by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Subdued global markets and a weak Indian rupee pulled the domestic equity indices lower on Thursday, with the BSE Sensex closing 179 points lower.
Globally, investor sentiments were weighed down by the ongoing trade war concerns among major economies.
In the domestic market, expiry of the June derivative contracts also added to the volatility on Thursday.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,589.10 points, down 82.30 points or 0.77 per cent from the previous close of 10,671.40 points.
Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,207.19 points, closed at 35,037.64 points, down 179.47 points or 0.51 per cent from its previous session’s close of 35,217.11 points.
The Sensex touched an intra-day high of 35,282.40 and a low of 34,937.15 points. The BSE market breadth was bearish with 1,853 declines and 765 advances.
“Stock markets in India continued to trade on a weak note as a sharp slide in the Indian rupee, global trade uncertainty and the expiry of June derivatives contracts lent volatility to the markets and dampened investor sentiment,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
Deepak Jasani, Head of Retail Research at HDFC Securities said major Asian markets closed on a negative note, barring the Straits and Hang Seng indices and the European indices like CAC 40 and DAX also traded in the red.
HDFC Securities’ Head of Private Client Group and Capital Markets Strategy, V.K. Sharma said rupee registered its all time low on Thursday after crossing 69 per dollar mark, which triggered further sell-off in the Indian equity market.
The rupee ended at 68.79 per dollar, 18 paise weaker than its previous close of 68.61 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 951.51 crore while the domestic institutional investors bought stocks worth Rs 442.64 crore.
Sector-wise, the S&P BSE metal and the telecom indices ended with marginal gains, by 22.8 points and 2.2 points respectively.
On the other hand, S&P BSE consumer durables index slumped by 482.19 points, the oil and gas index by 342.45 points and the auto index ended lower by 183.46 points.
The major gainers on the Sensex were NTPC, up 1.79 per cent at Rs 156.05; Mahindra and Mahindra (M&M), up 1.78 per cent at Rs 907.25; Infosys, up 1.55 per cent at Rs 1,288.85; HDFC Bank, up 1.01 per cent; and Kotak Mahindra Bank, up 1.01 per cent at Rs 1,338.10 per share.
The top losers were ICICI Bank, down 2.78 per cent at Rs 271.15; Tata Motors, down 2.69 per cent at Rs 263.90; Tata Motors (DVR), down 2.59 per cent at Rs 157.65; Coal India, down 2.23 per cent at Rs 260.50; and Reliance Industries, down 2.13 per cent at Rs 944.70 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Negative global cues, including rising crude oil prices and the escalating trade war concerns along with a weak Indian rupee, pulled the domestic equity indices deep into the red on Wednesday.
Benchmark Asian indices also traded in the negative territory during the day.
In the domestic market, the NSE Nifty50 closed at 10,671.40 points, down 97.75 points or 0.91 per cent from the previous close of 10,769.15 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,543.89 points, closed at 35,217.11 points — down 272.93 points or 0.77 per cent — from its previous close of 35,490.04 points.
The Sensex touched an intra-day high of 35,618.85 and a low of 35,154.21 points. The BSE market breadth was bearish with 2,218 declines and 464 advances.
“Weak global cues on the back of escalating global trade tension between the world’s biggest economic powers dented the market sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said: “Indian market ended in red due to a rise in global crude oil prices and rupee hitting a 19-month low during the day, and traders turned cautious a day before the expiry of June derivatives contracts.”
The rupee hit a low of 68.70 per dollar on Wednesday before ending 36 paise weaker at 68.61 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 67.44 crore while the domestic institutional investors bought stocks worth Rs 84.31 crore.
Sector-wise, the only gainer was the S&P BSE IT index which ended marginally higher by 13.46 points.
On the other hand, S&P BSE Oil & Gas index plunged by 540.40 points, the capital goods index by 414.85 points and the auto index ended lower by 324 points.
The major gainers on the Sensex were HDFC Bank, up 0.89 per cent at Rs 2,111.65; Coal India, up 0.74 per cent at Rs 266.45; Tata Consultancy Services (TCS), up 0.38 per cent at Rs 1,859.80; Adani Ports, up 0.37 per cent at Rs 364.70; and Sun Pharma, up 0.35 per cent at Rs 574.95 per share.
