by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Breaking a four-day losing streak, key Indian equity indices on Monday closed in the green with marginal gains as investors traded with caution ahead of the Reserve Bank of India’s (RBI) two-day policy review meet starting Tuesday.
According to market observers, a surge in stocks of IT major Infosys kept market sentiments buoyed. However, profit booking in banking and auto stocks capped gains.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) inched up 5.95 points or 0.06 per cent to 10,127.75 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,869.72 points — up 36.78 points or 0.11 per cent — from Friday’s close.
The BSE market breadth was bearish — 1,604 declines and 1,088 advances.
“Indian markets ended flat in trade. Focus now shifts to RBI’s monetary policy meeting after the upbeat GDP (gross domestic product) numbers for the September quarter failed to cheer investors. The central bank’s two-day policy meet is scheduled to begin on Tuesday,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
According to Deepak Jasani, Head, Retail Research, HDFC Securities, markets ended with marginal gains on Monday after four consecutive sessions of losses.
“Broad market indices like the BSE mid-cap and small-cap indices ended with bigger losses, thereby underperforming the main indices,” Jasani told IANS.
“Technically, while the Nifty has bounced back marginally, the index remains in a short term downtrend,” Jasani added.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.09 per cent and the small-cap index by 0.52 per cent.
On the currency front, the rupee strengthened by 9-10 paise to close at 64.37-38 against the US dollar from its last week’s close at 64.47.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 333.59 crore, while domestic institutional investors bought stocks worth Rs 776.18 crore.
Sector-wise, the S&P BSE IT index gained by 145.14 points, metal index by 68.85 points and Teck (technology, media and entertainment) index by 64.81 points.
On the other hand, the S&P BSE banking index declined by 85.91 points, auto index by 53.20 points and energy index by 22.29 points.
Major Sensex gainers on Monday were: Infosys, up 2.80 per cent at Rs 985.30; Hindustan Unilever, up 1.37 per cent at Rs 1,269.50; HDFC, up 1.25 per cent at Rs 1,680; Tata Motors, up 1.06 per cent at Rs 403.40; and Tata Steel, up 1.03 per cent at Rs 687.70.
Major Sensex losers were: Coal India, down 2.09 per cent at Rs 266.55; Maruti Suzuki, down 1.10 per cent at Rs 8,512.90; Asian Paints, down 1.02 per cent at Rs 1,124.50; Sun Pharma, down 0.95 per cent at Rs 520.95; and Reliance Industries, down 0.92 per cent at Rs 901.50.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Pursuing the optimism on a sovereign ratings upgrade of the Indian government’s bonds by US credit rating agency Moody’s last week, the key Indian equity indices rode the bulls with a further thrust given by continued buying by domestic institutional investors.
Market observers were of the view that investors awaited the comments from another ratings agency Standard & Poor’s (S&P) that came later on Friday evening.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed higher from its previous week’s close by 336.44 points, or 1 per cent, at 33,679.24 points.
The broader Nifty50 of the National Stock Exchange (NSE) edged higher by 106.1 points, or 1.03 per cent, to close the week’s trade at 10,389.70 points.
“Markets ended with healthy gains this week despite trading in a range for a major part of the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Sectorally, the top gainers were the media, energy, pharma and realty indices. The top losers were the PSU Banks and metal indices,” Jasani added.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, uninterrupted buying by domestic financial institutions amid softening statement from US Fed minutes supported the Indian markets.
“The recent released Federal Reserve minutes indicated that an interest-rate hike is likely but the pace of future tightening could be more moderate than expected given muted inflation,” Aggarwal told IANS.
Provisional figures from the stock exchanges showed that domestic institutional investors bought scrips worth Rs 2,925.56 crore.
However, foreign instituttional investors continued to remain net sellers and sold stocks worth Rs 1,870.27 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 2,106.45 crore, or $325.16 million, during November 20-24.
“Market participants’ eyes were on the S&P report that was expected on Friday evening. Moody’s has upgraded their rating on India last week and this has boosted the sentiments of the market participants,” Aggarwal added.
Arpit Jain, AVP at Arihant Capital Markets, told IANS: “Indian equity benchmarks rose for seventh day in a row on Friday.”
“On the domestic front, GST rate change has been done on the 178 items, specifically FMCG — an area which has been seeing good traction. Sectors like pharma, infra and FMCG continued to remain in focus,” said Jain.
On the currency front, the rupee strengthened by 31-32 paise to close at 64.70 against the US dollar from its last week’s close at 65.01-02.
