by admin | May 25, 2021 | Economy, Finance, Markets, News
By Rituraj Baruah,
Mumbai : Firm global cues lifted the Indian equity market for the sixth consecutive week as both the key indices — S&P BSE Sensex and the NSE Nifty50 — rose by over one per cent during the August 27-31 period.
Accordingly, the BSE Sensex hit an all time high of 38,989.65 points and the NSE Nifty50 touched a record level of 11,760.20 points. Both, Sensex and Nifty also set new respective closing highs of 38,896.63 points and 11,738.50 points during the week.
Global investor sentiments firmed up earlier in the week as US and Mexico reached an agreement on revising the North American Free Trade Agreement enforced since 1994.
The global development strengthened sentiments as trade-war concerns have off-late heightened investment risk across the globe, analysts told IANS.
The indices, however were subdued in the later part of the week as the Indian rupee slumped to unprecedented low levels against the US dollar and the fears over US-China trade war flared.
On a weekly basis, the S&P BSE Sensex closed at 38,645.07 points, higher 393.27 points or 1.03 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange on Friday ended at 11,680.50 points, higher 123.40 points or 1.07 per cent from the previous week’s close.
“Benchmark indices gained for the sixth week in a row on favourable global cues,” said Rahul Sharma, Senior Research Analyst at Equity99.
Sharma, however added renewed US-China trade war concern capped gains.
According to Hem Securities’ Director Prateek Jain, US-China tariff war hurt the emerging markets and also pushed the rupee to an all-time low.
The Indian rupee touched a new low of 71 per dollar on Friday. It settled at 70.99-71 per greenback, around Rs 1.09 weaker than the previous week’s close of 69.91 per dollar.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 579.20 crore and the domestic institutional investors bought stocks worth Rs 605.27 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 46.36 crore, or $6.47 million in the equities segment during August 27-31.
Sector-wise, metal, IT and pharma stocks were the top gainers while the major losers were media and energy stocks, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Power Grid (up 5.11 per cent at Rs 200.60), Tata Steel (up 4.55 per cent at Rs 601.65), Tata Motors (up 4.50 per cent at Rs 267.10), Infosys (up 4.35 per cent at Rs 1,440) and Bharti Airtel (up 4.03 per cent at Rs 383.35 per share).
The major losers were Yes Bank (down 8.34 per cent at Rs 343.40), Reliance Industries (down 2.90 per cent at Rs 1,240.95), Asian Paints (down 1.54 per cent at Rs 1,240.95), Coal India (down 1.48 per cent at Rs 286.10) and IndusInd Bank (down 1.21 per cent at Rs 1,903.85 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : It was a complete bull-run in progress throughout the trading session in the Indian equity market on Monday, with both the key indices surging over one per cent and scaling new highs.
In a first, the S&P BSE Sensex crossed the 38,700-points mark and touched an all-time high of 38,736.88 points, tracking broadly positive global cues. Similarly, the NSE Nifty50 touched a fresh record high of 11,700.95 points.
Both the indices also settled at their respective record closing levels.
A surge in banking stocks among others supported the indices. The S&P BSE banking index rose by around 530 points during the day.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,691.95 points, higher by 134.85 points or 1.17 per cent from its previous close of 11,557.10 points.
The benchmark BSE Sensex, which had opened at 38,472.03 points, closed at 38,694.11 points, higher by 442.31 points or 1.16 per cent from its previous close of 38,251.80 points.
It touched an intra-day low of 38,416.73 points.
Along with positive global developments, strong buying by foreign institutional investors (FII) gave further fillip to domestic investor sentiment, said Abhijeet Dey, Senior Fund Manager Equities, BNP Paribas Mutual Fund.
“Global sentiment got a boost after US Federal Reserve Chairman Jerome Powell said that gradual rate hikes are now expected and China’s central bank decided to lift its official yuan midpoint by more than what the street expected,” he added.
Major Asian markets closed on a sharply positive note and European indices like DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.
On the currency front, the Indian rupee settled at 70.16 per dollar, 25 paise weaker than its previous close of 69.91 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrips worth Rs 252.52 crore whereas domestic institutional investors purchased stocks worth Rs 1,117.24 crore.
Sector-wise, the S&P BSE banking index surged the most, by 530.08 points, followed by the IT index, which was up 231.56 points and the consumer durables index which ended 224.37 points higher than its previous close.
In contrast, the S&P BSE realty index was the only losing sector and it ended marginally lower by 3.44 points from its previous close.
