by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Global cues, along with healthy buying in banking stocks and expectations of positive quarterly results, buoyed the key Indian equity indices during the mid-afternoon trade session on Tuesday.
According to market observers, healthy buying was witnessed in banking, oil and gas and metal stocks.
At 1.30 p.m., the 30-scrip Sensitive Index (Sensex), traded 80.60 points or 0.25 per cent higher.
The wider Nifty 50 of the National Stock Exchange (NSE) gained 23.15 points or 0.23 per cent at 10,208 points.
The Sensex of the BSE, which opened at 32,619.26 points, traded at 32,587.32 points (at 1.30 p.m.), higher by 80.60 points or 0.25 per cent from Monday’s close at 32,506.72 points.
The Sensex touched a high of 32,670.37 points and a low of 32,534.21 points during the intra-day trade so far.
“The BSE Sensex and the broader NSE’s Nifty 50 maintained their upward movement during the mid-afternoon session after the two key indices rose during the morning hours,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : A massive sell-off in banking sector stocks over fears of rising non-performing asset (NPA) levels pulled the key Indian equity indices lower on Wednesday.
According to market observers, heavy selling pressure in the banking, healthcare and consumer durables stocks, along with profit bookings eroded investors’ risk-taking appetite.
The 30-scrip Sensitive Index (Sensex) closed 24.81 points or 0.08 per cent lower during the day’s trade.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed on a negative note. It inched down by 23.60 points or 0.23 per cent to close at 10,210.85 points.
The Sensex of the BSE, which opened at 32,518.56 points, closed at 32,584.35 points, lower by 24.81 points or 0.08 per cent from Tuesday’s close at 32,609.16 points.
The Sensex touched a high of 32,670.32 points and a low of 32,462.85 points during the intra-day trade.
“Markets ended with modest losses on Wednesday ahead of a long Diwali weekend though volumes were higher. A bounce from the lows of the day helped to curb the losses,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have ended on a mixed note. European indices like FTSE 100, CAC 40 and DAX traded higher. Technically, while the Nifty has taken a breather, the underlying trend remains up. Further upsides are likely once the immediate resistance of 10,236 points is taken out. Weakness could emerge if the supports of 10,176 points is broken.”
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, investors’ fear of rising banking sector NPAs dragged the NSE Nifty lower on Wednesday.
“The NSE Nifty edged lower on Wednesday, retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country’s banking sector,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Axis Bank contributed to most of the losses on the NSE index, and also led the losers on the NSE Bank index, which shed about 1.4 per cent.”
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,251.16 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 904.27 crore.
On the currency front, the rupee remained flat. It inched lower by 2 paise to close at 65.04 against the US dollar from its previous close at 65.02.
Sector-wise, the S&P BSE oil and gas index surged by 195.76 points, followed by energy index by 102.65 points and utilities index by 28.05 points.
On the other hand, the S&P BSE banking index fell by 494.76 points, healthcare index by 114.07 points and consumer durables index by 104.53 points.
Major Sensex gainers on Wednesday were: Reliance Industries, up 4.52 per cent at Rs 913.75; PowerGrid, up 4 per cent at Rs 213.10; Wipro, up 1.92 per cent at Rs 295.05; ONGC, up 1.75 per cent at Rs 174.20; and Kotak Bank, up 1.67 per cent at Rs 1,097.40.
Major Sensex losers were: Axis Bank, down 9.52 per cent at Rs 464.35; ICICI Bank, down 3.96 per cent at Rs 263.05; Cipla, down 3.26 per cent at Rs 610.70; State Bank of India (SBI), down 2.77 per cent at Rs 244.20; and Lupin, down 1.66 per cent at Rs 1,048.90.
The day’s trade was also the last session of Samvat 2073, the barometer index (BSE Sensex) gained 4,654 points or 16.6 per cent, whereas the NSE Nifty swelled by 1,585 points or 18.4 per cent.
“Equities have had a good run in Samwat 2073 with the Nifty rising –18 per cent — till Oct 17, 2017,” elaborated Jasani.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Even as the general investors’ sentiments were subdued on Tuesday, the key Indian equity index — the NSE Nifty50 — made marginal gains to close at a new high.
