by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Healthy buying from foreign funds, along with optimism over the upcoming quarterly earnings result season, on Monday catapulted the key equity indices — NSE Nifty50 and S&P BSE Sensex — to their record closing highs.
Index-wise, the buoyant global cues lifted the wider Nifty50 of the National Stock Exchange (NSE) to close above the 10,600-points-level. It gained 64.75 points or 0.61 per cent to 10,623.60 points.
The Nifty50 touched a fresh intra-day high of 10,631.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too closed at a fresh high of 34,352.79 points — up 198.94 points or 0.58 per cent from its previous close — after it scaled a new intra-day high of 34,385.67 points.
The BSE market breadth was bullish as 1,792 stocks advanced compared to 1,158 declines.
“Markets rallied higher on Monday to close with gains for the fourth consecutive day. The Nifty touched record highs in intra day trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The rally came on the back of positive global cues,” added Jasani.
Apart from key indices, even the broader market indices closed at fresh highs.
The S&P BSE mid-cap index closed higher by 0.98 per cent at a new high of 18,247.55 points. The small-cap index edged up 0.97 per cent to close at a record high of 19,895.77 points.
On the NSE, the Nifty50 mid-cap index edged higher by 1.19 per cent to close at a record high of 5,702.70 points.
“Asian shares ex-Japan traded towards all-time peaks on Monday after Wall Street posted its best start to a year in over a decade,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On the currency front, the Indian rupee weakened by 14 paise to close at 63.51 against the US dollar from its previous close at 63.37.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 692.83 crore, while the domestic institutional investors divested funds worth Rs 206.30 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Supportive global market and optimism ahead of earnings season took the market to a new high. A cut in FY18 GDP growth estimate by CSO did not impact the movement since it was overtly conservative.”
“Revival in earnings, incremental Q-o-Q growth in GDP and budget expectations are sustaining the momentum,” Nair added.
All the sub-indices of the BSE ended with substantial gains barring the telecom index which declined by 45.33 points.
Sectorwise, the S&P BSE capital goods index surged by 243.37 points, followed by healthcare index by 179.60 points and IT index by 157.03 points.
Major Sensex gainers on Monday were: Coal India, up 3.26 per cent at Rs 287.85; Infosys, up 2.33 per cent at Rs 1,035.65; Sun Pharma, up 2.28 per cent at Rs 591.95; Larsen and Toubro, up 1.80 per cent at Rs 1,338.10; and Hero MotoCorp, up 1.37 per cent at Rs 3,790.35.
Major Sensex losers were: Bharti Airtel, down 4.43 per cent at Rs 516.10; ONGC, down 0.28 per cent at Rs 197.15; State Bank of India, down 0.18 per cent at Rs 305.65; Tata Steel, down 0.18 per cent at Rs 768.95; and Adani Ports, down 0.07 per cent at Rs 424.15.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The BSE Sensex and Nifty50 continued with gains for the second consecutive trade session to close at new high levels riding on positive global cues, along with inflow of foreign funds and healthy buying in consumer durables, banking and auto stocks.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) rose by 54.05 points or 0.51 per cent to a new high of 10,558.85 points, after it touched a fresh intra-day high level of 10,566.10 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too scaled a new intra-day high of 34,188.85 points.
The Sensex closed at a fresh high of 34,153.85 points — up 184.21 points or 0.54 per cent — from its previous session’s close.
The BSE market breadth was bullish as 1,702 stocks advanced as compared to 1,235 declines.
“Nifty touched record highs in intra day trade. The rally came on the back of positive global cues,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
According to Vinod Nair, Head of Research, Geojit Financial Services, positive US jobs data fuelled optimism in the global markets, which had a rub effect in the domestic market.
“Additionally, clarity regarding the time frame of PSUBs (state-run banks) capital infusion provided positive vibes in the domestic market. The broad market was very buoyant seeing healthy buying in mid-cap and small-caps,” added Nair.
The S&P BSE mid-cap index closed higher by 0.69 per cent and the small-cap index by 0.97 per cent.
On the currency front, the Indian rupee strengthened by three paise to close at 63.37 against the US dollar from its previous close at 63.40.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 581.43 crore and domestic institutional investors worth Rs 243.13 crore.
“Sensex and Nifty touched record highs in early Friday trade, mirroring the gains in world equities. Investors now awaited December quarter earnings and upcoming Union Budget for further cues,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Cement companies were trading higher for the second straight day on expectation of increase in demand on the back of pick up in the affordable and rural housing segments,” Desai added.
Sectorwise, the S&P BSE consumer durables index edged higher by 292.26 points, followed by auto index by 159.65 points and banking index by 159.40 points.
On the other hand, the S&P BSE oil and gas index declined by 63.33 points and energy index slipped by mere 0.32 points.
Major Sensex gainers on Friday were: Yes Bank, up 5.03 per cent at Rs 333.05; Adani Ports, up 3.71 per cent at Rs 424.45; Bharti Airtel, up 3.36 per cent at Rs 540; IndusInd Bank, up 3.17 per cent at Rs 1,698.50; and Dr Reddy’s Lab, up 2.40 per cent at Rs 2,467.35.
Major Sensex losers were: ONGC, down 0.83 per cent at Rs 197.70; ICICI Bank, down 0.70 per cent at Rs 312.60; State Bank of India, down 0.60 per cent at Rs 306.20; Wipro, down 0.56 per cent at Rs 309.75; and Sun Pharma, down 0.39 per cent at Rs 578.75.
—IANS
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 | Economy, Markets, News
Mumbai : The equity markets turned bearish during the week on growing concerns over the country’s widening fiscal deficit as well as rising crude oil prices and persistant selling by foreign institutional investors (FIIs).
