by admin | May 25, 2021 | World
New York : Oil prices have extended losses as US President Donald Trump once again tried to dampen OPEC’s efforts to tackle falling oil prices amid market expectations on further output cut.
“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” Trump said on Twitter on Wednesday, Xinhua news agency reported.
The West Texas Intermediate for January delivery decreased $0.36 to settle at $52.89 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased $0.52 to close at $61.56 dollars a barrel on the London ICE Futures Exchange.
The remarks came just a day prior to OPEC’s meeting in Vienna, piling pressure on the Saudi-led cartel, Russia and other non-member nations over potential global oil policy-making.
Moscow has shown willingness to cooperate with OPEC to cut oil production. Russia’s oil giant Lukoil said it’s ready to cut production if the upcoming meeting results in a deal to prop up prices, the company’s CEO Vagit Alekperov told reporters, according to TASS news agency.
Yet he said such a reduction could be done “only gradually,” due to the adverse weather conditions in Western Siberia. “The reduction should be smooth, just like last year,” Alekperov was quoted as saying.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Firm global cues, a persistent decline in crude oil prices, and value buying lifted the Indian equities higher on Monday.
However, a strong demand for US dollars from importers coupled with domestic political uncertainty due to state elections and concerns over global growth limited the gains.
Buying was witnessed in FMCG and consumer durables stocks.
The index pivotals — finance and banking — gained 1.32 per cent and 1 per cent, respectively.
The S&P BSE Sensex settled up 373.06 points or 1.07 per cent at 35,354.08 points, from its previous close of 34,981.02 points. It touched an intra-day high of 35,397.24 and a low of 34,896.07.
The NSE Nifty50 gained 101.85 points or 0.97 per cent to finish the day at 10,628.60.
The overall market breadth on the BSE was negative, with 1,067 stocks advancing and 1,536 declining.
“Broad market indices like the BSE Mid-cap index gained less, thereby underperforming the main indices,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“Technically, with the Nifty bouncing back after three sessions of weakness, traders will need to watch if the recent gains can sustain. Further upsides are likely once the immediate resistances of 10,646 points are taken out. Crucial supports to watch for any weakness are at 10,490 points.”
According to Vinod Nair, Head of Research, Geojit Financial Services: “Market regained strength amid volatility, supported by positive global cues and improvement in domestic macros on account of sharp fall in crude and firming rupee.”
“Recapitalisation announcement of Rs 42,000 crore to PSU Banks is likely to provide respite to the current liquidity issues, which also boosted the sentiment.”
Globally, major Asian markets closed on positive note, while European indices like FTSE 100, DAX and CAC 40 traded in the green.
Heavy US dollar demand from importers weakened the domestic currency to Rs 70.87 against the greenback, from its previous close of 70.67.
“The recent appreciation in the rupee is a golden opportunity for the importers… Given the volatility and uncertainty in the global financial markets, importers are rushing to hedge their exposure for the next 2-3 months,” said Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers.
Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 62.74 crore on Monday while the domestic institutional investors bought scrips worth Rs 351.78 crore.
Top gainers on the Sensex were Hero MotoCorp, up 5.02 per cent at Rs 3,062.10; Hindustan Uniliver, up 4.21 per cent at Rs 1,745.15; Wipro, up 3.71 per cent at Rs 318.85; Asian Paints, up 2.72 per cent at Rs 1,349.60 and Axis Bank, up 2.69 per cent at Rs 630.80.
The laggards were Yes Bank, down 3.89 per cent at Rs 187.95; ONGC, down 3.58 per cent at Rs 146.75; Sun Pharma, down 2.88 per cent at Rs 510.65; Coal India, down 2.36 per cent at Rs 250.70, and Vedanta, down 1.90 per cent at Rs 195.85 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Broadly negative global cues such as high crude oil prices and concerns over escalation in global protectionist measures coupled with a weak rupee depressed the Indian equity markets on Tuesday.
According to market observers, heavy selling pressure was witnessed in consumer durables, banking and auto stocks.
Index-wise, the Nifty50 on the National Stock Exchange (NSE) closed at 11,520.30 points, lower 62.05 points or 0.54 per cent from its previous close of 11,582.35 points.
Similarly, the barometer S&P BSE Sensex closed in the negative territory. It had opened at 38,460.96 points, closed at 38,157.92 points, lower by 154.60 points or 0.40 per cent from the previous close of 38,312.52 points.
The Sensex registered an intra-day high of 38,518.56 points and a low of 38,098.60 points during the day’s trade.
“Selling continued at Dalal Street as the markets corrected further on Tuesday to end in negative territory for the second consecutive session,” said Deepak Jasani, Head of Retail of Research, HDFC Securities.
“Major Asian markets have closed on a positive note barring the Jakarta and Nikkei indices. European indices like FTSE 100, DAX and CAC 40 traded in the red.”
Geojit Financial Services’ Head of Research, Vinod Nair, said: “Continued weakness in currency and surge in oil price dragged the indices to a consolidation.
“Additionally, concerns on widening deficit and inflation trajectory led domestic bond yield to break 8 per cent mark. Weak global market on account of trade tensions further steered the investor’s sentiment.”
On the currency front, the Indian rupee crashed to close at a record low of 71.58 against the US dollar, weaker by 37 paise than its previous close of 71.21 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrips worth Rs 32.64 crore and domestic institutional investors sold stocks worth Rs 21.41 crore.
Sector-wise, only the S&P BSE Teck (technology, entertainment and media) index was in the positive, up by 102.11 points.
