by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Healthy earnings in the fourth quarter of 2017-18 lifted the benchmark equity indices during the week ended Friday.
Indices logged gains in four of the five trading sessions as both — the S&P BSE Sensex and the NSE Nifty50 — settled at their highest closing levels in over three months.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 554.12 points or 1.61 per cent to close at 34,969.70 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,692.30 points — up 128.25 points or 1.21 per cent from its previous week’s close.
“Markets surged higher extending winning streak to fifth consecutive week on positive sentiment…,” said Prateek Jain, Director, Hem Securities.
“Good roll-over of long-position in the May Series of derivative contract, continuous buying by domestic institutional investors also boosted sentiment,” Jain told IANS.
Rahul Sharma, Senior Research Analyst at Equity99 said: “Better than expected quarterly earnings led the rally in the April series. Traders preferred to ignore major on-going concerns like rising crude oil prices, rising bond yields and weaker rupee.”
According to D.K. Aggarwal, Chairman and MD of SMC Investments and Advisors, the stock markets remained volatile amid corporate earnings and ahead of its expiry of April futures and options contracts.
“As expected, the European Central Bank left interest rates and its bond-buying program unchanged after a meeting Thursday. Keeping inflation target at close to two percent, Bank of Japan (BoJ) left monetary policy unchanged,” Aggarwal told IANS.
On the currency front, the rupee weakened by 54 paise to close at 66.67 against the dollar from its previous week’s close at 66.13.
Aggarwal further said: “Domestic currency continued to get hammered, and is headed for its third straight week of losses as outflows increase from stock market and bonds amid rising US yields.”
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,060.41 crore, while the domestic institutional investors purchased stocks worth Rs 2,649.61 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,028.83 crore, or $155.20 million, during April 23-27.
Sector-wise, on the benchmark indices, the top sectoral gainers for the week were banking, realty and pharmaceuticals, while the top losers for the week were infrastructure and oil and gas sectors, Deepak Jasani, Head, Retail Research, HDFC Securities told IANS.
Scrip-wise, Tata Consultancy Services (TCS) achieved a major landmark during the week as it become the first Indian listed techonology company to cross the $100-billion mark in terms of market capitalisation on Monday due to its robust quarterly earnings.
“It (TCS) also entered the list of top 100 global companies by market capitalisation,” Rahul Sharma said, adding that, “Reliance Industries was also seen heading towards the $100 billion market cap mark, as the stock rose over seven percent in the last five days.”
The top weekly Sensex gainers were: Yes Bank (up 12.97 per cent at Rs 348.45); Mahindra and Mahindra (up 7.61 per cent at Rs 861.45); Reliance Industries (up 7.19 per cent at Rs 994.75); Axis Bank (up 6.53 per cent at Rs 538.90); and Adani Ports (up 5.30 per cent at Rs 401.45).
The losers were: Wipro (down 7.71 per cent at Rs 275.35); Maruti Suzuki (down 2.87 per cent at Rs 8777.95); Tata Steel (down 2.75 per cent at Rs 589.65); Coal India (down 2.23 per cent at Rs 285.55); and NTPC (down 1.95 per cent at Rs 170.85).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah and Porisma P.Gogoi,
Mumbai : Forecast of normal monsoon rains, along with healthy earnings in the IT sector, lifted the Indian equity markets during the week ended Friday.
Besides, supportive global cues, coupled with expectations of healthy corporate earnings, led the two equity indices — the BSE Sensex and the NSE Nifty50 — to extend their rise for the fourth consecutive week.
However, higher crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks — triggered by a likely hawkish stand of the Reserve Bank of India (RBI) in its next monetary policy review — trimmed some gains of the benchmark indices, said market observers.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 222.93 points or 0.65 per cent to close at 34,415.58 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,564.05 points — up 83.45 points or 0.80 per cent from its previous week’s close.
“Markets extended their winning streak to the fourth consecutive week on strong earnings from TCS (Tata Consultancy Services), Mindtree and Cyient which posted a better than expected quarterly numbers,” Prateek Jain, Director, Hem Securities, told IANS.
“Sentiments also got a boost from postive global clues and IMD’s (India Meteorological Department) forecast that India is likely to receive a normal monsoon in 2018, which further boosted sentiments,” said Jain.
Rahul Sharma, Senior Research Analyst, Equity99, said: “Investors’ sentiment also got a boost after India’s annual WPI-based inflation eased to 2.47 per cent in March, helped by a fall in food prices.”
“Positive global stocks also supported buying,” Sharma told IANS.
Official data released during market hours on Monday showed that India’s Wholesale Price Index (WPI) inflation softened to 2.47 per cent in March from a rise of 2.48 per cent reported for February and acceleration of 5.11 per cent in the corresponding month of last year.
On the currency front, the rupee weakened by 92 paise to close at 66.13 against the dollar from its previous week’s close at 65.21.
“The Indian currency got hammered and sank to a 13-month low of 66.06 against the dollar (during the week) due to rapid surge in global crude oil prices and fiscal deficit worries,” D.K. Aggarwal, Chairman and MD of SMC Investments and Advisors, told IANS.
