by admin | May 25, 2021 | Economy, Markets, News, Politics
Mumbai : Cheering the Bharatiya Janata Party’s (BJP) win in the Gujarat and Himachal Pradesh assembly polls and with a surge in automobile stocks, the key Indian equity indices — the BSE Sensex and the NSE Nifty50 — rose to new closing highs on Tuesday.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE provisionally closed at a new high of 33,836.74 points — up 235.06 points or 0.70 per cent from its previous close — surpassing its previous closing high of 33,685.56 points recorded on November 3.
The BSE market breadth was bullish — 1,875 advances and 804 declines.
Similarly, the wider Nifty50 of the National Stock Exchange soared by 83.45 points or 0.80 per cent to a new high of 10,472.20 points on a closing basis, crossing its previous closing high of 10,452.50 points scaled on November 3.
On Monday, the key indices closed with gains after swinging from the extreme negative to the positive.
The NSE Nifty50 rose by 55.50 points or 0.54 per cent to close at 10,388.75 points, while the BSE Sensex closed at 33,601.68 points — up 138.71 points or 0.41 per cent — from its previous close.
—IANS
by admin | May 25, 2021 | Economy, Markets, News, Politics
Mumbai : Riding on the exit polls outcome which predicted a BJP win in Gujarat and Himachal Pradesh assembly elections, the two key indices of the domestic markets extended gains for the second consecutive session on Friday.
According to market observers, the key equity indices — which surged to higher levels supported by healthy buying in metals, consumer durables and auto stocks and a strong rupee — trimmed some gains on the back of weak global markets.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) rose by 81.15 points or 0.79 per cent to 10,333.25 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,462.97 points — up 216.27 points or 0.65 per cent — from its previous close.
However, the BSE market breadth was bearish — 1,572 declines and 1,049 advances.
In the broader markets, the S&P BSE mid-cap index was up by 1 per cent and the small-cap index by 1.38 per cent.
“Markets ended higher on Friday on the back of the outcome of Gujarat and Himachal Pradesh exit polls. The markets opened on a strong note in the morning session and then traded in a range for the rest of the day,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Some selling was seen towards the close on the back of weakness in the global equity markets,” he added.
On the currency front, the Indian rupee strengthened by 30 paise to close at 64.04 against the US dollar from its previous close at 64.34.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 921.03 crore while domestic institutional investors purchased stocks worth Rs 635.44 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rallied with the ecstasy of Gujarat exit poll result which suggested a clear victory for the ruling party. Underlined disruptions on government reforms have not influenced the poll.
“Metals gained its sheen after the recent correction, while bank nifty and auto outperformed the main index as investors used the advantage of bargaining opportunity,” he added.
All the sub-indices of the BSE ended in the green barring the S&P BSE telecom index, which was down 7.98 points.
Sector-wise, the BSE S&P metal index surged by 379.91 points, followed by consumer durables index by 359.02 points and auto index by 335.21 points.
Major Sensex gainers on Friday were: Mahindra and Mahindra, up 3.56 per cent at Rs 1,482.65; Coal India, up 3.02 per cent at Rs 271.05; Dr. Reddy’s Lab, up 2.52 per cent at Rs 2,372; HDFC Bank, up 1.95 per cent at Rs 1,873.05; and Adani Ports, up 1.75 per cent at Rs 401.95.
Major Sensex losers were: Cipla, down 2.53 per cent at Rs 575.85; ONGC, down 0.87 per cent at Rs 182.85; Asian Paints, down 0.45 per cent at Rs 1,119.95; Tata Consultancy Services, down 0.42 per cent at Rs 2,547.85; and State Bank of India, down 0.41 per cent at Rs 312.75.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Shedding the day’s entire losses, key Indian equity indices on Thursday provisionally closed on a higher note lifted by healthy buying in healthcare, banks and auto stocks.
Top gainers on the BSE market breadth were Dr. Reddy’s Lab, Cipla, ITC, Mahindra and Mahindra and Axis Bank. IT major Tata Consultancy Services (TCS) remained the top loser with a loss of 2.62 per cent.
The wider Nifty50 of the National Stock Exchange (NSE) edghed higher by 59.15 points or 0.58 per cent to provisionally close (at 3.30 p.m.) at 10,252.10 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,114.69 points, closed at 33,246.70 points — up 193.66 points or 0.59 per cent — from its previous close.
The Sensex touched a high of 33,321.52 points and a low of 32,886.93 points during the intra-day trade so far.
However, the BSE market breadth was bearish — 1,528 declines and 1,095 advances.
On Wednesday, the key indices ended a volatile trade session in the red as investors booked profits.
The NSE Nifty50 fell by 47.20 points or 0.46 per cent to close at 10,192.95 points while the 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,053.04 points — down 174.95 points or 0.53 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices on Tuesday closed on a lower note — snapping a three-day gaining streak — as rising crude oil prices, along with negative global cues and profit booking in rate-sensitive stocks, hampered investors’ risk-taking appetite.
According to market observers, investors traded with caution ahead of the release of macroeconomic data points — the Consumer Price Index (CPI) and Index of Industrial Production (IIP) data — to be released later during the day.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged lower by 82.10 points or 0.80 per cent to 10,240.15 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,227.99 points — down 227.80 points or 0.68 per cent — from its previous close.
