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Sensex ends 151 points lower, Nifty below 10,900

Sensex ends 151 points lower, Nifty below 10,900

bseMumbai : Profit booking along with caution ahead of release of key macro-data and subdued quarterly earnings pulled the two key Indian equity indices lower on Monday.

Accordingly, the S&P BSE Sensex fell 150 points, while the Nifty ended below the 10,900-point mark.

Barring the IT and Teck stocks, all other sectors ended lower. On the NSE, PSU Bank Nifty closed 1.74 per cent down. The pharma sector also witnessed heavy selling pressure.

Selling pressure continued in the market despite a rebound in global markets as investors turned risk-averse due to upcoming elections, said Vinod Nair, Head of Research, Geojit Financial Services.

Besides, third quarterly results have failed to enthuse investors as the “scope of downgrade in earnings further dampened the sentiment”, he added.

The BSE Sensex closed 151.45 points or 0.41 per cent lower at 36,395.03 from its previous close of 36,546.48 points, while the Nifty closed 54.80 points down at 10,888.80.

“Global trade deal and risk of slowdown in growth continue to give caution, while investors remain focused on tomorrow’s (Tuesday) CPI inflation and IIP data to get some direction,” Nair said.

According to Kotak Securities Head of Fundamental Research Rusmik Oza: “Broader participation is not happening. Also, we are witnessing some profit booking post the Interim Budget and RBI rate cut.”

“In the run-up to the general elections, investors are looking at sectors which are less susceptible to domestic factors. Therefore, the export-oriented IT stocks are gaining.”

Provisional data from the BSE showed that FIIs bought stocks worth Rs 125.05 crore and DIIs offloaded stocks worth Rs 232.55 crore.

On the other hand, rupee gained 14 paise to settle at Rs 71.17 per US dollar from its previous close of 71.31.

Tata Steel emerged the top gainer, up 2.31 per cent on Sensex, followed by Power Grid, HCL Tech, Maruti Suzuki and Tata Motors, which gained up to 1.50 per cent.

Among losers in the Sensex pack, Mahindra and Mahindra shed over 5 per cent, followed by ONGC, Bajaj Finance, Reliance Industries and State Bank of India.

—IANS

Sensex, Nifty ends flat; healthcare stocks fall 2%

Sensex, Nifty ends flat; healthcare stocks fall 2%

BSE, NSEMumbai : Mixed global cues, weakness in the Indian currency and heavy selling in the healthcare and finance stocks dragged the key equity indices on Friday, with Sensex and Nifty ending flat with a positive bias.

BSE Healthcare index tanked 2 per cent, while telecom scrips also witnessed heavy selling pressure, losing over 3 per cent.

The BSE Sensex closed higher 12.53 points, or 0.03 per cent, after touching a high of 36,469.98 and a low of 36,218.33 points.

The benchmark index opened higher on Friday, at 36,417.58 points from its previous close of 36,374.08.

The broader Nifty50 also ended in the green, up by a meagre 4.80 points, or 0.04 per cent.

Stocks-wise, Sun Pharma ended up as the top loser on Sensex. The scrip price declined to Rs 390.50 apiece, losing Rs 36.65, or 8.58 per cent, from its previous close of Rs 427.15.

The pharmaceutical major had tanked over 12 per cent at one point after reports of a complaint by a whistleblower against the company.

Other major losers on Sensex were Bharti Airtel, which slipped over 6 per cent, followed by Larsen and Tubro, Axis Bank and Yes Bank, all of which closed lower in the range of 1 to 2 per cent.

In contrast, the top gainer among the 30 scrips on Sensex were Reliance Industries, which jumped over 4 per cent following its healthy quarterly results on Thursday.

In was followed by Kotak Mahindra, HCL Tech, ONGC and Asian Paints, all of which gained up to 1.50 per cent.

—IANS

Sensex, Nifty gain over signs of easing trade tension

Sensex, Nifty gain over signs of easing trade tension

BSE, NSEMumbai : Global cues such as an ease in US-China trade tension and dovish US Fed remarks, along with improving liquidity condition and a strong rupee, led the Indian equity markets to close Monday’s trade on a positive note.

Besides, expectations of higher domestic economic growth rate and positive quarterly results buoyed investors’ sentiments.