“The minutes of the last (previous) meeting of the Monetary Policy Committee (MPC) indicated the RBI may shift to a hawkish monetary stance in June. At present, market participants looked little worried that the commodity will continue appreciating to new highs, which would spell trouble for Indian markets,” Aggarwal added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,821.24 crore, while the domestic institutional investors purchased stocks worth Rs 2,124.16 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 3,096.62 crore, or $471.78 million, during April 16-20.
“The top sectoral gainers were IT, metal, fast moving consumer goods (FMCG) and realty indices and the major losers were PSU banks, energy and bank Nifty indices,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
On Friday, shares of IT bellwether Tata Consultancy Services (TCS) rose nearly seven per cent to touch a new high of Rs 3,414 per share, on the back of its robust earnings taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.
The top weekly Sensex gainers were: TCS (up 8.11 per cent at Rs 3,406.40); Bharti Airtel (up 6.07 per cent at Rs 400.75); ITC (up 5.81 per cent at Rs 275.95); Power Grid (up 4.94 per cent at Rs 207.30); and Hindustan Unilever (up 3.96 per cent at Rs 1,465.50).
The losers were: Axis Bank (down 6.65 per cent at Rs 505.85); Tata Motors (DVR) (down 5.84 per cent at Rs 190.95); Tata Motors (down 5.72 per cent at Rs 336.25); State Bank of India (down 3.90 per cent at Rs 241.40); and IndusInd Bank (down 2.42 per cent at Rs 1,814.00).
(Riuraj Baruah can be contacted at rituraj.b@ians.in and Porisma P.Gogoi at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Key Indian equity indices — the BSE Sensex and NSE Nifty50 — extended their gains for the third consecutive week as healthy macro-economic data, along with firm global cues on the back of fading trade war fears boosted investors’ sentiments.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE surged by 565.68 points or 1.68 per cent to close at 34,192.65 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,480.60 points — up 149 points or 1.44 per cent from its previous week’s close.
“Markets rallied further this week after consolidating in the early part of the week. It was the third consecutive week of gains for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The top sectoral gainers were IT, metal, Bank Nifty and energy indices. The top losers were PSU Banks, realty and pharma indices,” he added.
Prateek Jain, Director, Hem Securities, said: “Markets settled on a firm note last week as investors appeared confident in view of firm global cues. Stock markets across the globe rose after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row.”
“Escalating tensions over Syria were seen as a major contributor to weakness during the middle of the week. The Sensex and the Nifty advanced in all five trading sessions of the week,” Jain told IANS.
On the domestic front, healthy Consumer Price Index (CPI) and Index of Industrial Production (IIP) data added to the northward trajectory of the benchmark indices.
“The domestic market continued to trade higher and the Nifty managed to cross 10,500 levels in the week gone by amid global clues and healthy macro data,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
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 only marginally in February to 7.1 per cent.
“The fears of a trade war seem to have completely abated as of now,” Aggarwal said.
According to Aggarwal, the sentiments were further supported after securities market regulator Sebi decided to raise the investment limit for foreign portfolio investors (FPIs) in central government securities and corporate bonds in two tranches.
“Limit for FPIs in central government securities shall be enhanced to Rs 207,300 crore on April 12 and to Rs 223,300 crore on October 1, respectively and this is sure to boost inflows of foreign funds into Indian capital markets,” he added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,654.31 crore, while the domestic institutional investors purchased stocks worth Rs 815.06 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that FPIs divested equities worth Rs 1,178.98 crore, or $182.25 million, during April 9-13.
The top weekly Sensex gainers were: Axis Bank (up 8.23 per cent at Rs 541.90); Tata Consultancy Services (up 6.82 per cent at Rs 3,151); Coal India (up 3.59 per cent at Rs 285.35); Infosys (up 3.52 per cent at Rs 1,169); and Larsen and Toubro (up 3.37 per cent at Rs 1,355.30).
The losers were: State Bank of India (down 3.31 per cent at Rs 251.20); Tata Motors (down 1.98 per cent at Rs 356.65); Bharti Airtel (down 1.97 per cent at Rs 377.80); Dr. Reddy’s Lab (down 1.75 per cent at Rs 2,087); and Tata Motors (DVR) (down 1.74 per cent at Rs 202.80).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Prospects of normal monsoon rains, lower inflation and a positive growth outlook boosted the key Indian equity indices during the just concluded trade week.
The northward progression of the market was supported by the Reserve Bank of India’s lower inflation forecast and a positive growth outlook for the fiscal.
Along with the forecast, healthy auto sales data for March led the key indices — the BSE Sensex and the NSE Nifty50 — to their second consecutive week of gains.
However, “constantly lingering fear due to ongoing trade war-like” scenario between the US and China capped the weekly gains.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE gained a massive 658.29 points or almost 2 per cent to close at 33,626.97 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,331.60 points — up 217.9 points or 2.15 per cent from its previous week’s close.
“Markets rallied strongly this week despite a sharp sell-off seen on Wednesday. It was the second consecutive week of gains for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The top sectoral gainers were auto, pharma, PSU banks and realty indices. There were no losers,” Jasani added.
