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 : The key indices of the Indian equity market — S&P BSE Sensex and NSE Nifty50 — ended in the negative territory on Monday after a volatile trade session.
According to market observers, both the key indices had gained nearly a per cent each during the initial trade hour but failed to sustain the northward trajectory as caution over Reserve Bank of India’s (RBI) second monetary policy review of the fiscal eroded investor’s risk-taking appetite.
The Monetary Policy Committee (MPC) of the RBI began its three-day meet from June 4 to 6 here on Monday.
Accordingly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed the day’s trade in the red. It closed lower by 67.70 points or 0.63 per cent to 10,628.50 points from its previous close.
The Sensex of the BSE, which opened at 35,503.24 points, closed at 35,011.89 points, 215.37 points or 0.61 per cent lower from the previous session’s close at 35,227.26 points.
The Sensex touched a high of 35,555.59 points and a low of 34,982.25 during the trade session.
“Markets corrected further on Monday after a positive morning session led by banking and realty stocks,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“Investors turned cautious ahead of RBI monetary policy review meet which began today. Broad market indices like the BSE Mid Cap and Small Cap indices fell more, thereby underperforming the main indices.”
Geojit Financial Services Head of Research Vinod Nair said: “Market erased early gains despite positive momentum in the global market as investors are gradually factoring a rate hike ahead of RBIs monetary policy.”
“As the result season is over, market participants are keen on macros, the movement of oil price and rupee will remain the key trigger. On the other hand, the tailwinds caused by prognosis of good monsoon and uptick in economic activity in Q4FY18 will boost consumption led story and rural economy.”
On the currency front, the Indian rupee weakened against the US dollar to 67.11-12, from its previous close at 67.06 per greenback.
Sector-wise, the S&P BSE banking index fell by 422.97 points, the consumer durables index was down by 376.37 points and the capital goods index ended 236.38 points lower.
On the other hand, S&P BSE IT index gained 55.34 points followed by the metal index which rose by 31.70 points and the TECK index ended 22.53 points higher.
The major gainers on the Sensex were Dr Reddy’s Labs, up 2.86 per cent at Rs 1,996.95; Infosys, up 1.59 per cent at Rs 1,239.60; Mahindra and Mahindra, up 1.45 per cent at Rs 914.60; Tata Steel, up 1.18 per cent at Rs 566.95; and Reliance Industries, up 1.09 per cent at Rs 939.35 per share.
The top losers were HDFC Bank, down 2.99 per cent at Rs 2,046.55; Bharti Airtel, down 2.81 per cent at Rs 371.85; Adani Ports, down 2.47 per cent at Rs 377.60; PowerGrid, down 2.06 per cent at Rs 201.65; and Hindustan Unilever, down 1.73 per cent at Rs 1,562.20 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah and Porisma P.Gogoi,
Mumbai : Forecast of normal monsoon rains, along with healthy earnings in the IT sector, lifted the Indian equity markets during the week ended Friday.
Besides, supportive global cues, coupled with expectations of healthy corporate earnings, led the two equity indices — the BSE Sensex and the NSE Nifty50 — to extend their rise for the fourth consecutive week.
However, higher crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks — triggered by a likely hawkish stand of the Reserve Bank of India (RBI) in its next monetary policy review — trimmed some gains of the benchmark indices, said market observers.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 222.93 points or 0.65 per cent to close at 34,415.58 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,564.05 points — up 83.45 points or 0.80 per cent from its previous week’s close.
“Markets extended their winning streak to the fourth consecutive week on strong earnings from TCS (Tata Consultancy Services), Mindtree and Cyient which posted a better than expected quarterly numbers,” Prateek Jain, Director, Hem Securities, told IANS.
“Sentiments also got a boost from postive global clues and IMD’s (India Meteorological Department) forecast that India is likely to receive a normal monsoon in 2018, which further boosted sentiments,” said Jain.
Rahul Sharma, Senior Research Analyst, Equity99, said: “Investors’ sentiment also got a boost after India’s annual WPI-based inflation eased to 2.47 per cent in March, helped by a fall in food prices.”
