by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Profit booking, along with concerns over global protectionist measures, subdued the Indian equity indices on Tuesday.
According to market observers, heavy selling pressure in oil and gas, banking and healthcare stocks capped the gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at 37,665.80 points, down by 26.09 points and 0.07 per cent from its previous close.
The barometer index touched a fresh record high of 37,876.87 points and a low of 37,586.88 points during the intra-day trade.
In contrast, the broader 50-scrip Nifty of the National Stock Exchange (NSE) closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
“Market was range bound after touching a new high and ended up with a marginal gain. Global cues were positive despite concerns of trade tensions,” said Geojit Financial Services’ Head of Research Vinod Nair.
“Back home, PSU banks slid on account of profit booking after two consecutive days of rally. Earnings were largely in line with market expectation while positive guidance for sectors like consumer durables, pharma and select large caps will enthuse the market to have a positive momentum.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note and scaled a record high, amidst mild volatility.”
“However, key benchmark indices subsequently reversed initial gains to trade in the negative zone in the mid-morning trade to finally close near the flat line.”
On the currency front, the rupee strengthened by 11 paise to 68.68 against the US dollar from the previous close of 68.89 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 314.83 crore, while the domestic institutional investors sold stocks worth Rs 319.90 crore.
Sector-wise, the S&P BSE consumer durables index rose by 267.70 points, the S&P BSE metal index was up 163.47 points and the auto index ended higher by 37.49 points.
Against this, the S&P BSE oil and gas index declined by 155.77 points, followed by the banking index, which was down 80.79 points and the healthcare index which ended lower by 62.41 points.
The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 573.40; Asian Paints, up 1.63 per cent at Rs 1,419.60; NTPC, up 1.31 per cent at Rs 158.60; Vedanta, up 1.25 per cent at Rs 226.80; and Maruti Suzuki up 1.18 per cent from Rs 9396.80 per share.
The major losers were Adani Ports, down 6.49 per cent at Rs 371.95; Coal India, down 2.63 per cent at Rs 275.40; State Bank of India, down 1.47 per cent at Rs 304.00; Bharti Airtel, down 1.26 per cent at Rs 381.35; and ONGC, down 1.24 per cent at Rs 167.10 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Domestic equity indices continued to set new benchmarks on Monday and settled at their record closing levels, supported by healthy quarterly earnings.
Earlier in the day, the BSE Sensex crossed the 37,500 mark for the first time and touched an all-time intra-day high of 37,533.50 points. The NSE Nifty50 also hit a fresh high of 11,328.10 points.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,319.55 points, higher by 41.20 points or 0.37 per cent from its previous close of 11,278.35 points.
The 30-scrip BSE Sensex, which had opened at 37,491.39 points, closed at 37,494.40 points, higher by 157.55 points or 0.42 per cent from its previous close of 37,336.85 points. It touched an intra-day low of 37,292.45 points.
In the broader markets, the S&P BSE mid-cap rose by 0.30 per cent and the S&P BSE small-cap ended 0.55 per cent higher from its previous close. The BSE market breadth was bullish with 1,606 advances and 1,057 declines.
“Carrying on from last week, markets continued to surge higher on Monday,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Globally, however, equity markets traded in the negative territory.
Major Asian markets closed on a negative note, barring the Jakarta index and the European indices like FTSE 100, CAC 40 and DAX also traded in the red.
On the currency front, the rupee closed at 68.68, depreciating by two paise from the previous close of 68.66 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 234.04 crore and the domestic institutional investors purchased stocks worth Rs 48.58 crore.
Sector-wise, the S&P BSE banking index gained the most, by 401.01 points, followed by the auto index, which rose by 119.11 points and the oil and gas index, up 112.79 points.
On the contrary, S&P BSE oil and gas index ended lower by 112.79 points, the capital goods index fell 40.34 points, Teck index (technology, entertainment and media) was down 18.38 points.
The top gainers on the Sensex were Bharti Airtel, up 5.13 per cent at Rs 383.15; ICICI Bank, up 4.76 per cent at Rs 307.25; State Bank of India, up 3.75 per cent at Rs 297.35; and Axis Bank, up 2.67 per cent at Rs 568.45; Mahindra and Mahindra, up 2.52 per cent to Rs 932.70 per share.
