by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Easing inflation data along with braodly positive global cues lifted the key Indian equity indices during the week with the NSE Nifty50 ending at a record closing level on Friday.
India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a high of 5.77 per cent in June, official data showed on Tuesday. The retail inflation for July released on Monday stood at 4.17 per cent, down from 4.92 per cent in June.
However, a slump in the Indian rupee tracking weakness in its global peers and a wider trade deficit limited the gains on the equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher by 78.65 points or 0.21 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at a record closing high of 11,470.75 points, higher by 41.25 points or 0.36 per cent from the previous week’s close.
Market breadth was negative in three out of the four trading sessions of the week, analyst said.
Markets extended winning streak for the third consecutive week as the Index of Industrial Production and Consumer Price Index data gave boost to the market, said Rahul Sharma, Senior Research Analyst at Equity99.
According to Hem Securities’ Director, Prateek Jain, “Traders and investors saw modest losses due to Turkish concerns in the beginning of the week. But, towards the fag end of the week, markets reflected recovery.”
On the currency front, the rupee settled at its lowest closing level of 70.16 on Thursday, weakened by 1.33 paise from its previous week’s close of 68.83 per greenback.
The rupee on Thursday also touched an all time low of 70.39-40 per dollar. Globally, currencies depreciated against the greenback for most part of the week following a plunge in the Turkish “Lira”. Forex trade in India was shut on Friday on account of Parsi New Year.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,028.47 crore, while the domestic institutional investors both stocks worth Rs 893.43 crore in the past week.
Figures from the National Securities Depository (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 159.66 crore, or $24.67 million, in the equities segment during August 13-16.
Sector-wise, pharma, IT, FMCG and realty gained, while media, PSU, infrastructure, financial services and metals fell, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Sun Pharma (up 9.22 per cent at Rs 623.30); ITC (up 3.94 per cent at Rs 313.75); Infosys (up 3.70 per cent at Rs 1,431.35); Yes Bank (up 3.07 per cent at Rs 392.95); and Mahindra and Mahindra (up 2.97 per cent at Rs 961 per share).
The major losers were Vedanta (down 6.72 per cent at Rs 215); Tata Motors (DVR) (down 5.06 per cent at Rs 136); HDFC (down 4.75 per cent at Rs 1,883.60); SBI (down 4.57 per cent at Rs 302.00); and Larsen and Toubro (down 3.58 per cent at Rs 1,240.30 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Investor sentiments in the Indian equity market firmed up on Friday with the NSE Nifty50 ending at a record closing level, following broadly positive cues in the global markets.
The benchmark S&P BSE Sensex breached the 38,000-mark during the day before closing slightly below the psychological mark.
Index-wise, the Nifty50 on the National Stock Exchange closed at 11,470.75 points, up 85.70 points or 0.75 per cent from its previous close.
The S&P BSE Sensex, which had opened at 37,898.60 points, closed at 37,947.88 points, up 284.32 points or 0.75 per cent from previous close of 37,663.56 points.
It touched an intra-day high of 38,022.32 points and a low of 37,840.16.
In the broader markets, the S&P BSE Mid-cap rose by 0.88 per cent and the S&P BSE Small-cap ended higher by 0.94 per cent from the previous close. The BSE market breadth was bullish with 1,629 advances and 1,076 declines.
“The gains came on the back of positive Asian markets as investors seemed to cheer Washington and Beijing’s decision to hold trade talks next week,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 147.31 crore and the domestic institutional investors purchased stocks worth Rs 151.89 crore.
Sector-wise, the S&P BSE Banking index rose 398.95 points, FMCG index was up 219.19 points and the metal index ended higher 216.43 points from its previous close.
In contrast, the S&P BSE oil and gas index was the only losing index with a decline of 22.55 points.
In a major development, share price of FMCG major ITC on the BSE touched a 52-week high of Rs 315.20 on Friday. It settled at Rs 313.75 per share, higher Rs 6.95 or 2.27 per cent from the previous close.
The major gainers on the Sensex were Yes Bank, up 3.76 per cent at Rs 392.95; State Bank of India, up 3.18 per cent at Rs 302; Vedanta, up 3.09 per cent at Rs 215; Hindustan Uniliver, up 2.63 at Rs 1,780.80; and Tata Motors, up 2.47 per cent at Rs 257.35 per share.
The major losers were Hero Motocorp, down 1.14 per cent at Rs 3,248.60; ONGC, down 0.61 per cent at Rs 163.10; Maruti Suzuki, down 0.58 per cent at Rs 9,148.30; Coal India, down 0.44 per cent at Rs 281.20; and HDFC, down 0.39 per cent at Rs 1,883.60 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Rohit Vaid,
Mumbai : Key macro-economic inflation data points, combined with the last of first quarter earning results and the direction of foreign fund flows, are expected to drive the Indian equity indices next week.
