by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices on Friday extended gains for the second consecutive session to close on a higher note as positive global cues and a surge in FMCG, healthcare, metal and auto stocks gave a boost to investors’ sentiments.
According to market observers, the upward rally of the equity markets was fuelled by positive hopes of the ruling BJP’s win in the critical Gujarat Assembly Elections 2017 which will take place in two phases on December 9 and December 14.
The wider Nifty50 of the National Stock Exchange (NSE) rose by 98.95 points or 0.97 per cent to close at 10,265.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the psychologically important 33,000-mark and closed around 300 points higher.
On a closing basis, the BSE Sensex surged by 301.09 points or 0.91 per cent to 33,034.20 points.
The BSE market breadth was bullish — 1,584 advances and 1,116 declines.
“Markets rallied higher on Friday after the sharp bounce back seen on Thursday. The upmove was driven by hopes that the ruling BJP would win critical state elections in Gujarat beginning this weekend,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Positive global cues also boosted sentiments. Sectorally, the top gainers were the FMCG, pharma, metal and auto indices,” he added.
In the broader markets, the S&P BSE mid-cap index closed higher by 0.89 per cent and the small-cap index by 1 per cent.
On the currency front, the rupee strengthened by 12 paise to close at 64.45 against the US dollar from its previous close at 64.57.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 675.16 crore while domestic institutional investors bought stocks worth Rs 1,243 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Investor’s sentiment has lifted amid favorable political cue for the ruling party in Gujarat ahead of state election. Positive global market ahead of US employment data also added fuel to the domestic market rally.
“Investors hurried to accumulate beaten down stocks as sectors like FMCG, pharma, metal indices gained attention and outperformed.”
All the 19 sub-indices of the BSE ended in the positive territory, led by the S&P BSE FMCG index, which augmented by 2.23 per cent, followed by metals index by 1.36 per cent and auto index by 1.35 per cent.
Major Sensex gainers on Friday were: ITC, up 3.44 per cent at Rs 261.70; Tata Motors, up 2.21 per cent at Rs 411.05.50; Sun Pharma, up 2.21 per cent at Rs 521.50; Tata Motors (DVR), up 2.05 per cent at Rs 233.75; and Hindustan Unilever, up 1.97 per cent at Rs 1,317.55.
Major Sensex losers were: Hero MotoCorp, down 1.19 per cent at Rs 3,513.05; State Bank of India, down 1.09 per cent at Rs 313.15; Reliance Industries, down 1.04 per cent at Rs 920.95; Tata Consultancy Services, down 0.64 per cent at Rs 2,601; and Asian Paints, down 0.56 per cent at Rs 1,137.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Key Indian equity indices recovered from their day’s lows to close with marginal losses on Tuesday even as broadly negative global cues, along with disappointing services sector data and outflow of foreign funds, kept market sentiment subdued.
According to market observers, investors traded with caution ahead of the outcome of the Reserve Bank of India’s (RBI) two-day policy review meet on Wednesday. However, the losses were trimmed by good buying in stocks of banking majors like State Bank of India (SBI) and Kotak Bank and index heavyweights like Reliance Industries.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged lower by 9.50 points or 0.09 per cent to 10,118.25 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,802.44 points — down 67.28 points or 0.20 per cent from Monday’s close.
The BSE market breadth was bearish — 1,549 declines and 1,105 advances.
“Markets ended with marginal losses on Tuesday after a bounce back from the lows of 10,069 curbed the losses. It was a volatile session ahead of the outcome of RBI’s MPC (Monetary Policy Committee) meet tomorrow,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Negative global cues and local service sector survey data for November weighed on the market sentiments. Broad market indices like the BSE mid-cap index ended with gains, thereby outperforming the main indices,” Jasani added.
Data released during market hours revealed that the Nikkei Services purchasing managers’ index in November fell to 48.5 points — the lowest since August — from 51.7 the previous month.
In the broader markets, the S&P BSE mid-cap index closed higher by 0.41 per cent, whereas the small-cap index inched down by 0.03 per cent.
“All eyes are now on RBI policy outcome which takes place tomorrow. It is expected central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On the currency front, the rupee closed almost flat at 64.38-39 against the US dollar from its previous close at 64.37-38.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,470.56 crore while domestic institutional investors bought stocks worth Rs 1,074.39 crore.
Sector-wise, the S&P BSE consumer durables index declined by 131 points, auto index by 130.49 points and metal index by 117.14 points.
