by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Optimism around quarterly corporate earnings, along with an upward rally in banking stocks and healthy inflow of foreign funds, lifted the key Indian equity indices — the BSE Sensex and NSE Nifty50 — to record high levels on Wednesday.
Also, the government’s decision on Wednesday to cut the size of additional borrowing to Rs 20,000 crore of government securities from Rs 50,000 crore during the current fiscal uplifted the investors’ sentiments.
Despite weak global cues, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed above the vaunted 35,000-mark and the Nifty50 hit the 10,800-level intra-day — both for the first time.
The wider Nifty50 of the National Stock Exchange, which scaled a record high of 10,803 points intra-day, rose 88.10 points or 0.82 per cent, to close at a fresh high of 10,788.55 points.
The Bank Nifty recorded a fresh high of 26,328.40 points during the intra-day trade.
On the BSE, the Sensex closed firm at a fresh high of 35,081.82 points — up 310.77 points or 0.89 per cent from its previous session’s close — after touching a new intra-day high of 35,118.61 points.
However, the BSE market breadth remained marginally bearish as 1,476 stocks declined against 1,424 advances.
In the broader markets, the S&P BSE mid-cap index closed higher by 0.66 per cent and the small-cap index by 0.43 per cent.
“Sentiments remained buoyant as investors expect corporate results to improve, especially since numbers during the same period last year were impacted by a ban on high-value currency notes,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Dhiraj Relli, Managing Director and CEO, HDFC Securities, said: “The lowering of additional borrowing requirement for current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier was welcomed by the market participants with the BFSI (banking, financial services and insurance) segment leading the pack.”
“It is remarkable, markets are rising in the phase of adverse expectations and scaling the 35,000-mark for the Sensex is an important landmark,” he added.
On the currency front, the Indian rupee strengthened by 15 paise to close at 63.88 against the US dollar from its previous close at 64.03.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 625.13 crore and domestic institutional investors worth Rs 168.61 crore.
“The markets began the day on a weak note, however sentiment turned positive when the announcement from the government sources came saying that government can cut on borrowings with tax collections exceeding budgeted estimates and disinvestment targets,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.
“This led to softness in yields and buying interest in banking sector resumed,” she added.
Official data released during the day showed that the net Direct Tax collections by the government up to January 15 in the current fiscal (2017-18) stood at Rs 6.89 lakh crore (provisional) — which is 18.7 per cent higher than during the corresponding period of last year.
According to Sanjeev Zarbade, Vice President-PCG Research at Kotak Securities, the equity benchmarks ended at fresh record closing highs despite tepid global cues.
“Some easing in crude prices also fuelled market sentiment. Sector-wise, the rally was driven by banking and financials as well as technology, pharma, metals and select FMCG stocks,” Zarbade said.
All the 19 sub-indices of the BSE closed with gains, led by banking, capital goods and healthcare stocks.
The S&P BSE banking index augmented by 455.37 points, capital goods index by 314.51 points, and healthcare index by 171.63 points.
Major Sensex gainers on Wednesday were: Axis Bank, up 4.65 per cent at Rs 584.75; State Bank of India, up 3.44 per cent at Rs 306.35; ICICI Bank, up 2.68 per cent at Rs 343.10; Infosys, up 2.61 per cent at Rs 1,152.25; and Yes Bank, up 2.58 per cent at Rs 342.50.
Major Sensex losers were: Wipro, down 1.85 per cent at Rs 325.75; HDFC Bank, down 0.88 per cent at Rs 1,887; Hero MotoCorp, down 0.80 per cent at Rs 3,566.05; ONGC, down 0.74 per cent at Rs 195.65; and Hindustan Unilever, down 0.68 per cent at Rs 1,371.85.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices — Sensex and Nifty50 — slipped from record highs to close in the red on Friday as investors turned cautious ahead of the start of the quarterly earnings result season on January 11.
IT major Tata Consultancy Services (TCS) is expected to be the first blue-chip company to come out with its third quarter results on January 11, followed by Infosys on Friday.
According to market observers, broadly negative global cues and heavy selling pressure in consumer durables, auto and banking stocks added to the downward trajectory of the key indices.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged lower by 4.80 points or 0.05 per cent to 10,632.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE), which opened at a record high level of 34,538.78 points, touched a fresh high of 34,565.63 points on an intra-day basis.
The Sensex closed at 34,433.07 points — down 10.12 points or 0.03 per cent — from its previous session’s close.
The BSE market breadth was bearish as 1,629 stocks declined as compared to 1,299 advances.
