by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices closed at fresh highs on Tuesday with subtle gains on the back of positive global cues and healthy buying in consumer durables, realty and FMCG stocks.
According to market observers, optimism over the upcoming quarterly earnings result season, as well the Union Budget, kept investors’ sentiments buoyed.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) rose by 13.40 points or 0.13 per cent to a new high of 10,637 points.
The Nifty50 recorded a fresh intra-day high of 10,659.15 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at a new high of 34,443.19 points — up 90.40 points or 0.26 per cent from its previous session’s close — after it scaled a fresh intra-day high of 34,488.03 points.
However, the BSE market breadth was bearish with 1,634 declines and 1,353 advances.
“Markets inched higher on Tuesday to close with small gains for the fifth consecutive day. The Nifty touched record highs in intra-day trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Positive global cues supported the indices along with optimism over Q3FY18 earnings and upcoming budget,” Jasani said.
The broader market indices underperformed the headline indices as the S&P BSE mid-cap index closed lower by 0.40 per cent, while the small-cap index edged up a tad 0.08 per cent.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, caution prevailed in the equity markets ahead of the corporate results season kicking in towards the end of the week as well as release of domestic macro-data.
“Indian equities continued trading higher post hitting life-time highs but caution prevailed ahead of the corporate results season kicking in this week. Tata Consultancy Services is due to post December quarter results on Thursday, followed by Infosys on Friday,” Desai told IANS.
“Traders are also cautious ahead of the release of IIP (Index of industrial production) data for November and CPI (Consumer Price Index) for December on 12 January,” he said.
On the currency front, the Indian rupee weakened by 20 paise to close at 63.71 against the US dollar from its previous close at 63.51.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 303.94 crore, while the domestic institutional investors purchased stocks worth Rs 522.90 crore.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Investors are likely to remain focused on stock-specific moves eyeing the prospects of earnings season and mixing and matching various elements of the upcoming union budget.”
Sectorwise, the S&P BSE consumer durables index surged by 193.76 points, followed by realty index which rose by 76.01 points and FMCG index by 48.51 points.
On the other hand, the S&P BSE auto index fell by 104.49 points, healthcare index by 94.94 points and capital goods index by 72.96 points.
Major Sensex gainers on Tuesday were: Coal India, up 5.63 per cent at Rs 304.05; Yes Bank, up 2.31 per cent at Rs 341.10; Wipro, up 2.11 per cent at Rs 317.60; ITC, up 1.94 per cent at Rs 270.50; and Reliance Industries, up 1.34 per cent at Rs 940.90.
Major Sensex losers were: Bharti Airtel, down 1.18 per cent at Rs 510; Adani Ports, down 1.13 per cent at Rs 419.35; Bajaj Auto, down 1.05 per cent at Rs 3,240.95; Hero MotoCorp, down 1.02 per cent at Rs 3,751.85; and Sun Pharma, down 0.86 per cent at Rs 586.85.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key indices of the Indian equity market closed Wednesday’s trade session on a flat note after investors booked profit in automobile and oil and gas stocks.
According to market analysts, profit booking and a rise in global crude oil prices pared the initial gains made on the back of positive Asian markets.
Consequently, the 30-scrip S&P BSE Sensex, which had ended the previous session at 33,812.26 points, closed at 33,793.38 points, down a mere 18.88 points or 0.06 per cent.
However, there was a swing of over 200 points between the intra-day high and low levels. The Sensex touched a high of 33,998.37 points and a low of 33,765.43 points on an intra-day basis.
Similarly, the National Stock Exchange’s (NSE) Nifty50 closed on a flat note. It ended the day’s trade at 10,443.20 points, inching up by only 1 point or 0.01 per cent.
“Markets ended on a flat note on Wednesday after witnessing a roller coaster ride. The main indices initially opened higher and hit a fresh intra-day high in morning trade. They then hovered in positive territory on the back of positive global cues before profit booking emerged at higher levels in mid-morning trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
Said Vinod Nair, Head of Research, Geojit Financial Services: “Metals outperformed on expectation of earnings growth whereas auto stock witnessed profit booking after the recent run up. Investors are awaiting the result season to begin for signs of earnings upgrade.”