On the other hand, the S&P BSE banking index surged by 108.78 points, oil and gas index was up 24.91 points and energy index by 23.70 points.
Vinod Nair, Head of Research, Geojit Financial Services, said: “After a subdued trade, the market reversed from day’s low led by banking stocks. The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation.”
Major Sensex gainers on Tuesday were: State Bank of India, up 1.92 per cent at Rs 319.30; Bharti Airtel, up 1.18 per cent at Rs 490.50; Reliance Industries, up 1.11 per cent at Rs 911.50; Sun Pharma, up 0.52 per cent at Rs 523.65; and ICICI Bank, up 0.38 per cent at Rs 305.40.
Major Sensex losers were: Hero MotoCorp, down 2.31 per cent at Rs 3,522.15; Wipro, down 2.29 per cent at Rs 283.40; Tata Steel, down 1.71 per cent at Rs 675.95; NTPC, down 1.70 per cent at Rs 176.75; and Dr. Reddy’s Lab, down 1.61 per cent at Rs 2,205.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Tracking broadly positive global cues, key Indian equity indices traded in the green — with marginal gains — during the mid-afternoon session on Wednesday.
The gains were led by healthy buying in consumer durables, capital goods, auto and healthcare stocks on the BSE market breadth.
According to market observers, investors traded with caution ahead of GDP data announcement and derivatives expiry on November 30 (Thursday).
Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 10.60 points or 0.10 per cent at 10,380.85 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,664.27 points, traded at 33,659.92 points — up 41.33 points or 0.12 per cent — from Tuesday’s close.
The Sensex touched a high of 33,690.92 points and a low of 33,612.34 during intra-day trade.
The BSE market breadth was bullish — 1,426 advances and 1,109 declines.
“Indian shares opened little changed Wednesday on positive global cues and traded in a narrow range ahead of the F&O (futures and options) derivatives expiry due tomorrow,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Coal India, Dr Reddy’s, NTPC, Cipla, ONGC led gains, while HDFC, Axis Bank, Bharti Airtel, Adani Ports led the decline among the 50-share Nifty constituents,” he added.
On Tuesday, the key indices succumbed to heavy selling pressure and closed in the negative territory after trading on a volatile note during the entire day.
The NSE Nifty50 fell by 29.30 points or 0.28 per cent to 10,370.25 points, while the BSE Sensex closed at 33,618.59 points — down 105.85 points or 0.31 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Boosted by positive global cues on the back of easing geo-political concerns, healthy domestic industrial production data and persistent pumping in of funds by domestic investors, Indian equity markets rode the bulls during the week ended Friday.
The two key Indian equity indices — the BSE Sensex and the NSE Nifty — reclaimed their psychologically important 32,000 and 10,000 levels. Despite that, the equity markets ended the week on a muted note as investors booked profits.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE surged by 585.09 points or 1.85 per cent to close the week at 32,272.61 points.
Meanwhile, the Nifty50 of the National Stock Exchange (NSE) closed at 10,085.40 points, up 150.6 points or 1.52 per cent.
“Nifty rallied this week after breaking out of the 9,740-9,988 trading range. Sectorally, the top gainers were the pharma, media and infra indices. There were no losers,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
Vinod Nair, Head of Research, Geojit Financial Services, said: “This week, market emerged out of the consolidation phase on account of continued uptrend in global market as geo-political risks eased out.”
“Additionally, domestic economic data supported this positive trend. Nifty made a high of 10,132. However, continued FII (foreign institutional investors) selling, lack of fresh triggers and expectation of tighter liquidity led the market to trade in a range bound manner,” Nair added.
Provisional figures from the stock exchanges showed that FIIs continued with their selling spree and offloaded stocks worth Rs 3,365.4 crore during the week.
However, the outflow was offset by continous injection of funds by the domestic institutional investors, who bought scrips worth Rs 3,835.21 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 119.46 crore, or $18.79 million, during September 11-15.
During the week, the Indian rupee weakened by 28-29 paise to close the week at 64.07-08 to a US dollar from its previous week’s close at 63.79.
According to D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, global stock market got pulled back from record highs after disclosure of weaker-than-expected Chinese economic data.
“The sentiments got further weakened after North Korea test-fired another ballistic missile… European stock markets were mixed as market participant assessed geo-political developments and looked ahead to the Bank of England’s latest policy decision,” Aggarwal told IANS.
“Back at home, domestic ended the volatile session amid tepid global cues due to disappointing China’s economic data and as fresh missile launch by North Korea weighed,” he added.
