by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Bargain hunting by investors after previous two session’s losses lifted the key Indian equity indices on Thursday, with the BSE Sensex gaining over 300 points and the NSE Nifty50 closing firmly above the 10,100 level.
According to market observers, robust buying in auto, consumer durables and capital goods stocks lifted the benchmark indices.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 122.60 points or 1.22 per cent to 10,166.70 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,949.21 points — up 352.03 points or 1.08 per cent — from its previous close.
The BSE market breadth was bullish — 1,860 advances and 818 declines.
“Markets bounced back strongly on Thursday after the sell-off seen in the previous session. Investors seemed to be bargain buying after the recent fall. A sharp fall in oil prices in global commodities market yesterday (Wesdnesday) also boosted market sentiments,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Technically, while the Nifty has bounced back smartly, the underlying trend remained down. The Nifty would need to cross the previous intermediate high of 10,410 to reverse the current downtrend,” he added.
In the broader markets, the S&P BSE mid-cap index closed higher by 1.38 per cent and the small-cap index by 1.29 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market smartly recouped from the yesterday’s losses which were triggered by Reserve Bank of India’s (RBI) hawkish policy and weakness in global market. However, RBI reiterating an economic growth of 6.7 per cent for FY18 uplifted the sentiment.
“Upcoming state election in Gujarat and rupee movement against dollar ahead of US tax reform will be keenly watched for further momentum in the market.”
On the currency front, the rupee weakened by 4-5 paise at 64.57-56 against the US dollar from its previous close at 64.52.
All the 19 sub-indices of the BSE ended in the positive territory, led by the S&P BSE consumer durables index, which augmented by 523.55 points, followed by auto index by 488.19 points and capital goods index by 378.66 points.
Major Sensex gainers on Thursday were: Bharti Airtel, up 6.08 per cent at Rs 513.35; Asian Paints, up 3.29 per cent at Rs 1,140.50; Maruti Suzuki, up 3.26 per cent at Rs 8,881.10; Tata Steel, up 2.97 per cent at Rs 687.90; and Bajaj Auto, up 2.78 per cent at Rs 3,195.
Major Sensex losers were: Coal India, down 0.64 per cent at Rs 263.30; Tata Consultancy Services, down 0.52 per cent at Rs 2617.65; Cipla, down 0.50 per cent at Rs 592.50; Wipro, down 0.34 per cent at Rs 281.35; and Sun Pharma, down 0.26 per cent at Rs 510.20.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Key Indian equity indices recovered from their day’s lows to close with marginal losses on Tuesday even as broadly negative global cues, along with disappointing services sector data and outflow of foreign funds, kept market sentiment subdued.
According to market observers, investors traded with caution ahead of the outcome of the Reserve Bank of India’s (RBI) two-day policy review meet on Wednesday. However, the losses were trimmed by good buying in stocks of banking majors like State Bank of India (SBI) and Kotak Bank and index heavyweights like Reliance Industries.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged lower by 9.50 points or 0.09 per cent to 10,118.25 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,802.44 points — down 67.28 points or 0.20 per cent from Monday’s close.
The BSE market breadth was bearish — 1,549 declines and 1,105 advances.
“Markets ended with marginal losses on Tuesday after a bounce back from the lows of 10,069 curbed the losses. It was a volatile session ahead of the outcome of RBI’s MPC (Monetary Policy Committee) meet tomorrow,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Negative global cues and local service sector survey data for November weighed on the market sentiments. Broad market indices like the BSE mid-cap index ended with gains, thereby outperforming the main indices,” Jasani added.
Data released during market hours revealed that the Nikkei Services purchasing managers’ index in November fell to 48.5 points — the lowest since August — from 51.7 the previous month.
In the broader markets, the S&P BSE mid-cap index closed higher by 0.41 per cent, whereas the small-cap index inched down by 0.03 per cent.
“All eyes are now on RBI policy outcome which takes place tomorrow. It is expected central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On the currency front, the rupee closed almost flat at 64.38-39 against the US dollar from its previous close at 64.37-38.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,470.56 crore while domestic institutional investors bought stocks worth Rs 1,074.39 crore.
