by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Even as the general investors’ sentiments were subdued on Tuesday, the key Indian equity index — the NSE Nifty50 — made marginal gains to close at a new high.
According to market observers, low volumes and profit booking subdued investors’ sentiments — however, expectations of healthy quarterly results aided the key indices in paring some of their losses.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) inched up by 3.60 points or 0.04 per cent to close at a new high of 10,234.45 points.
However, the 30-scrip Sensitive Index (Sensex) of the BSE, closed on a negative note, ending at 32,609.16 points, lower by 24.48 points or 0.08 per cent from Monday’s close at 32,633.64 points.
In terms of the broader markets, the S&P BSE mid-cap index rose by 0.40 per cent, and the small-cap index gained 0.53 per cent.
On Monday, better-than-expected macroeconomic data pushed the key Indian equity indices to close at record highs. The NSE Nifty50 had gained 63.40 points, or 0.62 per cent to end at 10,230.85 points, while the Sensex of the BSE closed higher by 200.95 points or 0.62 per cent to 32,432.69 points.
“Markets ended flat on Tuesday as they traded in a narrow range. Trading sentiment seemed to be subdued ahead of a long Diwali weekend,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have ended on a mixed note. European indices like FTSE 100 and DAX traded higher.”
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Earnings positivity helped to maintain gains, but headaches over Korea as well as valuation fears characteristic to bull market rallies, ensured that sharp gains were limited to few stocks, especially as investors profit booking was seen in the index heavy weights eyeing the long weekend.”
On the currency front, the rupee weakened by 30 paise to close at 65.02 against the US dollar from its previous close at 64.72.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the benchmark indices snapped a three-session long gaining spree as it tracked mixed trends in global markets.
“Most of the sectoral indices traded in the positive territory, except for consumer durables, bankex and IT index,” Desai told IANS.
Sector-wise, the S&P BSE oil and gas index surged by 116.18 points, followed by capital goods index by 75.21 points and healthcare index by 53.78 points.
On the other hand, the S&P BSE banking index fell by 66.74 points, consumer durables index by 36.88 points and IT index by 25.49 points.
Major Sensex gainers on Tuesday were: Cipla, up 4.09 per cent at Rs 631.25; Bharti Airtel, up 2.86 per cent at Rs 465.95; Asian Paints, up 2.06 per cent at Rs 1,194.40; Bajaj Auto, up 1.09 per cent at Rs 3,257; and Hero MotoCorp, up 0.85 per cent at Rs 3,806.
Major Sensex losers were: Axis Bank, down 1.44 per cent at Rs 513.20; Tata Motors, down 1.04 per cent at Rs 432; Infosys, down 0.84 per cent at Rs 931.45; Dr. Reddy’s Lab, down 0.62 per cent at Rs 2,382.35; and State Bank of India, down 0.44 per cent at Rs 251.15.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Supported by good buying sentiments ahead of Diwali, key Indian equity indices rode the bulls for the second consecutive week, with the wider Nifty50 of the National Stock Exchange (NSE) hitting record highs on the last trading day of the week.
Market observers said the risk-taking appetite of investors got a major fillip by domestic data indicating stable inflation and healthy factory output, coupled with positive global cues, upbeat quarterly earnings data of an IT major and strong domestic flow of funds.
The Nifty50, on Friday (October 13), closed trade at a new high of 10,167.45 points, surpassing its previous closing high of 10,153.10 points scaled on September 18. On a weekly basis, it edged higher by 187.75 points, or 1.88 per cent.
The index also hit a fresh intra-day high of 10,191.90 points on Friday, crossing its previous high of 10,178.95 points on an intra-day basis scaled on September 19.
The 30-scrip Sensitive Index (Sensex) of the BSE, too, witnessed a strong closing at 32,432.69 points — up 618.47 points, or 1.94 per cent, on a weekly basis — its highest level since August 1 when it closed at a high of 32,575.17 points.
