by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues, along with prediction of healthy economic growth and better-than-expected quarterly results, lifted the key Indian equity indices to new record intra-day and closing high-levels on Wednesday.
According to market observers, the inflow of foreign funds and healthy buying in consumer durables, banking and oil and gas stocks pushed the key indices higher.
Coupled with this, the IMF in its “country report” said the near-term macro-economic outlook is broadly favorable for India and that economic growth is forecast to rise to 7.3 per cent in 2018-19 and 7.5 per cent in 2019-20, on strengthening investment and robust private consumption.
However, volatile crude oil prices capped gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at a fresh high of 37,887.56 points, up 221.76 points and 0.59 per cent from its previous close.
The barometer index touched a fresh record high of 37,931.42 points and a low of 37,641.40 points during the day’s trade.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) made gains during the session. It closed at a fresh high of 11,450 points, up 60.55 points or 0.53 per cent from its previous close.
The NSE Nifty50 made a fresh intra-day record high of 11,459.95 points.
“After a muted start, market scaled to new high on account of increase in FII inflow and in line quarter earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Strong domestic triggers will continue to add room to outlook, whereas factors like volatility in oil price and rupee may delay the pace of rally. Global markets were mixed as investors continue to stay cautious due to lingering concern on US trade tensions.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note triggered by positive Asian stocks. Buying in select index heavyweights boosted benchmark indices and pushed them to finally close the day with gains of over 0.25 per cent.”
On the currency front, the rupee strengthened by 6 paise to 68.62 against the US dollar from its previous close of 68.68.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 568.63 crore, while the domestic institutional investors sold stocks worth Rs 30.25 crore.
Sector-wise, the S&P BSE consumer durables index rose 271.02 points, the banking index was up 245.02 points and the oil and gas index ended higher by 108.20 points.
In contrast, the S&P BSE auto index declined by 66.48 points, followed by the healthcare index, which was down 48.34 points and the IT index which ended lower by 16.95 points.
The major gainers on the Sensex were ONGC, up 2.87 per cent at Rs 171.90; Reliance, up 2.85 per cent at Rs 1217.25; ICICI Bank, up 1.63 per cent at Rs 318.20 Tata Motors , up 1.60 per cent at Rs 142.50; and State Bank of India up 1.53 per cent from Rs 308.65 per share.
The major losers were Maruti Suziki India, down 1.99 per cent at Rs 9,209.50; Bajaj Auto, down 0.96 per cent at Rs 2,658 ; Vedanta, down 0.90 per cent at Rs 224.75; NTPC, down 0.28 per cent at Rs 157.70; and Infosys, down 0.47 per cent at Rs 1,362.90 per share.
On Tuesday, profit booking, along with concerns over global protectionist measures, subdued both the key indices.
Consequently, the barometer had closed at 37,665.80 points, down by 26.09 points and 0.07 per cent on Tuesday.
In contrast, the Nifty50 closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Profit booking, along with concerns over global protectionist measures, subdued the Indian equity indices on Tuesday.
According to market observers, heavy selling pressure in oil and gas, banking and healthcare stocks capped the gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at 37,665.80 points, down by 26.09 points and 0.07 per cent from its previous close.
The barometer index touched a fresh record high of 37,876.87 points and a low of 37,586.88 points during the intra-day trade.
In contrast, the broader 50-scrip Nifty of the National Stock Exchange (NSE) closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
“Market was range bound after touching a new high and ended up with a marginal gain. Global cues were positive despite concerns of trade tensions,” said Geojit Financial Services’ Head of Research Vinod Nair.
“Back home, PSU banks slid on account of profit booking after two consecutive days of rally. Earnings were largely in line with market expectation while positive guidance for sectors like consumer durables, pharma and select large caps will enthuse the market to have a positive momentum.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note and scaled a record high, amidst mild volatility.”
“However, key benchmark indices subsequently reversed initial gains to trade in the negative zone in the mid-morning trade to finally close near the flat line.”
On the currency front, the rupee strengthened by 11 paise to 68.68 against the US dollar from the previous close of 68.89 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 314.83 crore, while the domestic institutional investors sold stocks worth Rs 319.90 crore.
