by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Reviving from early losses, the key Indian equity indices on Tuesday closed in the green, supported by healthy buying in healthcare, auto and oil and gas stocks.
The indices had opened on a flat-to-negative note, tracking mixed Asian markets where caution prevailed due to the ongoing trade war concerns. The European markets, however, traded on a positive note.
According to market analysts, appreciation in the Indian rupee also supported the investor sentiments in the domestic market.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,699.90 points — higher by 42.60 points or 0.40 per cent from its previous close of 10,657.30 points.
The barometer 30-scrip Sensex on the Bombay Stock Exchange (BSE), which had opened at 35,344.21 points, closed at 35,378.60 points — up 114.19 points or 0.32 per cent from its previous session’s close of 35,264.41 points.
Sensex touched a high of 35,445.21 points and a low of 35,195.63 points during the intra-day trade. The BSE market breadth was largely even with 1,317 advances against 1,290 declines.
In the broader markets, the S&P BSE mid-cap rose by 0.69 per cent and the S&P BSE small cap ended 0.44 per cent higher from its previous close.
“Nifty witnessed an upside bounce today, amidst a choppy trend,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Asian markets closed mixed and European markets traded in the green, he said, adding that “the underlying short-term trend is slightly positive”.
According to Dhruv Desai, Tradebulls’ Director and Chief Operating Officer, Sensex and Nifty traded cautious amid trade war tensions between the US and China.
On the currency front, the rupee ended at 68.58 per dollar, 22 paise stronger than its previous close of 68.80 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,043.31 crore while the domestic institutional investors bought stocks worth Rs 278.84 crore.
Sector-wise, the S&P BSE healthcare index gained the most, by 251.26 points, followed by the auto index which ended 238.79 points higher while the oil and gas index was up 105.95 points.
On the other hand, the S&P BSE banking index fell by 55.96 points, the metal index was down 34.59 points and the consumer durables index ended lower by 18.58 points from its previous close.
The major gainers on the Sensex were Sun Pharma, up 1.79 per cent at Rs 573.65; Maruti Suzuki, up 1.72 per cent at Rs 8,979.50; Infosys, up 1.44 per cent at Rs 1,353.65; ONGC, up 1.28 per cent at Rs 157.85; and Hero MotoCorp, up 1.17 per cent at Rs 3,453.50 per share.
The top losers were Vedanta, down 3.25 per cent at Rs 230.95; ICICI Bank, down 1.62 per cent at Rs 272.95; HDFC, down 0.56 per cent at Rs 1,883.45; State Bank of India, down 0.52 per cent at Rs 257.75; and Power Grid, down 0.40 per cent at Rs 184.50 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Continuing with gains for the fourth consecutive session, key Indian equity indices on Tuesday closed on a higher note due to strong buying witnessed in stocks of healthcare majors like Dr. Reddy’s Lab, Sun Pharma, Cipla and Lupin, as well as a strong rupee.
According to market observers, some gains were capped as investors booked profits in banking and realty stocks.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) rose by 28.15 points or 0.27 per cent to 10,326.90 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,478.35 points — up 118.45 points or 0.36 per cent — from Monday’s close.
The BSE market breadth was bullish — 1,455 advances and 1,243 declines.
“Markets ended with marginal gains on Tuesday. A sell-off from the highs in the afternoon session curbed the gains — nevertheless it was the fourth consecutive session of gains for the Nifty,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Major Asian markets ended on a positive note, barring the Jakarta index, while European indices like FTSE 100, CAC 40 and DAX traded higher,” Jasani said, adding: “Technically, with the Nifty moving up further after the smart bounce back seen late last week, the underlying bias remains positive.”
In terms of the broader markets, the BSE mid-cap closed higher by 0.10 per cent and the small-cap index by 0.37 per cent.
On the currency front, the rupee strengthened by 22 paise to 64.89 against the US dollar from its previous close at 65.11.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Positive vibes in select pharma stocks lifted the key index, which was also supported by favourable cues in Asian markets.”
“However, profit booking was visible in specific stocks and mid-caps across banking and realty.”
Sector-wise, the S&P BSE consumer durables index surged by 404.07 points, followed by healthcare index by 241.83 points and oil and gas index by 132.55 points.
On the other hand, the S&P BSE realty index fell by 32.23 points, FMCG index by 17.38 points and banking index by 13.94 points.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 727.01 crore, while domestic institutional investors purchased scrips worth Rs 825.50 crore.
