by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Easing inflation data along with braodly positive global cues lifted the key Indian equity indices during the week with the NSE Nifty50 ending at a record closing level on Friday.
India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a high of 5.77 per cent in June, official data showed on Tuesday. The retail inflation for July released on Monday stood at 4.17 per cent, down from 4.92 per cent in June.
However, a slump in the Indian rupee tracking weakness in its global peers and a wider trade deficit limited the gains on the equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher by 78.65 points or 0.21 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at a record closing high of 11,470.75 points, higher by 41.25 points or 0.36 per cent from the previous week’s close.
Market breadth was negative in three out of the four trading sessions of the week, analyst said.
Markets extended winning streak for the third consecutive week as the Index of Industrial Production and Consumer Price Index data gave boost to the market, said Rahul Sharma, Senior Research Analyst at Equity99.
According to Hem Securities’ Director, Prateek Jain, “Traders and investors saw modest losses due to Turkish concerns in the beginning of the week. But, towards the fag end of the week, markets reflected recovery.”
On the currency front, the rupee settled at its lowest closing level of 70.16 on Thursday, weakened by 1.33 paise from its previous week’s close of 68.83 per greenback.
The rupee on Thursday also touched an all time low of 70.39-40 per dollar. Globally, currencies depreciated against the greenback for most part of the week following a plunge in the Turkish “Lira”. Forex trade in India was shut on Friday on account of Parsi New Year.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,028.47 crore, while the domestic institutional investors both stocks worth Rs 893.43 crore in the past week.
Figures from the National Securities Depository (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 159.66 crore, or $24.67 million, in the equities segment during August 13-16.
Sector-wise, pharma, IT, FMCG and realty gained, while media, PSU, infrastructure, financial services and metals fell, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Sun Pharma (up 9.22 per cent at Rs 623.30); ITC (up 3.94 per cent at Rs 313.75); Infosys (up 3.70 per cent at Rs 1,431.35); Yes Bank (up 3.07 per cent at Rs 392.95); and Mahindra and Mahindra (up 2.97 per cent at Rs 961 per share).
The major losers were Vedanta (down 6.72 per cent at Rs 215); Tata Motors (DVR) (down 5.06 per cent at Rs 136); HDFC (down 4.75 per cent at Rs 1,883.60); SBI (down 4.57 per cent at Rs 302.00); and Larsen and Toubro (down 3.58 per cent at Rs 1,240.30 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
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
SEBy Rituraj Baruah,
Mumbai : Broadly positive global cues, along with healthy macro-economic data and better-than-expected quarterly earnings, lifted the key Indian equity indices during the week ended Friday.
Analysts pointed out that key macro data of Nikkei India Services Business Activity Index, which showed an exponential rise along with predictions of a revival in monsoon and healthy automobile sales, aided both S&P BSE Sensex and NSE Nifty50 to maintain their upward trajectory.
However, the weekly gains were limited as investor sentiments got eroded after the Reserve Bank of India (RBI) hiked its key lending rates.
On a weekly basis, the BSE Sensex closed at 37,556.16 points, up 219.31 points or 0.59 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,360.80 points, higher 82.45 points or 0.73 per cent from its previous week’s close.
Market breadth was positive in all the five trading sessions of the week, analysts said.
“Traders and investors seem impressed by the healthy start to the earnings season and easing crude oil prices,” said Prateek Jain, Director, Hem Securities.
Equity99’s Senior Research Analyst, Rahul Sharma said: “Sustained buying in key index stocks helped the markets to settle higher despite tepid global cues and RBI’s rate hike decision.”
“Buying followed on data showing that Indian service sector has remained in expansion territory for the second consecutive month in July.”
On the currency front, the rupee closed at 68.61 on Friday, strengthening by five paise from its previous week’s close of 68.66 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 403.51 crore, while the domestic institutional investors sold Rs 1,057.84-crore stocks in the past week.
Figures from the National Securities Depository (NSDL) suggested that foreign portfolio investors (FPIs) invested Rs 962.41 crore, or $139.80 million, in the equities segment during the week ended August 3.
Sector-wise, top gainers were pharma, public sector banks, energy and metals indices, while auto index was the major loser, said Deepak Jasani, Head – Retail Research at HDFC Securities.
The top weekly Sensex gainers were Coal India (up 6.32 per cent at Rs 278.50); Hindustan Unilever (up 6.15 per cent at Rs 1,759.45); Power Grid (up 5.57 per cent at Rs 189.60); Sun Pharma (up 5.01 per cent at Rs 584.85); and State Bank of India (up 4.19 per cent at Rs 298.60 per share).
The major losers were Tata Motors (DVR) (down 4.33 per cent at Rs 142.65); HDFC Bank (down 3.74 per cent at Rs 2,121); HDFC (down 3.43 per cent at Rs 1,974.35); Tata Motors (down 3.34 per cent at Rs 258.75); and Larsen and Toubro (down 1.53 per cent at Rs 1,291.35 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : With healthy quarterly earnings, tax-rate cuts on over 50 consumer items, domestic investor sentiments firmed up in the week ended Friday making the equity indices set new records and benchmarks every other day.
On Friday, both the S&P BSE Sensex and NSE Nifty50 settled at their respective highest closing levels of 37,336.85 points and 11,278.35 points after touching intra-day records of 37,368.62 points and 11,283.40 points earlier in the day.