Sector-wise, the S&P BSE consumer durables index rose by 267.70 points, the S&P BSE metal index was up 163.47 points and the auto index ended higher by 37.49 points.
Against this, the S&P BSE oil and gas index declined by 155.77 points, followed by the banking index, which was down 80.79 points and the healthcare index which ended lower by 62.41 points.
The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 573.40; Asian Paints, up 1.63 per cent at Rs 1,419.60; NTPC, up 1.31 per cent at Rs 158.60; Vedanta, up 1.25 per cent at Rs 226.80; and Maruti Suzuki up 1.18 per cent from Rs 9396.80 per share.
The major losers were Adani Ports, down 6.49 per cent at Rs 371.95; Coal India, down 2.63 per cent at Rs 275.40; State Bank of India, down 1.47 per cent at Rs 304.00; Bharti Airtel, down 1.26 per cent at Rs 381.35; and ONGC, down 1.24 per cent at Rs 167.10 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices — S&P BSE Sensex and NSE Nifty50 — rose over 1 per cent each on Friday supported by a healthy macro economic data and prediction of recovery in monsoon rains.
Market observers cited broadly positive global indices coupled with lower crude oil prices as other factors which buoyed investor sentiments.
On Friday, the Nikkei India Services Business Activity Index showed an exponential rise in the rate of output growth during July.
Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) closed at 11,360.80 points, higher by 116.10 points or 1.03 per cent from the previous close of 11,244.70 points.
The benchmark BSE Sensex, which had opened at 37,327.16 points, closed at 37,556.16 points, 391 points or 1.05 per cent higher from the previous close of 37,165.16 points.
On an intra-day basis, it touched a high of 37,582.27 points and a low of 37,319.61 points. The BSE market breadth was bullish with 1,768 advances and 937 declines.
“Stock markets in India traded the day on a positive note as upbeat macro-economic developments gave a fillip to investor sentiment,” said Abhijeet Dey, Senior Fund Manager for Equities, BNP Paribas Mutual Fund.
According to Deepak Jasani, Head of retail research at HDFC securities sentiments were also boosted after the weather department’s forecast of recovery in monsoon in August and September.
On the currency front, the rupee closed at 68.61, strengthened by 10 paise from the previous close of 68.71 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 5.87 crore and the domestic institutional investors bought stocks worth Rs 87.08 crore.
Sector-wise, all the indices traded on a positive note on Friday with the S&P BSE banking gaining the most, by 502.75 points. It was followed the consumer durables index which rose 320.27 points and the metal index which ended 188.60 points higher from its previous close.
The major gainers on the Sensex were Axis Bank, up 5.17 per cent at Rs 574.35; Vedanta, up 3.60 per cent at Rs 221.85; Yes Bank, up 2.96 per cent at Rs 372.45; ICICI Bank, up 2.33 per cent at Rs 304.80; Kotak Mahindra Bank, up 2.20 per cent from Rs 1,309.20 per share.
The major losers were Tata Motors, down 0.84 per cent at Rs 258.75; Tata Motors (DVR), down 0.80 per cent at Rs 142.65; Hero MotoCorp, up 0.63 per cent at Rs 3,246.10; Asian Paints, down 0.50 per cent at Rs 1,411.35; and HDFC Bank, down 0.39 per cent at Rs 2,121 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Domestic equity indices continued to set new benchmarks on Monday and settled at their record closing levels, supported by healthy quarterly earnings.
Earlier in the day, the BSE Sensex crossed the 37,500 mark for the first time and touched an all-time intra-day high of 37,533.50 points. The NSE Nifty50 also hit a fresh high of 11,328.10 points.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,319.55 points, higher by 41.20 points or 0.37 per cent from its previous close of 11,278.35 points.
The 30-scrip BSE Sensex, which had opened at 37,491.39 points, closed at 37,494.40 points, higher by 157.55 points or 0.42 per cent from its previous close of 37,336.85 points. It touched an intra-day low of 37,292.45 points.
In the broader markets, the S&P BSE mid-cap rose by 0.30 per cent and the S&P BSE small-cap ended 0.55 per cent higher from its previous close. The BSE market breadth was bullish with 1,606 advances and 1,057 declines.