Analysts opined that the movement of the Indian rupee against the US dollar as welll as global crude oil price volatility and high stock valuations will also affect investor sentiments.
“The domestic markets are likely to witness another eventful week, with more quarterly earnings, trends in global markets, investment by foreign and domestic investors,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
In terms of global cues, Delta Global Partners Founder and Principal Partner Devendra Nevgi told IANS: “The risk emanating from a potential Turkey-centred contagion spreading to EU banks will dominate the risk sentiment in the EMs (emerging markets) and Indian markets next week.”
“The USD is higher and the yields lower, indicating a risk-aversion scenario. The Indian rupee’s moves need to be closely watched, since it is already closer to an all-time low. The Turkish Lira’s steep fall and USD’s appreciation would negate the sentiment towards EM currencies in general, including the rupee.”
According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee is expected to range from 68.70 to 69.30 against a US dollar in the coming week.
“We should be prepared for a devaluation. However, lower crude oil prices and the Reserve Bank of India’s (RBI ) invention in defending the Indian rupee against the USD will mitigate the magnitude of devaluation,” Banerjee told IANS.
On the currency front, the rupee closed at 68.83 on August 10, weakened by 22 paise from its previous week’s close of 68.61 per greenback.
Besides the rupee, foreign fund inflows into the country might get impacted due to “global risk aversion”.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) bought scrips worth Rs 992.18 crore in the last week.
Apart from foreign funds, macro-economic inflation data points such as the consumer price index (CPI) and wholesale price index (WPI) for July will set the tone for the key indices.
Company-wise, Abbott India, Cadila Healthcare, Godrej Industries, Greaves Cotton, Oil India, Tata Chemicals, Tata Steel, Allahabad Bank, GMR Infra, Grasim Industries and Sun Pharma are expected to announce their Q1 earning results next week.
On technical charts, the National Stock Exchange (NSE) Nifty50 remains in an uptrend as it has closed at new life highs.
“Technically, while the Nifty has corrected from life highs, the underlying trend of the Nifty remains up,” HDFC Securities’ Retail Research Head Deepak Jasani told IANS.
“The intermediate uptrend is likely to continue once the immediate resistance of 11,495 points is taken out. Crucial supports to watch for any further weakness is at 11,329 points.”
Last week, both the key Indian equity indices — S&P Bombay Stock Exchange (BSE) Sensex and the NSE Nifty 50 — rose on the back of healthy inflow of foreign funds, along with domestic political developments and positive global cues.
Additionally, prediction of healthy economic growth by IMF combined with better-than-expected quarterly results and low crude oil prices aided the two key indices in making substantial gains.
Consequently, the S&P BSE Sensex closed at 37,869.23 points, higher by 313.07 points or 0.82 per cent from its previous close.
The positive sentiment pushed the barometer index to a fresh intra-day record high of 38,076.23 points and a closing high of 38,024.37 points during the trade week ended August 10.
Similarly, the wider Nifty50 on the NSE made gains. It ended at 11,429.50 points, higher by 68.7 points or 0.58 per cent from its previous close.
The Nifty50 made a fresh intra-day record high of 11,495.20 points and closing high of 11,470.70 points.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Finance, Markets, News
By Ravi Dutta Mishra and Rohit Vaid,
Mumbai : Healthy inflow of foreign funds, along with domestic political developments and positive global cues, lifted the Indian equity indices to fresh weekly record highs in the trade ended Friday.
Additionally, IMF’s prediction of healthy economic growth, combined with better-than-expected quarterly results and low crude oil prices, aided the two key indices — S&P BSE Sensex and NSE Nifty50 — to make substantial gains.
On a weekly basis, the S&P BSE Sensex closed at 37,869.23 points, higher by 313.07 points or 0.82 per cent from its previous close.
The positive sentiment pushed the barometer index to a fresh intra-day record high of 38,076.23 points and a closing high of 38,024.37 points during the trade week ended Friday.
Similarly, the wider Nifty50 on the National Stock Exchange (NSE) made gains. It ended at 11,429.50 points, higher by 68.7 points or 0.58 per cent from its previous close.
The Nifty50 made a fresh intra-day record high of 11,495.20 points and closing high of 11,470.70 points.
However, the market breadth was negative in four out of the five trading sessions of the week, indicative of the current buying bias towards the large cap stocks.
“Markets rallied further this week to close at new lifetime highs. Selling pressure seen towards the end of the week curbed the gains,” HDFC Securities’ Retail Research Head Deepak Jasani, told IANS.
“Sectorally, top gainers were metal, Bank Nifty, media and energy indices. The top losers were pharma and infra indices.”