In contrast, the S&P BSE consumer durables index declined by 562.61 points, the banking index fell by 443.96 and auto stocks ended 434.70 points lower than its previous close.
In a major stock-wise development, market capitalisation (m-cap) of Tata Consultancy Services (TCS) crossed Rs 8 lakh crore for the first time. It is the second company to reach the landmark level after Reliance Industries.
The m-cap of TCS closed at Rs 8.01 crore on the BSE. Share price of TCS on the BSE Sensex closed at Rs 2,093.20 higher by Rs 38.25 or 1.86 per cent from its previous close.
The top gainers at the Sensex were Infosys up 2.64 per cent at Rs 735.65, TCS up 1.86 per cent at Rs 2,093.20; Wipro, up 1.42 per cent at Rs 313.55; Axis Bank, up 1.39 per cent at Rs 640.50, and Reliance Industries, up 0.97 per cent at Rs 1,242.35.
The majors losers were Asian Paints, down 3.49 per cent at Rs 1,312.05; State Bank of India, down 3.20 per cent at Rs 296.60; Hindustan Unilever, down 2.80 per cent at Rs 1,651.40; Coal India, down 2.61 per cent at Rs 279.95 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.
However, broadly negative Asian and European indices capped gains.
Analysts pointed out that healthy buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,008.05 points — higher by 71.20 points or 0.65 per cent — from its previous close.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, closed at 36,519.96 points — higher by 196.19 points or 0.54 per cent — from its previous session’s close of 36,323.77 points.
Sensex touched a high of 36,549.55 points and a low of 36,261.78 during the intra-day trade.
On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.
“Markets bounced back sharply on Tuesday after the sharp correction seen in the previous session. The gains came on the back of an overnight steep fall in crude oil prices, which will benefit India from various angles,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Major Asian markets have closed mostly in the negative.”
European indices like FTSE 100, DAX and CAC 40 traded “mildly in the red”.
According to Geojit Financial Services’ Head of Research Vinod Nair: “Market regained 11,000 mark, given the strong earnings and benign yield despite rise in inflation.”
“Notably, mid and small cap participated in today’s up move, which were underperforming in recent times due to rich valuation. Additionally, drop in oil price and strengthening rupee may contain inflationary pressure. PSU banks outperformed due to prospects of government’s recapitalisation plan.”
On the currency front, the rupee strengthened by 12 paise to end at 68.45-46 per dollar, against the previous close of 68.58 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 673.99 crore and the domestic institutional investors bought stocks worth Rs 840.06 crore.
Sector-wise, the S&P BSE banking index was the top gainer with a rise of 422.53 points.
On the contrary, the S&P BSE FMCG index declined by 91.12 points.
The major gainers on the Sensex were SBI, up 2.98 per cent at Rs 259.25; Sun Pharma, up 2.97 per cent at Rs 548.80; Axis Bank, up 2.86 per cent at Rs 538.05; ICICI Bank, up 2.70 per cent at Rs 266.30; and Tata Steel, up 2.54 per cent at Rs 532.50 per share.
The top losers were Hindustan Unilever, down 4 per cent at Rs 1,683.75; Bharti Airtel, down 1.14 per cent at Rs 342.25; IndusInd Bank, down 0.94 per cent at Rs 1,905.15; ITC, down 0.63 per cent at Rs 269.80; and Infosys, down 0.42 per cent at Rs 1,327.40 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The Indian equity markets rose for the second consecutive day on Friday as a fall in global crude oil prices along with strengthened rupee enhanced investors’ risk-taking appetite.
However, geopolitical uncertainties after US President Donald Trump pulled out of the planned talks with North Korea’s leader Kim Jong-un capped gains.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,605.15 points, up 91.30 points or 0.87 per cent from the previous close of 10,513.85 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 34,753.47 points, closed at 34,924.87 points — up 261.76 points or 0.76 per cent — from its previous session’s close of 34,663.11 points.
The Sensex touched a high of 35,017.93 and a low of 34,700.52 points. The BSE market breadth was bullish with 1,599 advances and 1,037 declines.
“Continued buying by domestic institutions helped to push the markets higher. Gain in
rupee and fall in crude prices helped sentiments,” HDFC Securities’ Head of Retail Research Deepak Jasani told IANS.
“Major Asian markets have closed on a mixed note. European indices like FTSE 100, CAC 40 and DAX are trading in the green.”
On the currency front, the Indian rupee strengthened by 65 paise against the US dollar to 67.78, from its previous close at 68.43 per greenback.
Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 768.29 crore, while the domestic institutional investors bought stocks worth Rs 887.76 crore.
Sector-wise, the S&P BSE oil and gas index surged by 412.34 points, the auto index rose by 404.63 points and the banking index gained by 299.14 points.
On the other hand, the S&P BSE consumer durables index was the only sector-wise loser, which fell by 62.27 points.
The major gainers on the Sensex were ONGC, up 4.59 per cent at Rs 175.35; Tata Steel, up 3.43 per cent at Rs 567.20; Yes Bank, up 2.71 per cent at Rs 339.45; Adani Ports, up 2.34 per cent at Rs 379.90; and IndusInd Bank, up 2.33 per cent at Rs 1,914.75 per share.
The top losers were Coal India, down 1.36 per cent at Rs 276.05; ITC, down 1.04 per cent at Rs 271.95; State Bank of India, down 0.56 per cent at Rs 267; Tata Consultancy Services, down 0.43 per cent at Rs 3,589.45; and ICICI Bank, down 0.25 per cent at Rs 296.50 per share.
—IANS