“Markets traded in a narrow range on Wednesday before finally closing with marginal losses,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a negative note, barring the Shanghai and Hang Seng indices. European indices like DAX and CAC 40 traded in the red,” Jasani said.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.31 per cent and the small-cap index by 0.04 per cent.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, caution prevailed in the equity markets ahead of the corporate results season kicking in towards the end of the week.
“Benchmark indices gave up gains as investors remained cautious ahead of key corporate earnings later this week and the federal budget next month,” Desai told IANS.
On the currency front, the Indian rupee strengthened by 12 paise to close at 63.59 against the US dollar from its previous close at 63.71.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 572.26 crore, while the domestic institutional investors purchased stocks worth Rs 600.24 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Investors turned little nervous ahead of earnings season, while IT index outperformed on account of relief from US H1B visa norms and expectation of positive outlook helped to recoup the losses.”
Sectorwise, the S&P BSE auto index declined by 180.37 points, followed by consumer durables index by 156.80 points and banking index by 90.67 points.
On the other hand, the S&P BSE IT index rose by 209.76 points, Teck index by 93.70 points and realty index by 31.55 points.
Major Sensex gainers on Wednesday were: TCS, up 3.64 per cent at Rs 2,807.10; Wipro, up 2.66 per cent at Rs 326.05; Coal India, up 1.33 per cent at Rs 308.10; Adani Ports, up 1.05 per cent at Rs 423.75; and Infosys, up 0.99 per cent at Rs 1,051.60.
Major Sensex losers were: Dr Reddy’s Lab, down 1.45 per cent at Rs 2,422.80; Tata Motors (DVR), down 1.31 per cent at Rs 253.20; NTPC, down 1.25 per cent at Rs 173.95; Asian Paints, down 1.22 per cent at Rs 1,177.40; and Bajaj Auto, down 1.10 per cent at Rs 3,205.35.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Healthy buying from foreign funds, along with optimism over the upcoming quarterly earnings result season, on Monday catapulted the key equity indices — NSE Nifty50 and S&P BSE Sensex — to their record closing highs.
Index-wise, the buoyant global cues lifted the wider Nifty50 of the National Stock Exchange (NSE) to close above the 10,600-points-level. It gained 64.75 points or 0.61 per cent to 10,623.60 points.
The Nifty50 touched a fresh intra-day high of 10,631.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too closed at a fresh high of 34,352.79 points — up 198.94 points or 0.58 per cent from its previous close — after it scaled a new intra-day high of 34,385.67 points.
The BSE market breadth was bullish as 1,792 stocks advanced compared to 1,158 declines.
“Markets rallied higher on Monday to close with gains for the fourth consecutive day. The Nifty touched record highs in intra day trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The rally came on the back of positive global cues,” added Jasani.
Apart from key indices, even the broader market indices closed at fresh highs.
The S&P BSE mid-cap index closed higher by 0.98 per cent at a new high of 18,247.55 points. The small-cap index edged up 0.97 per cent to close at a record high of 19,895.77 points.
On the NSE, the Nifty50 mid-cap index edged higher by 1.19 per cent to close at a record high of 5,702.70 points.
“Asian shares ex-Japan traded towards all-time peaks on Monday after Wall Street posted its best start to a year in over a decade,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On the currency front, the Indian rupee weakened by 14 paise to close at 63.51 against the US dollar from its previous close at 63.37.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 692.83 crore, while the domestic institutional investors divested funds worth Rs 206.30 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Supportive global market and optimism ahead of earnings season took the market to a new high. A cut in FY18 GDP growth estimate by CSO did not impact the movement since it was overtly conservative.”
“Revival in earnings, incremental Q-o-Q growth in GDP and budget expectations are sustaining the momentum,” Nair added.
All the sub-indices of the BSE ended with substantial gains barring the telecom index which declined by 45.33 points.
Sectorwise, the S&P BSE capital goods index surged by 243.37 points, followed by healthcare index by 179.60 points and IT index by 157.03 points.
Major Sensex gainers on Monday were: Coal India, up 3.26 per cent at Rs 287.85; Infosys, up 2.33 per cent at Rs 1,035.65; Sun Pharma, up 2.28 per cent at Rs 591.95; Larsen and Toubro, up 1.80 per cent at Rs 1,338.10; and Hero MotoCorp, up 1.37 per cent at Rs 3,790.35.
Major Sensex losers were: Bharti Airtel, down 4.43 per cent at Rs 516.10; ONGC, down 0.28 per cent at Rs 197.15; State Bank of India, down 0.18 per cent at Rs 305.65; Tata Steel, down 0.18 per cent at Rs 768.95; and Adani Ports, down 0.07 per cent at Rs 424.15.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key indices of the Indian equity market closed Wednesday’s trade session on a flat note after investors booked profit in automobile and oil and gas stocks.