The BSE market breadth was bearish — 1,701 declines and 982 advances.
“Markets corrected on Tuesday after three sessions of gains. The weakness came on the back of surging crude oil prices and negative Asian markets,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The Sensex and Nifty traded in the negative territory throughout the session after a weak opening. Index heavyweights ITC, Tata Consultancy Services (TCS), Larsen and Toubro, HDFC Bank and Coal India dragged the indices lower,” he added.
In the broader markets, the S&P BSE mid-cap index closed lower by 1.01 per cent and the small-cap index by 0.68 per cent.
On the currency front, the rupee weakened by four paise to close at 64.40 against the US dollar from its previous close at 64.36.
“Indian equities turned cautious as investors looked forward for macro-economic data, IIP and retail inflation to be released post market hours. Investors booked profits and awaited for more clarity,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Provisional data with the exchanges showed that foreign institutional investors invested in scrips worth Rs 843.20 crore while domestic institutional investors sold stocks worth Rs 853.67 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Rate sensitive stocks underperformed ahead of today’s economic data – CPI inflation and IIP.
“Mixed trend in global market ahead of two days of US Fed meet also slowed down the domestic sentiment.”
All the 19 sub-indices of the BSE ended in the negative territory, led by S&P BSE banking index which dipped by 293.64 points, followed by automobile index by 201.92 points and capital goods index by 171.59 points.
Major Sensex gainers on Tuesday were: Dr. Reddy’s Lab, up 2.83 per cent at Rs 2,255.60; Adani Ports, up 2.46 per cent at Rs 401.60; ONGC, up 2.26 per cent at Rs 182.95; Lupin, up 0.87 per cent at Rs 845; and Infosys, up 0.76 per cent at Rs 1,011.10.
Major Sensex losers were: Coal India, down 2.45 per cent at Rs 263.25; Cipla, down 2.17 per cent at Rs 590.75; Hero MotoCorp, down 1.98 per cent at Rs 3,444.95; TCS, down 1.58 per cent at Rs 2,614.15; and Tata Steel, down 1.54 per cent at Rs 689.20.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rohit Vaid,
Mumbai : Upcoming macro-economic data points, coupled with the commencement of parliament’s winter session and global cues, especially crude oil prices, are expected to determine the trajectory of the key equity indices in the coming week.
According to market observers, other factors like the expectations on the outcome of the Gujarat assembly elections, along with the direction of foreign fund flows and the rupee’s movement against the US dollar will also impact investors’ risk-taking appetite.
“The macro-economic data, trend in global markets, investment by FPIs (foreign portfolio investors) and DIIs (domestic institutional investors), the movement of rupee against the US dollar and crude oil price movement will dictate trends on the bourses next week,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments & Advisors, told IANS.
“In the coming week, Nifty is expected to trade in the range of 10,100-10,400 points.”
In terms of economic indicators, the automobile industry’s November sales data and Balance of Trade figures are expected to be released on Monday.
Other macro-data points like the IIP (Index of Industrial Production) and CPI (Consumer Price Index) will be released by the Central Statistics Office (CSO) on December 12 (Tuesday), followed by the Commerce Ministry’s release of WPI (Wholesale Price Index).
“The outcome of the Gujarat state election will be next important event for the market. Though the outcome of election has no meaningful impact on the economy, the market will be waiting to react to the political stance. For the week ahead, IIP, CPI and WPI data are key,” Vinod Nair, Head of Research at Geojit Financial Services, told IANS.
Besides the macro-data points, further appreciation in the rupee’s value against the US dollar and likelihood of foreign fund inflows can enhance investors’ participation.
On a weekly basis, the Indian rupee strengthened by only two paise to close at 64.45 against the US dollar from its last week’s close at 64.47.
“Next week, we expect the rupee to trade strong as market prices in the strong possibility of a NaMo victory in the state elections. Over the next week, we expect a range of 64.25-64.60 on spot,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
“In case 64.25 support gives way, we expect rupee to head to 63.80 levels.”
In addition to Indian currency, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) off-loaded stocks worth Rs 4,772.85 crore.
Figures from the National Securities Depository (NSDL) revealed that FPIs divested equities worth Rs 4,088.89 crore, or $634.5 million, from December 4-8.
On the technical charts, the NSE Nifty shows an underlying downtrend.
“Technically, while the Nifty has bounced back smartly, the underlying trend remains down,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“The Nifty would need to cross the previous intermediate highs of 10,410 points to reverse the current downtrend. Immediate supports to watch for resumption of weakness is at 10,094 points.”
Last week, the key Indian equity indices — the BSE Sensex and the NSE Nifty50 — rose on the back of global cues, along with healthy influx of DII funds and expectations of a political victory for BJP in the Gujarat assembly elections.
Consequently, the 30-scrip Sensitive Index (Sensex) of the BSE rose by 201.26 points, or 0.61 per cent, to close at 33,034.20 points.
Similarly, the Nifty50 of the National Stock Exchange (NSE) edged higher by 143.85 points, or 1.42 per cent, to close the week’s trade at 10,265.65 points.
(Rohit Vaid can be contacted at rohit.v@ians.in )
—IANS
