by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Supported by healthy corporate earnings and firm global cues, the domestic equity market continued its bull run on Friday with the S&P BSE Sensex and the NSE Nifty50 hitting fresh intra-day highs and ending at new closing benchmarks.
Both the Sensex and Nifty50 settled at their respective highest closing levels of 37,336.85 points and 11,278.35 points after touching intra-day records of 37,368.62 points and 11,283.40 points earlier in the day.
According to market observers, healthy corporate earnings coupled with firm global cues strengthened the domestic investor sentiments.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,278.35 points, higher by 111.05 points or 0.99 per cent from its previous close of 11,167.30 points.
The 30-scrip Sensex, which had opened at 37,253.86 points, closed at 37,336.85 points, higher by 352.21 points or 0.95 per cent from the previous close of 36,984.64 points. It touched an intra-day low of 37,134.88 points.
The BSE market breadth was bullish with 1,665 advances against 970 declines.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Growth and earnings outlook is showing signs of pickup which elevated the market to a new high.”
On the global front, Nair said the European Central Bank kept the key rates on hold and signs of ease in trade tensions between US and EU added some confidence
“The gains came on the back of positive global cues,” said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX traded in the green.
On the currency front, the rupee closed at 68.66, appreciating by just one paisa from the previous close of 68.67 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 738.05 crore and the domestic institutional investors purchased stocks worth Rs 406.12 crore.
Sector-wise, the S&P BSE Consumer Durables index gained the most, by 411.23 points, followed by the banking index, which rose by 316.99 points and the oil and gas index, up 246.98 points.
On the contrary, only the S&P BSE IT index ended on a negative note with a marginal decline of 2.90 points from it previous close.
The major gainers on the Sensex were ITC, up 5.24 per cent at Rs 302.20; Tata Motors (DVR), up 4.48 per cent at Rs 149.10; Tata Motors, up 3.56 per cent at Rs 267.70; Tata Steel, up 2.71 per cent at Rs 549.45; and ICICI Bank, up 2.62 per cent at Rs 293.30 per share.
The top losers were Power Grid, down 1.72 per cent at Rs 179.60; Adani Ports, down 1.44 per cent at Rs 394.25; Coal India, down 1.04 per cent at Rs 261.95; Tata Constultancy Services, down 1.03 per cent at Rs 1,943.10; and Maruti Suzuki, down 0.86 at Rs 9,315.45.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Rise in wholesale inflation rate and broadly weak global cues subdued the key Indian equity indices on Monday, with the Nifty50 on the National Stock Exchange (NSE) closing below the 11,000-mark.
According to market observers, heavy selling pressure was witnessed on the metal, healthcare and auto stocks.
Index-wise, the broader NSE Nifty50 closed at 10,936.85 points — lower by 82.05 points or 0.74 per cent from its previous close of 11,018.90 points.
The barometer 30-scrip Sensex on the BSE, which had opened at 36,658.71 points, closed at 36,323.77 points — down 217.86 points or 0.60 per cent — from its previous close of 36,541.63 points.
The bearish momentum on the Sensex could be gauged from the fact that its intra-day high was its opening level of 36,658.71 points. It touched a low of 36,298.94 points during the day.
“Surge in inflation and weak global cues influenced investors to book profit from the recent rally while IT index maintained the uptrend followed by earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to data released on Monday.
Abhijeet Dey, BNP Paribas Mutual Fund’s Senior Fund Manager for Equities, said: “A higher inflation rate in a flat-to-slowing growth environment can be detrimental for the economy.”
Major Asian markets closed on a negative note and the European indices like FTSE 100 and CAC 40 traded in the red, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Nair also said the trade tensions and weak rupee negatively impacted the performance of broad indices.
In the broader markets, the S&P BSE mid-cap and the S&P BSE small-cap declined significantly, by 2.45 per cent and 2.51 per cent respectively. The BSE market breadth was bearish with 2,052 declines and 546 advances.
On the currency front, the rupee weakened by five paise to end at 68.58 per dollar, against the previous close of 68.53 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 625.68 crore and the domestic institutional investors sold stocks worth Rs 70.30 crore.
Sector-wise, the gainers were the S&P BSE IT index and the teck (technology, entertainment and media) stocks which rose by 112.89 points and 23.91 respectively.
