by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices on Tuesday closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings and healthy buying in oil and gas, banking and capital goods stocks.
Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra and Mahindra (M&M), and ICICI Bank were the top gainers on the BSE.
However, heavy selling pressure in metals, IT and consumer durables stocks, along with outflow of foreign funds and higher crude oil prices, trimmed some gains of the benchmark indices, market observers said.
On closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 29.65 points or 0.28 per cent from the last closing to 10,614.35 points.
The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.
In contrast, the BSE market breadth remained bearish with 1,497 declines and 1,180 advances.
The broader markets underperformed the benchmark index, with the S&P BSE mid-cap index closing lower by 0.02 per cent and the small-cap index by 0.13 per cent.
“Markets ended with moderate gains on Tuesday after (the Nifty50) finding support at the 10,569 levels,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a mixed note. European indices like FTSE 100 and DAX traded in the green,” added Jasani.
On the currency front, the Indian rupee strengthened by 10 paise at 66.38 against the US dollar from its previous close at 66.48.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the US towed by higher bond yields and fall in technology stocks.”
“Brent testing the $75 mark and FIIs (foreign institutional investors)’s continuous selling in the equities ensured that upsides were capped. All eyes would now be on whether the government will cut excise duty to provide relief to common man or stick to fiscal prudence,” he said.
In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 680.99 crore, while the domestic institutional investors purchased stocks worth Rs 508.55 crore.
Sector-wise, the S&P BSE oil and gas index rose by 215.36 points, followed by capital goods index by 123.98 points and banking stocks by 110.66 points.
On the other hand, the S&P BSE metal index declined by 265.55 points, IT index by 227.26 points and Teck (technology, media and entertainment) index by 104.52 points.
The major Sensex gainers on Tuesday were: RIL, up 3.70 per cent at Rs 969.75; Yes Bank, up 3.31 per cent at Rs 323.40; M&M, up 1.94 per cent at Rs 838.45; Adani Ports, up 1.74 per cent at Rs 391.95; and ICICI Bank, up 1.66 per cent at Rs 284.20.
The top losers were: Wipro, down 3.30 per cent at Rs 287.05; Infosys, down 2.49 per cent at Rs 1,153.90; Tata Steel, down 1.23 per cent at Rs 598.25; State Bank of India, down 0.87 per cent at Rs 240.60; and Tata Consultancy Services, down 0.87 per cent at Rs 3,385.65.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The Indian equity indices witnessed a volatile trade session on Monday and closed on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.
According to market observers, healthy buying was witnessed in healthcare, IT and auto stocks.
However, global cues, profit booking and upcoming derivatives expiry arrested the upward movement of the key indices.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed higher by 20.65 points or 0.20 per cent at 10,584.70 points.
The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,493.69 points, closed at 34,450.77 points — up 35.19 points or 0.10 per cent — from its previous session’s close.
The Sensex touched a high of 34,663.95 points and a low of 34,259.27 during the intra-day trade.
The BSE market breadth was tilted towards the bulls with 1,384 advances and 1,304 declines.
In the broader market segment, the S&P BSE mid-cap index closed higher by 0.49 per cent and the small-cap index inched up by 0.53 per cent.
“It has been a volatile day on the bourses as markets have not been able to hold on to gains, while bears have been unsuccessful in putting a lid on positive sentiment. Benchmark indices opened lower on negative global clues but recovered as the session progressed,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“However, unable to hold onto larger gains, both the benchmarks — Sensex and the Nifty — finally closed the day near the flat line.”
HDFC Securities’ Retail Research Head Deepak Jasani said: “Markets ended with modest gains on Monday after a sell-off from the highs curbed the gains. Selling emerged from the highs of 10,638 points (on Nifty50).
“Trading was volatile ahead of derivative expiry this week,” Jasani told IANS.
On the currency front, the Indian rupee weakened by 35 paise on Monday to 66.48 against the US dollar from its previous close at 66.13.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 259.08 crore, while the domestic institutional investors purchased stocks worth Rs 387.26 crore.
