by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues on the back of easing geo-political tensions, coupled with healthy buying in capital goods, banking and automobile stocks, lifted key Indian equity indices — the BSE Sensex and the NSE Nifty50 — during the mid-afternoon trade session on Monday.
Index heavyweights like Larsen and Toubro, Maruti Suzuki, HDFC Bank, Hindustan Unilever and Coal India, among others, aided the indices in their bull run, said market observers.
The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,000-mark, which was breached on July 25 for the first time.
At 1.15 p.m., the Nifty50 traded at 10,010.35 points — up 75.55 points or 0.76 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,798.31 points, traded at 31,893.17 points — up 205.65 points, or 0.65 per cent, from its previous close at 31,687.52 points.
The Sensex has so far touched a high of 31,926.74 points and a low of 31,797.89 points during intra-day trade.
The BSE market breadth was bullish — with 1,536 advances and 926 declines.
“The benchmark indices opened higher on Monday tracking positive signals from Asian markets after North Korean dictator Kim Jong Un decided to hold a party over the weekend rather than launch another missile. The Indian rupee opened marginally lower against the US dollar,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Shares of gas distribution companies gained after the government renegotiated the pricing of liquefied natural gas (LNG) imported from Australia’s Gorgon project to save more than Rs 10,000 crore, which has shown positive impact on all the listed oil and gas stocks,” he added.
On Friday, the benchmark indices closed on a flat note — marginally in the green — buoyed by a strong rupee and good buying activities in capital goods stocks.
The Nifty50 was up 4.90 points, or 0.05 per cent, to close at 9,934.80 points, while the Sensex closed at 31,687.52 points — up 24.78 points, or 0.08 per cent.
—IANS
by admin | May 25, 2021 | Banking, Business, Economy, Finance, Investing, Markets, News, SMEs
By Porisma P. Gogoi
Mumbai : Continuing the bull run for the second consecutive week, key Indian equity indices — the Sensex and the Nifty50 — closed with minimal gains as short covering in healthcare and banking stocks coupled with continuous purchasing activities by domestic institutional investors (DIIs) kept market sentiment afloat.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE rose by 71.38 points or 0.99 per cent to close at 31,596.06 points.
Meanwhile, the Nifty50 of the National Stock Exchange (NSE) closed at 9,857.05 points, up 19.65 points or 0.2 per cent.
“Nifty witnessed minor upside bounce this week and closed the week with minor gains of around 20 points (0.20 per cent). Sectorally, the top weekly gainers were the pharma, metal and banking indices, while the losers were IT and FMCG indices,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
According to D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, the domestic market took pressure due to crack-down of market regulator Securities and Exchange Board of India (SEBI) on shell companies and geopolitical tension between India-China and USA-North Korea.
“However, on Wednesday, domestic market moved little higher aided by fresh buying mainly in realty, healthcare and banks, coupled with positive global cues,” Aggarwal told IANS.
“Also, the news that the Union Cabinet has moved another step towards the merger of some of the state-owned banks supported the bulls.”
On August 23, Finance Minister Arun Jaitley announced that “in principle” approval has been granted by the Union Cabinet for the consolidation of state-run banks through mergers. The announcement led to massive gains in public sector bank’s (PSU banks) stocks.
On the currency front, the Indian rupee strengthened by 10-11 paise to close the week at 64.03-04 to a US dollar from its previous week’s close at 64.14.
Vinod Nair, Head of Research, Geojit Financial Services, observed that pull-out of foreign funds and persistent miss in quarter earnings, which could end up with drop in FY18 profit-after-tax estimate, kept investors a little jittery.
“Month-to-date, foreign institutional investors (FIIs) were net sellers in the market on concerns of premium valuation, whereas DIIs continued to pour money into domestic market, which is keeping the market trend positive. Further, short covering due to shorter trading days (Friday which is a holiday) and nearness of August futures and options (F&O) expiry also supported the sentiment,” said Nair.
Provisional figures from the stock exchanges showed that FIIs sold stocks worth Rs 4,666.53 crore, while DIIs bought scrips worth Rs 2,883.99 crore during August 21-24.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 5,281.52 crore, or $824.17 million, during the trade week ended August 24.
“IT sector continued to witness pressure due to recent management turbulence in Infosys despite a premium buyback announcement. NPA (non-performing assets) worries in PSU Banks may cloud the outlook, whereas cabinet nod for fast track consolidation of PSU banks attain investors attention,” added Nair.
The top weekly Sensex gainers were: Bharti Airtel (up 3.95 per cent at Rs 433); Lupin (up 3.95 per cent at Rs 991.75); Dr Reddy’s Lab (up 3.88 per cent at Rs 2,087.90); Tata Steel (up 2.09 per cent at Rs 638.95); and Axis Bank (up 1.77 per cent at Rs 505.60).
The losers were: Infosys (down 10.64 per cent at Rs 912.50); NTPC (down 4.35 per cent at Rs 169.15); Bajaj Auto (down 3.15 per cent at Rs 2,731.85); Hero MotoCorp (down 3.06 per cent at Rs 3,874.50); and Adani Ports (down 2.64 per cent at Rs 379.95).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Uncategorized
Mumbai : After two consecutive sessions of losses, the two key indices of the Indian equity markets — NSE Nifty50 and BSE Sensex — made marginal gains on Tuesday, as positive global cues along with “some value buying” buoyed investors’ sentiments.
According to market observers, positive Asian and European markets as well as “an initial spurt of value buying” enhanced the risk-taking appetite of investors.
Healthy buying was witnessed in pharma, media and banking companies stocks.
The 30-scrip Sensitive Index (Sensex) closed higher by 33 points or 0.11 per cent.
Similarly, the wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 11.20 points or 0.11 per cent at 9,765.55 points.
