by admin | May 25, 2021 | Economy, Markets, News
Mumbai : It was a complete bull-run in progress throughout the trading session in the Indian equity market on Monday, with both the key indices surging over one per cent and scaling new highs.
In a first, the S&P BSE Sensex crossed the 38,700-points mark and touched an all-time high of 38,736.88 points, tracking broadly positive global cues. Similarly, the NSE Nifty50 touched a fresh record high of 11,700.95 points.
Both the indices also settled at their respective record closing levels.
A surge in banking stocks among others supported the indices. The S&P BSE banking index rose by around 530 points during the day.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,691.95 points, higher by 134.85 points or 1.17 per cent from its previous close of 11,557.10 points.
The benchmark BSE Sensex, which had opened at 38,472.03 points, closed at 38,694.11 points, higher by 442.31 points or 1.16 per cent from its previous close of 38,251.80 points.
It touched an intra-day low of 38,416.73 points.
Along with positive global developments, strong buying by foreign institutional investors (FII) gave further fillip to domestic investor sentiment, said Abhijeet Dey, Senior Fund Manager Equities, BNP Paribas Mutual Fund.
“Global sentiment got a boost after US Federal Reserve Chairman Jerome Powell said that gradual rate hikes are now expected and China’s central bank decided to lift its official yuan midpoint by more than what the street expected,” he added.
Major Asian markets closed on a sharply positive note and European indices like DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.
On the currency front, the Indian rupee settled at 70.16 per dollar, 25 paise weaker than its previous close of 69.91 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrips worth Rs 252.52 crore whereas domestic institutional investors purchased stocks worth Rs 1,117.24 crore.
Sector-wise, the S&P BSE banking index surged the most, by 530.08 points, followed by the IT index, which was up 231.56 points and the consumer durables index which ended 224.37 points higher than its previous close.
In contrast, the S&P BSE realty index was the only losing sector and it ended marginally lower by 3.44 points from its previous close.
The top gainers on the Sensex were Bharti Airtel, up 3.93 per cent at Rs 383; Power Grid, up 3.64 per cent at Rs 197.80; ICICI Bank, up 2.97 at Rs 339.90; State Bank of India, up 2.65 per cent at Rs 308.25; and Infosys, up 2.53 per cent at Rs 1,414.90 per share.
The only loser on the Sensex was Sun Pharma, which ended 1.25 per cent lower at Rs 621.80 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Trade-war concerns and the resultant weak global sentiments subdued the key Indian equity indices on Friday, halting the recent record run.
Of late, the Indian equity market has been hovering around record levels, and on Thursday both the key indices of S&P BSE Sensex and the NSE Nifty50 had touched their respective all-time intra-day and closing highs.
On Friday, however, sentiments in both the domestic and global markets were subdued as China and the US could not achieve a major breakthrough in their latest round of talks. Rather, the trade war escalated on Thursday as both the countries enforced 25 per cent tariffs on each other’s goods worth $16 billion.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,557.10 points, down by 25.65 points or 0.22 per cent from its previous close of 11,582.75 points.
The benchmark BSE Sensex, which had opened at 38,366.79 points, closed at 38,251.80 points, lower by 84.96 points or 0.22 per cent from its previous close of 38,336.76 points. It touched an intra-day low of 38,172.77 points.
In the broader markets, the S&P BSE Mid-cap declined by 0.26 per cent and the S&P BSE small-cap ended 0.34 per cent lower than its previous close. The BSE market breadth was bearish with 1,569 declines and 1,140 advances.
“Sentiments turned sour after it became evident that there will be no major progress with respect to the ongoing trade conflict between China and the US,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
On the currency front, the Indian rupee opened on a weak note but recoverd to settle at 69.91 per dollar, 21 paise stronger than its previous close of 70.12 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 75.78 crore whereas domestic institutional investors purchased stocks worth Rs 904.75 crore.
Sector-wise, the S&P BSE metal index rose 249.30 points, the oil and gas index 63.98 points and the healthcare index 55 points.