Sector-wise, the S&P BSE healthcare index rose by 178.18 points, followed by IT which gained 89.92 points and auto stocks which edged up by 83.33 points.
On the other hand, the S&P BSE metal index fell by 133.04 points, FMCG index by 47.57 points and basic materials index by 7.92 points.
In another major market development, IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).
On closing basis, however, the company’s m-cap stood at Rs 653,767.50 crore or $99.05 billion on the BSE. Share price of the company settled at Rs 3,415.20 each, up 0.26 per cent from the previous close.
The major Sensex gainers on Monday were IndusInd Bank, up 3.40 per cent at Rs 1,875.60; Mahindra and Mahindra, up 2.74 per cent at Rs 822.50; Sun Pharma, up 1.74 per cent at Rs 514.20; Asian Paints, up 1.68 per cent at Rs 1,178.60; and Yes Bank, up 1.49 per cent at Rs 313.05 per share.
The top losers on Sensex were HDFC Bank, down 1.42 per cent at Rs 1,933.05; Tata Motors (DVR), down 1.15 per cent at Rs 188.75; Coal India, down 0.98 per cent at Rs 289.20; Hindustan Unilever, down 0.97 per cent at Rs 1,451.25; and ICICI Bank, down 0.85 per cent at Rs 279.55 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices higher on Monday.
According to market observers, positive global cues on the prospects of easing trade war fears, along with short-covering ahead of March derivatives expiry, added to the upward trajectory of the key indices.
The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,100 mark. On a closing basis, the index edged higher by 132.60 points or 1.33 per cent to 10,130.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the 33,000 mark and closed at 33,066.41 points — up 469.87 points or 1.44 per cent from the previous session’s close.
However, the BSE market breadth was bearish with 1,573 declines and 1,184 advances.
“Markets ended sharply higher on Monday due to a late surge. The gains came on the back of positive Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” he said.
In terms of the broader markets, the S&P BSE mid cap index rose by 1.19 per cent and the small cap index by 0.73 per cent.
According to Gaurav Jain, Director, Hem Securities, short-covering ahead of March derivatives expiry on Wednesday saw the Nifty50 reclaiming its crucial 10,000 mark on Monday.
“Sentiments changed after US stock futures led global shares higher on reports that the US and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants,” Jain told IANS.
“Today’s gains were led by buying witnessed in banking stocks, especially PSU banks and consumer durables,” he added.
Sector-wise, the S&P BSE banking index surged by 608.79 points, followed by consumer durables index by 485.67 points and metal index by 297.10 points.
On the other hand, the S&P BSE IT index declined by 82.24 points, oil and gas index by 45.54 points and Teck (technology, media and entertainment) index by 4.95 points.
On the currency front, the Indian rupee strengthened by 14 paise to 64.87 against the US dollar from its previous close at 65.01.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 741.19 crore, while the domestic institutional investors purchased stocks worth Rs 2,017.95 crore.
Major Sensex gainers on Monday were: Yes Bank, up 5.67 per cent at Rs 302.95; State Bank of India, up 5.01 per cent at Rs 246.35; HDFC Bank, up 2.91 per cent at Rs 1,893.15; Tata Steel, up 2.80 per cent at Rs 582.45; and HDFC, up 2.66 per cent at Rs 1,832.60.
The Sensex losers were: Wipro, down 3.96 per cent at Rs 273.90; Infosys, down 1.13 per cent at Rs 1,154.30; Tata Motors (DVR), down 0.48 per cent at Rs 185.75; Tata Consultancy Services, down 0.12 per cent at Rs 2,813.05; and NTPC, down 0.03 per cent at Rs 170.10.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key equity indices — NSE Nifty50 and BSE Sensex — receded to their 5-month low levels on Friday as investors got spooked after major world economies imposed new trade protectionist measures.
The global sell-off which impacted the Indian equity market was triggered after the US imposed new levies and tariffs on imports from China which in turn led to retaliatory actions by the Chinese government.