According to market analysts, profit booking and a rise in global crude oil prices pared the initial gains made on the back of positive Asian markets.
Consequently, the 30-scrip S&P BSE Sensex, which had ended the previous session at 33,812.26 points, closed at 33,793.38 points, down a mere 18.88 points or 0.06 per cent.
However, there was a swing of over 200 points between the intra-day high and low levels. The Sensex touched a high of 33,998.37 points and a low of 33,765.43 points on an intra-day basis.
Similarly, the National Stock Exchange’s (NSE) Nifty50 closed on a flat note. It ended the day’s trade at 10,443.20 points, inching up by only 1 point or 0.01 per cent.
“Markets ended on a flat note on Wednesday after witnessing a roller coaster ride. The main indices initially opened higher and hit a fresh intra-day high in morning trade. They then hovered in positive territory on the back of positive global cues before profit booking emerged at higher levels in mid-morning trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
Said Vinod Nair, Head of Research, Geojit Financial Services: “Metals outperformed on expectation of earnings growth whereas auto stock witnessed profit booking after the recent run up. Investors are awaiting the result season to begin for signs of earnings upgrade.”
On the currency front, the Indian rupee weakened by six paise to close at 63.53-54 against the US dollar from its previous close at 63.48.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 96.31 crore while domestic institutional investors sold stocks worth Rs 269.20 crore.
Sectorwise, the S&P BSE automobile index fell by 147.19 points, oil and gas index by 42.63 points and IT index by 35.75 points.
On the other hand, S&P BSE capital goods index rose by 285.04 points, followed by metal index by 202.16 points and consumer durables index by 181.61 points.
Major Sensex gainers on Wednesday were: Adani Ports and Special Economic Zone, up 2.78 per cent at Rs 407.85; Larsen and Toubro, up 2.17 per cent at Rs 1,276.15; ICICI Bank, up 1.88 per cent at Rs 315.05; Yes Bank, up 1.33 per cent at Rs 315.80; and Hindustan Unilever, up 0.80 per cent at Rs 1,350.10.
Major Sensex losers were: DrReddy’s Lab, down 2.97 per cent at Rs 2,336.20; Wipro, down 2.73 per cent at Rs 310.20; ONGC, down 1.65 per cent at Rs 193.70; Bajaj Auto, down 1.42 per cent at Rs 3,247.45; and Maruti Suzuki, down 1.35 per cent at Rs 9,416.75.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Profit booking along with low volumes and higher crude oil prices depressed key indices of the Indian equity market on Monday — the first trading day of 2018.
According to market analysts, heavy selling pressure was witnessed in banking, auto, metals, oil and gas and IT stocks.
The 30-scrip S&P BSE Sensex, which had previously closed at 34,056.83 points, ended the day’s trade at 33,812.75 points, down 244.08 or 0.72 per cent.
Similarly, the National Stock Exchange’s (NSE) Nifty50 closed in the red at 10,435.55 points, down by 95.15 points or 0.90 per cent.
“Markets corrected sharply on Monday as selling pressure intensified in the last 45 minutes of trade,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“The indices traded in a narrow range in the initial part of the session due to lack of any major domestic and global cues and as most other Asian markets were shut due to New Year holiday.”
Vinod Nair, Head of Research, Geojit Financial Services said: “Despite positive Auto sales numbers, market started-off the New Year on a cautious note. Lingering concern on fiscal slippages and a sharp up-move in crude prices dampened investor sentiments.”
On the currency front, the Indian rupee strengthened by 19 paise to close at 63.68 against the US dollar from its previous close at 63.87.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 325.91 crore while domestic institutional investors sold stocks worth Rs 1,300.31 crore.
Sectorwise, the S&P BSE banking index fell by 217.60 points, automobile index by 208.56 points and metal index by 77.89 points.
On the other hand, S&P BSE capital goods index rose by 76.47 points, followed by consumer durables index by 41.33 points and power index by 18.72 points.
Major Sensex gainers on Monday were: Wipro, up 1.39 per cent at Rs 317.75; Coal India, up 1.31 per cent at Rs 266.45; Sun Pharma, up 0.49 per cent at Rs 573.60; Axis Bank, up 0.44 per cent at Rs 564.85; and Larsen and Toubro (L&T), up 0.39 per cent at Rs 1,261.80.
Major Sensex losers were: Tata Consultancy Services (TCS), down 1.69 per cent at Rs 2,654.65; Hindustan Unilever, down 1.52 per cent at Rs 1,347.25; IndusInd Bank, down 1.45 per cent at Rs 1,626.25; HDFC, down 1.35 per cent at Rs 1,687.35; and Tata Motors, down 1.35 per cent at Rs 425.40.
—IANS
