by admin | May 25, 2021 | Economy, Finance, Markets, News
By Ravi Dutta Mishra and Rohit Vaid,
Mumbai : Healthy inflow of foreign funds, along with domestic political developments and positive global cues, lifted the Indian equity indices to fresh weekly record highs in the trade ended Friday.
Additionally, IMF’s prediction of healthy economic growth, combined with better-than-expected quarterly results and low crude oil prices, aided the two key indices — S&P BSE Sensex and NSE Nifty50 — to make substantial gains.
On a weekly basis, the S&P BSE Sensex closed at 37,869.23 points, higher by 313.07 points or 0.82 per cent from its previous close.
The positive sentiment pushed the barometer index to a fresh intra-day record high of 38,076.23 points and a closing high of 38,024.37 points during the trade week ended Friday.
Similarly, the wider Nifty50 on the National Stock Exchange (NSE) made gains. It ended at 11,429.50 points, higher by 68.7 points or 0.58 per cent from its previous close.
The Nifty50 made a fresh intra-day record high of 11,495.20 points and closing high of 11,470.70 points.
However, the market breadth was negative in four out of the five trading sessions of the week, indicative of the current buying bias towards the large cap stocks.
“Markets rallied further this week to close at new lifetime highs. Selling pressure seen towards the end of the week curbed the gains,” HDFC Securities’ Retail Research Head Deepak Jasani, told IANS.
“Sectorally, top gainers were metal, Bank Nifty, media and energy indices. The top losers were pharma and infra indices.”
According to Geojit Financial Services’ Head of Research Vinod Nair: “Consolidation in oil prices and in-line Q1 results were the key reason for a trend reversal in domestic market.”
“Sectors like NBFC, IT, FMCG were best performing sectors whereas worst performers were auto and cement. We are likely to see continuation of this momentum in the near term supported by improvement in earnings and reversal in FIIs flows.”
In addition, sentiments were buoyed after the IMF in its “country report” said the near-term macro-economic outlook is broadly favourable for India and the election of National Democratic Alliance (NDA) government’s candidate Harivansh Narayan Singh as the Deputy Chairman of the Rajya Sabha.
However, on Friday geo-political concerns over global protectionist measures
and profit booking pulled both the major equity indices lower.
“Market has gained pace due to sustained capital inflow and healthy earnings,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
“On the flip side, the Indian rupee was also weak against US dollar amid risk aversion spurred by geopolitical tensions between the US and other countries.”
On the currency front, the rupee closed at 68.83 on Friday, weakened by 22 paise from its previous week’s close of 68.61 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 992.18 crore, while the domestic institutional investors sold stocks worth Rs 301.43 crore in the past week.
The top weekly Sensex gainers were ICICI Bank (up 7.66 per cent at Rs 328.15); Axis Bank (up 7.19 per cent at Rs 615.65); Tata Steel (up 3.68 per cent at Rs 575.55); Yes Bank (up 2.38 per cent at Rs 383); and Mahindra and Mahindra (up 2.76 per cent at Rs 945 per share).
The major losers were Sun Pharmaceutical Industries (down 5.34 per cent at Rs 553.60 ); Adani Ports and Special Economic Zone (down 5.33 per cent at Rs 378.45); Tata Motors (down 3.29 per cent at Rs 250.25); Bajaj Auto (down 2.13 per cent at Rs 2,631.25); and Larsen and Toubro (down 2.05 per cent at Rs 1,264.90 per share).
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The Indian equity indices witnessed a volatile trade session on Monday and closed on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.
According to market observers, healthy buying was witnessed in healthcare, IT and auto stocks.
However, global cues, profit booking and upcoming derivatives expiry arrested the upward movement of the key indices.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed higher by 20.65 points or 0.20 per cent at 10,584.70 points.
The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,493.69 points, closed at 34,450.77 points — up 35.19 points or 0.10 per cent — from its previous session’s close.
The Sensex touched a high of 34,663.95 points and a low of 34,259.27 during the intra-day trade.
The BSE market breadth was tilted towards the bulls with 1,384 advances and 1,304 declines.
In the broader market segment, the S&P BSE mid-cap index closed higher by 0.49 per cent and the small-cap index inched up by 0.53 per cent.
“It has been a volatile day on the bourses as markets have not been able to hold on to gains, while bears have been unsuccessful in putting a lid on positive sentiment. Benchmark indices opened lower on negative global clues but recovered as the session progressed,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“However, unable to hold onto larger gains, both the benchmarks — Sensex and the Nifty — finally closed the day near the flat line.”
HDFC Securities’ Retail Research Head Deepak Jasani said: “Markets ended with modest gains on Monday after a sell-off from the highs curbed the gains. Selling emerged from the highs of 10,638 points (on Nifty50).