On the currency front, the Indian rupee weakened by six paise to close at 63.53-54 against the US dollar from its previous close at 63.48.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 96.31 crore while domestic institutional investors sold stocks worth Rs 269.20 crore.
Sectorwise, the S&P BSE automobile index fell by 147.19 points, oil and gas index by 42.63 points and IT index by 35.75 points.
On the other hand, S&P BSE capital goods index rose by 285.04 points, followed by metal index by 202.16 points and consumer durables index by 181.61 points.
Major Sensex gainers on Wednesday were: Adani Ports and Special Economic Zone, up 2.78 per cent at Rs 407.85; Larsen and Toubro, up 2.17 per cent at Rs 1,276.15; ICICI Bank, up 1.88 per cent at Rs 315.05; Yes Bank, up 1.33 per cent at Rs 315.80; and Hindustan Unilever, up 0.80 per cent at Rs 1,350.10.
Major Sensex losers were: DrReddy’s Lab, down 2.97 per cent at Rs 2,336.20; Wipro, down 2.73 per cent at Rs 310.20; ONGC, down 1.65 per cent at Rs 193.70; Bajaj Auto, down 1.42 per cent at Rs 3,247.45; and Maruti Suzuki, down 1.35 per cent at Rs 9,416.75.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rohit Vaid,
Mumbai : Macro-economic data points coupled with the direction of foreign fund flows and fears of higher inflationary pressure are expected to influence the Indian equity markets during the upcoming week.
According to market observers, triggers such as the global geo-political situation and crude oil price movement can unleash volatility.
“The markets next week would start with the PMI (Purchasing Managers’ Index) data for advance clues on where the manufacturing and services economy is going,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
“As global investors mostly return to work late in the next week, the fresh year’s allocations would be critical. Markets would also look for support from domestic investors continuing in the new calendar year. Crude oil prices have already breached $66.5 per barrel, this combined with higher inflationary expectations may dampen the sentiment.”
Key macro-economic data points like the monthly automobile sales’ numbers, eight core industries’ (ECI) output, PMI manufacturing and services’ figures will be released during the week staring January 1, 2018.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors: “Macroeconomic data, trend in global markets, investment by foreign and domestic investors, the movement of rupee against the dollar and crude oil price movement will dictate trends on the bourses in the first week of the new year.”
Analysts opined that the direction of foreign fund flows and near-term trends in the rupee’s movement against the US dollar will also affect market sentiments.
Provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) bought stocks worth Rs 1,676.07 crore, while domestic institutional investors (DIIs) purchased scrip worth Rs 25 crore during last week.
On the currency front, the rupee is expected to trade in the range of 63.60-64.10 to a US dollar. Last week, it had strengthened by 18 paise to closed at 63.87 to a greenback.
“The Indian rupee is expected to remain firm due to a weak dollar and healthy inflows into the Indian debt and equity markets. The immediate short-term range is expected to be between 63.60-64.10,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
On technical levels, the underlying trend of the National Stock Exchange’s (NSE) Nifty remains bullish.
“Nifty is expected to trade between 10,400-10,650 levels while bank nifty is expected to trade between 25,300-25,850 levels,” Aggarwal predicted.
Last week, the key Indian equity indices — the BSE Sensex and the NSE Nifty50 — rose for the fourth consecutive week.
Consequently, the 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange closed higher by 116.53 points or 0.34 per cent to 34,056.83 points.
Similarly, the Nifty50 of the NSE rose by 37.7 points or 0.35 per cent to 10,530.70 points.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Amid volatility on the day of futures and options (F&O) expiry, key Indian equity indices on Thursday gave up all gains to close on a flat note — marginally in the red — with heavy selling pressure in banking, auto, and oil and gas stocks.
On a closing basis, the broader NSE Nifty50 of the National Stock Exchange (NSE) slipped by 12.85 points or 0.12 per cent to 10,477.90 points — falling below the important 10,500-level.
