by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices higher on Monday.
According to market observers, positive global cues on the prospects of easing trade war fears, along with short-covering ahead of March derivatives expiry, added to the upward trajectory of the key indices.
The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,100 mark. On a closing basis, the index edged higher by 132.60 points or 1.33 per cent to 10,130.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the 33,000 mark and closed at 33,066.41 points — up 469.87 points or 1.44 per cent from the previous session’s close.
However, the BSE market breadth was bearish with 1,573 declines and 1,184 advances.
“Markets ended sharply higher on Monday due to a late surge. The gains came on the back of positive Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” he said.
In terms of the broader markets, the S&P BSE mid cap index rose by 1.19 per cent and the small cap index by 0.73 per cent.
According to Gaurav Jain, Director, Hem Securities, short-covering ahead of March derivatives expiry on Wednesday saw the Nifty50 reclaiming its crucial 10,000 mark on Monday.
“Sentiments changed after US stock futures led global shares higher on reports that the US and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants,” Jain told IANS.
“Today’s gains were led by buying witnessed in banking stocks, especially PSU banks and consumer durables,” he added.
Sector-wise, the S&P BSE banking index surged by 608.79 points, followed by consumer durables index by 485.67 points and metal index by 297.10 points.
On the other hand, the S&P BSE IT index declined by 82.24 points, oil and gas index by 45.54 points and Teck (technology, media and entertainment) index by 4.95 points.
On the currency front, the Indian rupee strengthened by 14 paise to 64.87 against the US dollar from its previous close at 65.01.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 741.19 crore, while the domestic institutional investors purchased stocks worth Rs 2,017.95 crore.
Major Sensex gainers on Monday were: Yes Bank, up 5.67 per cent at Rs 302.95; State Bank of India, up 5.01 per cent at Rs 246.35; HDFC Bank, up 2.91 per cent at Rs 1,893.15; Tata Steel, up 2.80 per cent at Rs 582.45; and HDFC, up 2.66 per cent at Rs 1,832.60.
The Sensex losers were: Wipro, down 3.96 per cent at Rs 273.90; Infosys, down 1.13 per cent at Rs 1,154.30; Tata Motors (DVR), down 0.48 per cent at Rs 185.75; Tata Consultancy Services, down 0.12 per cent at Rs 2,813.05; and NTPC, down 0.03 per cent at Rs 170.10.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices provisionally closed on a lower note on Thursday as negative European markets, along with selling pressure in banking, auto and capital goods stocks, suppressed investors’ sentiments.
The key indices had opened on a higher note after the US Federal Reserve raised the benchmark interest rate by 25 basis points, signalling two more rate hikes in 2018.
The wider Nifty50 of the National Stock Exchange (NSE) fell by 40.50 points or 0.40 per cent to provisionally close at 10,114.75 points (at 3.30 p.m.).
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,206.99 points, closed at 33,006.27 points — down 129.91 points or 0.39 per cent from the previous session’s close.
The Sensex touched a high of 33,281.77 points and a low of 32,963.31 points during the intra-day trade.
The BSE market breadth was bearish with 2,010 declines and 709 advances.
On Wednesday, value buying pushed the key indices higher even as some gains were ceded on caution ahead of the US Federal Reserve’s FOMC (Federal Open Market Committee) meet.
The Sensex closed the day’s trade at 33,136.18 points — up 139.42 points or 0.42 per cent — while the Nifty50 gained 30.90 points, or 0.31 per cent, to close at 10,155.25 points.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices on Tuesday gave up all gains to close on a flat note, with the BSE Sensex incurring marginal losses while the NSE Nifty50 held on to the green with minute gains. IT major Tata Consultancy Services (TCS) was the top loser on the domestic bourses.
According to market observers, lessened chances of a rate-hike by the Reserve Bank of India (RBI) on the back of easing inflation, along with a huge sell-off in stocks of TCS, pulled the indices lower from their intra-day highs.
On a closing basis, the wider NSE Nifty50 inched up 5.45 points or 0.05 per cent to 10,426.85 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 33,856.78 points — down 61.16 points or 0.18 per cent from the previous session’s close.
