by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices — the NSE Nifty50 and the BSE Sensex — traded on a flat note during the mid-afternoon session on Thursday on the back of broadly positive Asian markets and healthy buying in automobile, metal and healthcare stocks.
Around 12 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) was up 12.25 points, or 0.12 per cent, to trade at 9,928.45 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,738.74 points, traded at 31,677.34 points — up 15.37 points, or 0.05 per cent, from its previous close at 31,661.97 points.
The Sensex has so far touched a high of 31,814.96 points and a low of 31,666.70 points during intra-day trade.
The BSE market breadth was bullish with 1,421 advances and 878 declines.
“The markets opened higher taking lead from Asian markets and Wall Street after US President Donald Trump and congressional leaders agreed to raise the government debt limit until December, eliminating the risk of a government shutdown for now,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“The Indian rupee strengthened marginally against the US dollar. The shares of Coal India, Adani Ports, ICICI Bank rose, whereas the shares of NTPC and HDFC Bank fell.”
On Wednesday, the benchmark indices were pulled lower by negative global cues, coupled with heavy selling pressure in index heavyweights like Sun Pharma and ITC and substantial outflow of foreign funds.
The Nifty50 fell by 36 points, or 0.36 per cent, to close at 9,916.20 points, while the Sensex closed at 31,661.97 points — down 147.58 points, or 0.46 per cent.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Negative Asian markets on the back of escalating geo-political tensions and heavy selling pressure in banking and auto stocks dragged key Indian equity indices — the NSE Nifty50 and the BSE Sensex — lower by almost one per cent each during the mid-afternoon trade session on Monday.
Around 12.40 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) fell by 79.60 points, or 0.80 per cent, to trade at 9,894.80 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,932.20 points, traded at 31,658.18 points — down 234.05 points or 0.73 per cent from its previous close at 31,892.23 points.
The Sensex has so far touched a high of 31,932.20 points and a low of 31,560.32 points
The BSE market breadth was bearish with 1,724 declines and 725 advances.
“Indian equity benchmark indices edged lower in opening deals led by losses in pharma heavyweights Lupin, Sun Pharma and Dr. Reddy’s Labs,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Markets are back in the grip of a bear hug after North Korea’s nuclear bomb test on Sunday fanned the flames of geopolitical tensions. Stocks across Asia tumbled as investors rushed to safe haven assets,” he added.
On Friday, the benchmark indices closed on a higher note on hopes of a policy rate cut by the Reserve Bank of India (RBI) and broadly positive global cues.
The Nifty50 rose by 56.50 points, or 0.57 per cent, to close at 9,974.40 points, while the Sensex closed at 31,892.23 points — up 161.74 points or 0.51 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices — the NSE Nifty50 and the BSE Sensex – traded on a flat-to-positive note during the mid-afternoon session on Thursday as investors remained cautious on the day of derivatives expiry.
According to market observers, a weak rupee and broadly negative global cues, too, capped gains.
However, healthy buying witnessed in consumer durables and oil and gas stocks kept the sentiments afloat.
Around 12.45 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) traded at 9,893.90 points — up 9.50 points or 0.10 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,685.44 points, traded at 31,659.36 points — up 12.90 points or 0.04 per cent from its previous close at 31,646.46 points.
The Sensex has so far touched a high of 31,722.41 points and a low of 31,551.85 points during the intra-day trade.
The BSE market breadth was bullish with 1,170 advances and 765 declines.
“The BSE Sensex opened lower on Monday against the previous session’s closing. The broader NSE’s Nifty, too, fell in the morning hours. The Indian rupee opened weaker against the US dollar,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Shares of Wipro and Reliance rose, whereas the shares of NTPC and Sun Pharma fell. Reliance Industries gained 1 per cent after the company said it will make an offer for issuing non convertible debentures (NCDs) worth Rs 2,500 crore next week.”
On Wednesday, the benchmark indices surged on the back of positive global cues and healthy buying in metal, oil and gas, and banking stocks.
The Nifty50 closed at 9,884.40 points — up 88.35 points or 0.90 per cent, while the Sensex closed at 31,646.46 points — up 258.07 points or 0.82 per cent.
—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
by admin | May 25, 2021 | Business
Bombay Stock Exchange
Mumbai:(IANS) Despite official forecasts of a decent growth of the Indian economy during the current fiscal year, key stock market indices continued to lose ground on Tuesday, in line with global cues, amid extended holidays in most Asian markets for the lunar New Year.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened significantly lower at 24,076.85 points, as against the previous day’s close at 24,287.42 points. Around an hour into trading, it was quoting at 24,021.06 points, down 266.36 points, or 1.10 percent.
At the National Stock Exchange (NSE), the broader 50-share Nifty was quoting at 7,312.45 points, down 74.80 points, or 1.01 percent. Thirty of the Nifty shares were trading in the red.
On Monday, the Sensex had shed 329.55 points, or 1.34 percent, while the Nifty was down 102 points, or 1.36 percent. The market breadth at the BSE was marked by bearish trend, with 1,491 declines against 1,193 advances.
Elsewhere, too, the sentiments were subdued. On Tuesday, the main Japanese index, Nikkei, was down 5 percent.
“Shares on the Wall Street closed lower on Monday, following a volatile session for the European stock markets,” Angel Broking said in a statement ahead of the opening bell for Indian bourses.
“Investors remained nervous about slowing global growth, uncertainty about US interest rates and further falls in oil prices. European equities extended the previous week’s steep losses, with cyclical sectors losing ground,” the brokerage said.
“Indian markets were trading flat for most part the day. Last hour of trade, however, saw a sharp nosedive tracking a sell-off in the European markets.”
