by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Persistent outflow of foreign funds along with weak global cues and a depreciation in the rupee led to the key Indian equity indices plunging on Wednesday.
According to market observers, rise in domestic transportation fuel prices as well as renewed global geopolitical tensions and trade disputes between the US and China eroded investor sentiments.
Consequently, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,430.35 points, down 106.35 points or 1.01 per cent from the previous close of 10,536.70 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE tumbled nearly one per cent. It opened at 34,656.63 points and closed at 34,344.91 points — down 306.33 points or 0.88 per cent — from its previous session’s close of 34,651.24 points.
In terms of intra-day trade, Sensex touched a high of 34,668.47 points and a low of 34,302.89 points. The BSE market breadth was bearish with 1,587 declines and 1,168 advances.
“Markets corrected sharply on Wednesday after witnessing a minor bounce on Tuesday. The weakness came on the back of weak global cues as investors were concerned about trade tensions, the possible cancellation of North Korea summit planned in June, economic issues in Turkey and commodity prices fall,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Major Asian markets have closed on a negative note, barring the KOSPI and Jakarta indices. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”
Geojit Financial Services’ Head of Research Vinod Nair said: “Market edged lower amid pessimism on global trade talks and below par fourth quarter earnings.”
“Metals sank while PSU bank outperformed and prevented the market from a nose dive correction. Investors expect that the worst is over related to PSU banks NPA with adequate provisions and expectation of recapitalisation from government.
“On the other hand, rupee continued to fall and the fear of inflationary pressure may lead the market to consolidate,” Nair added.
On the currency front, the Indian rupee weakened by 38 paise against the US dollar to 68.43, from its previous close at 68.05 per greenback.
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 311.11 crore, while the domestic institutional investors bought stocks worth Rs 789.78 crore.
Sector-wise, the S&P BSE consumer durables index and the capital goods index gained by 62.06 points and 10.54 points respectively.
On the other hand, the S&P BSE metal index plunged by 534.27 points, followed by the oil and gas index, which receded by 491.72 points and the auto index that ended lower by 130.31 points.
The major gainers on the Sensex were State Bank of India, up 3.56 per cent at Rs 263.20; NTPC, up 0.82 per cent at Rs 166.35; Larsen and Toubro, up 0.55 per cent at Rs 1,327.20; Tata Motors, up 0.49 per cent at Rs 309.25; and Mahindra and Mahindra, up 0.05 per cent at Rs 831.25 per share.
The top losers were Tata Steel, down 6.57 per cent at Rs 539.25; ONGC, down 4.75 per cent at Rs 175.55; Dr Reddy’s Lab, down 2.92 per cent at Rs 1,955; IndusInd Bank, down 2.80 per cent at Rs 1,856.70; and ITC, down 1.92 per cent at Rs 273.45 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Despite volatility in the global markets, the key Indian equity indices provisionally closed Tuesday’s rangebound trade session with gains led by healthy buying in banking, auto, oil and gas, and healthcare stocks.
The wider Nifty50 of the National Stock Exchange (NSE) edged higher by 33.20 points or 0.33 per cent to provisionally close at 10,245 points (at 3.30 p.m).
The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 33,197.42 points, closed at 33,370.63 points — up 115.27 points or 0.35 per cent from its previous session’s close.
The Sensex touched a high of 33,402.94 points and a low of 33,153.83 points during the intra-day trade.
The BSE market breadth was bullish with 1,853 advances and 792 declines.
On Monday, broadly positive global peers, along with robust automobile sales data, lifted the key indices.
The NSE Nifty50 rose by 98.10 points, or 0.97 per cent, to close at 10,211.80 points, while the Sensex closed at 33,255.36 points — up 286.68 points, or 0.87 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : After three weeks of consecutive losses, the key Indian equity indices bounced back from their lows to close this week with humble gains on value buying by investors.
Market observers said futures and options (F&O) expiry infused volatility in the domestic markets, amid global cues and a slew of domestic developments like the $1.8 billion fraud reported by the Punjab National Bank (PNB) and a weakening rupee due to the continuous outflow of foreign funds.
However, losses were trimmed as bargain-hunting by investors on the last trading day of the week lifted the benchmark indices.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) edged higher by 131.39 points or 0.39 per cent to close at 34,142.15 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,491.05 points — up 38.75 points or 0.37 per cent from its previous week’s close.
“The week gone by saw the Nifty bouncing back from a low of 10,302 to finally end with a modest gain. This week’s gains came after three weeks of losses,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, markets across the globe fluctuated wildly — highlighting the market’s fragility — as investors continued to assess the quickening pace of economic growth and the prospects of the US Federal Reserve’s tightening efforts.
“Back home, the sentiment of market participants have been dented by factors such as surging US bond yields, a multi-crore fraud in India’s second-largest public sector lender PNB and the return of long-term capital gains (LTCG) tax on equities, which put a break on the record-setting market rally,” he added.
During the eight trading sessions following the detection of a $1.8 billion fraud in one of the branches of the PNB, the bank’s shares on the BSE have plunged almost 30 per cent to Rs 113.40 per share.
Gitanjali Gems, the other listed entity involved in the fraud case, also witnessed an eight-day fall in its shares, nosediving 60.54 per cent to Rs 24.80 per share.