According to market observers, low volumes and profit booking subdued investors’ sentiments — however, expectations of healthy quarterly results aided the key indices in paring some of their losses.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) inched up by 3.60 points or 0.04 per cent to close at a new high of 10,234.45 points.
However, the 30-scrip Sensitive Index (Sensex) of the BSE, closed on a negative note, ending at 32,609.16 points, lower by 24.48 points or 0.08 per cent from Monday’s close at 32,633.64 points.
In terms of the broader markets, the S&P BSE mid-cap index rose by 0.40 per cent, and the small-cap index gained 0.53 per cent.
On Monday, better-than-expected macroeconomic data pushed the key Indian equity indices to close at record highs. The NSE Nifty50 had gained 63.40 points, or 0.62 per cent to end at 10,230.85 points, while the Sensex of the BSE closed higher by 200.95 points or 0.62 per cent to 32,432.69 points.
“Markets ended flat on Tuesday as they traded in a narrow range. Trading sentiment seemed to be subdued ahead of a long Diwali weekend,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have ended on a mixed note. European indices like FTSE 100 and DAX traded higher.”
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Earnings positivity helped to maintain gains, but headaches over Korea as well as valuation fears characteristic to bull market rallies, ensured that sharp gains were limited to few stocks, especially as investors profit booking was seen in the index heavy weights eyeing the long weekend.”
On the currency front, the rupee weakened by 30 paise to close at 65.02 against the US dollar from its previous close at 64.72.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the benchmark indices snapped a three-session long gaining spree as it tracked mixed trends in global markets.
“Most of the sectoral indices traded in the positive territory, except for consumer durables, bankex and IT index,” Desai told IANS.
Sector-wise, the S&P BSE oil and gas index surged by 116.18 points, followed by capital goods index by 75.21 points and healthcare index by 53.78 points.
On the other hand, the S&P BSE banking index fell by 66.74 points, consumer durables index by 36.88 points and IT index by 25.49 points.
Major Sensex gainers on Tuesday were: Cipla, up 4.09 per cent at Rs 631.25; Bharti Airtel, up 2.86 per cent at Rs 465.95; Asian Paints, up 2.06 per cent at Rs 1,194.40; Bajaj Auto, up 1.09 per cent at Rs 3,257; and Hero MotoCorp, up 0.85 per cent at Rs 3,806.
Major Sensex losers were: Axis Bank, down 1.44 per cent at Rs 513.20; Tata Motors, down 1.04 per cent at Rs 432; Infosys, down 0.84 per cent at Rs 931.45; Dr. Reddy’s Lab, down 0.62 per cent at Rs 2,382.35; and State Bank of India, down 0.44 per cent at Rs 251.15.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Breaking a four-day gaining streak, key Indian equity indices — the BSE Sensex and the NSE Nifty50 — closed with marginal losses on Thursday as investors booked profits in banking, and oil and gas stocks.
The wider Nifty50 of the National Stock Exchange (NSE) closed below the psychologically important 9,900-mark. It fell by 26.20 points, or 0.26 per cent, to 9,888.70 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,592.03 points — down 79.68 points, or 0.25 per cent, from its previous close.
However, the BSE market breadth was bullish — 1,498 advances and 1,157 declines.
“After showing an upside bounce in the last four sessions, Nifty slipped into minor decline today due to profit taking and closed the day lower by 26 points. Today’s minor decline has not damaged the market breadth, which has closed on positive note on both the exchanges,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets ended on a positive note, barring the Jakarta Composite. European indices traded with mixed trend. While the DAX and CAC 40 traded lower, FTSE 100 traded higher,” he added.
The broader markets, on the other hand, outperformed the benchmark index. The S&P BSE mid-cap index rose by 0.49 per cent, and the small-cap index gained 0.79 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market traded range-bound with a negative bias due to lack of optimism to the upcoming earnings season.”
“However, some positive development in auto sales numbers, core sector growth and festival demand will add some light over the consolidation phase,” Nair added.
On the currency front, the rupee weakened by 13 paise to close at 65.14-15 against the US dollar from its previous close at 65.01-02.