On the contrary, the S&P BSE metal index plunged 461.08 points, the healthcare index was down 458.49 points and the auto index ended 402.05 points lower from its previous close.
The major gainers on the Sensex were NTPC, up 1.96 per cent at Rs 155.70; Infosys, up 1.83 per cent at Rs 1,333.05; HDFC, up 0.95 per cent at Rs 1,991.55; Wipro, up 0.86 per cent at Rs 283.10; and Hindustan Unilever, up 0.73 per cent at Rs 1,753.85 per share.
The top losers were Tata Steel, down 6.96 per cent at Rs 519.30; Tata Motors (DVR), down 5.02 per cent at Rs 142.75; Tata Motors, down 4.77 per cent at Rs 251.55; Sun Pharma, down 4.69 per cent at Rs 532.95; and Bharti Airtel, down 3.31 per cent at Rs 346.20 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Attractive valuations, along with healthy quarterly results supported the key Indian equity indices closed Tuesday’s volatile trade session on a positive note after five consecutive days of decline.
After opening on a negative note, the indices rose to intra-day high levels in the early hours of trade, before ceding most of their gains due to weakness in global markets and rise in crude oil prices.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,536.70 points — up by 20 points or 0.19 per cent — from its previous close of 10,516.70.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,601.49 points, closed higher by 35.11 points or 0.1 per cent, at 34,651.24 points.
The Sensex touched a high of 34,754.60 points and a low of 34,550.22 points during the intra-day trade.
“After a choppy morning trade, indices firmed up in the afternoon and managed to settle with small gains,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Jasani further told IANS: “Broad market indices like the BSE mid-cap and small-cap indices gained more, thereby outperforming the main indices.”
Both the S&P BSE mid-cap and small-cap ended 0.65 per cent from their respective previous closing levels.
Consequently, the BSE market breadth was tilted towards the bulls with 1,405 advances against 1,219 declines. On the NSE, too, the market breadth was positive.
On the currency front, the Indian rupee strengthened by eight paise against the US dollar to 68.05, from its previous close at 68.13 per greenback.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,651.63 crore, while the domestic institutional investors bought stocks worth Rs 1,496.83 crore.
Sector-wise, the S&P BSE auto index rose the most, by 413.76 points, followed by the metal index which increased by 211.32 points and the healthcare index that ended 143.12 higher from its previous close.
On the other hand, the S&P BSE oil and gas index fell by 59.23 points, followed by the energy index, which ended 11.10 points lower and the FMCG index that fell by 10.97 points.
On the NSE, according to BNP Paribas Mutual Fund’s Senior Fund Manager for Equities, Abhijeet Dey, barring the FMCG index, which closed in the red, all other sectoral indices closed the trading day in the positive zone.
Dey further said, auto stocks gained the most among the sectors due to expectation that China may cut import duty on passenger cars.
The major gainers on the Sensex were Dr Reddy’s Lab, up 6.30 per cent at Rs 2,013.75; Bajaj Auto, up 3.86 per cent at Rs 2,825; Tata Motors, up 3.78 per cent at Rs 307.75; State Bank of India, up 3.69 per cent at Rs 254.15; and Coal India, up 3.23 per cent at Rs 278.45 per share.
The top losers were Tata Consultancy Services, down 1.40 per cent at Rs 3,508.05; Asian Paints, down 1.27 per cent at Rs 1,283.5; Axis Bank, down 1.27 per cent at Rs 522; IndusInd Bank, down 1.19 per cent at Rs 1,898.50; and ITC, down 1.17 per cent at Rs 278.8 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks, led the key Indian equity indices to extend their gains for the seventh consecutive session on Friday.
Market observers said some gains were capped on the back of a sell-off during the late-afternoon trade session.
“Equity markets continued to go green for the seventh straight session, its longest winning streak since November 2017,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 41.50 points or 0.40 per cent to 10,458.65 points.
The barometer 30-scrip Sensex of the BSE closed at 34,192.65 points — up 91.52 points or 0.27 per cent from its previous session’s close.
However, the BSE market breadth remained bearish with 1,434 declines and 1,291 advances.