Official data released during the week showed that factory output (Index of Industrial Production) in July rose by 1.2 per cent as compared to the same month of last year, whereas August’s consumer price index (CPI) inflation shot up a full one percentage point to 3.36 per cent.
“Higher prices of food and fuel products drove inflation based on wholesale price index (WPI) to a four-month high of 3.24 per cent in August even as experts said the rise is in expected lines,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
Speaking about another development during the week, Desai told IANS: “Reliance Industries, the most valued company on BSE in terms of market capitalisation has touched its all-time high of Rs 849.7 per share during the week.”
The top weekly Sensex gainers were: Sun Pharma (up 11.20 per cent at Rs 523.80); Tata Motors (DVR) (up 9.26 per cent at Rs 228.95); Tata Motors (up 6.99 per cent at Rs 401.25); Adani Ports (up 4.95 per cent at Rs 404); and Axis Bank (up 4.93 per cent at Rs 517.55).
The losers were: Wipro (down 4.88 per cent at Rs 285.75); Hero MotoCorp (down 1.54 per cent at Rs 3,898); Bharti Airtel (down 1.29 per cent at Rs 398); ITC (down 1.14 per cent at Rs 269.35); and HDFC (down 0.42 per cent at Rs 1,770.85).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Commodities, Commodities News, Economy, Markets, News
Mumbai : A day after closing at their lowest levels in a week’s time, key Indian equity indices — the NSE Nifty50 and the BSE Sensex — on Wednesday surged on the back of positive global cues and healthy buying in metal, oil and gas, and banking stocks.
According to market observers, easing geo-political tension in East Asia and healthy buying in index heavyweights like Reliance Industries, Adani Ports, HDFC and Tata Steel aided the upward trajectory of the indices.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) reclaimed the psychologically important 9,900-mark to touch a high of 9,909.45 points during intra-day trade.
However, the Nifty50 could not retain that level and closed at 9,884.40 points — up 88.35 points or 0.90 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,534.57 points, closed at 31,646.46 points — up 258.07 points or 0.82 per cent from its previous close at 31,388.39 points.
The Sensex touched a high of 31,727.98 points and a low of 31,533.02 points during the intra-day trade.
The BSE market breadth was bullish with 1,805 advances and 770 declines.
“Markets rallied sharply on Wednesday after the sharp correction seen on Tuesday. Positive global cues aided the market sentiments,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market recouped from the previous day’s loss, taking cues from positive global markets due to no further escalation in the geopolitical tensions. The domestic market was also filliped by the better than anticipated tax collection under the GST regime.”
“Mid and small-caps outperformed the broader market as investors saw buying opportunity in corrections,” Nair added.
In terms of the broader markets, the S&P BSE mid-cap index rose by 1.49 per cent, and the small-cap index by 1.35 per cent.
On the currency front, the Indian rupee closed on a flat note at 64.02 to a US dollar from its previous close.
“Trading volumes, however, were muted as floods caused by heavy seasonal monsoon rains destroyed homes and disrupted traffic in Mumbai, India’s financial capital on Tuesday, causing many people to stay home on Wednesday,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Oil marketing companies traded higher. Auto and auto ancillary stocks continued to trade higher even after the Cabinet cleared an ordinance to hike cess on luxury cars and sport-utility vehicles to 25 per cent from 15 per cent under the GST regime at present,” Desai told IANS.
Sector-wise, all the 19 sub-indices of the BSE ended in the green, led by the S&P BSE metal index, which surged by 342.40 points.
This was followed by the S&P BSE oil and gas index, which rose by 341.57 points, the banking index by 214.44 points and the consumer durables index by 211.93 points.
Major Sensex gainers on Wednesday were: Reliance Industries, up 2.12 per cent at Rs 1,564.15; Adani Ports, up 1.94 per cent at Rs 389.65; HDFC, up 1.83 per cent at Rs 1,759.50; Coal India, up 1.39 per cent at Rs 241.50; and Tata Steel, up 1.35 per cent at Rs 638.65.
Major Sensex losers were: Mahindra and Mahindra, down 1.28 per cent at Rs 1,360.10; Power Grid, down 0.35 per cent at Rs 215.05; NTPC, down 0.30 per cent at Rs 168; Cipla, down 0.19 per cent at Rs 566.85; and Dr. Reddy’s Lab, down 0.16 per cent at Rs 2,040.35.
—IANS
