by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Supportive global cues and a healthy start to the earnings season lifted the key Indian equity indices over 2 per cent in the week ended Friday, with the BSE Sensex setting fresh benchmarks and the NSE Nifty50 closing over the 11,000-mark.
On Thursday, the barometer 30-scrip Sensex touched a record high of 36,699.53 points, only to surpass the level the very next day and set a fresh all-time high of 36,740.07 points.
It had also set a new closing high of 36,548.41 points on Thursday.
Globally, investors’ sentiments were strengthened after reports on Wednesday said China and the US may hold talks to resolve the ongoing trade tensions. Easing crude oil prices was also welcomed by the markets.
However, in the domestic market, weak macro-economic data released on Thursday trimmed the gains.
Index-wise, the wider Nifty50 of the National Stock Exchange closed the week’s trade at 11,018.90 points — up 246.25 points or 2.29 per cent — from its previous week’s close.
The Sensex on BSE rose by 883.77 points or 2.48 per cent to close at 36,541.63 points on a weekly basis.
Market breadth, however, was negative in three out of the five trading sessions of the week, said Deepak Jasani, head of Retail Research at HDFC Securities.
Prateek Jain, Director of Hem Securities said: “Traders and investors seem impressed by the healthy start to the earnings season and easing crude oil prices. But towards the fag end of the week, profit-booking set on concerns of macro indicators.”
Retail inflation grew 5 per cent in June to a five-month high while industrial production slowed down to 3.2 per cent in May on weak manufacturing sector output, Jain said.
According to Equity99’s Senior Research Analyst, Rahul Sharma: “The stock-specific action continued last week with IT major TCS (Tata Consultancy Services) beating market estimates, while IndusInd Bank was in line (with expectation).”
On the currency front, rupee closed at 68.53, strengthening by 35 paise from its previous week’s close of 68.88 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,801.65 crore, while the domestic institutional investors purchased stocks worth Rs 2,288.08 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 1,540.59 crore, or $224.27 million from the equities segment on stock exchanges during the week ended on July 13.
Sector-wise, oil and gas, IT and capital goods ended on a positive note, while metals and auto were among the major losers, Jasani told IANS.
Scrip-wise, Reliance Industries gained the most on the Sensex and in a major development its market capitalisation (m-cap) crossed the $100 billion mark this week.
On Friday, the m-cap of the company at closing was Rs 694,944.56 crore or $101.40 billion.
The top weekly Sensex gainers were Reliance Industries (up 12.31 per cent at Rs 1,096.75); Yes Bank (up 6.81 per cent at Rs 376.40); Wipro (up 6.73 per cent at Rs 280.70); Hindustan Unilever (up 3.70 per cent at Rs 1,741.15); and Bajaj Auto (up 3.66 per cent at Rs 3,134 per share).
The major losers were Hero MotoCorp (down 4.84 per cent at Rs 3,460.60); Tata Motors (DVR) (down 4.18 per cent at Rs 150.30); Vedanta (down 4.05 per cent at Rs 210.60); Tata Motors (down 2.58 per cent at Rs 264.15); and IndusInd Bank (down 1.81 per cent at Rs 1,923.45 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 : Growth in the manufacturing sector and a hike in the minimum support prices of Kharif crops supported investor sentiments and lifted the key equity indices in the week ended Friday.
However, escalation in the trade war tensions between the US and China limited the gains on the domestic indices.
Providing a major support to the market, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), rose to 53.1 in June from 51.2 in May, registering the fastest improvement since December 2017. The data was released on Monday.
Index-wise, the wider Nifty50 of the National Stock Exchange closed the week’s trade at 10,772.65 points — up 58.35 points or 0.54 per cent — from its previous close.
The barometer 30-scrip Sensex of the BSE rose by 234.38 points or 0.66 per cent to close at 35,657.86 points on a weekly basis.
The market breadth was negative in three out of the five trading sessions of the week, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Prateek Jain, Director, Hem Securities said: “Benchmark indices logged modest gains last week as India’s manufacturing conditions improved in June 2018 at the strongest pace since December 2017 boosted sentiment.”
According to Equity99’s Senior Research Analyst, Rahul Sharma: “Auto and consumer stocks were in demand throughout the week after the Union Cabinet approved a hike in minimum support prices for Kharif crops by 1.5 times of the input cost for the 2018-19 season. This is likely to have a positive effect on the overall economy.”
Jain, however added, gains were capped by the escalating trade war between the US and China.