In the broader markets, the S&P BSE mid-cap index edged higher by 0.46 per cent and the small cap index by 0.26 per cent.
“Markets moved up further on Friday as the Nifty ended with gains for the seventh consecutive session. A sell-off from the highs in the afternoon session curbed the gains for the day,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a mixed note. European indices like DAX and CAC 40 traded in the green,” he said.
Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund, said: “Indian markets opened the day on a buoyant note in response to positive macro-economic data released in India after trading hours, yesterday (Thursday).”
“However, bouts of volatility plagued the markets and kept any large gains at bay. Both the benchmark Sensex and the Nifty finally closed the day with marginal gains,” he added.
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 marginally in February to 7.1 per cent.
On Friday, the Indian rupee strengthened by five paise to 65.21 against the US dollar from its previous close at 65.26.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 399.59 crore, while the domestic institutional investors purchased stocks worth Rs 306.05 crore.
Sectorwise, the S&P BSE metal index rose by 139.57 points, followed by healthcare index by 75.98 points and IT index by 64.22 points.
On the other hand, the S&P BSE capital goods index fell by 64.02 points, oil and gas index by 37.04 points and FMCG index by 31.87 points.
Major Sensex gainers on Friday were: Adani Ports, up 2.66 per cent at Rs 381.95; Wipro, up 2.28 per cent at Rs 293.35; Coal India, up 1.57 per cent at Rs 285.35; Kotak Bank, up 1.52 per cent at Rs 1,148.50; and Dr. Reddy’s Lab, up 1.37 per cent at Rs 2,087.
The Sensex losers were: State Bank of India, down 1.22 per cent at Rs 251.20; Axis Bank, down 1.17 per cent at Rs 541.90; Yes Bank, down 0.66 per cent at Rs 309.40; Maruti Suzuki, down 0.65 per cent at Rs 9,138.45; and Bharti Airtel, down 0.61 per cent at Rs 377.80.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices higher on Monday.
According to market observers, positive global cues on the prospects of easing trade war fears, along with short-covering ahead of March derivatives expiry, added to the upward trajectory of the key indices.
The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,100 mark. On a closing basis, the index edged higher by 132.60 points or 1.33 per cent to 10,130.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the 33,000 mark and closed at 33,066.41 points — up 469.87 points or 1.44 per cent from the previous session’s close.
However, the BSE market breadth was bearish with 1,573 declines and 1,184 advances.
“Markets ended sharply higher on Monday due to a late surge. The gains came on the back of positive Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” he said.
In terms of the broader markets, the S&P BSE mid cap index rose by 1.19 per cent and the small cap index by 0.73 per cent.
According to Gaurav Jain, Director, Hem Securities, short-covering ahead of March derivatives expiry on Wednesday saw the Nifty50 reclaiming its crucial 10,000 mark on Monday.
“Sentiments changed after US stock futures led global shares higher on reports that the US and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants,” Jain told IANS.
“Today’s gains were led by buying witnessed in banking stocks, especially PSU banks and consumer durables,” he added.
Sector-wise, the S&P BSE banking index surged by 608.79 points, followed by consumer durables index by 485.67 points and metal index by 297.10 points.
On the other hand, the S&P BSE IT index declined by 82.24 points, oil and gas index by 45.54 points and Teck (technology, media and entertainment) index by 4.95 points.
On the currency front, the Indian rupee strengthened by 14 paise to 64.87 against the US dollar from its previous close at 65.01.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 741.19 crore, while the domestic institutional investors purchased stocks worth Rs 2,017.95 crore.
Major Sensex gainers on Monday were: Yes Bank, up 5.67 per cent at Rs 302.95; State Bank of India, up 5.01 per cent at Rs 246.35; HDFC Bank, up 2.91 per cent at Rs 1,893.15; Tata Steel, up 2.80 per cent at Rs 582.45; and HDFC, up 2.66 per cent at Rs 1,832.60.
The Sensex losers were: Wipro, down 3.96 per cent at Rs 273.90; Infosys, down 1.13 per cent at Rs 1,154.30; Tata Motors (DVR), down 0.48 per cent at Rs 185.75; Tata Consultancy Services, down 0.12 per cent at Rs 2,813.05; and NTPC, down 0.03 per cent at Rs 170.10.
—IANS