The top losers were ICICI Bank, down 3.16 per cent at Rs 278.90; Larsen and Toubro, down 2.71 per cent at Rs 1,235.10; Tata Motors (DVR), down 2.44 per cent at Rs 161.85, Tata Motors, down 2.22 per cent at Rs 271.20; and State Bank of India, down 2.06 per cent at Rs 261.65 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Noting a mixed trend in the global markets, the key Indian equity indices ended their volatile trade on Tuesday on a flat note.
Although the indices had opened in the red, they pared their losses around an hour into the trade, with the BSE Sensex gaining over 100 points by the afternoon session.
By the end of the day’s trade, the indices ended flat, with minor gains, noting mixed global cues — weak Asian markets and positive Europeran markets.
Depreciation in the Indian rupee also eroded investor sentiments during the day, analysts said.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,769.15 points, up 6.70 points or 0.06 per cent from the previous close of 10,762.45 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,355.72 points, closed at 35,490.04 points — up 19.69 points or 0.06 per cent — from its previous session’s close of 35,470.35 points.
The Sensex touched an intra-day high of 35,616.64 and a low of 35,338.09 points. The BSE market breadth, however, was bearish so far with 1,786 declines and 850 advances.
“Sensex and Nifty closed marginally higher on Tuesday, amid mixed sentiment in global equity markets. European stocks edged higher despite a sell-off in Asian markets amid escalating trade tensions between the US and other major economies,” said Tradebulls Director and Chief Operating Officer Dhruv Desai.
HDFC Securities’ Head of Retail Research, Deepak Jasani told IANS: “Markets ended flat on Tuesday after a volatile intra-day session that saw the Nifty swinging from positive to negative territory several times during the day.”
On the currency front, the Indian rupee weakened by 12 paise against the US dollar to 68.25, from its previous close of 68.13 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 538.40 crore while the domestic institutional investors bought stocks worth Rs 238.05 crore.
Sector-wise, the S&P BSE consumer durables index rose by 107.77 points, the FMCG stocks were up 85.13 and the IT stocks ended 83.38 points higher from its previous close.
On the other hand, S&P BSE auto index fell by 117.02 points, the healthcare index was down 83.02 points and the capital goods index ended lower by 59.56 points.
Stock-wise, the major gainers on the Sensex were Coal India, up 2.10 per cent at Rs 264.50; Maruti Suzuki, up 1.80 per cent at Rs 8,950.10; Tata Consultancy Services (TCS), up 1.77 per cent at Rs 1,852.70; Bharti Airtel, up 1.75 per cent at Rs 380.15; and Asian Paints, up 1.57 per cent at Rs 1,273.70 per share.
The top losers were Tata Motors, down 4.31 per cent at Rs 277.35; Reliance Industries, down 2.48 per cent at Rs 978.70; Power Grid, down 1.82 per cent at Rs 191.45, Tata Motors (DVR), down 1.69 per cent at Rs 165.90; and Tata Steel, down 1.64 per cent at Rs 549.35 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Weak global cues pulled the key Indian equity indices lower on Monday, with the benchmark BSE Sensex falling over 200 points.
Heavy selling pressure was witnessed in the auto, banking and capital goods stocks.
Globally, stock markets slumped due to the escalating trade war concerns.
In the domestic market, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,762.45 points, down 59.40 points or 0.55 per cent from the previous close of 10,821.85 points.
Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,783.75 points, closed at 35,470.35 points — down 219.25 points or 0.61 per cent — from its previous session’s close of 35,689.60 points.
The Sensex touched an intra-day high of 35,806.97 and a low of 35,430.11 points.
In the broader markets, the S&P BSE mid-cap declined by 0.80 per cent and the S&P BSE small-cap ended 0.89 per cent lower from its previous close. The BSE market breadth was bearish with 1,775 declines and 819 advances so far.