“Positive global stocks also supported buying,” Sharma told IANS.
Official data released during market hours on Monday showed that India’s Wholesale Price Index (WPI) inflation softened to 2.47 per cent in March from a rise of 2.48 per cent reported for February and acceleration of 5.11 per cent in the corresponding month of last year.
On the currency front, the rupee weakened by 92 paise to close at 66.13 against the dollar from its previous week’s close at 65.21.
“The Indian currency got hammered and sank to a 13-month low of 66.06 against the dollar (during the week) due to rapid surge in global crude oil prices and fiscal deficit worries,” D.K. Aggarwal, Chairman and MD of SMC Investments and Advisors, told IANS.
“The minutes of the last (previous) meeting of the Monetary Policy Committee (MPC) indicated the RBI may shift to a hawkish monetary stance in June. At present, market participants looked little worried that the commodity will continue appreciating to new highs, which would spell trouble for Indian markets,” Aggarwal added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,821.24 crore, while the domestic institutional investors purchased stocks worth Rs 2,124.16 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 3,096.62 crore, or $471.78 million, during April 16-20.
“The top sectoral gainers were IT, metal, fast moving consumer goods (FMCG) and realty indices and the major losers were PSU banks, energy and bank Nifty indices,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
On Friday, shares of IT bellwether Tata Consultancy Services (TCS) rose nearly seven per cent to touch a new high of Rs 3,414 per share, on the back of its robust earnings taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.
The top weekly Sensex gainers were: TCS (up 8.11 per cent at Rs 3,406.40); Bharti Airtel (up 6.07 per cent at Rs 400.75); ITC (up 5.81 per cent at Rs 275.95); Power Grid (up 4.94 per cent at Rs 207.30); and Hindustan Unilever (up 3.96 per cent at Rs 1,465.50).
The losers were: Axis Bank (down 6.65 per cent at Rs 505.85); Tata Motors (DVR) (down 5.84 per cent at Rs 190.95); Tata Motors (down 5.72 per cent at Rs 336.25); State Bank of India (down 3.90 per cent at Rs 241.40); and IndusInd Bank (down 2.42 per cent at Rs 1,814.00).
(Riuraj Baruah can be contacted at rituraj.b@ians.in and Porisma P.Gogoi at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Key Indian equity indices — the BSE Sensex and NSE Nifty50 — extended their gains for the third consecutive week as healthy macro-economic data, along with firm global cues on the back of fading trade war fears boosted investors’ sentiments.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE surged by 565.68 points or 1.68 per cent to close at 34,192.65 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,480.60 points — up 149 points or 1.44 per cent from its previous week’s close.
“Markets rallied further this week after consolidating in the early part of the week. It was the third consecutive week of gains for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The top sectoral gainers were IT, metal, Bank Nifty and energy indices. The top losers were PSU Banks, realty and pharma indices,” he added.
Prateek Jain, Director, Hem Securities, said: “Markets settled on a firm note last week as investors appeared confident in view of firm global cues. Stock markets across the globe rose after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row.”
“Escalating tensions over Syria were seen as a major contributor to weakness during the middle of the week. The Sensex and the Nifty advanced in all five trading sessions of the week,” Jain told IANS.
On the domestic front, healthy Consumer Price Index (CPI) and Index of Industrial Production (IIP) data added to the northward trajectory of the benchmark indices.
“The domestic market continued to trade higher and the Nifty managed to cross 10,500 levels in the week gone by amid global clues and healthy macro data,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
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 only marginally in February to 7.1 per cent.
“The fears of a trade war seem to have completely abated as of now,” Aggarwal said.
According to Aggarwal, the sentiments were further supported after securities market regulator Sebi decided to raise the investment limit for foreign portfolio investors (FPIs) in central government securities and corporate bonds in two tranches.
“Limit for FPIs in central government securities shall be enhanced to Rs 207,300 crore on April 12 and to Rs 223,300 crore on October 1, respectively and this is sure to boost inflows of foreign funds into Indian capital markets,” he added.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,654.31 crore, while the domestic institutional investors purchased stocks worth Rs 815.06 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that FPIs divested equities worth Rs 1,178.98 crore, or $182.25 million, during April 9-13.
