motors (DVR) and Asian Paints were the top gainers on the BSE. Top losers were Dr Reddy’s Lab, Tata Steel, Sun Pharma, State Bank of India and Adani Ports.
On the NSE, HCL, Tata Consultancy Services and Infosys led the gainers while Vedanta, Lupin and Dr Reddy’s Lab were among the top losers.
On Wednesday, the indices settled on a flat-to-positive note after tepid trade throughout the session.
The Nifty50 rose 14.90 points or 0.14 per cent to close at 10,417.15 points, while the Sensex closed at 33,940.44 points — up 60.19 points or 0.18 per cent.
—IANS