Rahul Sharma, Senior research analyst at Equity99, said: “Unexpected ‘dovish’ monetary policy announced by the RBI, improving macro-economic scenario and expectations of normal monsoon have been the main triggers for the second consecutive week of gains.”
On Thursday, the central bank in its first bi-monthly monetary policy review of 2018-19 lowered its inflation forecast for the first-half of the fiscal to between 4.7 per cent and 5.1 per cent, and 4.4 per cent for the second-half.
The forecast led the two key indices to their biggest intra-day gains since March 12. The BSE Sensex soared by over 500 points, while the NSE Nifty50 rose by almost 200 points.
On the currency front, the rupee strengthened by 21 paise to close at 64.97 against the dollar from its previous week’s close at 65.18.
D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said markets across the globe rebounded during the week gone by on hopes that the US and China could open negotiations and avert a global trade war, turning the focus to upcoming earnings.
“However, on Friday, the sentiments of the market participants’ get spooked after US President Donald Trump proposed additional tariffs on China,” Aggarwal told IANS.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,363.95 crore, while the domestic institutional investors purchased stocks worth Rs 2,660.52 crore during April 2-6.
The top weekly Sensex gainers were: Tata Motors (DVR) (up 12.23 per cent at Rs 206.40); Tata Motors (up 11.12 per cent at Rs 363.85); Kotak Bank (up 6.72 per cent at Rs 1,119.10); Hero MotoCorp (up 6.68 per cent at Rs 3,782.40); and Adani Ports (up 6.67 per cent at Rs 378.30).
The losers were: Bharti Airtel (down 3.38 per cent at Rs 385.40); Coal India (down 2.84 per cent at Rs 275.45); Axis Bank (down 1.71 per cent at Rs 500.70); ONGC (down 0.51 per cent at Rs 176.90); and Infosys (down 0.45 per cent at Rs 1,129.30).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : A global sell-off triggered by trade protectionist measures imposed by major world economies unleashed the bears in the Indian equity markets during the week, pushing the key indices — NSE Nifty50 and BSE Sensex — to their 5-month lows.
Apart from the prospects of escalating trade wars, the risk-taking appetite of investors was marred by rising crude oil prices, the ongoing turmoil in the domestic banking system as well as the uncertainty on the political situation in the country.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 579.46 points or 1.75 per cent to close at 32,596.54 points — its lowest closing level since October 23, 2017.
On the National Stock Exchange (NSE), the wider Nifty50 ended below the psychologically important 10,000-mark and closed trade at 9,998.05 points — down 197.1 points or 1.93 per cent from its previous week’s close — its lowest closing level since October 11, 2017.
“Benchmark indices Sensex and Nifty fell 1.75 per cent and 1.93 per cent respectively during the week, posting their longest stretch of weekly losses in 16 months as the domestic market joined a global sell-off triggered by prospects of a trade war,” Arpit Jain, Assistant Vice President at Arihant Capital Markets, told IANS.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, the global stock market traded lower after US President Donald Trump announced sweeping tariffs on Chinese goods, a move that has heightened concerns that the global trade war will escalate.
“Back at home, dragged by escalating trade tensions among global economies, the Indian stock market too witnessed selling pressure amid other domestic factors. Since the beginning of the year domestic market witnessed some hiccups on the back of imposition of LTCG (long term capital gains) tax, liquidity issues, rising bond yields and volatile global markets,” Aggarwal told IANS.
“Also, a surge in crude oil prices impacted the market sentiment. The Indian rupee, too, witnessed a volatile move ahead of Fed rate-hike and global trade war concerns,” he added.
On the currency front, the rupee weakened by eight paise to close at 65.01 against the US dollar from its previous week’s close at 64.93.
“Sentiments were affected by rising crude oil prices, bond yields and a troubled domestic banking system. Uncertainty around the political situation in the country added to the woes, and collectively dragged the sentiment across the street,” Gaurav Jain, Director at Hem Securities, told IANS.
Provisional figures from the stock exchanges showed that foreign institutional investors purchased scrips worth Rs 2,524.13 crore and the domestic institutional investors (DIIs) scrips worth Rs 211.91 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors invested in equities worth Rs 2,060.04 crore, or $316.99 million, during March 19-23.
“The market breadth was negative in three out of the five trading sessions of the week. The top sectoral losers were realty, metal, Bank Nifty and pharma indices. There were no gainers,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
The top weekly Sensex gainers were: NTPC (up 2.90 per cent at Rs 170.15); IndusInd Bank (up 1.36 per cent at Rs 1,750.20); Power Grid (up 1.04 per cent at Rs 194.25); Hindustan Unilever (up 0.05 per cent at Rs 1,299.75); and Larsen and Toubro (up 0.01 per cent at Rs 1,267.75).
The losers were: Yes Bank (down 8.37 per cent at Rs 286.70); ICICI Bank (down 7.48 per cent at Rs 275.80); State Bank India (down 7.13 per cent at Rs 234.60); Tata Steel (down 5.65 per cent at Rs 566.60); and Axis Bank (down 4.29 per cent at Rs 501).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