“With Q2 results out of the way and lack of fresh triggers, Nifty failed to move above 10,400 levels. Some profit booking was visible in large caps and sectors which have gained in recent rally,” said Vinod Nair, Head of Research, Geojit Financial Services.
The top weekly Sensex gainers were: Sun Pharma (up 6.09 per cent at Rs 548.55); Reliance Industries (up 4.38 per cent at Rs 949.50); Infosys (up 4.02 per cent at Rs 1,009.95); Bajaj Auto (up 2.52 per cent at Rs 3,293.10); and ONGC (up 1.92 per cent at Rs 180.90).
The losers were: ICICI Bank (down 2.48 per cent at Rs 317.05); SBI (down 1.53 per cent at Rs 332.25); Dr. Reddys Lab (down 1.13 per cent at Rs 2,298.70); Asian Paints (down 0.94 per cent at Rs 1,160.05); and Hindustan Unilever (down 0.93 per cent at Rs 1,266.70).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Negative global cues, coupled with selling pressure in stocks of index heavyweights like State Bank of India (SBI), ITC, Hindustan Unilever (HUL) and ONGC, among others, led the key Indian equity indices to close on a flat-to-negative note on Thursday.
Both the indices, which opened in the green and touched fresh intra-day highs, succumbed to profit booking during the day’s progress and closed on a marginally lower note.
The broader Nifty50 of the National Stock Exchange scaled a fresh intra-day high of 10,453 points and the barometer 30-scrip Sensitive Index (Sensex) of the BSE of 33,657.57 points.
On a closing basis, the Nifty50 fell by 16.70 points, or 0.16 per cent, to 10,423.80 points.
The BSE Sensex closed at 33,573.22 points — down 27.05 points or 0.08 per cent.
The BSE market breadth was bearish — 1,451 declines and 1,331 advances.
“Markets ended with modest losses on Thursday after touching new life highs in the morning session. Weakness in index heavyweights like SBI, ONGC and ITC pulled the Nifty lower,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Weak global cues also kept the sentiment subdued. Major Asian markets have ended on a negative note, barring the Nikkei index, while European indices like DAX and CAC 40 traded lower,” Jasani added.
The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.47 per cent and the small-cap index by 0.41 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market went through some profit-booking after touching the all time high. But the gradual change in FII (foreign institutional investors) inflows from negative to positive led by domestic cues will keep the India growth story intact.
“Pharma stocks emerged as a dark horse due to attractive valuations and expectation of faster US FDA (Food and Drug Administration) approvals for plants,” said Nair.
In terms of investments, provisional data with the exchanges showed that FIIs invested in scrip worth Rs 1,038.31 crore, whereas domestic institutional investors (DIIs) divested in stocks worth Rs 667.91 crore (data for November 1).
On the currency front, the rupee closed almost flat at 64.61 against the US dollar from its previous close at 64.59-60.
“Healthcare, consumer durables, IT, oil and gas, realty, technology and banking indices made gains. Overseas, European stocks traded flat as investors waited for the latest rate decision from the Bank of England (BoE). Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Asian shares advanced after the US Federal Reserve expressed optimism about the US economy in its policy statement released overnight. The US Fed kept interest rates unchanged on the expected line, but its commentary on the US economy has virtually confirmed a December rate hike,” he added.
Sector-wise, the S&P BSE automobile index fell by 154.05 points, followed by FMCG index by 96.25 points and oil and gas index by 55.77 points.
On the other hand, the S&P BSE healthcare index rose by 353.24 points, consumer durables index by 231.61 points and IT index was up 30.59 points.
Major Sensex gainers on Thursday were: Lupin, up 3.26 per cent at Rs 1,060.90; Sun Pharma, up 2.69 per cent at Rs 563.20; Power Grid, up 2.14 per cent at Rs 215; Dr Reddy’s Lab, up 1.88 per cent at Rs 2,405.40; and Coal India, up 1.54 per cent at Rs 290.10.
Major Sensex losers were: Hero MotoCorp, down 2.19 per cent at Rs 3,733.05; SBI, down 1.52 per cent at Rs 314.95; ONGC, down 1.52 per cent at Rs 188; ITC, down 1.52 per cent at Rs 265.60; and HUL, down 1.40 per cent at Rs 1,242.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Supported by good buying sentiments ahead of Diwali, key Indian equity indices rode the bulls for the second consecutive week, with the wider Nifty50 of the National Stock Exchange (NSE) hitting record highs on the last trading day of the week.
