by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices on Tuesday gave up all gains to close on a flat note, with the BSE Sensex incurring marginal losses while the NSE Nifty50 held on to the green with minute gains. IT major Tata Consultancy Services (TCS) was the top loser on the domestic bourses.
According to market observers, lessened chances of a rate-hike by the Reserve Bank of India (RBI) on the back of easing inflation, along with a huge sell-off in stocks of TCS, pulled the indices lower from their intra-day highs.
On a closing basis, the wider NSE Nifty50 inched up 5.45 points or 0.05 per cent to 10,426.85 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 33,856.78 points — down 61.16 points or 0.18 per cent from the previous session’s close.
However, the BSE market breadth was bullish with 1,705 advances and 993 declines.
Earlier during the day, healthy macro-economic data, along with healthy buying in banking, consumer durables, oil and gas and healthcare stocks lifted the benchmark indices. The BSE Sensex had reclaimed the 34,000-mark in the course.
“A sell-off from the highs in the afternoon session curbed the gains. PSU banks bounced up, but failed to close at their intra-day highs as a soft CPI (Consumer Price Index) number for February announced on Monday raised hopes of a softer interest rate regime,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
Data released after market hours on Monday revealed that the country’s factory production growth in January doubled to 7.5 per cent and retail inflation (CPI) eased down to 4.4 per cent for February.
“Major Asian markets have closed on a positive note barring the Jakarta and Shanghai indices, while European indices like DAX, CAC 40 and FTSE 100 traded in the green,” Jasani added.
In terms of the broader markets, the S&P BSE mid-cap index edged higher by 1 per cent and the small-cap index by 1.14 per cent.
On the currency front, the Indian rupee strengthened by 14 paise to close at 64.90 against the US dollar from its previous close at 65.04.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 7,028.42 crore and domestic institutional investors worth Rs 1,613.39 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market gained a positive momentum on account of easing inflation and better than expected IIP (Index of Industrial Production) data.”
“However, selling in IT and profit booking in banks failed to keep positivity throughout the day. Benign inflation will provide more room to RBI to maintain the current stance rather to consider a rate hike in the near term,” he added.
During the day’s trade, TCS scrips plunged over five per cent on announcements of block deals on both the BSE and NSE.
“TCS shares fell 5.1 per cent after reports of Tata Sons’ plans to sell $1.25 billion of its stake in the company,” Desai added.
Sectorwise, the S&P BSE IT index fell by 196.78 points, followed by Teck (technology, media and entertainment) index by 71.51 points and FMCG index by 1.22 points.
On the other hand, the S&P BSE consumer durables index surged by 282.75 points, oil and gas index by 250.17 points and healthcare index by 140.65 points.
Major Sensex gainers on Tuesday were: Axis Bank, up 2.23 per cent at Rs 530.80; Sun Pharma, up 2.04 per cent at Rs 522.90; Wipro, up 1.65 per cent at Rs 295.55; Dr Reddy’s Lab, up 1.60 per cent at Rs 2,181.40; and Bharti Airtel, up 1.22 per cent at Rs 425.90.
The Sensex losers were: TCS, down 5.22 per cent at Rs 2,892.45; Kotak Bank, down 1.46 per cent at Rs 1,084.55; Coal India, down 1.02 per cent at Rs 294.75; NTPC, down 0.94 per cent at Rs 169.40; and Maruti Suzuki, down 0.66 per cent at Rs 8,753.50.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Porisma P. Gogoi,
Mumbai : Bolstered by an upbeat domestic macro data and global cues, the two key Indian equity indices — BSE Sensex and NSE Nifty50 — rode the bulls to scale new highs during the week ended Friday.
According to market analysts, India’s advancement to the top 100 in the World Bank’s Ease of Doing Business global rankings, along with a strengthening rupee and healthy buying in index heavyweights, gave a boost to the upward rally of the indices for the fourth consecutive week.