According to market observers, upbeat gross domestic product (GDP) growth data for the second quarter of 2017-18 failed to cheer the equity markets as investors remained cautious ahead of major events in the upcoming week.
The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) dropped 846.3 points, or 2.51 per cent, to close the week at 32,832.94 points.
The broader Nifty50 of the National Stock Exchange (NSE) declined by 267.9 points, or 2.58 per cent, to close at 10,121.80 points.
“Markets ended sharply lower this week after consolidating in a range for major part of the week. Selling emerged in the last two sessions of the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said the domestic market got spooked by fiscal deficit readings ahead of expiry of November contracts.
“To note, India’s fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for the fiscal year ending in March 2018,” Aggarwal told IANS.
“In the week gone by, the Dow industrials pushed past the 24,000 mark for the first time on the back of tax-reform optimism amid the latest batch of economic data pointing to a pickup in global and domestic demand. In a recent meeting, OPEC (Organisation of the Petroleum Exporting Countries) members agreed to extend curbs on output to the end of next year,” he added.
Provisional figures from the stock exchanges showed that domestic institutional investors bought scrips worth Rs 1,614.89 crore.
FIIs continued to remain net sellers and sold stocks worth Rs 2,772.56 crore during the week.
“Widening fiscal deficit and rising crude oil prices concerns continued to hurt sentiment. Investors turned cautious ahead of major events in the month ahead — the Reserve Bank of India policy, Federal Open Market Committee meet and Gujarat assembly elections,” said Arpit Jain, AVP at Arihant Capital Markets.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 3,273.34 crore, or $506.06 million, from November 27-30.
On the currency front, the rupee strengthened by 23 paise to close at 64.47 against the US dollar from its last week’s close at 64.70.
The currency market was closed on December 1 on the occasion of Id-e-Milad.
The top weekly Sensex gainers were: Maruti Suzuki (up 1.41 per cent at Rs 8,607.55); Coal India (up 0.42 per cent at Rs 272.25); and NTPC (up 0.42 per cent at Rs 181.15).
The losers were: Tata Motors (down 6.07 per cent at Rs 399.15); State Bank of India (down 5.93 per cent at Rs 312.55); Infosys (down 5.09 per cent at Rs 958.50); Tata Motors (DVR) (down 4.92 per cent at Rs 228.85); and Adani Ports (down 4.46 per cent at Rs 386.90).
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Negative global cues, coupled with selling pressure in stocks of index heavyweights like State Bank of India (SBI), ITC, Hindustan Unilever (HUL) and ONGC, among others, led the key Indian equity indices to close on a flat-to-negative note on Thursday.
Both the indices, which opened in the green and touched fresh intra-day highs, succumbed to profit booking during the day’s progress and closed on a marginally lower note.
The broader Nifty50 of the National Stock Exchange scaled a fresh intra-day high of 10,453 points and the barometer 30-scrip Sensitive Index (Sensex) of the BSE of 33,657.57 points.
On a closing basis, the Nifty50 fell by 16.70 points, or 0.16 per cent, to 10,423.80 points.
The BSE Sensex closed at 33,573.22 points — down 27.05 points or 0.08 per cent.
The BSE market breadth was bearish — 1,451 declines and 1,331 advances.
“Markets ended with modest losses on Thursday after touching new life highs in the morning session. Weakness in index heavyweights like SBI, ONGC and ITC pulled the Nifty lower,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Weak global cues also kept the sentiment subdued. Major Asian markets have ended on a negative note, barring the Nikkei index, while European indices like DAX and CAC 40 traded lower,” Jasani added.
The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.47 per cent and the small-cap index by 0.41 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market went through some profit-booking after touching the all time high. But the gradual change in FII (foreign institutional investors) inflows from negative to positive led by domestic cues will keep the India growth story intact.
“Pharma stocks emerged as a dark horse due to attractive valuations and expectation of faster US FDA (Food and Drug Administration) approvals for plants,” said Nair.
In terms of investments, provisional data with the exchanges showed that FIIs invested in scrip worth Rs 1,038.31 crore, whereas domestic institutional investors (DIIs) divested in stocks worth Rs 667.91 crore (data for November 1).
On the currency front, the rupee closed almost flat at 64.61 against the US dollar from its previous close at 64.59-60.
“Healthcare, consumer durables, IT, oil and gas, realty, technology and banking indices made gains. Overseas, European stocks traded flat as investors waited for the latest rate decision from the Bank of England (BoE). Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Asian shares advanced after the US Federal Reserve expressed optimism about the US economy in its policy statement released overnight. The US Fed kept interest rates unchanged on the expected line, but its commentary on the US economy has virtually confirmed a December rate hike,” he added.
Sector-wise, the S&P BSE automobile index fell by 154.05 points, followed by FMCG index by 96.25 points and oil and gas index by 55.77 points.
On the other hand, the S&P BSE healthcare index rose by 353.24 points, consumer durables index by 231.61 points and IT index was up 30.59 points.
Major Sensex gainers on Thursday were: Lupin, up 3.26 per cent at Rs 1,060.90; Sun Pharma, up 2.69 per cent at Rs 563.20; Power Grid, up 2.14 per cent at Rs 215; Dr Reddy’s Lab, up 1.88 per cent at Rs 2,405.40; and Coal India, up 1.54 per cent at Rs 290.10.
Major Sensex losers were: Hero MotoCorp, down 2.19 per cent at Rs 3,733.05; SBI, down 1.52 per cent at Rs 314.95; ONGC, down 1.52 per cent at Rs 188; ITC, down 1.52 per cent at Rs 265.60; and HUL, down 1.40 per cent at Rs 1,242.
—IANS