“Carrying on from last week, markets continued to surge higher on Monday,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Globally, however, equity markets traded in the negative territory.
Major Asian markets closed on a negative note, barring the Jakarta index and the European indices like FTSE 100, CAC 40 and DAX also traded in the red.
On the currency front, the rupee closed at 68.68, depreciating by two paise from the previous close of 68.66 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 234.04 crore and the domestic institutional investors purchased stocks worth Rs 48.58 crore.
Sector-wise, the S&P BSE banking index gained the most, by 401.01 points, followed by the auto index, which rose by 119.11 points and the oil and gas index, up 112.79 points.
On the contrary, S&P BSE oil and gas index ended lower by 112.79 points, the capital goods index fell 40.34 points, Teck index (technology, entertainment and media) was down 18.38 points.
The top gainers on the Sensex were Bharti Airtel, up 5.13 per cent at Rs 383.15; ICICI Bank, up 4.76 per cent at Rs 307.25; State Bank of India, up 3.75 per cent at Rs 297.35; and Axis Bank, up 2.67 per cent at Rs 568.45; Mahindra and Mahindra, up 2.52 per cent to Rs 932.70 per share.
The major losers were Infosys, down 1.56 per cent at Rs 1,353.15; HDFC Bank, down 1.41 per cent at Rs 2,172.25; Tata Motors (DVR), down 1.27 per cent at Rs 147.20; Larsen and Toubro, down 1.19 per cent at Rs 1,295.80; and Adani Ports, down 0.90 at Rs 390.70 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : With healthy quarterly earnings, tax-rate cuts on over 50 consumer items, domestic investor sentiments firmed up in the week ended Friday making the equity indices set new records and benchmarks every other day.
On Friday, both the S&P BSE Sensex and NSE Nifty50 settled at their respective highest closing levels of 37,336.85 points and 11,278.35 points after touching intra-day records of 37,368.62 points and 11,283.40 points earlier in the day.
According to market observers, appreciation in the Indian rupee and progress in the southwest monsoon rains also added to the enthusiasm in the market.
On a weekly basis, Sensex closed at 37,336.85 points — up 840.48 points or 2.30 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,278.35 points, higher by 268.15 points or 2.44 per cent — from its previous week’s close.
Market breadth was positive in all the five trading sessions of the week, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
“Traders and investors were happy about a good start to the earnings session and GST tax rate cuts,” said Prateek Jain, Director of Hem Securities.
Kotak Mutual Fund’s Senior Vice President and Head of Equity Research, Shibani Kurian said the investor sentiments were also boosted by the reduction in tax rates of many consumer items from 28 per cent to 18 per cent.
The GST (Goods and Services Tax) council on July 21 in its 28th meeting decided to lower tax rates on several consumer items.
The progress of the South-West monsoons picked up pace, which further improved the sentiments, Kurian told IANS.
On the currency front, the rupee closed at 68.66 on Friday, strengthening by 19 paise from its previous week’s close of 68.85 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 2,539.58 crore, while the domestic institutional investors sold stocks worth Rs 1,573.68 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested Rs 3,154.23 crore, or $459.02 million from the equities segment on stock exchanges during the week ended on July 27.
Sector-wise, top gainers were public sector banks, metals, FMCG and realty indices while the IT index was the only loser during the week, Jasani told IANS.
The top weekly Sensex gainers were ITC (up 10.51 per cent at Rs 302.20); ICICI Bank (up 10.26 per cent at Rs 293.30); State Bank of India (up 9.83 per cent at Rs 286.60); Tata Steel (up 9.14 per cent at Rs 549.45); and Vedanta (up 8.49 per cent at Rs 219.80 per share).
The major losers were Bajaj Auto (down 5.74 per cent at Rs 2,678.05); Hero MotoCorp (down 5.32 per cent at Rs 3,193.80); Yes Bank (down 4.33 per cent at Rs 369.90); Wipro (down 3.02 per cent at Rs 274.50); and Tata Consultancy Services (down 2.65 per cent at Rs 1,943.10 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
