by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Supported by healthy corporate earnings and firm global cues, the domestic equity market continued its bull run on Friday with the S&P BSE Sensex and the NSE Nifty50 hitting fresh intra-day highs and ending at new closing benchmarks.
Both the Sensex and 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, healthy corporate earnings coupled with firm global cues strengthened the domestic investor sentiments.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,278.35 points, higher by 111.05 points or 0.99 per cent from its previous close of 11,167.30 points.
The 30-scrip Sensex, which had opened at 37,253.86 points, closed at 37,336.85 points, higher by 352.21 points or 0.95 per cent from the previous close of 36,984.64 points. It touched an intra-day low of 37,134.88 points.
The BSE market breadth was bullish with 1,665 advances against 970 declines.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Growth and earnings outlook is showing signs of pickup which elevated the market to a new high.”
On the global front, Nair said the European Central Bank kept the key rates on hold and signs of ease in trade tensions between US and EU added some confidence
“The gains came on the back of positive global cues,” said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX traded in the green.
On the currency front, the rupee closed at 68.66, appreciating by just one paisa from the previous close of 68.67 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 738.05 crore and the domestic institutional investors purchased stocks worth Rs 406.12 crore.
Sector-wise, the S&P BSE Consumer Durables index gained the most, by 411.23 points, followed by the banking index, which rose by 316.99 points and the oil and gas index, up 246.98 points.
On the contrary, only the S&P BSE IT index ended on a negative note with a marginal decline of 2.90 points from it previous close.
The major gainers on the Sensex were ITC, up 5.24 per cent at Rs 302.20; Tata Motors (DVR), up 4.48 per cent at Rs 149.10; Tata Motors, up 3.56 per cent at Rs 267.70; Tata Steel, up 2.71 per cent at Rs 549.45; and ICICI Bank, up 2.62 per cent at Rs 293.30 per share.
The top losers were Power Grid, down 1.72 per cent at Rs 179.60; Adani Ports, down 1.44 per cent at Rs 394.25; Coal India, down 1.04 per cent at Rs 261.95; Tata Constultancy Services, down 1.03 per cent at Rs 1,943.10; and Maruti Suzuki, down 0.86 at Rs 9,315.45.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : After largely bearish trade in the week-ended Friday, the key Indian equity indices would be driven by corporate earnings, futures and options (F&O) expiry and the rupee movement in the week ahead, analysts said.
The proceedings of the ongoing monsoon session of parliament are also likely to impact the market.
Further, analysts feel the result of Friday’s no-confidence motion in Parliament, which the government comfortably won, is likely to support investor sentiments in the week ahead.
“Earnings season will pick up pace in the coming week, where the expectations are high. Any revival in earnings growth will provide the scope for re-rating in valuation,” said Vinod Nair, Head of Research at Geojit Financial Services.
According to Delta Global Partners’ Principal Partner, Devendra Nevgi, the markets would look forward to earnings releases, particularly of HDFC Bank, ITC, Bharti Airtel and Dr Reddy’s Lab.
“The outcome of the no-confidence motion against the ruling government would bring some relief to the market,” Nevgi said.
Gaurav Jain, Director of Hem Securities, was of the opinion that developments in the monsoon session of Parliament and expiry of July F&O contracts, would dictate trend s on the bourses next week.
“Ahead of the F&O expiry in the coming week, traders will square off their positions as this would be the first F&O expiry which will be settled in physical delivery for some bluechip stocks,” Jain added.
Further, the movement of the Indian rupee is critical.
On Friday, the rupee hit an all-time low of 69.12 against the greenback but eventually recovered and closed at 68.85, strengthening by three paise from its previous week’s close of 68.88 per greenback.
On Thursday, the rupee had also touched a fresh closing low of 69.05 per dollar.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,209.41 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 1,300.06 crore in the week gone by.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 888.70 crore, or $129.80 million from the equities segment on stock exchanges during the week ended on July 20.
In the week ended Friday, the key indices declined marginally due to rise in inflation rate, weakening rupee and the no-confidence motion in Parliament.
Index-wise, on a weekly basis the benchmark Bombay Stock Exchange’s (BSE) Sensex closed at 36,496.37 points — down 45.26 points or 0.12 per cent from the previous close. Significantly, on Wednesday, the Sensex hit a fresh record high of 36,747.87 points, but could not hold on to the gains.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,010.20 points, down just 8.7 points or 0.08 per cent — from its previous week’s close.
In the week ahead, the Nifty50 is likely to witness further upsides once the immediate resistance of 11,078 points is taken out, said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that the crucial support levels would be at 10,925 points.
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Depreciation in the Indian rupee and domestic political uncertainty subdued the key Indian equity indices on Thursday.
In a major development, the rupee breached the 69 per dollar mark during the day, eroding investor sentiments in the equity market.
According to market analysts, decline in the major global markets also weighed on the Indian indices.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points.
The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points — lower by 22.21 points or 0.06 per cent — from its previous session’s close of 36,373.44 points.
It touched an intra-day high of 36,515.58 points and a low of 36,279.33 points. The BSE market breadth was bearish with 1,802 declines against 791 advances.
“Market was range bound with a negative bias due to weakening rupee on account of surge in dollar index and ongoing trade spat,” said Vinod Nair, Head of Research at Geojit Financial Services.
The rupee ended at 69.05 per dollar, weakening by 42 paise, from the previous close of 68.63 per greenback.
Nair further said that global cues are not clearly supporting domestic market direction and trade tensions between the US and other major economies are keeping investors on edge.
HDFC Securities’ Head of Retail Research at Deepak Jasani said investors seemed to be “cautious ahead of a parliament debate on Friday, July 20, 2018 about a no-confidence motion” against the current NDA government.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth just Rs 315.69 crore and the domestic institutional investors bought stocks worth Rs 470.02 crore.