The top gainers on the Sensex were Bharti Airtel, up 3.93 per cent at Rs 383; Power Grid, up 3.64 per cent at Rs 197.80; ICICI Bank, up 2.97 at Rs 339.90; State Bank of India, up 2.65 per cent at Rs 308.25; and Infosys, up 2.53 per cent at Rs 1,414.90 per share.
The only loser on the Sensex was Sun Pharma, which ended 1.25 per cent lower at Rs 621.80 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : The Indian equity market rose for the fifth consecutive week and scaled new highs during the August 20-24 period amid concerns of global trade war escalation.
Healthy buying in pharma and metal stocks, among others, supported the gains on the indices, analysts said.
On Thursday, both key indices — S&P BSE Sensex and the NSE Nifty50 — touched their respective intra-day all-time high levels of 38,487.63 points and 11,620.70 points, before settling at their record closing levels of 38,336.76 points and 11,582.75 points, respectively.
Both major indices are currently hovering around record levels and any minor gain in trade makes the indices touch fresh benchmarks.
A positive outlook for the Indian economy by the global credit ratings and research firm Moody’s Investors Service also supported sentiments.
However, in the later part of the week, concerns of rise in the US-China trade conflict made the traders cautious and limited the gains, analysts said.
On a weekly basis, the S&P BSE Sensex closed at 38,251.80 points, higher 303.92 points or 0.80 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at 11,557.10 points, higher 86.35 points or 0.75 per cent from the previous week’s close.
“Benchmark indices once again hit fresh life-time highs and settled the week with a decent gain despite escalating trade war tensions and firmness in crude oil prices,” said Rahul Sharma, Senior Research Analyst, Equity99.
Sharma said sentiments were boosted after Moody’s report said that the Indian economy is expected to grow by around 7.5 per cent in 2018 and 2019, supported by strong urban and rural demand and improved industrial activity.
Hem Securities’ Director Prateek Jain said: “Towards the fag end of the week, market reflected correction due to Indian currency’s depreciation.”
“Meanwhile, US-China discussions did not reach any conclusion. China and the US both imposed tariffs of $16 billion on each other’s products,” Jain added. This resurgence in trade tensions further limited the gains in the Indian indices.
The rupee depreciated significantly on Thursday and closed at over the psychological mark of 70 per dollar — at 70.12 per dollar — which dampened the domestic sentiments.
According to Kotak Mutual Fund’s Head of Equity Research, Shibani Kurian, rise in trade deficit along with trends of a strong US dollar and the over-valuation of the Indian rupee in real effective exchange rate basis exerted pressure on the domestic currency.
However, it recovered on Friday and on a weekly basis the Indian currency settled 69.91 per dollar, appreciating by 25 paise from its previous week’s close of 70.16 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 128.64 crore and the domestic institutional investors purchased stocks worth Rs 1,837.84 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) divested Rs 468.41 crore, or $66.24 million, from the equities segment during August 20-24.
Sector-wise, the top gainers were energy, pharma, infra and metal indices and the top losers were Bank Nifty, realty and public sector banks, said Deepak Jasani, Head of Retail Research, HDFC Securities.
The top weekly Sensex gainers were Larsen and Toubro (up 8.91 per cent at Rs 1,342.80), Vedanta (up 7.38 per cent at Rs 223.95), ONGC (up 6.58 per cent at Rs 174.90), Reliance Industries (up 6.49 per cent at Rs 1,278.05) and Wipro (up 4.45 per cent at Rs 292.30 per share).
The major losers were Infosys (down 3.18 per cent at Rs 1,379.95), Indusind Bank (down 2.82 per cent at Rs 1,927.25), Hero MotoCorp (down 2.24 per cent at Rs 3,212.60), ICICI Bank (down 1.30 per cent at Rs 330.10) and Yes Bank (down 1.07 per cent at Rs 374.65 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Trade-war concerns and the resultant weak global sentiments subdued the key Indian equity indices on Friday, halting the recent record run.
Of late, the Indian equity market has been hovering around record levels, and on Thursday both the key indices of S&P BSE Sensex and the NSE Nifty50 had touched their respective all-time intra-day and closing highs.
On Friday, however, sentiments in both the domestic and global markets were subdued as China and the US could not achieve a major breakthrough in their latest round of talks. Rather, the trade war escalated on Thursday as both the countries enforced 25 per cent tariffs on each other’s goods worth $16 billion.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,557.10 points, down by 25.65 points or 0.22 per cent from its previous close of 11,582.75 points.