According to Geojit Financial Services’ Head of Research Vinod Nair: “Consolidation in oil prices and in-line Q1 results were the key reason for a trend reversal in domestic market.”
“Sectors like NBFC, IT, FMCG were best performing sectors whereas worst performers were auto and cement. We are likely to see continuation of this momentum in the near term supported by improvement in earnings and reversal in FIIs flows.”
In addition, sentiments were buoyed after the IMF in its “country report” said the near-term macro-economic outlook is broadly favourable for India and the election of National Democratic Alliance (NDA) government’s candidate Harivansh Narayan Singh as the Deputy Chairman of the Rajya Sabha.
However, on Friday geo-political concerns over global protectionist measures
and profit booking pulled both the major equity indices lower.
“Market has gained pace due to sustained capital inflow and healthy earnings,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
“On the flip side, the Indian rupee was also weak against US dollar amid risk aversion spurred by geopolitical tensions between the US and other countries.”
On the currency front, the rupee closed at 68.83 on Friday, weakened by 22 paise from its previous week’s close of 68.61 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 992.18 crore, while the domestic institutional investors sold stocks worth Rs 301.43 crore in the past week.
The top weekly Sensex gainers were ICICI Bank (up 7.66 per cent at Rs 328.15); Axis Bank (up 7.19 per cent at Rs 615.65); Tata Steel (up 3.68 per cent at Rs 575.55); Yes Bank (up 2.38 per cent at Rs 383); and Mahindra and Mahindra (up 2.76 per cent at Rs 945 per share).
The major losers were Sun Pharmaceutical Industries (down 5.34 per cent at Rs 553.60 ); Adani Ports and Special Economic Zone (down 5.33 per cent at Rs 378.45); Tata Motors (down 3.29 per cent at Rs 250.25); Bajaj Auto (down 2.13 per cent at Rs 2,631.25); and Larsen and Toubro (down 2.05 per cent at Rs 1,264.90 per share).
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues, along with prediction of healthy economic growth and better-than-expected quarterly results, lifted the key Indian equity indices to new record intra-day and closing high-levels on Wednesday.
According to market observers, the inflow of foreign funds and healthy buying in consumer durables, banking and oil and gas stocks pushed the key indices higher.
Coupled with this, the IMF in its “country report” said the near-term macro-economic outlook is broadly favorable for India and that economic growth is forecast to rise to 7.3 per cent in 2018-19 and 7.5 per cent in 2019-20, on strengthening investment and robust private consumption.
However, volatile crude oil prices capped gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at a fresh high of 37,887.56 points, up 221.76 points and 0.59 per cent from its previous close.
The barometer index touched a fresh record high of 37,931.42 points and a low of 37,641.40 points during the day’s trade.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) made gains during the session. It closed at a fresh high of 11,450 points, up 60.55 points or 0.53 per cent from its previous close.
The NSE Nifty50 made a fresh intra-day record high of 11,459.95 points.
“After a muted start, market scaled to new high on account of increase in FII inflow and in line quarter earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Strong domestic triggers will continue to add room to outlook, whereas factors like volatility in oil price and rupee may delay the pace of rally. Global markets were mixed as investors continue to stay cautious due to lingering concern on US trade tensions.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note triggered by positive Asian stocks. Buying in select index heavyweights boosted benchmark indices and pushed them to finally close the day with gains of over 0.25 per cent.”
On the currency front, the rupee strengthened by 6 paise to 68.62 against the US dollar from its previous close of 68.68.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 568.63 crore, while the domestic institutional investors sold stocks worth Rs 30.25 crore.
Sector-wise, the S&P BSE consumer durables index rose 271.02 points, the banking index was up 245.02 points and the oil and gas index ended higher by 108.20 points.
In contrast, the S&P BSE auto index declined by 66.48 points, followed by the healthcare index, which was down 48.34 points and the IT index which ended lower by 16.95 points.
The major gainers on the Sensex were ONGC, up 2.87 per cent at Rs 171.90; Reliance, up 2.85 per cent at Rs 1217.25; ICICI Bank, up 1.63 per cent at Rs 318.20 Tata Motors , up 1.60 per cent at Rs 142.50; and State Bank of India up 1.53 per cent from Rs 308.65 per share.
The major losers were Maruti Suziki India, down 1.99 per cent at Rs 9,209.50; Bajaj Auto, down 0.96 per cent at Rs 2,658 ; Vedanta, down 0.90 per cent at Rs 224.75; NTPC, down 0.28 per cent at Rs 157.70; and Infosys, down 0.47 per cent at Rs 1,362.90 per share.
On Tuesday, profit booking, along with concerns over global protectionist measures, subdued both the key indices.
Consequently, the barometer had closed at 37,665.80 points, down by 26.09 points and 0.07 per cent on Tuesday.
In contrast, the Nifty50 closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
—IANS