Consequently, the two key indices — Sensex and Nifty50 — advanced over 0.40 per cent as positive sentiments continued from Friday following reports of US-China trade talks, which was supported by strong US jobs data and a dovish tone by the US Federal Reserve.

“Asia and Europe advanced as a relatively dovish turn by the Federal Reserve, strong US jobs data and optimism over US-China trade talks,” Abhijeet Dey of BNP Paribas Mutual Fund said.

The US-China trade talks scheduled from Monday assumes special significance. Madhavi Arora of Edelweiss Securities, said: “The stakes are high as both sides face a resumption of tariffs in March if they don’t strike a deal.”

The two economic giants have agreed on a 90-day trade truce in early December.

Index-wise, the BSE Sensex settled 155.06 points or 0.43 per cent higher at 35,850.16 points after touching an intra-day high of 36,076.95 and a low of 35,809.23.

The NSE Nifty50 closed at 49.25 points or 0.46 per cent up at 10,776.60 points.

“Oil prices gained some strength on the back of supply cut by OPEC, which came into effect from January 1, and on hopes of an agreement between US-China on trade talks this week,” said Vinod Nair, Head of Research, Geojit Financial Services.

“On domestic front, easing liquidity situation, appreciation in INR and selective buying in FMCG, IT and private banks on expectation of strong earnings lifted sentiments.”

In addition, RBI Governor Shaktikanta Das on Monday said the apex bank is constantly monitoring the liquidity situation of Non Banking Financial Companies (NBFC), whose representatives he would meet on Tuesday.

Sector-wise, realty stocks gained on expectation that the GST Council meeting scheduled for January 10 will end with a cut in the GST rates for the under-construction houses from 18 to 12 per cent.

In contrast, auto and healthcare sectors ended lower.

The rupee grew stronger by 4 paise to Rs 69.68 per dollar from its previous close of 69.72.

“Technically, with the Nifty moving up further, traders will need to watch if the recent gains can sustain in the near term. Further upsides are likely once the immediate resistances of 10,836 are taken out,” said Deepak Jasani, Head – HDFC Securities Retail Research.

“Crucial supports to watch for resumption of weakness is at 10,741.”

The chart toppers were Axis Bank, Tata Motors and Tata Motors(DVR), which gained over 2 per cent. Other top gainers were NTPC and Infosys, which inched up in the range of 1 to 2 per cent.

In contrast, Bajaj Auto lost the most, 2.82 per cent, followed by Yes Bank declining 1.35 per cent, while Hero MotoCorp lost 1.11 per cent. Bajaj Finance and Sun Pharma shed 1.03 per cent and 0.64 per cent, respectively.

—IANS

Sensex, Nifty ends flat; healthcare stocks fall 2%

Sensex rises for 4th straight session on dovish Fed, lower oil prices

NSE, BSEMumbai : India’s barometer stock indices, Sensex and Nifty, rose over 1 per cent each on Thursday, as bets that the US Federal reserve will slow its pace of rate tightening and lower oil prices burnished the appeal for equities.

The Fed’s rate-raising spree had triggered a rush of capital outflows, pressuring the rupee and depressing equities as well as sovereign debt.

However, the oil price crash and the Fed’s recent dovish stance on rates have boosted the rupee, renewing foreign investor interest in Indian financial markets.

The gains, the fourth in a row, were also triggered by short covering ahead of the monthly derivatives expiry on Thursday.

On Thursday, the Indian rupee gained 78 paise to close at Rs 69.84 from its previous close of Rs 70.62.

The S&P BSE Sensex settled 453.46 points up or 1.27 per cent at 36,170.41, from its previous close of 35,716.95. It touched an intra-day high of 36,253.85 and a low of 35,946.24.

The NSE Nifty50 gained 129.85 points or 1.21 per cent to finish at 10,858.70.

“The gains came on the back of a rally in global equity markets after a dovish comment by US Federal Reserve Chairman Jerome Powell pushed up appetite for risk assets. Sentiments were also boosted by a fall in crude oil prices and a firm rupee,” said Deepak Jasani, Retail Research Head, HDFC Securities.

“Broad market indices like the BSE Mid-cap and Small-cap gained less, underperforming the main indices.”

The Brent crude oil price declined to $57.94 a barrel.

The financials, which led the gains, were up over 1.5 per cent while selling pressure was witnessed in the export-dependent IT stocks as the rupee strengthened.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market held on to its strong gap-up momentum fuelled by the US Fed’s dovish tone on interest rate cycle coupled with a fall in US bond yield to 2.99.”