The barometer 30-scrip Sensitive Index (Sensex) closed at 33,848.03 points — down 63.78 points or 0.19 per cent — from its previous session’s close.
However, the BSE market breadth indicated a bullish trend with 1,436 stocks advancing as compared to 1,332 declines.
“Markets ended with marginal losses on Thursday on the back of the derivatives expiry of the December 2017 series. Selling in the last half an hour of trade pulled the indices into negative territory,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The sudden increase in volatility was probably due to the roll-over of positions in the F&O segment from the December series to the January 2018 series. Metal and mining stocks rose as copper prices rose in global markets,” he added.
In terms of the broader markets, the S&P BSE mid-cap index closed higher by 0.10 per cent and the small-cap index by 0.32 per cent.
On the currency front, the Indian rupee strengthened by seven paise to close at 64.08 against the US dollar from its previous close at 64.15.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 562.55 crore while domestic institutional investors sold stocks worth Rs 774.09 crore.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Short covering rallies did not gather momentum ahead of the New Year weekend, but the metal and realty sectors gave some respite to an otherwise insipid session.”
“Soaring oil prices potential for exceeding the fiscal deficit targets, are closely eyed, as the Oil Ministry has estimated a 15 per cent swell in the oil imports bill. Also, investors cautiously waited for updates on the IBC (Insolvency and Bankruptcy Code) Amendment Bill tabled in the Lok Sabha, which dragged the PSU bank stocks,” he added.
Sectorwise, the S&P BSE auto index fell by 94.03 points, followed by banking index by 78.09 points and oil and gas index by 75.32 points.
On the other hand, the S&P BSE metal index surged by 300.27 points, realty index by 74.90 points and basic materials index by 35.53 points.
Major Sensex gainers on Thursday were: Tata Steel, up 1.78 per cent at Rs 734.65; Dr. Reddy’s Lab, up 1.30 per cent at Rs 2,431.75; HDFC Bank, up 0.82 per cent at Rs 1,873; Wipro, up 0.72 per cent at Rs 307.55; and ICICI Bank, up 0.51 per cent at Rs 314.25.
Major Sensex losers were: State Bank of India, down 1.86 per cent at Rs 308.30; Hero MotoCorp, down 1.74 per cent at Rs 3,713.50; Sun Pharma, down 1.70 per cent at Rs 567.90; Adani Ports, down 1.35 per cent at Rs 398.10; and Axis Bank, down 1.29 per cent at Rs 547.40.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Governance, Economy, Markets, News, Politics
New Delhi : The government will undertake additional market borrowing of Rs 50,000 crore in the remaining period of the current fiscal to meet expenditure, according to its issuance calendar released on Wednesday.
Giving details of the government securities (G-Sec) to be issued during the upcoming fourth quarter, a Finance Ministry statement said the government had net market borrowings of Rs 3.81 lakh crore in the current fiscal till December 26.
Following a review of the government’s borrowing programme undertaken along with the Reserve Bank of India (RBI), the government had decided to “raise additional market borrowings of Rs 50,000 crore only in fiscal 2017-18 through dated government securities,” it said.
“The government will, thus, between now and March 2018, not be raising any net additional borrowing (T-Bills will be run down by Rs 61,203 crore and additional G-Sec borrowing will be Rs 50,000 crore),” it said.
“The revised G-Sec borrowing would be Rs 15,000 crore each in the last five weekly auctions of fiscal 2018 ending on 9th February, 2018. The revised T-Bill borrowing will be Rs 14,000 crore each in first 13 weeks of 2018 ending on 28th March,” it added.
The Union Budget for the current fiscal had pegged the government’s gross and net market borrowings at Rs 5,80,000 crore and Rs 4,23,226 crore, respectively, with Rs 3,48,226 crore being raised from dated government securities and Rs 2,002 crore from T-bills.
The government’s gross and net market borrowings in the current fiscal till December 26 stood at Rs 5,21,000 crore and Rs 3,81,281 crore, respectively, the statement added.
—IANS