However, the BSE market breadth was bullish with 1,705 advances and 993 declines.
Earlier during the day, healthy macro-economic data, along with healthy buying in banking, consumer durables, oil and gas and healthcare stocks lifted the benchmark indices. The BSE Sensex had reclaimed the 34,000-mark in the course.
“A sell-off from the highs in the afternoon session curbed the gains. PSU banks bounced up, but failed to close at their intra-day highs as a soft CPI (Consumer Price Index) number for February announced on Monday raised hopes of a softer interest rate regime,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
Data released after market hours on Monday revealed that the country’s factory production growth in January doubled to 7.5 per cent and retail inflation (CPI) eased down to 4.4 per cent for February.
“Major Asian markets have closed on a positive note barring the Jakarta and Shanghai indices, while European indices like DAX, CAC 40 and FTSE 100 traded in the green,” Jasani added.
In terms of the broader markets, the S&P BSE mid-cap index edged higher by 1 per cent and the small-cap index by 1.14 per cent.
On the currency front, the Indian rupee strengthened by 14 paise to close at 64.90 against the US dollar from its previous close at 65.04.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 7,028.42 crore and domestic institutional investors worth Rs 1,613.39 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market gained a positive momentum on account of easing inflation and better than expected IIP (Index of Industrial Production) data.”
“However, selling in IT and profit booking in banks failed to keep positivity throughout the day. Benign inflation will provide more room to RBI to maintain the current stance rather to consider a rate hike in the near term,” he added.
During the day’s trade, TCS scrips plunged over five per cent on announcements of block deals on both the BSE and NSE.
“TCS shares fell 5.1 per cent after reports of Tata Sons’ plans to sell $1.25 billion of its stake in the company,” Desai added.
Sectorwise, the S&P BSE IT index fell by 196.78 points, followed by Teck (technology, media and entertainment) index by 71.51 points and FMCG index by 1.22 points.
On the other hand, the S&P BSE consumer durables index surged by 282.75 points, oil and gas index by 250.17 points and healthcare index by 140.65 points.
Major Sensex gainers on Tuesday were: Axis Bank, up 2.23 per cent at Rs 530.80; Sun Pharma, up 2.04 per cent at Rs 522.90; Wipro, up 1.65 per cent at Rs 295.55; Dr Reddy’s Lab, up 1.60 per cent at Rs 2,181.40; and Bharti Airtel, up 1.22 per cent at Rs 425.90.
The Sensex losers were: TCS, down 5.22 per cent at Rs 2,892.45; Kotak Bank, down 1.46 per cent at Rs 1,084.55; Coal India, down 1.02 per cent at Rs 294.75; NTPC, down 0.94 per cent at Rs 169.40; and Maruti Suzuki, down 0.66 per cent at Rs 8,753.50.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices on Monday witnessed the biggest intra-day gains in around two years with the benchmark BSE Sensex index surging by over 600 points and the Nifty50 of the National Stock Exchange (NSE) by almost 200 points.
According to market observers, across-the-board buying, as well as positive cues from the global markets on easing trade war fears and hopes of easing inflation in the Consumer Price Index (CPI) data at home slated for release after market hours, lifted the indices by gains last seen in March 2016.
On the NSE, the wider Nifty50 edged higher by 194.55 points, or 1.90 per cent, to close trade at 10,421.40 points.
The barometer 30-scrip Sensitive Index (Sensex) closed at 33,917.94 points — up 610.80 points, or 1.83 per cent, from the previous session’s close.
The Sensex touched a high of 33,962.48 points and a low of 33,468.16 points during the intra-day trade.
However, the BSE market breadth remained tilted to the bearish with 1,370 declines and 1,346 advances.
“Markets rallied sharply today with the Nifty breaking out of the 10,444 resistance in the process. The gains came on the back of positive global equity markets as international trade-war concerns took a backseat to economic optimism following a stronger US jobs report released over the weekend,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Gains were led by ITC, HDFC and Reliance Industries. Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” Jasani added.