Sector-wise, the S&P BSE consumer durables index declined by 131 points, auto index by 130.49 points and metal index by 117.14 points.
On the other hand, the S&P BSE banking index surged by 108.78 points, oil and gas index was up 24.91 points and energy index by 23.70 points.
Vinod Nair, Head of Research, Geojit Financial Services, said: “After a subdued trade, the market reversed from day’s low led by banking stocks. The recent correction in PSU banks provides an opportunity for investors to accumulate as the long term prospects remains strong owing to healthy recapitalisation.”
Major Sensex gainers on Tuesday were: State Bank of India, up 1.92 per cent at Rs 319.30; Bharti Airtel, up 1.18 per cent at Rs 490.50; Reliance Industries, up 1.11 per cent at Rs 911.50; Sun Pharma, up 0.52 per cent at Rs 523.65; and ICICI Bank, up 0.38 per cent at Rs 305.40.
Major Sensex losers were: Hero MotoCorp, down 2.31 per cent at Rs 3,522.15; Wipro, down 2.29 per cent at Rs 283.40; Tata Steel, down 1.71 per cent at Rs 675.95; NTPC, down 1.70 per cent at Rs 176.75; and Dr. Reddy’s Lab, down 1.61 per cent at Rs 2,205.
—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
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Taking a cue from global markets and cautious approach ahead of futures and options (F&O) expiry as well as the second quarter GDP data announcement, the key Indian equity market indices on Thursday opened lower.
The Sensitive Index (Sensex) of the BSE, which had closed at 33,602.76 points on Wednesday, opened lower at 33,542.50 points.
Minutes into trading, it was quoting at 33,501.64 points, down by 101.12 points, or 0.30 per cent.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,361.30 points, was quoting at 10,332.70 points, down by 28.60 points or 0.28 per cent.
The benchmark indices, which traded in the green during most part of the day, had closed marginally in the red on Wednesday as investors booked profits in banking and metal stocks.
However, losses were trimmed by healthy buying in consumer durables, capital goods and healthcare stocks.
The Sensex was down by 15.83 points or 0.05 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 33,728.81 points and a low of 33,553.12 points.
The Nifty too, was down by 8.95 points or 0.09 per cent.
On Thursday, Asian indices were mostly showing a negative trend. Japan’s Nikkei 225 was trading in red, down by 0.13 per cent, Hang Seng down by 1.31 per cent while South Korea’s Kospi was down by 0.64 per cent.
China’s Shanghai Composite index was quoting in red, down by 0.27 per cent.
Nasdaq closed in red, down by 1.29 per cent while FTSE 100 was also down by 0.91 per cent at the closing on Wednesday.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Tracking broadly positive global cues, key Indian equity indices traded in the green — with marginal gains — during the mid-afternoon session on Wednesday.
The gains were led by healthy buying in consumer durables, capital goods, auto and healthcare stocks on the BSE market breadth.
According to market observers, investors traded with caution ahead of GDP data announcement and derivatives expiry on November 30 (Thursday).
Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded higher by 10.60 points or 0.10 per cent at 10,380.85 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,664.27 points, traded at 33,659.92 points — up 41.33 points or 0.12 per cent — from Tuesday’s close.
The Sensex touched a high of 33,690.92 points and a low of 33,612.34 during intra-day trade.
The BSE market breadth was bullish — 1,426 advances and 1,109 declines.
“Indian shares opened little changed Wednesday on positive global cues and traded in a narrow range ahead of the F&O (futures and options) derivatives expiry due tomorrow,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Coal India, Dr Reddy’s, NTPC, Cipla, ONGC led gains, while HDFC, Axis Bank, Bharti Airtel, Adani Ports led the decline among the 50-share Nifty constituents,” he added.
On Tuesday, the key indices succumbed to heavy selling pressure and closed in the negative territory after trading on a volatile note during the entire day.
The NSE Nifty50 fell by 29.30 points or 0.28 per cent to 10,370.25 points, while the BSE Sensex closed at 33,618.59 points — down 105.85 points or 0.31 per cent.
—IANS