Sector-wise, the S&P BSE consumer durables index gained the most, by 194 points, followed by the FMCG index, up 58.32 points and the energy rose by 27.30 points.
On the contrary, the S&P BSE capital goods index declined by 316.94 points, the healthcare index was down 170.96 points and the banking index fell by 115.35 points.
The major gainers on the Sensex were Bharti Airtel, up 2.45 per cent at Rs 345.05; Vedanta, up 2.21 per cent at Rs 208.30; Yes Bank, up 1.93 per cent at Rs 391.20; ITC, up 1.71 per cent at Rs 272.90; and Adani Ports, up 1.39 per cent at Rs 369.15 per share.
The top losers were Kotak Mahindra Bank, down 3.69 per cent at Rs 1,350.25; Larsen and Toubro, down 2.61 per cent at Rs 1,255.55; Hero MotoCorp, down 1.22 per cent at Rs 3,458.90; Tata Steel, down 0.98 per cent at Rs 499.75; and Coal India, down 0.95 per cent at Rs 261.50 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Domestic political uncertainty in the wake of a no-confidence motion against the central government dragged the equity indices lower on Wednesday.
Additionally, market observers said that profit booking in mid-and-small-cap stocks and heavy selling pressure in metals, automobile and banking counters also subdued the equity indices.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,980.45 points — lower by 27.60 points or 0.25 per cent — from its previous close.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,722.41 points, closed at 36,373.44 points — lower by 146.52 points or 0.40 per cent — from its previous session’s close of 36,519.96 points.
The barometer index fell after it touched a fresh all-time high of 36,747.87 points. The index had dipped to a low of 36,320.92 points during the intra-day trade.
On Tuesday — the previous trade session — both the indices had made gains on the back of a slide in global crude oil prices along with expectations of fund infusion into public sector banks.
“Markets ended lower on Wednesday losing the early morning gains. This
partly erased the gains seen on Tuesday,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“News that the opposition parties tabled a no-confidence motion against Prime Minister Narendra Modi’s government impacted sentiments.”
According to Geojit Financial Services’ Head of Research Vinod Nair: “Mid-and- small-cap faced selling pressure due to profit booking after yesterday’s rally while metal index was seen underperforming.”
“Market participants are likely to stay on the sidelines as the no-confidence motion will be taken up on Friday.”
On the currency front, the rupee weakened by 17 paise to end at 68.63 per dollar, against the previous close of 68.46 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth just Rs 95.68 crore and the domestic institutional investors bought stocks worth Rs 111.01 crore.
Sector-wise, the S&P BSE oil and gas index was the top gainer with a rise of 152.48 points.
On the contrary, the S&P BSE metal index declined by 381.71 points.
The major gainers on the Sensex were ONGC, up 2.69 per cent at Rs 160.30; Asian Paints, up 0.98 per cent at Rs 1,391.40; HDFC, up 0.91 per cent at Rs 2,008.25; Yes Bank, up 0.80 per cent at Rs 383.80; and Hero MotoCorp, up 0.63 per cent at Rs 3,501.50 per share.
The top losers were Tata Steel, down 5.22 per cent at Rs 504.70; Tata Motors DVR, down 3.90 per cent at Rs 137.95; Vedanta, down 3.02 per cent at Rs 203.80; Axis Bank, down 2.57 per cent at Rs 524.20; and Hindustan Unilever, down 2.37 per cent at Rs 1,643.80 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.
However, broadly negative Asian and European indices capped gains.
Analysts pointed out that healthy buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,008.05 points — higher by 71.20 points or 0.65 per cent — from its previous close.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, closed at 36,519.96 points — higher by 196.19 points or 0.54 per cent — from its previous session’s close of 36,323.77 points.
Sensex touched a high of 36,549.55 points and a low of 36,261.78 during the intra-day trade.
On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.
“Markets bounced back sharply on Tuesday after the sharp correction seen in the previous session. The gains came on the back of an overnight steep fall in crude oil prices, which will benefit India from various angles,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Major Asian markets have closed mostly in the negative.”
European indices like FTSE 100, DAX and CAC 40 traded “mildly in the red”.
According to Geojit Financial Services’ Head of Research Vinod Nair: “Market regained 11,000 mark, given the strong earnings and benign yield despite rise in inflation.”
“Notably, mid and small cap participated in today’s up move, which were underperforming in recent times due to rich valuation. Additionally, drop in oil price and strengthening rupee may contain inflationary pressure. PSU banks outperformed due to prospects of government’s recapitalisation plan.”
On the currency front, the rupee strengthened by 12 paise to end at 68.45-46 per dollar, against the previous close of 68.58 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 673.99 crore and the domestic institutional investors bought stocks worth Rs 840.06 crore.
Sector-wise, the S&P BSE banking index was the top gainer with a rise of 422.53 points.
On the contrary, the S&P BSE FMCG index declined by 91.12 points.
The major gainers on the Sensex were SBI, up 2.98 per cent at Rs 259.25; Sun Pharma, up 2.97 per cent at Rs 548.80; Axis Bank, up 2.86 per cent at Rs 538.05; ICICI Bank, up 2.70 per cent at Rs 266.30; and Tata Steel, up 2.54 per cent at Rs 532.50 per share.
The top losers were Hindustan Unilever, down 4 per cent at Rs 1,683.75; Bharti Airtel, down 1.14 per cent at Rs 342.25; IndusInd Bank, down 0.94 per cent at Rs 1,905.15; ITC, down 0.63 per cent at Rs 269.80; and Infosys, down 0.42 per cent at Rs 1,327.40 per share.
—IANS