The top weekly Sensex gainers were: Axis Bank (up 8.23 per cent at Rs 541.90); Tata Consultancy Services (up 6.82 per cent at Rs 3,151); Coal India (up 3.59 per cent at Rs 285.35); Infosys (up 3.52 per cent at Rs 1,169); and Larsen and Toubro (up 3.37 per cent at Rs 1,355.30).
The losers were: State Bank of India (down 3.31 per cent at Rs 251.20); Tata Motors (down 1.98 per cent at Rs 356.65); Bharti Airtel (down 1.97 per cent at Rs 377.80); Dr. Reddy’s Lab (down 1.75 per cent at Rs 2,087); and Tata Motors (DVR) (down 1.74 per cent at Rs 202.80).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : A global sell-off triggered by trade protectionist measures imposed by major world economies unleashed the bears in the Indian equity markets during the week, pushing the key indices — NSE Nifty50 and BSE Sensex — to their 5-month lows.
Apart from the prospects of escalating trade wars, the risk-taking appetite of investors was marred by rising crude oil prices, the ongoing turmoil in the domestic banking system as well as the uncertainty on the political situation in the country.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 579.46 points or 1.75 per cent to close at 32,596.54 points — its lowest closing level since October 23, 2017.
On the National Stock Exchange (NSE), the wider Nifty50 ended below the psychologically important 10,000-mark and closed trade at 9,998.05 points — down 197.1 points or 1.93 per cent from its previous week’s close — its lowest closing level since October 11, 2017.
“Benchmark indices Sensex and Nifty fell 1.75 per cent and 1.93 per cent respectively during the week, posting their longest stretch of weekly losses in 16 months as the domestic market joined a global sell-off triggered by prospects of a trade war,” Arpit Jain, Assistant Vice President at Arihant Capital Markets, told IANS.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, the global stock market traded lower after US President Donald Trump announced sweeping tariffs on Chinese goods, a move that has heightened concerns that the global trade war will escalate.
“Back at home, dragged by escalating trade tensions among global economies, the Indian stock market too witnessed selling pressure amid other domestic factors. Since the beginning of the year domestic market witnessed some hiccups on the back of imposition of LTCG (long term capital gains) tax, liquidity issues, rising bond yields and volatile global markets,” Aggarwal told IANS.
“Also, a surge in crude oil prices impacted the market sentiment. The Indian rupee, too, witnessed a volatile move ahead of Fed rate-hike and global trade war concerns,” he added.
On the currency front, the rupee weakened by eight paise to close at 65.01 against the US dollar from its previous week’s close at 64.93.
“Sentiments were affected by rising crude oil prices, bond yields and a troubled domestic banking system. Uncertainty around the political situation in the country added to the woes, and collectively dragged the sentiment across the street,” Gaurav Jain, Director at Hem Securities, told IANS.
Provisional figures from the stock exchanges showed that foreign institutional investors purchased scrips worth Rs 2,524.13 crore and the domestic institutional investors (DIIs) scrips worth Rs 211.91 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors invested in equities worth Rs 2,060.04 crore, or $316.99 million, during March 19-23.
“The market breadth was negative in three out of the five trading sessions of the week. The top sectoral losers were realty, metal, Bank Nifty and pharma indices. There were no gainers,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
The top weekly Sensex gainers were: NTPC (up 2.90 per cent at Rs 170.15); IndusInd Bank (up 1.36 per cent at Rs 1,750.20); Power Grid (up 1.04 per cent at Rs 194.25); Hindustan Unilever (up 0.05 per cent at Rs 1,299.75); and Larsen and Toubro (up 0.01 per cent at Rs 1,267.75).
The losers were: Yes Bank (down 8.37 per cent at Rs 286.70); ICICI Bank (down 7.48 per cent at Rs 275.80); State Bank India (down 7.13 per cent at Rs 234.60); Tata Steel (down 5.65 per cent at Rs 566.60); and Axis Bank (down 4.29 per cent at Rs 501).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