“Tailwinds in domestic macros led by a sharp fall in oil prices and a strong rupee supported the trend. Any ease in global trade tension after the G20 meet this weekend will also boost global sentiment.”

The provisional data with the exchanges showed that foreign institutional investors pumped in Rs 823.47 crore on Thursday while the domestic institutional investors bought shares worth Rs 973.31-crore.

Top gainers on the Sensex were Bajaj Auto, up 4.68 per cent at Rs 2,725.05; Kotak Mahindra Bank, up 4.24 per cent at Rs 1,210.15; Mahindra and Mahindra, up 3.31 per cent at Rs 773.10; Vedanta, up 3.19 per cent at Rs 199.10; and IndusInd Bank, up 2.83 per cent at Rs 1,659.75 apiece.

The top laggards were Power Grid, down 1.55 per cent at Rs 181.20, ONGC, down 1.33 per cent at Rs 140.75; Infosys, down 1.01 per cent at Rs 659.60; Tata Consultancy Services, down 0.87 per cent at Rs 1,959.45; and NTPC, down 0.84 per cent at Rs 1142.30 per share.

—IANS

Sensex, Nifty slip on global sell-off; IT shares plunge

Sensex, Nifty slip on global sell-off; IT shares plunge

Market, Profit booking, equities, BSE, NSE, sensexMumbai : India’s benchmark indices fell for a second straight day on Wednesday, tailing global peers and led by a slump in software exporters.

However, a fall in international crude oil price arrested what could have been a sharper decline.

Heavy selling pressure was witnessed in the IT counters, which fell over 3 per cent, followed by Teck (technology, entertainment and media) and energy stocks.

Consequently, the S&P BSE Sensex settled down 274.71 points or 0.77 per cent at 35,119.80, from its previous close of 35,474.51 points.

Similarly, the NSE Nifty50 lost 56.15 points or 0.53 per cent to finish at 10,600.05 points.

The overall market breadth was flat and the broader market indices like Mid and Small-cap segments of the NSE closed higher by 0.50 per cent and 0.48 per cent respectively.

Market observers attributed Wednesday’s fall to a sell-off in global stocks, which was triggered by growing concerns about slowing global growth.

“Domestic stocks began the day on a negative note on subdued Asian indices. A sudden sell-off in index pivotals dragged the indices to intra-day lows in morning trade,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“Despite a subsequent mild recovery, the benchmark indices continued to trade under pressure and finally closed the day with losses of over 0.50%.”

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market traded on a weak note despite a positive opening in European market and further slide in oil prices.”

“A rebound in PSU banks due to extension of the timeline for the full implementation of Basel 3 norms, and gains in pharma stocks helped the market trim some losses in early hours of trade. However, continued selling in IT stocks on account of a strong rupee restricted the recovery.”

The Brent crude oil price fell below $64-per-barrel mark.

“Crude oil prices are falling as US inventories rose last week. US inventories are at their highest level since 2015. Crude oil remains under pressure amid expectations of slowing global demand,” Anuj Gupta, Deputy Vice President, Research, Commodities and Forex, Angel Broking, told IANS.

The short-term trend of the Nifty has turned weak.

“The Nifty is currently placed at the key lower support of 10,620-10,558 levels, as per the concept of change in polarity,” said Deepak Jasani, Retail Research Head, HDFC Securities.

“As long as this support holds, there is a possibility of a bounceback. Support on breach of these levels could come in at 10,452.”

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,652.04 crore on Wednesday while the domestic institutional investors bought scrips worth Rs 606.73crore.

Top gainers on the Sensex were Yes Bank, up 2.83 per cent at Rs 198; Axis Bank, up 2.20 per cent at Rs 626.35; Adani Ports, up 1.91 per cent at Rs 360.90; Asian Paints, up 1.25 per cent at Rs 1,322.90 and State Bank of India (SBI), up 1.24 per cent at Rs 286.55.

The laggards were Tata Consultancy Services (TCS), down 3.51 per cent at Rs 1,811.75; Infosys, down 3.14 per cent at Rs 620.95; Power Grid, down 2.74 per cent at Rs 182.85; Wipro, down 2.38 per cent at Rs 314.05, and Reliance Industries, down 2.31 per cent at Rs 1,112.30 per share.

—IANS