In contrast, the S&P BSE banking index declined 254.91 points, the consumer durable index fell 172.66 points and auto index ended 112.52 points lower from its previous close.
The top gainers on the Sensex were Vedanta, up 4.26 per cent at Rs 223.95; ONGC, up 1.83 per cent at Rs 174.90; Axis Bank, up 1.23 at Rs 639.60; Wipro, up 0.97 per cent at Rs 292.30; and Mahindra and Mahindra, up 0.74 per cent at Rs 968.80 per share.
The majors losers were Yes Bank, down 3.52 per cent at Rs 374.65; Hero Motocorp, down 2.08 per cent at Rs 3,212.60; ICICI Bank, down 2.02 per cent at Rs 330.10; Adani Port, down 1.98 per cent at Rs 376.20 per share; and Indus Bank, down 1.57 per cent at Rs 1,927.25 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rohit Vaid,
Mumbai : Fears over a rise in global protectionist measures, along with rupee movement and direction of foreign funds, are likely to chart the course of major domestic equity indices during the week starting on August 20.
“Global risk will drive the market sentiments next week. The news on US-China talks to resolve trade disputes later in the year will boost the sentiment,” Devendra Nevgi, Delta Global Partners Founder and Principal Partner, told IANS.
“The news emanating from Jackson Hole Symposium, where the US Fed Chairman is expected to comment on the policy rates, will be watched next week,” Nevgi added.
Consequently, investors will remain cautious over the possibility of any impending hike in the US interest rates which can potentially drive away Foreign Portfolio Investors (FPIs) from emerging markets such as India.
“Besides, rupee movement and crude oil price movements along with inflow and outflow by the foreign and domestic players will dictate the trend of the market going ahead,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee is expected to range from 69.50 to 70.50 against the US dollar in the coming week.
In recent days, geo-political tensions between the US and Turkey, wider trade deficit, along with outflow of foreign funds have pulled the Indian rupee to fresh record intra-day and closing lows.
On Thursday, the Indian rupee plunged to an intra-day level of 70.39-40 — its lowest-ever mark — against the greenback, prompting some automobile manufacturers and other import dependent sectors to raise prices.
It settled at a record closing low of 70.16 against the US dollar on Thursday.
Besides the rupee, foreign fund inflows into the country might get impacted due to “global risk aversion”.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,028.47 crore during August 13-16.
“Emerging market sentiment remains negative which is reflected in the net selling by FPI, and the DII support is vital for the continued momentum in the markets,” Nevgi said.
On technical levels, the National Stock Exchange (NSE) Nifty50 remains in an uptrend.
“Technically, with the Nifty surging to new highs, its intermediate trend remains up,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The intermediate uptrend is likely to continue once the immediate resistance of 11,495 points is taken out. Crucial supports to watch for resumption of weakness is at 11,340 points.”
Last week, both key Indian equity indices — S&P BSE Sensex and NSE Nifty 50 — rose on the back of easing inflation data along with broadly positive global cues.
However, a slump in the Indian rupee limited the gains on equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher 78.65 points or 0.21 per cent from its previous week’s close.
Similarly, the wider NSE Nifty50 made substantial gains. On Friday, it ended at a record closing high of 11,470.75 points, higher 41.25 points or 0.36 per cent from the previous week’s close.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Easing inflation data along with braodly positive global cues lifted the key Indian equity indices during the week with the NSE Nifty50 ending at a record closing level on Friday.
India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a high of 5.77 per cent in June, official data showed on Tuesday. The retail inflation for July released on Monday stood at 4.17 per cent, down from 4.92 per cent in June.
However, a slump in the Indian rupee tracking weakness in its global peers and a wider trade deficit limited the gains on the equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher by 78.65 points or 0.21 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at a record closing high of 11,470.75 points, higher by 41.25 points or 0.36 per cent from the previous week’s close.
Market breadth was negative in three out of the four trading sessions of the week, analyst said.