The major losers were Infosys, down 1.56 per cent at Rs 1,353.15; HDFC Bank, down 1.41 per cent at Rs 2,172.25; Tata Motors (DVR), down 1.27 per cent at Rs 147.20; Larsen and Toubro, down 1.19 per cent at Rs 1,295.80; and Adani Ports, down 0.90 at Rs 390.70 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : With healthy quarterly earnings, tax-rate cuts on over 50 consumer items, domestic investor sentiments firmed up in the week ended Friday making the equity indices set new records and benchmarks every other day.
On Friday, both the S&P BSE Sensex and NSE 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, appreciation in the Indian rupee and progress in the southwest monsoon rains also added to the enthusiasm in the market.
On a weekly basis, Sensex closed at 37,336.85 points — up 840.48 points or 2.30 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,278.35 points, higher by 268.15 points or 2.44 per cent — from its previous week’s close.
Market breadth was positive in all the five trading sessions of the week, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
“Traders and investors were happy about a good start to the earnings session and GST tax rate cuts,” said Prateek Jain, Director of Hem Securities.
Kotak Mutual Fund’s Senior Vice President and Head of Equity Research, Shibani Kurian said the investor sentiments were also boosted by the reduction in tax rates of many consumer items from 28 per cent to 18 per cent.
The GST (Goods and Services Tax) council on July 21 in its 28th meeting decided to lower tax rates on several consumer items.
The progress of the South-West monsoons picked up pace, which further improved the sentiments, Kurian told IANS.
On the currency front, the rupee closed at 68.66 on Friday, strengthening by 19 paise from its previous week’s close of 68.85 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 2,539.58 crore, while the domestic institutional investors sold stocks worth Rs 1,573.68 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested Rs 3,154.23 crore, or $459.02 million from the equities segment on stock exchanges during the week ended on July 27.
Sector-wise, top gainers were public sector banks, metals, FMCG and realty indices while the IT index was the only loser during the week, Jasani told IANS.
The top weekly Sensex gainers were ITC (up 10.51 per cent at Rs 302.20); ICICI Bank (up 10.26 per cent at Rs 293.30); State Bank of India (up 9.83 per cent at Rs 286.60); Tata Steel (up 9.14 per cent at Rs 549.45); and Vedanta (up 8.49 per cent at Rs 219.80 per share).
The major losers were Bajaj Auto (down 5.74 per cent at Rs 2,678.05); Hero MotoCorp (down 5.32 per cent at Rs 3,193.80); Yes Bank (down 4.33 per cent at Rs 369.90); Wipro (down 3.02 per cent at Rs 274.50); and Tata Consultancy Services (down 2.65 per cent at Rs 1,943.10 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Finance, Markets, News
Mumbai : Healthy buying in banking, FMCG and consumer durable stocks lifted the key Indian equity indices on Monday with the BSE Sensex setting a fresh benchmark of 36,749.69 points by the fag end of the day’s trade.
Investor sentiments were boosted after Goods and Services Tax on many items including electronic appliances were slashed on Saturday, analysts said.
Index-wise, the BSE Sensex closed at 36,718.60 points — higher by 222.23 points and 0.61 per cent — from the previous close of 36,496.37 points.
The wider Nifty50 on the National Stock Exchange closed the day’s trade at 11,084.75 points, up 74.55 points or 0.68 per cent from the previous close of 11,010.20 points.
As mentioned, the Sensex touched an all-time high of 36,749.69 points, and an intra-day low of 36,491.83 points. The previous record high on Sensex was 36,747.87 hit on July 18.
In the broader markets, the S&P BSE mid-cap closed 1.29 per cent higher while the S&P BSE small-cap rose by 0.93 per cent from its previous close. The BSE market breadth was bullish with 1,511 advances against 1,089 declines.
“The gains came on the back of the government’s announcement on reduction in goods and services tax (GST) rate on 88 goods and services over the weekend,” said Deepak Jasani, Head, Retail Research, HDFC Securities.
Further, according to Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, stock market in India started the week on an upbeat note as sentiments were boosted by the government winning the no-confidence motion in the Lok Sabha on Friday, July 20.
On the currency front, the rupee closed at 68.86, depreciating by just one paisa from the previous close of 68.85 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 259.37 crore and the domestic institutional investors purchased stocks worth Rs 124.82.