The BSE Sensex, which opened at 31,393.93 points, closed at 31,291.85 points, up by 33 points or 0.11 per cent from Monday’s close at 31,258.85 points.
The Sensex touched a high of 31,484.28 points and a low of 31,241.50 points during the intra-day trade.
The BSE Sensex and NSE Nifty had opened higher on Tuesday against their respective previous sessions’ close.
However, broad market indices — the BSE mid-cap and BSE small-cap — underperformed the main indices.
“Markets ended with marginal gains on Tuesday after trading in a tight range during the day,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
“Gains in European and Asian bourses helped the main indices to settle with marginal gains. Major Asian markets have ended on a positive note, barring the Nikkei index. European indices like FTSE 100, DAX and CAC 40 traded higher.”
On the currency front, the Indian rupee strengthened by four paise to 64.10 to a US dollar from its Monday’s close.
In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 828.69 crore, whereas domestic institutional investors (DIIs) purchased stocks worth Rs 435.05 crore.
“Major losers were NTPC, Hero MotoCorp and Bajaj Auto as they post losses between 1.2 per cent and 2.2 per cent. Dr Reddy’s, Lupin and Sun Pharma were the top gainers as their stocks rose by 3.30 per cent, 1.93 per cent, and 1.64 per cent, respectively,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Major Sensex gainers on Tuesday were: Dr Reddy’s Lab, up 2.67 per cent at Rs 1,984.85; Lupin, up 2.32 per cent at Rs 944.25; Sun Pharma, up 2.24 per cent at Rs 470.85; ONGC, up 1.11 per cent at Rs 159.30; and Axis Bank, up 1.01 per cent at Rs 499.15.
Major Sensex losers were: NTPC, down 2.56 per cent at Rs 167.45; Hero MotoCorp, down 2.07 per cent at Rs 3,885.30; Bajaj Auto, down 1.09 per cent at Rs 2,740.50; Tata Consultancy Services (TCS), down 1.01 per cent at Rs 2,496.05; and Larsen and Toubro (L&T), down 0.64 per cent at Rs 1,119.25.
—IANS
by admin | May 25, 2021 | Commodity Market, Economy, Investing, Markets, News
By Porisma P. Gogoi,
Mumbai : Key Indian equity indices — the Sensex and the Nifty50 — rebounded from their five-week lows during the week ended Friday as sentiments were buoyed by easing global geo-political tensions and healthy buying in realty, metal and FMCG stocks.
According to market analysts, despite the reluctance observed in foreign institutional investors (FIIs) to pump in funds, continuous purchasing activities by domestic institutional investors (DIIs) kept the Indian markets afloat.
The indices, however, gave up a bulk of their gains on the last trading day (Friday) in the wake of a major corporate announcement — the resignation of a key managerial personnel at global software major Infosys. The IT sector suffered the most, with the S&P BSE IT index plunging by 369.19 points, or 3.53 per cent intra-day.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE gained 311.09 points or 0.99 per cent to close at 31,524.68 points.
Meanwhile, the Nifty50 of the National Stock Exchange (NSE) closed at 9,837.40 points, gaining 126.6 points or 1.30 per cent.
“Markets witnessed a pullback rally this week, although a sell-off on Friday curbed the gains. Sectorally, the top gainers were the realty, metal and FMCG indices, while the top loser was the IT index,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
Vinod Nair, Head of Research, Geojit Financial Services, said: “This bounce back was led by ease in tensions between North Korea and the US and the Fed’s dovish future outlook. Bargain hunting post healthy correction in mid and small-cap and DIIs inflows supported the up-move.”
Provisional figures from the stock exchanges showed that FIIs sold stocks worth Rs 5,892.1 crore, while DIIs bought scrips worth Rs 4,369.26 crore during August 14-18.
“Markets in Asia were weak on Friday’s morning trade after the Wall Street closed weak amid Trump administration’s inability to follow through economic policy. Strength in the yen against the dollar also weighed on markets,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“In the Indian markets, as per technical charts, the Nifty has formed a spinning top pattern, which indicates that the bears were not in a mood to give up easily,” said Desai.
On the currency front, the Indian rupee closed the week on a flat note at 64.14 to a US dollar from its previous week’s close.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 6,804.47 crore, or $1.06 billion, during the week ended August 18.
“Broader markets continued to outperform as mid-caps and small-caps remained attractive to domestic liquidity after the profit-booking spells. Further, a major sell-off witnessed in IT major Infosys due to surprise resignation by Chief Executive Officer (CEO) and terrorist in Europe attack put market in cautious mood,” added Nair.
On Friday, scrips of Infosys plummeted almost 10 per cent, eroding over Rs 22,400 crore in the firm’s market capitalisation (m-cap) at the end of the day’s trade, post the resignation of Vishal Sikka as its CEO and Managing Director (MD). In the process, it pulled down two key market indices by almost one per cent.
Analysts pointed out that the fall in the company’s scrip was the biggest since early 2013. “Infosys shares fell as much as 13 per cent, on way to their steepest intra-day percentage loss since April 2013,” added Desai.
The top weekly Sensex gainers were: Tata Steel (up 3.45 per cent at Rs 625.40), Tata Motors (DVR)(up 3.23 per cent at Rs 227), ITC (up 3.19 per cent at Rs 281.80), Cipla (up 3.06 per cent at Rs 565.70) and Hero MotoCorp (up 2.47 per cent at Rs 3,982.75).
The losers were: Infosys (down 6.05 per cent at Rs 923.10), State Bank of India (down 6.04 per cent at Rs 278.65), Larsen and Toubro (down 2.46 per cent at Rs 1,131), ONGC (down 1.80 per cent at Rs 160.75) and Mahindra and Mahindra (down 1.31 per cent at Rs 1,371.15).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
