by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Expected improvement in India’s economic-macros due to falling crude oil prices aided the Indian equity market indices to advance for a second straight session on Tuesday.
Additionally, inflows of foreign funds which boosted the domestic currency gave further upside to the market trajectory.
However, during the intra-day session, market indices remained range bound but bounced-back sharply during the late trade hours.
Consequently, the S&P BSE Sensex settled up 159.06 points or 0.45 per cent at 35,513.14 points, from its previous close of 35,354.08 points.
It touched an intra-day high of 35,555.16 and a low of 35,262.97.
Similarly, the NSE Nifty 50 made gains. It rose 57 points or 0.54 per cent to end the day’s trade at 10,685.60.
“Market smartly recovered from day’s low amid global trade tensions ahead of G20 meet this week and mixed Asian peers,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Risk element on inflation is subsiding with rise in oil production, strong rupee and drop in yield, CPI inflation is expected to be under the control range. IT outperformed due to favourable valuation while ease in liquidity concern on PSU banks supported the sentiment.”
In contrast, the overall market breadth on the BSE was negative, with 1,222 stocks advancing and 1,350 declining.
“While markets traded in the positive zone, investors were a bit cautious ahead of the expiry of futures and options (F&O) contracts on Thursday (November 29) and the release of India’s gross domestic product data for the September quarter on Friday (November 30),” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
Sector-wise, while the healthcare, metals and media indices closed in the red, sharp gains were seen in the PSU bank and information technology indices.
The Nifty PSU Bank index gained 1.15 per cent after the Centre on Monday announced it would pump Rs 42,000 crore into the debt-laden banks by March.
Currently, 11 of the 21 state-run banks are under the central bank’s Prompt Corrective Action (PCA) framework, restricting their ability to lend and expand branches. The move is expected to provide them a leeway out of the PCA framework.
In terms of crude oil, prices remained subdued at $60.24 per barrel at the time markets closed here, while the Indian rupee ended at Rs 70.76 per US dollar from its previous close of 70.87.
On investments, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 811.52 crore on Tuesday while the domestic institutional investors bought shares worth Rs 31.21 crore.
“Technically, with the Nifty rallying higher and breaking out of the recent trading range, the bulls seem to be in control,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“Further upsides are likely once the immediate resistances of 10,695 points are taken out. Crucial supports to watch for any weakness are at 10,596 points.”
Top gainers on the Sensex were Infosys, up 2.53 per cent at Rs 637; Tata Consultancy Services, up 2.29 per cent at Rs 1,888.35; Reliance Industries, up 1.61 per cent at Rs 1,127.50; IndusInd Bank, up 1.29 per cent at Rs 1,584.45 and Maruti Suzuki, up 1.27 per cent at Rs 7,629.60.
The laggards were Sun Pharma, down 3.34 per cent at Rs 493.60; HeroMoto Corp, down 3.10 per cent at Rs 2,967.20; Yes Bank, down 2.55 per cent at Rs 183.15; Wipro, down 2.18 per cent at Rs 311.90, and Bajaj Auto, down 2.01 per cent at Rs 2,598.60 per share.
—IANS
by admin | May 25, 2021 | Economy, Finance, Markets, News
By Rituraj Baruah,
Mumbai : Firm global cues lifted the Indian equity market for the sixth consecutive week as both the key indices — S&P BSE Sensex and the NSE Nifty50 — rose by over one per cent during the August 27-31 period.
Accordingly, the BSE Sensex hit an all time high of 38,989.65 points and the NSE Nifty50 touched a record level of 11,760.20 points. Both, Sensex and Nifty also set new respective closing highs of 38,896.63 points and 11,738.50 points during the week.
Global investor sentiments firmed up earlier in the week as US and Mexico reached an agreement on revising the North American Free Trade Agreement enforced since 1994.
The global development strengthened sentiments as trade-war concerns have off-late heightened investment risk across the globe, analysts told IANS.
The indices, however were subdued in the later part of the week as the Indian rupee slumped to unprecedented low levels against the US dollar and the fears over US-China trade war flared.
On a weekly basis, the S&P BSE Sensex closed at 38,645.07 points, higher 393.27 points or 1.03 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange on Friday ended at 11,680.50 points, higher 123.40 points or 1.07 per cent from the previous week’s close.
“Benchmark indices gained for the sixth week in a row on favourable global cues,” said Rahul Sharma, Senior Research Analyst at Equity99.
Sharma, however added renewed US-China trade war concern capped gains.
According to Hem Securities’ Director Prateek Jain, US-China tariff war hurt the emerging markets and also pushed the rupee to an all-time low.
The Indian rupee touched a new low of 71 per dollar on Friday. It settled at 70.99-71 per greenback, around Rs 1.09 weaker than the previous week’s close of 69.91 per dollar.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 579.20 crore and the domestic institutional investors bought stocks worth Rs 605.27 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 46.36 crore, or $6.47 million in the equities segment during August 27-31.
Sector-wise, metal, IT and pharma stocks were the top gainers while the major losers were media and energy stocks, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Power Grid (up 5.11 per cent at Rs 200.60), Tata Steel (up 4.55 per cent at Rs 601.65), Tata Motors (up 4.50 per cent at Rs 267.10), Infosys (up 4.35 per cent at Rs 1,440) and Bharti Airtel (up 4.03 per cent at Rs 383.35 per share).