On Friday, the broader Nifty50 of the National Stock Exchange (NSE) hit a new 52-week high of 10,461.70 points intra-day, and closed trading at record 10,452.50 points.
On a weekly basis, it edged higher by 129.45 points, or 1.25 per cent.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, too, saw a strong closing at 33,685.56 points — up 528.34 points, or 1.59 per cent, on a weekly basis.
The Sensex hit a new 52-week high of 33,733.71 points on intra-day basis.
“Carrying on from last week, markets continued to surge higher this week to touch new life highs,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
“Sectorally, the top gainers were realty, PSU banks, bank Nifty and pharma indices. The top losers were IT, metal and FMCG indices.”
According to Vinod Nair, Head of Research at Geojit Financial Services, market witnessed strong up-move led by affirmative signs of recovery in domestic earnings and rally in index heavyweights.
“Strong core industries data, US Fed status quo on interest rate and positive global cues supported this trend. Market was enthused by September core industries data which grew by 5.2 per cent, showing signs of revival in industrial growth, easing of GST and pick-up in restocking in the economy,” said Nair.
“There were ample signs of reversal in corporate earnings growth, with better than expected results from index heavyweights, which improved the market sentiments,” he added.
On the currency front, the rupee strengthened by 50 paise to close at 64.55 against the US dollar from its last week’s close at 65.05.
Market observers pointed out that although most macro indicators gave a boost to market sentiments, some momentum was lost on account of lower-than-expected automobile sales numbers for the month of October.
“Domestic markets touched a lifetime high after India’s ranking rose 30 notches to 100 in the World Bank’s Ease of Doing Business Survey for 2018. Besides the positive sentiment driven by macro indicators and ease of doing business, global markets have also been supportive for the Indian markets,” said D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors.
“However, it lost nerve soon to close lower after the announcement of muted auto sales numbers. The government’s recent recapitalisation plan and ‘Bharatmala Pariyojana’ have boosted market sentiment and fuelled growth recovery hopes,” Aggarwal told IANS.
Provisional figures from the stock exchanges showed that foreign institutional investors off-loaded stocks worth Rs 8,336.86 crore during the week, while the domestic institutional investors divested in scrips worth Rs 354.42 crore.
Figures from the National Securities Depository Ltd (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 2,773.08 crore, or $179.57 million, during October 30-November 3.
The top weekly Sensex gainers were: Bharti Airtel (up 11.60 per cent at Rs 541.35); Axis Bank (up 11.46 per cent at Rs 540); ICICI Bank (up 4.95 per cent at Rs 315.85); Lupin (up 4.84 per cent at Rs 1,049.25); and HDFC (up 4.56 per cent at Rs 1,775.35).
The losers were: Mahindra and Mahindra (down 3.95 per cent at Rs 1,331.15); Hero MotoCorp (down 2.80 per cent at Rs 3,690.80); Tata Steel (down 2.39 per cent at Rs 708.90); Infosys (down 2.20 per cent at Rs 926.65); and Bajaj Auto (down 2.02 per cent at Rs 3,223.10).
(Porisma P. Gogoi can be contacted at porisma.g@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Breaking a seven-day-long losing streak, key Indian equity indices — the BSE Sensex and the NSE Nifty50 — on Thursday closed in the green on the back of positive European markets and bargain hunting.
Although volatility was induced in the markets intra-day on September derivatives expiry as investors booked profits, short covering in banks, automobile and healthcare stocks aided the key indices to pare losses and close on a higher note.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 33.20 points or 0.34 per cent to close at 9,768.95 points.
The 30-scrip Sensitive Index of the BSE, which lost around 1,263.95 points in the previous seven sessions, closed higher by 122.67 points, or 0.39 per cent, at 31,282.48 points.
The BSE market breadth was bullish — with 1,531 advances and 987 declines.
“Markets ended with modest gains on Thursday after bouncing back from a low of 9,688. Today’s gains came after seven consecutive sessions of losses for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.