“Shares slipped on Thursday after four straight sessions of gains as investors booked profits in oil refiners amid a lack of fresh triggers after the central bank kept rates unchanged in a move that was widely expected,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“The RBI held its policy rate steady near seven-year lows on Wednesday after inflation surged, but looked to prop up the cooling economy by spurring banks into lending more,” Desai told IANS.
Sector-wise, the S&P BSE oil and gas index slipped by 84.59 points, followed by banking index by 84.04 points and consumer durables index by 71.50 points.
On the other hand, the S&P BSE healthcare index was up by 47.93 points, metal index by 40.37 points and basic materials index by 29.77 points.
Major Sensex gainers on Thursday were: NTPC, up 1.79 per cent at Rs 170.80; Coal India, up 1.11 per cent at Rs 273; Mahindra and Mahindra, up 0.85 per cent at Rs 1,300; Reliance Industries, up 0.61 per cent at Rs 824.20; and Tata Motors (DVR), up 0.61 per cent at Rs 241.10.
Major Sensex losers were: Power Grid, down 1.99 per cent at Rs 204.85; ICICI Bank, down 1.54 per cent at Rs 271.75; Hero MotoCorp, down 0.97 per cent at Rs 3,757.20; Bajaj Auto, down 0.94 per cent at Rs 3,139.80; and Axis Bank, down 0.82 per cent at Rs 501.15.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Broadly negative global cues along with profit booking in metals, consumer durables and healthcare stocks and huge outflow of foreign funds led the key Indian equity indices to close on a flat-to-negative note on Tuesday.
According to market observers, investors were cautious ahead of the two-day US Federal Reserve meeting slated for later in the evening (India time).
The wider Nifty50 of the National Stock Exchange (NSE) touched a fresh high of 10,178.95 points during intra-day trade, but failed to sustain that level and closed at 10,147.55 points — marginally lower by 5.55 points or 0.05 per cent — from its previous session’s close.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,402.37 points — down 21.39 points, or 0.07 per cent, from its previous close, touching a high of 32,524.11 points and a low of 32,358.63 during intra-day trade.
The BSE market breadth was bearish with 1,309 declines and 1,297 advances.
In contrast, the broader market indices outperformed the Sensex, with the S&P BSE mid-cap index rising by 0.13 per cent and the small-cap index by 0.36 per cent.
“Markets ended marginally lower on Tuesday after a range bound session. Today’s losses came after the breakout seen yesterday indicating that the markets have taken a breather,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have ended on a mixed note. European indices like FTSE 100 and CAC 40 traded higher,” he added.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market traded on a flat note as investors are turning more cautious on account of Fed policy meeting. Also, the concern on valuation and lack of supportive cues to outpace the resistance influenced investors to book some profit.”
During the day, the Indian rupee weakened by 19-20 paise to 64.33 against the US dollar from its previous close at 64.13-14.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 1,719.62 crore while domestic institutional investors (DIIs) divested stocks worth Rs 77.68 crore.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the Nifty hit a record high on Tuesday before erasing gains to trade slightly lower, dragged down by market heavyweights such as ITC.
“Broader sentiment was also cautious with investors awaiting the Federal Reserve’s policy statement this week for fresh hints on the possible pace and timing of further US monetary tightening,” Desai told IANS.
Sector-wise, the S&P BSE metals automobile index fell by 81.10 points, capital goods index by 71.14 points and consumer durables index by 58.81 points.
On the other hand, the S&P BSE oil and gas index surged by 175.67 points, automobile index by 151.97 points and banking index was up 36.94 points.
Major Sensex gainers on Tuesday were: Tata Motors, up 4.58 per cent at Rs 423.90; Tata Motors (DVR), up 3.22 per cent at Rs 240.65; Kotak Bank, up 1.63 per cent at Rs 1,035.50; Cipla, up 0.61 per cent at Rs 573.50; and ICICI Bank, up 0.60 per cent at Rs 294.35.
Major Sensex losers were: Coal India, down 2.49 per cent at Rs 258.20; HDFC, down 1.02 per cent at Rs 1,752.85; Larsen and Toubro, down 0.92 per cent at Rs 1,226.40; State Bank of India, down 0.87 per cent at Rs 267.80; and Sun Pharma, down 0.84 per cent at Rs 516.60.
—IANS