“The consolidation in the domestic market continued due to the NPA (non-performing assets) issue in public-sector banks, trade deficit, conflict between NSE and SGX, rise in bond yield and depreciation in rupee due to selling by FIIs (foreign institutional investors),” said Vinod Nair, Head of Research, Geojit Financial Services.
On the currency front, the rupee weakened by 51-52 paise to close at 64.73 against the US dollar from last week’s close of 64.21-22.
Provisional figures from the stock exchanges showed that FIIs sold-off scrips worth Rs 5,781.98 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 5,972.69 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 3,054.94 crore, or $468.06 million, during February 20-23.
Sectorwise, Jasani said: “The top sectoral gainers were IT, metal and Bank Nifty indices. The top losers were auto, realty and pharma indices.”
The top weekly Sensex gainers were: Tata Consultancy Services (up 4.76 per cent at Rs 3,076.90); Yes Bank (up 3.75 per cent at Rs 323.60); Infosys (up 2.74 per cent at Rs 1,155.65); Kotak Bank (up 2.67 per cent at Rs 1,079.85); and Coal India (up 2.49 per cent at Rs 310.55).
The losers were: Bajaj Auto (down 3.70 per cent at Rs 2,988); Asian Paints (down 3.65 per cent at Rs 1,101.90); Mahindra and Mahindra (down 3.29 per cent at Rs 719.30); Tata Motors (down 2.73 per cent at Rs 360.45); and Tata Motors (DVR) (down 2.32 per cent at Rs 203.85).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices on Friday closed at almost a week’s high levels as positive cues from the Asian markets, along with a strong rupee and value buying, uplifted investors’ sentiments.
According to market observers, easing worries of a rate-hike by the US Federal Reserve in the near term, coupled with healthy buying in almost all the sectors — led by metals, banking and healthcare stocks — added to the upward trajectory of the key indices.
The wider Nifty50 of the National Stock Exchange (NSE) edged higher by 108.35 points, or 1.04 per cent, to close at 10,491.05 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE settled near its day’s high of 34,167.60 points to close at 34,142.15 points — up 322.65 points, or 0.95 per cent, from its previous close.
The BSE market breadth was bullish with 1,899 advances and 831 declines.
The broader market indices outperformed the Sensex, with the S&P BSE mid-cap index closing higher by 1.47 per cent and the small-cap index by 1.54 per cent.
“Markets surged higher on Friday as the Nifty closed just below the 10,500 levels. The gains came on the back of positive Asian equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“It was also the first trading session of the derivatives March near-month series. The Sensex and the Nifty settled at over one-week high on broad-based buying,” Jasani added.
On the currency front, the Indian rupee strengthened by 31 paise to close at 64.73 against the US dollar from its previous close at 65.04.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 486.32 crore, while domestic institutional investors purchased stocks worth Rs 1,514.03 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rebounded amid value buying on beaten down sectors like PSU banks, metal and pharma.”
“Additionally, ease in fears on US Fed rate hike trajectory led the 10-year yield to fall, comforting investors’ sentiment,” Nair added.
All the 19 sub-indices of the BSE closed with gains, led by metals, banking and healthcare sectors.
The S&P BSE metal index rose by 469.96 points, banking index by 356.63 points and healthcare index by 266.85 points.
Major Sensex gainers on Friday were: Tata Steel, up 6.26 per cent at Rs 677.80; Sun Pharma, up 5.17 per cent at Rs 570.20; Yes Bank, up 2.28 per cent at Rs 323.60; Dr Reddy’s Lab, up 2.26 per cent at Rs 2,169.25; and Bharti Airtel, up 2.26 per cent at Rs 425.45.
The Sensex losers were: Asian Paints, down 1.29 per cent at Rs 1,101.90; Coal India, down 0.48 per cent at Rs 310.45; Infosys, down 0.42 per cent at Rs 1,155.65; Mahindra and Mahindra, down 0.22 per cent at Rs 719.30; and Hindustan Unilever, down 0.16 per cent at Rs 1,323.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Indian equities on Friday plunged into the negative territory following the negative trend in Asian markets, along with heavy selling pressure in banking, auto, oil and gas, capital goods and IT stocks.
Asian markets slumped on Friday tracking the decline in US stocks overnight (Thursday). The benchmark Dow Jones declined over 1,000-points for the second time this week as rising bonds yields dented investors’ sentiments.
Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) fell by 115.05 points or 1.09 per cent to trade at 10,461.80 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,002.45 points, traded at 34,036.43 points — down 376.73 points or 1.09 per cent from its previous session’s close.
The BSE market breadth was bearish with 1,475 declines and 1,100 advances.
“Global carnage center-staged in the morning as the US markets closed at record lows of 1,000 points down on Dow Jones. Asian markets followed suit as all opened gap down,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
However, in contrary to the bearish sentiments in the markets, Reliance Capital traded higher by 1.94 per cent at Rs 479.20 per share after it posted a net profit of Rs 315 crore for the third quarter ended on December 31 — a growth of 50 per cent — on Thursday.
Reliance Home Finance was also trading up by 0.67 per cent at Rs 75.50 per scrip after the company on Wednesday said it closed the quarter ended Q3 with a net profit of Rs 46 crore.
On Thursday, the equity indices propelled to close on a higher note on the back of bargain hunting by investors after seven consecutive days of losses.
The Nifty50 closed higher by 100.15 points or 0.96 per cent at 10,576.85 points while the Sensex closed at 34,413.16 points — up 330.45 points or 0.97 per cent.
—IANS