“It was also the expiry day of the September derivative series. Bargain hunting and positive European markets supported the Indian indices,” added Jasani.
On the currency front, the rupee strengthened by 21 paise to close at 65.50-51 against the US dollar from its previous close at 65.71-72.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 5,328.46 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 5,196.60 crore.
“The Sensex rose over 100 points while the Nifty regained the 9,750 mark after a tepid start on Thursday as pharma, FMCG and banking stocks witnessed buying. However, volatility was visible due to expiry of future and options contracts of September series,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Buying was also visible due to off-loading of short positions future and options contracts, traders say. Mid-cap and small-cap shares, which were among the worst hit in recent selloff, outperformed benchmark indices,” Desai told IANS.
The BSE mid-cap index rose by 0.77 per cent, while the BSE small-cap index by 0.90 per cent.
Sector-wise, the S&P BSE banking index surged by 206.65 points, automobile index by 108.94 points, and healthcare index by 92.31 points.
On the other hand, the S&P BSE consumer durables index fell by 58.14 points, capital goods index by 53.89 points, and energy index by 19.89 points.
Major Sensex gainers on Thursday were: Dr. Reddy’s Lab, up 2.62 per cent at Rs 2,367.85; Kotak Bank, up 2.43 per cent at Rs 1,004; Coal India, up 2.32 per cent at Rs 267; Maruti Suzuki, up 2.11 per cent at Rs 7,897.15; and Cipla, up 2.05 per cent at Rs 581.50.
Major Sensex losers were: Asian Paints, down 2.73 per cent at Rs 1,129.25; Reliance Industries, down 1.48 per cent at Rs 786.75; Wipro, down 0.95 per cent at Rs 285.85; Bharti Airtel, down 0.77 per cent at Rs 382.40; and Tata Motors, down 0.69 per cent at Rs 401.10.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Key Indian equity indices on Friday witnessed the steepest fall since November 2016, on the back of escalating geo-political tensions between North Korea and the US, a weak rupee and heavy selling pressure in capital goods, metal and banking stocks.
Market observers pointed out that investors’ sentiments were hampered by a likely US rate-hike in December which was signalled by the US Federal Reserve on Wednesday night. The move can potentially lead foreign portfolio investors (FPIs) away from emerging markets such as India.
Besides, investors remained cautious about the government’s plans for a stimulus programme which might lead to fiscal deficit.
The wider Nifty50 of the National Stock Exchange (NSE) slipped below the psychologically important 10,000-points-mark, to close at 9,964.40 points — down 157.50 points or 1.56 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, too, plunged by 447.60 points, or 1.38 per cent, to end below its psychologically important 32,000-points-level at 31,922.44 points.
“The main indices — NSE Nifty50 and BSE Sensex — fell steeply during the day’s trade. This was the largest fall for both the indices on an intra-day and overall closing basis since November 11, 2016,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.
“The weakness came on the back of geo-political tensions as North Korea threatened that it could consider testing a nuclear weapon in the Pacific.”
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, concerns over the government’s plan for a stimulus to halt the economic slowdown — which might lead to fiscal deficit — eroded investors risk-taking appetite.
“In view of the economic slowdown, the government is reported to be open to allowing the fiscal deficit to exceed this year’s target as it considers a stimulus package in the range of Rs 40,000-50,000 crore by way of increased spending,” Desai told IANS.
In terms of the broader markets, the S&P BSE mid-cap index tanked by 2.71 per cent and the small-cap index by 2.93 per cent.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,241.73 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 521.17 crore.
“The rupee fell sharply today to breach the 65-mark against the US dollar but recovered later. The rupee fell to a nearly six-month low of 65.14 against the US dollar — its lowest since April this year,” Desai added.
During the day, the rupee closed at 64.79-80 against the US dollar.
Sector-wise, all the 19 sub-indices of the BSE closed in the red, led by capital goods (down 603.52 points), metals (down 554.26 points) and banking (down 526.84 points) indices.