Further, he said, the Indian rupee weakened during the week to touch a fresh closing low of 68.95 on Thursday, amid fears over a slowdown in the economy which affected the trading sentiments.
On a weekly basis, rupee closed at 68.88, weaker by 41 paise from its previous week’s close of 68.47 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,455.44 crore, while the domestic institutional investors purchased stocks worth Rs 2,073.70 crore during the July 3-6 period.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 2,737.04 crore, or $398.62 million from the equities segment on stock exchanges during the week ended on July 6.
Sector-wise, auto and FMCG were the major gainers and those ending in the negative include metals, infrastructure and realty, Jasani told IANS.
The top weekly Sensex gainers were Bajaj Auto (up 7.55 per cent at Rs 3,023.35); Maruti Suzuki (up 5.48 per cent at Rs 9,304.80); Hero MotoCorp (up 4.74 per cent at Rs 3,636.70); Asian Paints (up 4.64 per cent at Rs 1322.80); and Yes Bank (up 3.77 per cent at Rs 352.40 per share).
The major losers were Vedanta (down 6.89 per cent at Rs 219.50); NTPC (down 5.77 per cent at Rs 150.25); Bharti Airtel (down 5.03 per cent at Rs 361.85); Power Grid (down 2.89 per cent at Rs 181.25); and Tata Steel (down 2.41 per cent at Rs 554.15 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Rituraj Baruah,
Mumbai : The Reserve Bank of India’s (RBI) decision to hike the repo rate by 25 basis points boosted the investor sentiments, which in turn lifted the key equity indices during the week ended on Friday.
Weak global cues and depreciation in the rupee, however, weighed on the indices and limited the gains during the week.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 216.41 points or 0.61 per cent to close at 35,443.67 points on a weekly basis.
The wider Nifty50 of the NSE closed the week’s trade at 10,767.65 points — up 71.45 points or 0.67 per cent — from its previous close.
“Market sentiments got a boost as RBI retained its neutral policy stance raising hopes that probably there would be no more rate hikes in the near future,” said Rahul Sharma, Senior Research Analyst at Equity99.
Hem Securities’ Director, Prateek Jain said: “This was a week of two halves for the market. The first saw the market falling in anticipation of a rate hike by the central bank.”
“But when the RBI announced a rate hike markets shot up and recovered the losses. In fact, it closed 0.6 per cent higher than the previous week despite a 25 basis points hike announced by the central bank,” he added.
Following a cycle of rate cuts begun in January 2015, the RBI on Wednesday raised its key interest rate for the first time by 25 basis points to 6.25 per cent.
“The reverse repo rate under the liquidity adjustment facility (LAF) stands adjusted to 6 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.50 per cent,” the RBI had said.
Rupee meanwhile hit a one month low of 67.54 during the week due to an appreciation of the dollar against all major currency and outflows of funds from India, Jain said.
On Friday, the rupee closed at 67.51 against the US dollar depreciating by 45 paise from its previous week’s close of 67.06 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 1,367.22 crore, while the domestic institutional investors purchased stocks worth Rs 2,131.56 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested equities worth Rs 3,757.94 crore, or $560.40 million, in the week ended on June 8.
The top weekly Sensex gainers were Sun Pharma (up 9.38 per cent at Rs 528.20); Tata Motors (up 7.96 per cent at Rs 310.05); Tata Motors (DVR) (up 7.96 per cent at Rs 186.20); Tata Steel (up 6.99 per cent at Rs 599.50); and Dr Reddy’s Lab (up 6.26 per cent at Rs 2,062.90 per share).
The major losers were Power Grid (down 3.59 per cent at Rs 198.50); HDFC Bank (down 2.82 per cent at Rs 2,050.10); Larsen and Toubro (down 2.02 per cent at Rs 1,343.60); Adani Ports (down 1.98 per cent at Rs 379.50); and NTPC (down 1.64 per cent at Rs 161.55 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 : A healthy rise in the country’s GDP, along with predictions of a normal monsoon and easing crude oil prices fuelled a nearly one per cent rise in the key Indian equity indices during the just concluded trade week.
Accordingly, the two key indices — NSE Nifty50 and the S&P BSE Sensex — ended on a positive note for the second consecutive week.
However, geo-political tensions and resurgent concerns over a trade war between the US and China kept the global markets largely volatile and had a cascading impact on the domestic bourses.
