by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Bargain hunting by investors after seven consecutive days of losses propelled key Indian equity indices to close on a higher note on Thursday.
According to market observers, healthy buying in healthcare, banking and auto stocks added to the upward trajectory of the key indices.
The wider Nifty50 of the National Stock Exchange (NSE) closed higher by 100.15 points or 0.96 per cent at 10,576.85 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,413.16 points — up 330.45 points or 0.97 per cent from its previous session’s close.
The BSE market breadth was bullish with 2,197 advances and 625 declines.
In the broader markets, the S&P BSE mid-cap index edged higher by 1.82 per cent and the small-cap index by 2.25 per cent.
“Stocks advanced as bargain hunting emerged after seven straight sessions of sell-off in the domestic equities,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Sectorally, all the sectors of broader market have closed in positive trend and no sectors have showed any weakness for the day,” he added.
Talking about the global markets, Jasani said all the Asian markets closed on a positive note, except for Taiwan and Shanghai, while the European indices like FTSE 100, DAX and CAC 40 traded in the negative territory.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rebounded as prospects of economic growth and earnings revival encouraged investors to start accumulate equities.”
“The 10-year-bond yield fell from yesterday’s high of 7.61 per cent to 7.49 per cent and rupee strengthened which is positive for investors,” Nair said.
On the currency front, the Indian rupee strengthened by two paise to close at 64.26 against the US dollar from its previous close at 64.28.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 2,297.09 crore while domestic institutional investors bought stocks worth Rs 2,373.59 crore.
“After several straight sessions of ending in the red, the Indian equity market shrugged off negative global cues and recouped some losses, majorly led by gains in shares of banks and pharmaceutical companies,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
All the sectoral indices closed with gains barring the S&P BSE oil and gas index which fell by 38.61 points.
Sector-wise, the S&P BSE healthcare index surged by 405.77 points, followed by banking index by 324.24 points and auto index by 292.11 points.
Major Sensex gainers on Thursday were: Sun Pharma, up 6.32 per cent at Rs 583.40; Dr Reddy’s Lab, up 3.18 per cent at Rs 2,178.95; State Bank of India, up 2.97 per cent at Rs 301.45; Infosys, up 2.33 per cent at Rs 1,134.55; and Axis Bank, up 1.75 per cent at Rs 568.50.
Major Sensex losers were: Power Grid, down 1.20 per cent at Rs 193.55; Tata Motors, down 0.70 per cent at Rs 374.85; NTPC, down 0.70 per cent at Rs 163.65; ONGC, down 0.66 per cent at Rs 188.55; and Adani Ports, down 0.43 per cent at Rs 405.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The barometer Sensex of the BSE plunged almost 500 points on Friday as the re-introduction of long-term capital gains (LTCG) tax for investing in equities infused huge volatility in the market.
The Nifty50 too, slipped over 150 points to touch a low of 10,826.50 points.
In his Budget speech on Thursday, Finance Minister Arun Jaitley proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent.
According to market observers, heavy selling pressure in consumer durables, banking, capital goods, auto and metals stocks added to the downward trajectory of the indices.
Around 11 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 35,707.60 points, traded at 35,401.63 points — down 505.03 points or 1.41 per cent from its previous close.
The BSE market breadth was bearish as 2,311 stocks declined as against 213 advances.
On the the National Stock Exchange, the wider Nifty50 declined by 155.75 points or 1.41 per cent to trade at 10,861.15 points.
“Sensex and Nifty traded in negative after Jaitley proposed a long-term capital gains tax.
“Just Dial and PC Jewellers slumped 25 per cent and 57.39 per cent respectively, its steepest fall since one month,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“IT stocks, however, traded higher,” he added.
On Thursday, the benchmark indices had closed trade on a lower note.
The Nifty50 fell by 10.80 points or 0.10 per cent to 11,016.90 points, while the Sensex closed at 35,906.66 points — down 58.36 points or 0.16 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Optimism ahead of the tabling of the Economic Survey 2017-18 in Parliament, along with healthy buying in auto, metals and banking stocks, lifted the key Indian equity indices to trade at fresh high levels during the mid-afternoon trade session on Monday.
According to market observers, positive global cues, coupled with the expectation of sops from the Union Budget 2018-19, lifted investors’ risk-taking appetite.
Around 12.05 p.m., the wider Nifty50 of the National Stock Exchange traded higher by 88.95 points or 0.80 per cent at a fresh high of 11,158.60 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 36,106.36 points, traded at a fresh level of 36,391.59 points — up 341.15 points or 0.95 per cent from its previous close.
The BSE market breadth was bullish as 1,308 stocks advanced against 1,298 declines.
During intra-day trade, the Nifty50 scaled a new high of 11,163.75 points and the Sensex of 36,410.60 points.
“Indian shares opened higher Monday on value buying amid increased risk appetite. Investors focus on economic survey and budget announcement later this week,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Both benchmark indices jumped to record high on continued institutional buying, particularly in car makers and metals stocks,” he added.