Major Sensex gainers on Friday were: Wipro, up one per cent at Rs 294.05, and Coal India, up 0.12 per cent at Rs 253.90.
Major Sensex losers were: Tata Steel, down 4.70 per cent at Rs 654.55; Larsen and Toubro, down 3.49 per cent at Rs 1,184.90; Reliance Industries, down 2.83 per cent at Rs 817.50; ICICI Bank, down 2.77 per cent at Rs 277.10; and Hero MotoCorp, down 2.59 per cent at Rs 3,788.15.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Weak global cues on the back of recurring geo-political tensions, coupled with profit booking in banking, capital goods, FMCG and healthcare sectors, subdued investors’ sentiments and led the key Indian equity indices — the BSE Sensex and NSE Nifty50 — to close on a flat note on Friday.
The 30-scrip Sensitive Index (Sensex) of the BSE, which slid into the red during the day’s trade, closed with marginal gains at 32,272.61 points — up 30.68 points, or 0.10 per cent.
However, the BSE market breadth was bearish — with 1,457 declines and 1,112 advances.
On the other hand, the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) inched down 1.20 points, or 0.01 per cent, to close the day at 10,085.40 points.
“Markets ended flat on Friday after a volatile session. The volatility came on the back of return of geopolitical tensions as North Korea launched a missile near east of Japan,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets ended on a positive note, barring the Shanghai and Straits indices. European indices like FTSE 100, DAX and CAC 40 traded lower,” he added.
In terms of broader market indices, the S&P BSE mid-cap index fell by 0.28 per cent, whereas the small-cap index rose by 0.38 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Nifty continued to face resistance above 10,100 level due to weak global cues and continued hostility in Asia. US bond yields rose as CPI August data inched higher to 0.4 per cent leading to risk of Fed interest rate hike in December.”
“Continued FII (foreign institutional investors) selling and tightening monetary policies in US will curtail the easy liquidity, which is making investors cautious,” said Nair.
In investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 8,043.58 crore during September 1-14.
On a daily basis, the FIIs purchased scrip worth Rs 418.86 crore and the DIIs (domestic institutional investors) worth Rs 125.55 crore during the day’s trade.
The Indian rupee strengthened by 4-5 paise to 64.07-08 against the US dollar from its previous close at 64.12.
“Indian shares fell on Friday tracking lower Asian markets, as geo-political tensions following another missile launch by North Korea dampened sentiment and as profit taking was seen in recent outperformers such as banks and pharma stocks,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Sun Pharmaceutical Industries and Dr. Reddy’s Laboratories, which gained in the last three sessions, fell 1.65 per cent and 1.94 per cent, respectively. State-owned Oil and Natural Gas Corporation, however, rose as much as 4.4 per cent, the top percentage gainer on the NSE index, and in line to snap a three-session losing run,” Desai told IANS.
Sector-wise, the S&P BSE banking index fell by 98.30 points, capital goods index by 66.19 points, and the healthcare and FMCG indices by 26.42 points each.
On the other hand, the S&P BSE IT index was up 103.78 points, Teck (technology, media and entertainment) index by 43.63 points and the oil and gas index by 43.13 points.
Major Sensex gainers on Friday were: ONGC, up 4.71 per cent at Rs 166.90; Bajaj Auto, up 3.19 per cent at Rs 3,022.05; Coal India, up 1.94 per cent at Rs 259.90; Infosys, up 1.83 per cent at Rs 908.60; and Wipro, up 0.65 per cent at Rs 285.75.
Major Sensex losers were: Dr. Reddy’s Lab, down 1.77 per cent at Rs 2,210.25; ITC, down 0.92 per cent at Rs 269.35; NTPC, down 0.77 per cent at Rs 167.30; State Bank of India, down 0.68 per cent at Rs 272.05; and Tata Motors, down 0.66 per cent at Rs 401.25.
—IANS