Besides fears over trade wars, a rise in crude oil prices pulled the the Nifty50 of the National Stock Exchange (NSE) below the 10,000-points-level. On a closing basis, the NSE Nifty50 declined by 116.70 points or 1.15 per cent to 9,998.05 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,596.54 points — down 409.73 points or 1.24 per cent from the previous session’s close.
During the intra-day trade, the Sensex fell over 500 points to touch a low of 32,483.84 points.
The BSE market breadth was tilted towards the bears with 2,149 declines and 558 advances.
“Markets ended sharply lower on Friday. The weakness came triggered by the latest escalation in trade war between the two large global economies,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The Nifty closed at its lowest level since October 11, 2017, while the Sensex closed at its lowest since October 23, 2017. In its upmove, the Nifty had closed above 10,000 points on July 26, 2017 and now it has closed below that level,” he added.
In terms of the broader markets, the S&P BSE mid cap index dipped by 1.36 per cent and the small cap index by 1.54 per cent.
According to Prateek Jain, Director at Hem Securities: “Global trade war tensions spooked investors today after US President Donald Trump ordered at least $50 billion in tariffs on Chinese imports and China announced plans for reciprocal tariffs on $3 billion of imports from the US.”
“Sentiment remained weak following weak clues from the global market. Overnight, US stocks fell sharply on Thursday, with major indices suffering their worst day in weeks as the threat of a trade war with China sparked a widespread sell-off. The market breadth, indicating the overall health of the market, was quite weak,” said Jain.
On the currency front, the Indian rupee strengthened by 10 paise at 65.01 against the US dollar from its previous close at 65.11.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 1,628.19 crore, while the domestic institutional investors sold stocks worth Rs 935.41 crore.
“Volatility expanded and market is losing its grip due to escalating tensions of trade war and spike in oil prices,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Market corrected 10 per cent from its peak while metal and PSU banks continue to be the laggards. We expect domestic chaos to stabilise as pressure of redemption will be over by the end of FY18 but pre-election volatility may take some time,” Nair added.
Almost all the sub-indices of the BSE ended in the red, barring the IT index (up 23.62 points) and Teck (technology, media and entertainment) index (up 20.61 points).
The S&P BSE banking index plunged by 562.95 points, followed by metal index by 388.51 points, capital goods index by 286.20 points, auto index by 203.77 points and healthcare index by 196.43 points.
Major Sensex gainers on Friday were: Adani Ports, up 0.99 per cent at Rs 361.70; Infosys, up 0.75 per cent at Rs 1167.45; Power Grid, up 0.54 per cent at Rs 194.25; Mahindra and Mahindra, up 0.47 per cent at Rs 733.25; and Coal India, up 0.09 per cent at Rs 269.25.
The Sensex losers were: Yes Bank, down 3.87 per cent at Rs 286.70; Axis Bank, down 3.34 per cent at Rs 501; State Bank of India, down 2.90 per cent at Rs 234.60; ICICI Bank, down 2.73 per cent at Rs 275.80; and Tata Steel, down 2.40 per cent at Rs 566.60.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Key Indian equity indices provisionally closed on a lower note on Thursday as negative European markets, along with selling pressure in banking, auto and capital goods stocks, suppressed investors’ sentiments.
The key indices had opened on a higher note after the US Federal Reserve raised the benchmark interest rate by 25 basis points, signalling two more rate hikes in 2018.
The wider Nifty50 of the National Stock Exchange (NSE) fell by 40.50 points or 0.40 per cent to provisionally close at 10,114.75 points (at 3.30 p.m.).
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,206.99 points, closed at 33,006.27 points — down 129.91 points or 0.39 per cent from the previous session’s close.
The Sensex touched a high of 33,281.77 points and a low of 32,963.31 points during the intra-day trade.
The BSE market breadth was bearish with 2,010 declines and 709 advances.
On Wednesday, value buying pushed the key indices higher even as some gains were ceded on caution ahead of the US Federal Reserve’s FOMC (Federal Open Market Committee) meet.
The Sensex closed the day’s trade at 33,136.18 points — up 139.42 points or 0.42 per cent — while the Nifty50 gained 30.90 points, or 0.31 per cent, to close at 10,155.25 points.
—IANS