The major losers were Yes Bank (down 8.34 per cent at Rs 343.40), Reliance Industries (down 2.90 per cent at Rs 1,240.95), Asian Paints (down 1.54 per cent at Rs 1,240.95), Coal India (down 1.48 per cent at Rs 286.10) and IndusInd Bank (down 1.21 per cent at Rs 1,903.85 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—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 | Economy, Markets, News
Mumbai : Healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks, led the key Indian equity indices to extend their gains for the seventh consecutive session on Friday.
Market observers said some gains were capped on the back of a sell-off during the late-afternoon trade session.
“Equity markets continued to go green for the seventh straight session, its longest winning streak since November 2017,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 41.50 points or 0.40 per cent to 10,458.65 points.
The barometer 30-scrip Sensex of the BSE closed at 34,192.65 points — up 91.52 points or 0.27 per cent from its previous session’s close.
However, the BSE market breadth remained bearish with 1,434 declines and 1,291 advances.
In the broader markets, the S&P BSE mid-cap index edged higher by 0.46 per cent and the small cap index by 0.26 per cent.
“Markets moved up further on Friday as the Nifty ended with gains for the seventh consecutive session. A sell-off from the highs in the afternoon session curbed the gains for the day,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a mixed note. European indices like DAX and CAC 40 traded in the green,” he said.
Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund, said: “Indian markets opened the day on a buoyant note in response to positive macro-economic data released in India after trading hours, yesterday (Thursday).”
“However, bouts of volatility plagued the markets and kept any large gains at bay. Both the benchmark Sensex and the Nifty finally closed the day with marginal gains,” he added.
Official data released post market hours on Thursday showed that India’s March retail inflation eased to 4.28 per cent, while factory production growth slowed marginally in February to 7.1 per cent.
On Friday, the Indian rupee strengthened by five paise to 65.21 against the US dollar from its previous close at 65.26.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 399.59 crore, while the domestic institutional investors purchased stocks worth Rs 306.05 crore.
Sectorwise, the S&P BSE metal index rose by 139.57 points, followed by healthcare index by 75.98 points and IT index by 64.22 points.
On the other hand, the S&P BSE capital goods index fell by 64.02 points, oil and gas index by 37.04 points and FMCG index by 31.87 points.
Major Sensex gainers on Friday were: Adani Ports, up 2.66 per cent at Rs 381.95; Wipro, up 2.28 per cent at Rs 293.35; Coal India, up 1.57 per cent at Rs 285.35; Kotak Bank, up 1.52 per cent at Rs 1,148.50; and Dr. Reddy’s Lab, up 1.37 per cent at Rs 2,087.
The Sensex losers were: State Bank of India, down 1.22 per cent at Rs 251.20; Axis Bank, down 1.17 per cent at Rs 541.90; Yes Bank, down 0.66 per cent at Rs 309.40; Maruti Suzuki, down 0.65 per cent at Rs 9,138.45; and Bharti Airtel, down 0.61 per cent at Rs 377.80.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Breaking a four-day losing streak, key Indian equity indices on Monday closed in the green with marginal gains as investors traded with caution ahead of the Reserve Bank of India’s (RBI) two-day policy review meet starting Tuesday.
According to market observers, a surge in stocks of IT major Infosys kept market sentiments buoyed. However, profit booking in banking and auto stocks capped gains.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) inched up 5.95 points or 0.06 per cent to 10,127.75 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,869.72 points — up 36.78 points or 0.11 per cent — from Friday’s close.
The BSE market breadth was bearish — 1,604 declines and 1,088 advances.
“Indian markets ended flat in trade. Focus now shifts to RBI’s monetary policy meeting after the upbeat GDP (gross domestic product) numbers for the September quarter failed to cheer investors. The central bank’s two-day policy meet is scheduled to begin on Tuesday,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
According to Deepak Jasani, Head, Retail Research, HDFC Securities, markets ended with marginal gains on Monday after four consecutive sessions of losses.
“Broad market indices like the BSE mid-cap and small-cap indices ended with bigger losses, thereby underperforming the main indices,” Jasani told IANS.
“Technically, while the Nifty has bounced back marginally, the index remains in a short term downtrend,” Jasani added.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.09 per cent and the small-cap index by 0.52 per cent.
On the currency front, the rupee strengthened by 9-10 paise to close at 64.37-38 against the US dollar from its last week’s close at 64.47.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 333.59 crore, while domestic institutional investors bought stocks worth Rs 776.18 crore.
Sector-wise, the S&P BSE IT index gained by 145.14 points, metal index by 68.85 points and Teck (technology, media and entertainment) index by 64.81 points.
On the other hand, the S&P BSE banking index declined by 85.91 points, auto index by 53.20 points and energy index by 22.29 points.
Major Sensex gainers on Monday were: Infosys, up 2.80 per cent at Rs 985.30; Hindustan Unilever, up 1.37 per cent at Rs 1,269.50; HDFC, up 1.25 per cent at Rs 1,680; Tata Motors, up 1.06 per cent at Rs 403.40; and Tata Steel, up 1.03 per cent at Rs 687.70.
Major Sensex losers were: Coal India, down 2.09 per cent at Rs 266.55; Maruti Suzuki, down 1.10 per cent at Rs 8,512.90; Asian Paints, down 1.02 per cent at Rs 1,124.50; Sun Pharma, down 0.95 per cent at Rs 520.95; and Reliance Industries, down 0.92 per cent at Rs 901.50.
—IANS