According to market observers, appreciation in the Indian rupee and progress in the southwest monsoon rains also added to the enthusiasm in the market.
On a weekly basis, Sensex closed at 37,336.85 points — up 840.48 points or 2.30 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,278.35 points, higher by 268.15 points or 2.44 per cent — from its previous week’s close.
Market breadth was positive in all the five trading sessions of the week, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
“Traders and investors were happy about a good start to the earnings session and GST tax rate cuts,” said Prateek Jain, Director of Hem Securities.
Kotak Mutual Fund’s Senior Vice President and Head of Equity Research, Shibani Kurian said the investor sentiments were also boosted by the reduction in tax rates of many consumer items from 28 per cent to 18 per cent.
The GST (Goods and Services Tax) council on July 21 in its 28th meeting decided to lower tax rates on several consumer items.
The progress of the South-West monsoons picked up pace, which further improved the sentiments, Kurian told IANS.
On the currency front, the rupee closed at 68.66 on Friday, strengthening by 19 paise from its previous week’s close of 68.85 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 2,539.58 crore, while the domestic institutional investors sold stocks worth Rs 1,573.68 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested Rs 3,154.23 crore, or $459.02 million from the equities segment on stock exchanges during the week ended on July 27.
Sector-wise, top gainers were public sector banks, metals, FMCG and realty indices while the IT index was the only loser during the week, Jasani told IANS.
The top weekly Sensex gainers were ITC (up 10.51 per cent at Rs 302.20); ICICI Bank (up 10.26 per cent at Rs 293.30); State Bank of India (up 9.83 per cent at Rs 286.60); Tata Steel (up 9.14 per cent at Rs 549.45); and Vedanta (up 8.49 per cent at Rs 219.80 per share).
The major losers were Bajaj Auto (down 5.74 per cent at Rs 2,678.05); Hero MotoCorp (down 5.32 per cent at Rs 3,193.80); Yes Bank (down 4.33 per cent at Rs 369.90); Wipro (down 3.02 per cent at Rs 274.50); and Tata Consultancy Services (down 2.65 per cent at Rs 1,943.10 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Weak global cues, along with higher inflation and a no-trust vote in Parliament, subdued the key Indian indices in the week-ended Friday.
Weakening of the Indian rupee to fresh lows during the week also eroded investor sentiments in the Indian equity market, analysts said.
However, the Indian currency recovered and appreciated on Friday, thereby lifting the indices on a daily basis and restricting further decline in the equity market compared to the previous week’s close.
Significantly, on Wednesday the benchmark BSE Sensex hit a fresh record high of 36,747.87 points, but could not hold on to the gains.
On a weekly basis, Sensex closed at 36,496.37 points — down 45.26 points or 0.12 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,010.20 points, down just 8.7 points or 0.08 per cent — from its previous week’s close.
The market breadth was negative in four out of the five trading sessions of the week, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
“Weak global cues and the no-confidence motion in the monsoon session of Parliament dented the sentiment across the street,” said Parteek Jain, Director of Hem Securities.
Moreover, ahead of the F&O expiry in the coming week, traders were seen squaring off their positions, Jain added.
Rahul Sharma, Senior Research Analyst at Equity99 noted: “Stock-specific action continued as sentiment was partially hit after index heavy-weight like Bajaj Auto and Kotak Mahindra Bank missed market expectations.”
The no-confidence motion vote had a limited impact on market sentiments as the ruling party was sure of its majority in Parliament, he said.
Earlier in the week, the rise in the wholesale inflation rate for June depressed the equity indices.
The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to data released on Monday.
On the currency front, the rupee closed at 68.85 on Friday, strengthening by just 3 paise from its previous week’s close of 68.88 per greenback.
On Thursday, the rupee touched a fresh closing low of 69.05 per dollar. Minutes into the trade on Friday, it hit an all-time low of 69.12 against the greenback but eventually bounced back sharply and helped end the currency trade with appreciation on a weekly basis.
According to Jasani: “Strengthening US dollar, weakening Chinese yuan, domestic political uncertainty, buoyant crude prices and capital outflows have all resulted in pressurizing the rupee lately.”
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,209.41 crore, while the domestic institutional investors purchased stocks worth Rs 1,300.06 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 888.70 crore, or $129.80 million from the equities segment on stock exchanges during the week ended on July 20.
Sector-wise the major gainers in the week were energy, public sector banks and IT, while metals, realty, pharma and auto were among the major losers, HDFC Securities’ Jasani told IANS.
The top weekly Sensex gainers were Infosys (up 3 per cent at Rs 1,348.35); Reliance Industries (up 2.90 per cent at Rs 1,128.55); Yes Bank (up 2.72 per cent at Rs 386.65); ONGC (up 2.10 per cent at Rs 157.85); and Asian Paints (up 2.08 per cent at Rs 1,396.90 per share).
The major losers were Tata Steel (down 9.80 per cent at Rs 503.45); Bajaj Auto (down 9.35 per cent at Rs 2,841.10); Tata Motors (DVR) (down 6.32 per cent at Rs 140.80); Kotak Mahindra Bank (down 5.08 per cent at Rs 1,333.45); and Hindustan Unilever (down 4.88 per cent at Rs 1,656.20 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