Nonetheless, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 302.39 points or 0.87 per cent to close at 35,227.26 points on a weekly basis.
The wider Nifty50 of the NSE closed the week’s trade at 10,696.20 points — up 91.05 points or 0.86 per cent — from its previous close.
Despite the indices’ northward trajectory, market breadth was negative in four out of the five trading sessions of the week, analysts said.
“Markets ended the week building on with modest gains after a sharp bounce back from the lows of 10,417 towards the end of the previous week,” said Deepak Jasani, Head, Retail Research, HDFC Securities.
“It was thus the second consecutive week of gains for the Nifty after the sharp correction seen recently.”
Hem Securities’ Director Prateek Jain said: “Falling crude oil prices helped equity markets to gather steam in the later part of the week. Development in Italy and Euro zone caused a scare but thankfully it was resolved soon and the market resumed its rally higher.”
According to Jain, on the currency front, easing crude oil prices resulted in appreciation of the rupee.
The rupee strengthened by 72 paise to close at 67.06 against the US dollar from its previous week’s close of 67.78 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,707.41 crore, while the domestic institutional investors purchased stocks worth Rs 2,160.44 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 2,756.63 crore, or $405.08 million, in the week ended June 1.
Sector-wise, the top gainers were the auto, banking and energy stocks. The top losers were media, IT and realty indices, Jasani said.
The top weekly Sensex gainers were Coal India (up 6.56 per cent at Rs 294.15); Mahindra and Mahindra (up 5.16 per cent at Rs 901.55); HDFC Bank (up 4.87 per cent at Rs 2,109.55); Bajaj Auto (up 4.83 per cent at Rs 2,893.25); and Sun Pharma (up 3.50 per cent at Rs 482.90 per share).
The major losers were Tata Consultancy Services (down 3.48 per cent at Rs 1732.25); Power Grid (down 2.85 per cent at Rs 205.90); Tata Motors (down 2.38 per cent at Rs 287.20); ICICI Bank (down 2.36 per cent at Rs 289.50); and Wipro (down 1.70 per cent at Rs 260.45 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 : The key Indian equity indices settled with marginal gains in the week ended Friday after largely volatile trade throughout the week.
Value buying, a fall in global crude oil prices and appreciation in rupee on Friday led to a nearly one per cent rise in both the BSE and NSE on the week’s last trading day, which eventually lifted the indices on a week-on-week basis.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 76.57 points or 0.22 per cent to close at 34,924.87 points on a weekly basis.
The wider Nifty50 of the NSE closed the week’s trade at 10,605.15 points — up 8.75 points or 0.08 per cent — from its previous close.
“Markets ended the week with marginal gains after a sharp bounce back from the lows of 10,417 points (on Nifty) towards the end of the week. Buying by domestic institutions, stabilisation of rupee and crude prices helped the Nifty to make a sharp recovery. This week’s marginal gain came after the sharp fall seen last week,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Equity99’s Senior Research Analyst, Rahul Sharma said: “Volatility was high last week due to political developments in Karnataka. Also, weak global clues and high crude prices added to sentiments.”
“Markets last week ended flat, but (there was) extremely high volatility influenced by quarterly results, crude oil price movement and geopolitical news,” said Prateek Jain, Director of Hem Securities, adding that market observed a slump in the crude oil and dollar improved the frail macro indicators lighting a fire in the Nifty.
On the currency front, the rupee strengthened by 23 paise to close at 67.78 against the US dollar from its previous week’s close of 68.01 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,227.06 crore, while the domestic institutional investors purchased stocks worth Rs 4,364.93 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 2,988.86 crore, or $438.81 million, in the week ended May 25.
Sector-wise, PSU Banks, IT and pharmaceuticals gained the most, while realty, energy and FMCG lost the most, Jasani told IANS.
The top weekly Sensex gainers were: State Bank of India (up 11.62 per cent at Rs 267); Bharti Airtel (up 4.06 per cent at Rs 376.65); Infosys (up 3.81 per cent at Rs 1,228.80); Coal India (up 3.62 per cent at Rs 276.05); and ICICI Bank (up 3.53 per cent at Rs 296.50 per share).
The major losers were: ONGC (down 5.24 per cent at Rs 175.35); Tata Motors (DVR) (down 4.74 per cent at Rs 171.75); Tata Steel (down 4.11 per cent at Rs 567.20); ITC (down 3.62 per cent at Rs 271.95); and Tata Motors (down 3.62 per cent at Rs 294.20 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