Major Sensex gainers on Tuesday were: Dr. Reddy’s Lab, up 4.99 per cent at Rs 2,390.85; Sun Pharma, up 4.18 per cent at Rs 538.05; Cipla, up 2.31 per cent at Rs 616.50; Bharti Airtel, up 2.13 per cent at Rs 503.15; and NTPC, up 1.61 per cent at Rs 183.05.
Major Sensex losers were: Coal India, down 1.51 per cent at Rs 274.05; ITC, down 1.08 per cent at Rs 256.30; Power Grid, down 1.03 per cent at Rs 206.80; Tata Consultancy Services, down 1.02 per cent at Rs 2,677.10; and Kotak Bank, down 0.77 per cent at Rs 1,029.45.
—IANS
by admin | May 25, 2021 | Banking, Business, Economy, Finance, Investing, Markets, News, SMEs
By Porisma P. Gogoi
Mumbai : Continuing the bull run for the second consecutive week, key Indian equity indices — the Sensex and the Nifty50 — closed with minimal gains as short covering in healthcare and banking stocks coupled with continuous purchasing activities by domestic institutional investors (DIIs) kept market sentiment afloat.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE rose by 71.38 points or 0.99 per cent to close at 31,596.06 points.
Meanwhile, the Nifty50 of the National Stock Exchange (NSE) closed at 9,857.05 points, up 19.65 points or 0.2 per cent.
“Nifty witnessed minor upside bounce this week and closed the week with minor gains of around 20 points (0.20 per cent). Sectorally, the top weekly gainers were the pharma, metal and banking indices, while the losers were IT and FMCG indices,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
According to D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, the domestic market took pressure due to crack-down of market regulator Securities and Exchange Board of India (SEBI) on shell companies and geopolitical tension between India-China and USA-North Korea.
“However, on Wednesday, domestic market moved little higher aided by fresh buying mainly in realty, healthcare and banks, coupled with positive global cues,” Aggarwal told IANS.
“Also, the news that the Union Cabinet has moved another step towards the merger of some of the state-owned banks supported the bulls.”
On August 23, Finance Minister Arun Jaitley announced that “in principle” approval has been granted by the Union Cabinet for the consolidation of state-run banks through mergers. The announcement led to massive gains in public sector bank’s (PSU banks) stocks.
On the currency front, the Indian rupee strengthened by 10-11 paise to close the week at 64.03-04 to a US dollar from its previous week’s close at 64.14.
Vinod Nair, Head of Research, Geojit Financial Services, observed that pull-out of foreign funds and persistent miss in quarter earnings, which could end up with drop in FY18 profit-after-tax estimate, kept investors a little jittery.
“Month-to-date, foreign institutional investors (FIIs) were net sellers in the market on concerns of premium valuation, whereas DIIs continued to pour money into domestic market, which is keeping the market trend positive. Further, short covering due to shorter trading days (Friday which is a holiday) and nearness of August futures and options (F&O) expiry also supported the sentiment,” said Nair.
Provisional figures from the stock exchanges showed that FIIs sold stocks worth Rs 4,666.53 crore, while DIIs bought scrips worth Rs 2,883.99 crore during August 21-24.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 5,281.52 crore, or $824.17 million, during the trade week ended August 24.
“IT sector continued to witness pressure due to recent management turbulence in Infosys despite a premium buyback announcement. NPA (non-performing assets) worries in PSU Banks may cloud the outlook, whereas cabinet nod for fast track consolidation of PSU banks attain investors attention,” added Nair.
The top weekly Sensex gainers were: Bharti Airtel (up 3.95 per cent at Rs 433); Lupin (up 3.95 per cent at Rs 991.75); Dr Reddy’s Lab (up 3.88 per cent at Rs 2,087.90); Tata Steel (up 2.09 per cent at Rs 638.95); and Axis Bank (up 1.77 per cent at Rs 505.60).
The losers were: Infosys (down 10.64 per cent at Rs 912.50); NTPC (down 4.35 per cent at Rs 169.15); Bajaj Auto (down 3.15 per cent at Rs 2,731.85); Hero MotoCorp (down 3.06 per cent at Rs 3,874.50); and Adani Ports (down 2.64 per cent at Rs 379.95).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
Mumbai : Reviving from early losses, the key Indian equity indices on Tuesday closed in the green, supported by healthy buying in healthcare, auto and oil and gas stocks.