“Markets corrected on Monday after witnessing a rally last Friday. The weakness came on the back of weak global cues as trade tensions continued between US and China,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, said: “Sentiment across Asia was negative after the US Treasury department announced its decision to scrutinise Chinese investments in sensitive US industries concerned with economic and national security.”
Major Asian markets closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, Jasani said.
On the currency front, the Indian rupee weakened by 29 paise against the US dollar to 68.13, from its previous close of 67.84 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors purchased scrip worth Rs 198.68 crore while the domestic institutional investors sold stocks worth Rs 86.22 crore.
Sector-wise, the S&P BSE IT index and the Teck (technology, media and entertainment) index were the gainers on Monday, ending higher by 115.29 points and 40.56 points respectively.
On the other hand, S&P BSE auto index slumped by 371.94 points, the banking index was down 279.83 points and the capital goods index ended 233.08 points lower from its previous close.
Stock-wise, the major gainers on the Sensex were Infosys, up 2.07 per cent at Rs 1,272.30; Kotak Mahindra Bank, up 0.70 per cent at Rs 1,329.45; Vedanta, up 0.70 per cent at Rs 230.25; IndusInd Bank, up 0.65 per cent at Rs 1,967.10; and HDFC Bank, up 0.58 per cent at Rs 2,093.95 per share.
The top losers were Tata Motors (DVR), down 7.08 per cent at Rs 168.75; Tata Motors, down 5.94 per cent at Rs 289.85; ICICI Bank, down 3.79 per cent at Rs 289.45, Coal India, down 2.28 per cent at Rs 259.05; and Larsen and Toubro, down 2.05 per cent at Rs 1,269 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Global factors such as concerns over trade wars and further developments on tariffs, along with the decision of the Organisation of Petroleum Exporting Countries (OPEC) to marginally increase oil production, would drive the domestic equity market in the week ahead.
According to market analysts, progress in the monsoon rains and the macro-economic data due later in the week would also give the market cues.
“The rise in oil prices after the modest supply increase by OPEC would dampen the sentiment in stocks, bonds and the FX (forex) markets,” Delta Global Partners’ Founder and Principal Partner Devendra Nevgi told IANS.
Global event risks, especially the developments on trade wars between the US and China, would be closely monitored, he said.
Geojit Financial Services’ Head of Research, Vinod Nair said: “Progressing monsoon and positive outlook on rural market is giving boost to the economy, which is already showing signs of improvement.”
However, the risk of downgrade in financial year 2019 earnings followed by weak fourth quarter earnings would test investors sentiment, Nair said.
Besides, cues from economic data like Consumer Price Index, Index of Industrial Production and Wholesale Price Index data to be released later in the week also would be a determining factor in the market movement, he added.
According to Equity99’s Senior Research Analyst, Rahul Sharma: “Stock specific action will remain the flavor of the week in an otherwise dull and direction-less trading market where investors look for global clues.”
Sector-wise, oil marketing companies, IT and pharma stocks would be in focus, Nevgi said, adding that invesment-wise the support to the markets “continue to come from domestic investors, given the selling by foreign investors”.
In the week gone by, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,088.81 crore, while the domestic institutional investors purchased stocks worth Rs 4,720.76 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 4,528.63 crore, or $665.71 million, in the week ended on June 22.
In the coming week, Gaurav Jain, Director of Hem Securities, feels trading could be volatile as traders would roll over positions in the F&O segment from the near month June 2018 series to July 2018 series.
On a technical basis, the key Indian equity indices, Jasani said, are likely to witness “further upside” in the coming week once the immediate resistance level of 10,837 points on the Nifty50 is breached. Crucial supports to watch for resumption of weakness are at 10,710 points , he said.
In the week just ended, both the key Indian equity indices — S&P BSE Sensex and the Nifty 50 on the National Stock Exchange — rose for the fifth consecutive week, although with marginal gains. The indices ended higher on a weekly basis due to value buying, even as the trade was largely volatile and bearish.
The wider Nifty50 closed trade at 10,821.85 points — up 4.15 points or 0.04 per cent — from its previous close.
Similarly, the barometer 30-scrip Sensex rose by 67.46 points or 0.19 per cent to close at 35,689.60 points on a weekly basis.
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