In terms of the broader markets, the S&P BSE mid-cap index edged higher by 0.76 per cent and the small-cap index by 0.56 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Firm global cues and expectation of ease in domestic inflation to 4.74 per cent excited investors to utilise the bargain opportunity.”
“Investors are positive on blue chips on expectation of faster recovery, however, mid and small cap witnessed reluctance due to high valuation,” Nair said.
On the currency front, the Indian rupee strengthened by 13 paise to close at 65.04 against the US dollar from its last week’s close at 65.17.
Provisional data with the exchanges showed that foreign institutional investors turned net buyers and purchased scrips worth Rs 374.65 crore. However, domestic institutional investors sold stocks worth Rs 464.59 crore.
All the 19 sub-indices of the BSE closed with gains led by the S&P BSE banking index, which escalated by 437.70 points.
It was followed by the auto (up 335.17 points), metal (up 325.30 points), oil and gas (up 321.28 points), capital goods (up 228.70 points) and FMCG (up 219.37 points) indices.
Major Sensex gainers on Monday were: Bharti Airtel, up 4.68 per cent at Rs 420.75; NTPC, up 4.33 per cent at Rs 171; ITC, up 4.09 per cent at Rs 270; Tata Motors, up 3.07 per cent at Rs 352.20; and Tata Steel, up 2.82 per cent at Rs 622.70.
The Sensex losers were: Coal India, down 2.26 per cent at Rs 297.80 and State Bank of India, down 0.12 per cent at Rs 252.85.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Bargain hunting by investors lifted the key Indian equity indices on Wednesday — a day ahead of futures and options (F&O) expiry, snapping a three-day losing streak.
According to market observers, healthy buying in IT, Teck (technology, media and entertainment) and banking stocks added to the upward trajectory of the benchmark indices.
The wider Nifty50 of the National Stock Exchange (NSE) rose by 37.05 points or 0.36 per cent to close at 10,397.45 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,844.86 points — up 141.27 points or 0.42 per cent — from its previous session’s close.
However, the BSE market breadth was bearish with 1,624 declines and 1,112 advances.
“Markets bounced back on Wednesday to end with gains after three sessions of losses. The gains came on the back of bargain hunting by investors post 1.30 p.m.,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“IT stocks gained after Nasscom (National Association of Software and Services Companies) gave a cautiously optimistic outlook for the Indian IT sector,” Jasani added.
Nasscom on Tuesday said it expects India’s IT exports to grow at 7-9 per cent to $135-$137 billion in 2018-19, projecting exports during the current financial year to be $126 billion — a growth of 7.8 per cent over the previous year.
The apex IT industry body said the domestic revenues, excluding hardware, is expected to grow by 10-12 per cent at $28-29 billion in the next financial year against $26 billion likely in FY2018.
On Wednesday, the Indian rupee strengthened by three paise to close at 64.76 against the US dollar from its previous close at 64.79.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,214.18 crore, while domestic institutional investors purchased stocks worth Rs 1,375.48 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “After a consecutive down trend, today (Wednesday) the market managed to close on a positive note due to the outperformance of IT index and rebound in PSU banks.”
Sectorwise, the S&P BSE IT index surged by 265.73 points, followed by Teck index by 117.15 points and banking index by 81.33 points.
On the other hand, the S&P BSE metal index slipped by 191.85 points, healthcare index by 168.40 points and consumer durables index by 121.85 points.
Major Sensex gainers on Wednesday were: Tata Consultancy Services, up 3.33 per cent at Rs 3,043.05; ITC, up 2 per cent at Rs 268.05; ONGC, up 1.66 per cent at Rs 190.10; State Bank of India, up 1.28 per cent at Rs 273.10; and Infosys, up 1.23 per cent at Rs 1,148.70.
Major Sensex losers were: Sun Pharma, down 6.19 per cent at Rs 524.75; IndusInd Bank, down 2.01 per cent at Rs 1,595.30; Tata Steel, down 1.57 per cent at Rs 640.55; Bajaj Auto, down 1.36 per cent at Rs 3,008.25; and Tata Motors, down 1.23 per cent at Rs 364.35.
—IANS