“So far this year, Sensex has gained 22 per cent, while Nifty is up 24 per cent,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, said: “In the week gone by, the domestic stock market, which has been on a northward move for the last two weeks, is expected to be further buoyed by signs of easing of geo-political tensions and huge inflow in mutual funds.”
According to data provided by market analysts, domestic mutual funds have received inflows of $16 billion from April to September 2017.
“Also, good demand on consumer stocks on arrival of festival season and interest in pharma stocks amid positive regulatory approvals supported the bulls,” Aggarwal told IANS.
“Industrial production expanded to a nine-month high of 4.3 per cent in August while retail inflation was stagnant at 3.28 per cent in September compared to the previous month. The domestic currency, which was under pressure, has now got some strength as against the US dollar to hit near three-week high,” he added.
During the week, the Indian rupee appreciated by 45 paise to close at 64.93 to a US dollar from its previous week’s close at 65.38.
Head – Equity of Kotak Life Insurance Hemant Kanawala told IANS that the two major factors that influenced the markets during the week were strong domestic flow of funds and continued pressure on earnings.
“FIIs have sold $1.6 billion in the month of September taking their net selling to $3.3 billion in the last two months,” Kanawala pointed out.
Provisional figures from the stock exchanges showed that FIIs off-loaded stocks worth Rs 3,454.51 crore during the week. However, domestic institutional investors continued to pump-in funds and bought scrip worth Rs 3,154.04 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,224.36 crore, or $187.76 million, during October 9-13.
“Global economies (US, Europe and China) are showing signs of improvement which was helping domestic sectors like metals and mining and chemicals due to increase in commodity prices,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Further, better results from IT major Tata Consultancy Services (TCS) and a strong earnings expectation from oil and gas major helped market momentum. Mid and small-cap attracted investor attention led by ease in GST rates and stock specific actions,” Nair added.
The top weekly Sensex gainers were: Bharti Airtel (up 12.86 per cent at Rs 431.45); Reliance Industries (up 4.76 per cent at Rs 876.70); TCS (up 4.74 per cent at Rs 2,561); Axis Bank (up 4.54 per cent at Rs 527.35); and Adani Ports (up 4.47 per cent at Rs 406.30).
The losers were: ONGC (down 2.07 per cent at Rs 170.10); State Bank of India (down 1.64 per cent at Rs 252.45); Dr. Reddy’s Lab (down 1 per cent at Rs 2,354); Maruti Suzuki (down 0.53 per cent at Rs 7,868.25); and Tata Motors (DVR) (down 0.52 per cent at Rs 237.95).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Surpassing its previous record, the wider Nifty50 of the National Stock Exchange (NSE) hit a fresh intra-day high of 10,179.15 points on Friday.
Previously, the Nifty50 scaled a high of 10,178.95 points on an intra-day basis on September 19.
At 1.50 p.m., the index traded at 10,167.10 points — up 70.70 points or 0.70 per cent.
Around the same time, the 30-scrip Sensitive Index (Sensex) of the BSE traded at 32,435.30 points — up 253.08 points, or 0.79 per cent, from its previous close.
According to market observers, healthy domestic factory output data, coupled with a strong rupee and healthy buying in banking, metal and consumer durables stocks, drove the rally of the key indices.
On Thursday, the benchmark indices closed on a higher note buoyed by positive global cues and intense buying activity during the last hour of trade.
The Sensex closed at 32,182.22 points — up 348.23 points, or 1.09 per cent, while the Nifty50 surged by 111.60 points, or 1.12 per cent, to close at 10,096.40 points.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Broadly negative global cues along with profit booking in metals, consumer durables and healthcare stocks and huge outflow of foreign funds led the key Indian equity indices to close on a flat-to-negative note on Tuesday.
According to market observers, investors were cautious ahead of the two-day US Federal Reserve meeting slated for later in the evening (India time).