Markets extended winning streak for the third consecutive week as the Index of Industrial Production and Consumer Price Index data gave boost to the market, said Rahul Sharma, Senior Research Analyst at Equity99.
According to Hem Securities’ Director, Prateek Jain, “Traders and investors saw modest losses due to Turkish concerns in the beginning of the week. But, towards the fag end of the week, markets reflected recovery.”
On the currency front, the rupee settled at its lowest closing level of 70.16 on Thursday, weakened by 1.33 paise from its previous week’s close of 68.83 per greenback.
The rupee on Thursday also touched an all time low of 70.39-40 per dollar. Globally, currencies depreciated against the greenback for most part of the week following a plunge in the Turkish “Lira”. Forex trade in India was shut on Friday on account of Parsi New Year.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,028.47 crore, while the domestic institutional investors both stocks worth Rs 893.43 crore in the past week.
Figures from the National Securities Depository (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 159.66 crore, or $24.67 million, in the equities segment during August 13-16.
Sector-wise, pharma, IT, FMCG and realty gained, while media, PSU, infrastructure, financial services and metals fell, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Sun Pharma (up 9.22 per cent at Rs 623.30); ITC (up 3.94 per cent at Rs 313.75); Infosys (up 3.70 per cent at Rs 1,431.35); Yes Bank (up 3.07 per cent at Rs 392.95); and Mahindra and Mahindra (up 2.97 per cent at Rs 961 per share).
The major losers were Vedanta (down 6.72 per cent at Rs 215); Tata Motors (DVR) (down 5.06 per cent at Rs 136); HDFC (down 4.75 per cent at Rs 1,883.60); SBI (down 4.57 per cent at Rs 302.00); and Larsen and Toubro (down 3.58 per cent at Rs 1,240.30 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Investor sentiments in the Indian equity market firmed up on Friday with the NSE Nifty50 ending at a record closing level, following broadly positive cues in the global markets.
The benchmark S&P BSE Sensex breached the 38,000-mark during the day before closing slightly below the psychological mark.
Index-wise, the Nifty50 on the National Stock Exchange closed at 11,470.75 points, up 85.70 points or 0.75 per cent from its previous close.
The S&P BSE Sensex, which had opened at 37,898.60 points, closed at 37,947.88 points, up 284.32 points or 0.75 per cent from previous close of 37,663.56 points.
It touched an intra-day high of 38,022.32 points and a low of 37,840.16.
In the broader markets, the S&P BSE Mid-cap rose by 0.88 per cent and the S&P BSE Small-cap ended higher by 0.94 per cent from the previous close. The BSE market breadth was bullish with 1,629 advances and 1,076 declines.
“The gains came on the back of positive Asian markets as investors seemed to cheer Washington and Beijing’s decision to hold trade talks next week,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 147.31 crore and the domestic institutional investors purchased stocks worth Rs 151.89 crore.
Sector-wise, the S&P BSE Banking index rose 398.95 points, FMCG index was up 219.19 points and the metal index ended higher 216.43 points from its previous close.
In contrast, the S&P BSE oil and gas index was the only losing index with a decline of 22.55 points.
In a major development, share price of FMCG major ITC on the BSE touched a 52-week high of Rs 315.20 on Friday. It settled at Rs 313.75 per share, higher Rs 6.95 or 2.27 per cent from the previous close.
The major gainers on the Sensex were Yes Bank, up 3.76 per cent at Rs 392.95; State Bank of India, up 3.18 per cent at Rs 302; Vedanta, up 3.09 per cent at Rs 215; Hindustan Uniliver, up 2.63 at Rs 1,780.80; and Tata Motors, up 2.47 per cent at Rs 257.35 per share.
The major losers were Hero Motocorp, down 1.14 per cent at Rs 3,248.60; ONGC, down 0.61 per cent at Rs 163.10; Maruti Suzuki, down 0.58 per cent at Rs 9,148.30; Coal India, down 0.44 per cent at Rs 281.20; and HDFC, down 0.39 per cent at Rs 1,883.60 per share.
—IANS