“Trading was volatile ahead of derivative expiry this week,” Jasani told IANS.
On the currency front, the Indian rupee weakened by 35 paise on Monday to 66.48 against the US dollar from its previous close at 66.13.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 259.08 crore, while the domestic institutional investors purchased stocks worth Rs 387.26 crore.
Sector-wise, the S&P BSE healthcare index rose by 178.18 points, followed by IT which gained 89.92 points and auto stocks which edged up by 83.33 points.
On the other hand, the S&P BSE metal index fell by 133.04 points, FMCG index by 47.57 points and basic materials index by 7.92 points.
In another major market development, IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).
On closing basis, however, the company’s m-cap stood at Rs 653,767.50 crore or $99.05 billion on the BSE. Share price of the company settled at Rs 3,415.20 each, up 0.26 per cent from the previous close.
The major Sensex gainers on Monday were IndusInd Bank, up 3.40 per cent at Rs 1,875.60; Mahindra and Mahindra, up 2.74 per cent at Rs 822.50; Sun Pharma, up 1.74 per cent at Rs 514.20; Asian Paints, up 1.68 per cent at Rs 1,178.60; and Yes Bank, up 1.49 per cent at Rs 313.05 per share.
The top losers on Sensex were HDFC Bank, down 1.42 per cent at Rs 1,933.05; Tata Motors (DVR), down 1.15 per cent at Rs 188.75; Coal India, down 0.98 per cent at Rs 289.20; Hindustan Unilever, down 0.97 per cent at Rs 1,451.25; and ICICI Bank, down 0.85 per cent at Rs 279.55 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Profit booking, along with heavy selling pressure in the banking sector stock led the key Indian equity indices to break their nine-day gaining streak on Wednesday.
According to market observers, the key equity indices, however, traded in the green for the better part of the session on the back of positive global cues and forecast of normal monsoon rains.
But heavy selling pressure in the consumer durables, banking and auto stocks pulled the key indices lower during the fag end of the session.
Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) fell by 22.50 points or 0.21 per cent to 10,526.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,443.42 points, closed at 34,331.68 points — down 63.38 points or 0.18 per cent from its previous session’s close.
The Sensex touched a high of 34,591.81 points and a low of 34,270.04 points during the intra-day trade.
The BSE market breadth was bearish with 1,527 declines and 1,131 advances. The market breadth on NSE also was bearish during the day.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.07 per cent and the small-cap index by 0.37 per cent.
Deepak Jasani, Head, Retail Research, HDFC securities said: “Selling emerged from the highs of 10,593 to finally bring the Nifty into negative territory.”
“Broad market indices like the BSE mid-cap index fell less, thereby
outperforming the main indices,” Jasani told IANS.
On the currency front, the Indian rupee weakened by two paise to 65.67 against the US dollar from its previous close at 65.65.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 915.71 crore, while the domestic institutional investors bought stocks worth Rs 869.70 crore.
Sector-wise, the S&P BSE fast moving consumer goods (FMCG) index rose by 170.16 points, followed by metal index which gained 65.26 points and basic materials which edged up by 12.41 points.
On the other hand, the S&P BSE consumer durables index fell by 272.43 points, banking index by 241.34 points and auto index by 120.13 points.
Major Sensex gainers on Wednesday were: ITC, up 2.82 per cent at Rs 275.30; Wipro, up 2.40 per cent at Rs 292.35; Bharti Airtel, up 1.29 per cent at Rs 386.20; Tata Steel, up 0.95 per cent at Rs 601.50; and Adani Ports, up 0.81 per cent at Rs 385.95 per share.
The top Sensex losers were: Axis Bank, down 2.60 per cent at Rs 518.70; Mahindra and Mahindra, down 1.55 per cent at Rs 797.05; IndusInd Bank, down 1.23 per cent at Rs 1,844.65; Hero MotoCorp, down 0.97 per cent at Rs 3,733.55; and Coal India, down 0.89 per cent at Rs 285.05 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Despite earlier gains, the key Indian equity indices closed in the red on Tuesday as banking stocks tanked substantially and investors also continued to trade with caution.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,317.20 points — down 429.58 points, or 1.27 per cent, from its previous close of 33,746.78 points.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) also plummeted by 109.60 points, or 1.06 per cent, to close at 10,249.25 points.
In the intra-day, the S&P BSE Sensex touched a high of 34,060.13 points and a low of 33,209.76 points.
“Early positivity that rode on global markets’ pull back proved to be brief, as turmoil in banking sector and persistent selling by FIIs dragged stocks lower,” said Anand James, Chief Market Strategist, Geojit Financial Services.
Banking stocks fell as ICICI Bank chief Chanda Kochhar and Axis Bank’s Shikha Sharma had been summoned by Serious Fraud Investigation Office in Mumbai in the bank fraud case involving jeweller Nirav Modi and his partner and uncle Mehul Choksi.