Market observers said the risk-taking appetite of investors got a major fillip by domestic data indicating stable inflation and healthy factory output, coupled with positive global cues, upbeat quarterly earnings data of an IT major and strong domestic flow of funds.
The Nifty50, on Friday (October 13), closed trade at a new high of 10,167.45 points, surpassing its previous closing high of 10,153.10 points scaled on September 18. On a weekly basis, it edged higher by 187.75 points, or 1.88 per cent.
The index also hit a fresh intra-day high of 10,191.90 points on Friday, crossing its previous high of 10,178.95 points on an intra-day basis scaled on September 19.
The 30-scrip Sensitive Index (Sensex) of the BSE, too, witnessed a strong closing at 32,432.69 points — up 618.47 points, or 1.94 per cent, on a weekly basis — its highest level since August 1 when it closed at a high of 32,575.17 points.
“So far this year, Sensex has gained 22 per cent, while Nifty is up 24 per cent,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, said: “In the week gone by, the domestic stock market, which has been on a northward move for the last two weeks, is expected to be further buoyed by signs of easing of geo-political tensions and huge inflow in mutual funds.”
According to data provided by market analysts, domestic mutual funds have received inflows of $16 billion from April to September 2017.
“Also, good demand on consumer stocks on arrival of festival season and interest in pharma stocks amid positive regulatory approvals supported the bulls,” Aggarwal told IANS.
“Industrial production expanded to a nine-month high of 4.3 per cent in August while retail inflation was stagnant at 3.28 per cent in September compared to the previous month. The domestic currency, which was under pressure, has now got some strength as against the US dollar to hit near three-week high,” he added.
During the week, the Indian rupee appreciated by 45 paise to close at 64.93 to a US dollar from its previous week’s close at 65.38.
Head – Equity of Kotak Life Insurance Hemant Kanawala told IANS that the two major factors that influenced the markets during the week were strong domestic flow of funds and continued pressure on earnings.
“FIIs have sold $1.6 billion in the month of September taking their net selling to $3.3 billion in the last two months,” Kanawala pointed out.
Provisional figures from the stock exchanges showed that FIIs off-loaded stocks worth Rs 3,454.51 crore during the week. However, domestic institutional investors continued to pump-in funds and bought scrip worth Rs 3,154.04 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,224.36 crore, or $187.76 million, during October 9-13.
“Global economies (US, Europe and China) are showing signs of improvement which was helping domestic sectors like metals and mining and chemicals due to increase in commodity prices,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Further, better results from IT major Tata Consultancy Services (TCS) and a strong earnings expectation from oil and gas major helped market momentum. Mid and small-cap attracted investor attention led by ease in GST rates and stock specific actions,” Nair added.
The top weekly Sensex gainers were: Bharti Airtel (up 12.86 per cent at Rs 431.45); Reliance Industries (up 4.76 per cent at Rs 876.70); TCS (up 4.74 per cent at Rs 2,561); Axis Bank (up 4.54 per cent at Rs 527.35); and Adani Ports (up 4.47 per cent at Rs 406.30).
The losers were: ONGC (down 2.07 per cent at Rs 170.10); State Bank of India (down 1.64 per cent at Rs 252.45); Dr. Reddy’s Lab (down 1 per cent at Rs 2,354); Maruti Suzuki (down 0.53 per cent at Rs 7,868.25); and Tata Motors (DVR) (down 0.52 per cent at Rs 237.95).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices provisionally closed on a flat note — marginally in the red — on Wednesday as investors booked profits in automobile, consumer durables and banking stocks.
According to market observers, caution ahead of the US Federal Open Market Committee policy meet outcome Wednesday evening (India time), along with a weak rupee, hampered the risk-taking appetite of investors.
The wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,139.85 points (at 3.30 p.m.) — marginally lower by 7.70 points or 0.08 per cent — from its previous session’s close.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,467.10 points, closed at 32,400.51 points — down 1.86 points, or 0.01 per cent, from its previous close at 32,402.37 points.
The Sensex touched a high of 32,499.88 points and a low of 32,383.82 during intra-day trade.
The BSE market breadth was bearish — 1,358 declines and 1,215 advances.
On Tuesday, the benchmark indices closed on a flat-to-negative note on the back of negative global cues along with huge outflow of foreign funds.
The Nifty50 closed at 10,147.55 points after touching a fresh high of 10,178.95 points during intra-day trade, while the Sensex closed at 32,402.37 points — down 21.39 points, or 0.07 per cent.
—IANS