On the last trading session on Thursday, the equity indices had closed in the red on the back of heavy selling pressure in auto, IT and consumer durables stocks.
The Nifty50 fell by 16.35 points or 0.15 per cent to close at 11,069.65 points, while the Sensex closed at 36,050.44 points — down 111.20 points or 0.31 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Snapping a six-day gaining streak, the key Indian equity indices on Thursday closed in the red on the back of heavy selling pressure in auto, IT and consumer durables stocks.
According to market observers, caution on January futures and options (F&O) expiry, along with rising crude oil prices infused volatility in the equity markets.
On a closing basis, the wider Nifty50 of the National Stock Exchange fell by 16.35 points or 0.15 per cent to 11,069.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 36,050.44 points — down 111.20 points or 0.31 per cent from its previous session’s close.
The BSE market breadth was bearish as 1,735 stocks declined against 1,115 advances.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.75 per cent and the small-cap index by 0.68 per cent.
On Wednesday, the benchmark indices had closed at new highs. The Nifty50 closed at 11,086 points and the Sensex at 36,161.64 points.
“Markets ended with marginal losses on Thursday ahead of a long weekend. Thursday was also the derivatives expiry day,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The losses came after six consecutive sessions of gains for the Nifty,” said Jasani.
On the global front, major Asian markets closed on a negative note, barring the Taiwan and Kospi indices, while European indices like FTSE 100 and CAC 40 traded in the green.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 937.31 crore, while domestic institutional investors divested stocks worth Rs 965.67 crore.
The Indian rupee strengthened by 15 paise to close at 63.55 against the US dollar from its previous close at 63.70.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Today, market witnessed broad based selling pressure amidst advancing crude prices which has touched a high of $71/bbl. Volatility heighted due to F&O expiry and long weekend.
“Post announcement of government’s first tranche recapitalisation, a major sell off was seen in PSU banking stocks as market was concerned about higher allocation of capital to weakest banks which has recently seen sharp run-up in stocks prices,” Nair added.
All the sub-indices of the BSE ended with losses, barring the S&P metals index which surged by 131.08 points and the capital goods index up 77.28 points.
Sectorwise, the S&P BSE auto index declined by 305.23 points, consumer durables index by 221.11 points and IT index by 145.45 points.
Major Sensex gainers on Thursday were: ICICI Bank, up 1.60 per cent at Rs 358.30; Coal India, up 1.56 per cent at Rs 299.65; Kotak Bank, up 0.99 per cent at Rs 1,091.45; Axis Bank, up 0.96 per cent at Rs 613.75; and Larsen and Toubro, up 0.90 per cent at Rs 1,412.95.
Major Sensex losers were: State Bank of India, down 4.96 per cent at Rs 313.15; Adani Ports, down 2.37 per cent at Rs 437.60; Dr Reddy’s Lab, down 2.26 per cent at Rs 2,504; Hero MotoCorp, down 1.95 per cent at Rs 3,569.60; and Tata Consultancy Services, down 1.79 per cent at Rs 3,117.85.
The equity markets will remained closed on January 26 (Friday) for Republic Day.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Broadly positive global cues, coupled with healthy buying in energy, consumer durables and capital goods stocks, pushed key Indian equity indices to trade at fresh highs during the mid-afternoon trade session on Monday.
According to market observers, upbeat quarterly corporate earnings along with continuous inflow of foreign funds lifted investors’ risk-taking appetite.
The wider Nifty50 of the National Stock Exchange (NSE) traded firmly above the 10,900-level and scaled a new high of 10,929.85 points during intra-day trade.
At 1.07 p.m., the Nifty50 traded 21 points or 0.19 per cent higher at a fresh level of 10,915.70 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE crossed the 35,700 mark during intra-day trade and touched a new high of 35,700.72 points.
The Sensex traded at a fresh level of 35,636.05 points (at 1.07 p.m.) — up 124.47 points or 0.35 per cent — from its previous session’s close.
The Sensex has so far touched a high of 35,664.01 points during intra-day trade.
The BSE market breadth was bullish — 1,485 stocks advanced and 1,257 declined.
“Indian shares traded up after opening little changed on continued overseas funds buying after robust corporate earnings signaled economic growth reversal in near terms. Asian shares traded flat following the US federal government shutdown which hurt investors risk-appetite,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Both benchmarks, Nifty and Sensex, climbed to fresh record in early trade on hopes of government meeting the fiscal deficit target as it announced generating Rs 370 billion through stake sale in petroleum refinery. BSE Sensex rose 189.14 points to hit a new all time high of 35,700 while the Nifty 50 gained 31.75 points to clock a fresh record of 10,926,” he added.
On Friday, positive global cues, coupled with upbeat quarterly corporate earnings and healthy buying in banking stocks, propelled the key indices to close at new record highs.
The Nifty50 closed at 10,894.70 points, while the Sensex closed at 35,511.58 points.
—IANS