The benchmark BSE Sensex, which had opened at 38,366.79 points, closed at 38,251.80 points, lower by 84.96 points or 0.22 per cent from its previous close of 38,336.76 points. It touched an intra-day low of 38,172.77 points.
In the broader markets, the S&P BSE Mid-cap declined by 0.26 per cent and the S&P BSE small-cap ended 0.34 per cent lower than its previous close. The BSE market breadth was bearish with 1,569 declines and 1,140 advances.
“Sentiments turned sour after it became evident that there will be no major progress with respect to the ongoing trade conflict between China and the US,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
On the currency front, the Indian rupee opened on a weak note but recoverd to settle at 69.91 per dollar, 21 paise stronger than its previous close of 70.12 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 75.78 crore whereas domestic institutional investors purchased stocks worth Rs 904.75 crore.
Sector-wise, the S&P BSE metal index rose 249.30 points, the oil and gas index 63.98 points and the healthcare index 55 points.
In contrast, the S&P BSE banking index declined 254.91 points, the consumer durable index fell 172.66 points and auto index ended 112.52 points lower from its previous close.
The top gainers on the Sensex were Vedanta, up 4.26 per cent at Rs 223.95; ONGC, up 1.83 per cent at Rs 174.90; Axis Bank, up 1.23 at Rs 639.60; Wipro, up 0.97 per cent at Rs 292.30; and Mahindra and Mahindra, up 0.74 per cent at Rs 968.80 per share.
The majors losers were Yes Bank, down 3.52 per cent at Rs 374.65; Hero Motocorp, down 2.08 per cent at Rs 3,212.60; ICICI Bank, down 2.02 per cent at Rs 330.10; Adani Port, down 1.98 per cent at Rs 376.20 per share; and Indus Bank, down 1.57 per cent at Rs 1,927.25 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty50 — to settle at fresh high levels on Monday.
On a intra-day basis, the BSE Sensex touched a fresh high of 38,340.69 points, while the Nifty50 climbed a peak of 11,565.30 points.
Index-wise, the wider NSE Nifty50 closed at 11,551.75 points, up 81 points or 0.71 per cent from its previous close of 11,470.75 points.
The benchmark BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75 points, higher by 330.87 points or 0.87 per cent from its previous close of 37,947.88 points. It touched an intra-day low of 38,050.69 points.
In the broader markets, the S&P BSE Mid-cap ended higher by 1.05 per cent and the S&P BSE Small-cap rose by 0.14 per cent.
The BSE market breadth was tilted towards the bulls with 1,437 advances and 1,307 declines.
“Positive global stocks, optimism over a trade resolution between the USA and China and strong institutional activity at home fuelled investor sentiment and pushed the bourses to close the day with gains,” Abhijeet Dey, Senior Fund Manager for equities at BNP Paribas Mutual Fund.
The two economic giants are expected to hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war, Dey added.
Accordingly, major Asian markets closed on a positive note, barring the Nikkei and Straits indices and European indices including FTSE 100, DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Besides, global cues, the appreciation in Indian rupee supported the indices’ upward movement.
On Monday, the Indian rupee appreciated by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per dollar on the previous trade session.
“The rupee has appreciated today as the US dollar index has witnessed profit booking,” Anand Rathi Shares and Stock Brokers’ Research Analyst Rushabh Maru told IANS.
“There is an optimism in the market that US and China would find a solution for ongoing trade conflict. So that has also supported the rupee.”
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 483.04 crore and the domestic institutional investors purchased stocks worth Rs 593.22 crore.
Sector-wise, the S&P BSE capital goods index rose 668.41 points, the metal index was up 332.36 points and the auto index rose by 244.22 points.
In contrast, the S&P BSE IT index declined by 188.84 points, consumer durables fell 127.24 points and Teck (entertainment, technology and media) index ended lower by 76.07 points from its previous close.
The major gainers on the Sensex were Larsen and Toubro, up 6.74 per cent at Rs 1,323.95; Tata Motors (DVR), up 5.74 per cent at Rs 143.80, Tata Motors, up 4.74 at Rs 269.55; ONGC up 3.34 per cent, at Rs 168.55; and Tata Steel, up 3.24 per cent at Rs 599.40 per share.
The majors losers were Infosys, down 3.22 per cent at Rs 1,385.20; Maruti Suzuki, down 0.79 per cent at Rs 9,075.90; ICICI Bank, down 0.50 per cent at Rs 338.35; Axis Bank, down 0.46 per cent at Rs 624.20; and Hindustan Unilever, down 0.30 at Rs 1,775.40 per share.
—IANS