The wider Nifty50 of the National Stock Exchange (NSE) touched a fresh high of 10,178.95 points during intra-day trade, but failed to sustain that level and closed at 10,147.55 points — marginally lower by 5.55 points or 0.05 per cent — from its previous session’s close.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,402.37 points — down 21.39 points, or 0.07 per cent, from its previous close, touching a high of 32,524.11 points and a low of 32,358.63 during intra-day trade.
The BSE market breadth was bearish with 1,309 declines and 1,297 advances.
In contrast, the broader market indices outperformed the Sensex, with the S&P BSE mid-cap index rising by 0.13 per cent and the small-cap index by 0.36 per cent.
“Markets ended marginally lower on Tuesday after a range bound session. Today’s losses came after the breakout seen yesterday indicating that the markets have taken a breather,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have ended on a mixed note. European indices like FTSE 100 and CAC 40 traded higher,” he added.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market traded on a flat note as investors are turning more cautious on account of Fed policy meeting. Also, the concern on valuation and lack of supportive cues to outpace the resistance influenced investors to book some profit.”
During the day, the Indian rupee weakened by 19-20 paise to 64.33 against the US dollar from its previous close at 64.13-14.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 1,719.62 crore while domestic institutional investors (DIIs) divested stocks worth Rs 77.68 crore.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the Nifty hit a record high on Tuesday before erasing gains to trade slightly lower, dragged down by market heavyweights such as ITC.
“Broader sentiment was also cautious with investors awaiting the Federal Reserve’s policy statement this week for fresh hints on the possible pace and timing of further US monetary tightening,” Desai told IANS.
Sector-wise, the S&P BSE metals automobile index fell by 81.10 points, capital goods index by 71.14 points and consumer durables index by 58.81 points.
On the other hand, the S&P BSE oil and gas index surged by 175.67 points, automobile index by 151.97 points and banking index was up 36.94 points.
Major Sensex gainers on Tuesday were: Tata Motors, up 4.58 per cent at Rs 423.90; Tata Motors (DVR), up 3.22 per cent at Rs 240.65; Kotak Bank, up 1.63 per cent at Rs 1,035.50; Cipla, up 0.61 per cent at Rs 573.50; and ICICI Bank, up 0.60 per cent at Rs 294.35.
Major Sensex losers were: Coal India, down 2.49 per cent at Rs 258.20; HDFC, down 1.02 per cent at Rs 1,752.85; Larsen and Toubro, down 0.92 per cent at Rs 1,226.40; State Bank of India, down 0.87 per cent at Rs 267.80; and Sun Pharma, down 0.84 per cent at Rs 516.60.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues, along with healthy buying in automobile, capital goods and banking stocks, lifted the Indian equity markets, with the NSE Nifty50 touching record high levels during the mid-afternoon trade session on Monday.
According to market observers, the rally was aided by persistent pumping in of funds by domestic investors.
At 12.30 p.m., the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) traded at a fresh new level of 10,164.25 points — up 78.85 points or 0.78 per cent — after touching a record intra-day high of 10,167.15 points.
Earlier, the Nifty50 had touched a record intra-day high of 10,137.85 points on August 2.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,361.37 points, traded at 32,474.38 points — up 201.77 points, or 0.63 per cent, from its Friday’s close at 32,272.61 points.
The Sensex has so far touched a high of 32,508.06 points and a low of 32,361.25 during intra-day trade.
The BSE market breadth was bullish — 1,586 advances and 827 declines.
“Benchmark indices opened higher with Nifty hitting new record high, crossing 10,150, surpassing the previous milestone of 10,137,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Strong buying from domestic institutional investors (DIIs) has supported the 24 per cent rally in Indian stock markets this year. According to estimates, they have pumped in around Rs 70,000 crore into stock markets this year till September,” Desai told IANS.
On Friday, the benchmark indices closed on a flat note as weak global cues on the back of recurring geo-political tensions, coupled with profit booking, subdued investors’ sentiments.
The Sensex closed with marginal gains at 32,272.61 points — up 30.68 points, or 0.10 per cent, while the Nifty50 inched down 1.20 points, or 0.01 per cent, to close at 10,085.40 points.
—IANS