“Market gave up gains despite positive trade in global market. Consolidation continues led by broad selling across all sector. Market has broken ye’terday’s low while banks continue to struggle due to NPA issue, higher bond yield & cost of funds. Investors are little nervous to start accumulating and are waiting for major triggers to get direction,” said Vinod Nair, Head of Research, Geojit Financial Services.
Sector-wise, almost all the sectors ended in red. Major selling pressure was seen in banking, capital goods, auto and realty sectors.
S&P BSE banking index plummeted by 1.44 per cent, capital goods index by 1.31 per cent, auto index by 1.36 per cent and realty index by 2.21 per cent.
Only consumer durables sector remained in the green.
There were only three Sensex gainers on Tuesday: IndusInd Bank, up 1.21 per cent at Rs 1,707.10; Tata Steel, up 0.79 per cent at Rs 660.50 and Hero MotoCorp, up 0.35 per cent at Rs 3,570.
The major Sensex losers were: Sun Pharma, down 2.95 per cent at Rs 531.70; State Bank of India, down 2.77 per cent at Rs 256.50; ICICI Bank, down 2.64 per cent at Rs 295.10 and Mahindra and Mahindra, down 2.52 per cent at Rs 720.35.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Paring most of the day’s gains, the key Indian equity indices on Thursday still closed in the green as positive global cues along with healthy buying in metals, banking and oil and gas stocks kept market sentiment upbeat.
According to market observers, healthy macro-economic data which showed easing inflation in the country added to the upward trajectory of the equity indices.
However, gains were trimmed as a sell-off was triggered in consumer durables, capital goods and healthcare stocks during the late afternoon trade session.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 44.60 points or 0.42 per cent to 10,545.50 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 34,297.47 points — up 141.52 points or 0.41 per cent from its previous close.
The BSE market breadth was, however, bearish as 1,923 stocks declined as against 908 advances.
In terms of the broader markets, the S&P BSE mid-cap index closed lower by 0.46 per cent and the small-cap index by 1.27 per cent.
“Markets ended with modest gains on Thursday. A sell-off from the highs in the afternoon session curbed the gains,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Positive global sentiments aided the domestic markets. Major Asian markets have closed on a positive note, barring the Jakarta index, while European indices like FTSE 100, DAX and CAC 40 traded in the green,” he added.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “WPI (Wholesale Price Index) added to positive macros that have streamed in, while the bounce in the Wall Street ensured that buying interest prevailed despite yesterday’s (Wednesday) volatility.”
Official data released during market hours revealed that a dip in food and fuel prices decelerated the rise in India’s annual rate of inflation based on wholesale prices to 2.84 per cent in January from 3.58 per cent in December 2017 and 4.26 per cent during the corresponding month of last year.
“However, market could not find much traction as investors rushed to gauge the impact of a banking fraud that looks to have affected multiple sectors,” James added.
Involved in a $1.8 billion fraud, shares of the Punjab National Bank (PNB) closed almost 12 per cent lower after the bank on Wednesday informed the stock exchanges about the fraudulent transactions that took place in one of its branches in Mumbai.
In the filing, PNB put the quantum of transactions at $1,771.69 million (around Rs 11,515 crore), which is equivalent to eight times the bank’s net income of about Rs 1,320 crore ($206 million).
The bank’s shares had plunged drastically even on Wednesday following the regulatory filing to close lower by 9.81 per cent at the BSE.
On the currency front, the Indian rupee on Thursday strengthened by 18 paise to close at 63.91 against the US dollar from its previous close at 64.09.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 240.29 crore while domestic institutional investors purchased stocks worth Rs 152.39 crore.
Sectorwise, the S&P BSE oil and gas index edged higher by 149.64 points, followed by banking index by 123.34 points and metal index by 110 points.
On the other hand, the S&P BSE consumer durables index declined by 183.63 points, capital goods index by 163.16 points and healthcare index by 67.42 points.
Major Sensex gainers on Thursday were: ICICI Bank, up 3.15 per cent at Rs 328.60; Infosys, up 1.47 per cent at Rs 1,114.15; Power Grid, up 1.46 per cent at Rs 198.30; ONGC, up 1.37 per cent at Rs 188.40; and Bajaj Auto, up 0.96 per cent at Rs 3,140.60.
Major Sensex losers were: Hero MotoCorp, down 1.85 per cent at Rs 3,533.15; Tata Steel, down 1.20 per cent at Rs 699.85; Bharti Airtel, down 1.15 per cent at Rs 429.20; Larsen and Toubro, down 0.78 per cent at Rs 1,347.10; and Wipro, down 0.49 per cent at Rs 291.55.
—IANS