Sector-wise, the S&P BSE banking index gained the most, by 291.31 points, followed by the consumer durables index, up 259.97 points and the FMCG rose by 259.95 points.
On the contrary, the S&P BSE energy index was the only loser with a decline of 16.54 points from its previous close.
The major gainers on the Sensex were Vedanta, up 4.42 per cent at Rs 211.55; Adani Ports, up 3.83 per cent at Rs 384.05; ITC, up 3.80 per cent at Rs 283.85; Bharti Airtel, up 3.49 per cent at Rs 357.60; and ICICI Bank, up 3.33 per cent at Rs 274.85 per share.
The top losers were Hero MotoCorp, down 6.20 per cent at Rs 3,163.90; Bajaj Auto, down 5.35 per cent at Rs 2,689.10; Wipro, down 2.47 per cent at Rs 276.05; HDFC Bank, down 1.48 per cent at Rs 2,157.75; and ONGC, down 0.86 per cent at Rs 156.50 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Weak global cues, along with higher inflation and a no-trust vote in Parliament, subdued the key Indian indices in the week-ended Friday.
Weakening of the Indian rupee to fresh lows during the week also eroded investor sentiments in the Indian equity market, analysts said.
However, the Indian currency recovered and appreciated on Friday, thereby lifting the indices on a daily basis and restricting further decline in the equity market compared to the previous week’s close.
Significantly, on Wednesday the benchmark BSE Sensex hit a fresh record high of 36,747.87 points, but could not hold on to the gains.
On a weekly basis, Sensex closed at 36,496.37 points — down 45.26 points or 0.12 per cent from the previous close.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,010.20 points, down just 8.7 points or 0.08 per cent — from its previous week’s close.
The market breadth was negative in four out of the five trading sessions of the week, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
“Weak global cues and the no-confidence motion in the monsoon session of Parliament dented the sentiment across the street,” said Parteek Jain, Director of Hem Securities.
Moreover, ahead of the F&O expiry in the coming week, traders were seen squaring off their positions, Jain added.
Rahul Sharma, Senior Research Analyst at Equity99 noted: “Stock-specific action continued as sentiment was partially hit after index heavy-weight like Bajaj Auto and Kotak Mahindra Bank missed market expectations.”
The no-confidence motion vote had a limited impact on market sentiments as the ruling party was sure of its majority in Parliament, he said.
Earlier in the week, the rise in the wholesale inflation rate for June depressed the equity indices.
The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to data released on Monday.
On the currency front, the rupee closed at 68.85 on Friday, strengthening by just 3 paise from its previous week’s close of 68.88 per greenback.
On Thursday, the rupee touched a fresh closing low of 69.05 per dollar. Minutes into the trade on Friday, it hit an all-time low of 69.12 against the greenback but eventually bounced back sharply and helped end the currency trade with appreciation on a weekly basis.
According to Jasani: “Strengthening US dollar, weakening Chinese yuan, domestic political uncertainty, buoyant crude prices and capital outflows have all resulted in pressurizing the rupee lately.”
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,209.41 crore, while the domestic institutional investors purchased stocks worth Rs 1,300.06 crore in the week bygone.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 888.70 crore, or $129.80 million from the equities segment on stock exchanges during the week ended on July 20.
Sector-wise the major gainers in the week were energy, public sector banks and IT, while metals, realty, pharma and auto were among the major losers, HDFC Securities’ Jasani told IANS.
The top weekly Sensex gainers were Infosys (up 3 per cent at Rs 1,348.35); Reliance Industries (up 2.90 per cent at Rs 1,128.55); Yes Bank (up 2.72 per cent at Rs 386.65); ONGC (up 2.10 per cent at Rs 157.85); and Asian Paints (up 2.08 per cent at Rs 1,396.90 per share).
The major losers were Tata Steel (down 9.80 per cent at Rs 503.45); Bajaj Auto (down 9.35 per cent at Rs 2,841.10); Tata Motors (DVR) (down 6.32 per cent at Rs 140.80); Kotak Mahindra Bank (down 5.08 per cent at Rs 1,333.45); and Hindustan Unilever (down 4.88 per cent at Rs 1,656.20 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
