by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Mixed global cues, weakness in the Indian currency and heavy selling in the healthcare and finance stocks dragged the key equity indices on Friday, with Sensex and Nifty ending flat with a positive bias.
BSE Healthcare index tanked 2 per cent, while telecom scrips also witnessed heavy selling pressure, losing over 3 per cent.
The BSE Sensex closed higher 12.53 points, or 0.03 per cent, after touching a high of 36,469.98 and a low of 36,218.33 points.
The benchmark index opened higher on Friday, at 36,417.58 points from its previous close of 36,374.08.
The broader Nifty50 also ended in the green, up by a meagre 4.80 points, or 0.04 per cent.
Stocks-wise, Sun Pharma ended up as the top loser on Sensex. The scrip price declined to Rs 390.50 apiece, losing Rs 36.65, or 8.58 per cent, from its previous close of Rs 427.15.
The pharmaceutical major had tanked over 12 per cent at one point after reports of a complaint by a whistleblower against the company.
Other major losers on Sensex were Bharti Airtel, which slipped over 6 per cent, followed by Larsen and Tubro, Axis Bank and Yes Bank, all of which closed lower in the range of 1 to 2 per cent.
In contrast, the top gainer among the 30 scrips on Sensex were Reliance Industries, which jumped over 4 per cent following its healthy quarterly results on Thursday.
In was followed by Kotak Mahindra, HCL Tech, ONGC and Asian Paints, all of which gained up to 1.50 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Heavy fund outflows, along with a continuous rise in global crude oil prices and caution ahead of key micro-economic data, dragged the Indian equity market into the red on Friday.
Accordingly, the benchmark Brent crude futures price crossed the $62 a-barrel-mark.
Index-wise, the NSE Nifty50 declined by 33.55 points or 0.31 per cent to settle at 10,821.60 points.
The S&P BSE Sensex closed at 36,009.84 points, lower by 96.66 points or 0.27 per cent from the previous close of 36,106.50 points.
It had opened at 36,191.87 points and touched an intra-day high of 36,214.26 and a low of 35,840.60.
Besides, investors were cautious ahead of the key macro-economic figures like forex reserves, industrial production output figures.
“Stock markets in India opened the day on a positive note and edged higher in early trade,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“However, indices subsequently reversed trend and turned negative to finally close the day with marginal losses. Overseas, stocks in Asia and Europe were trading higher as investor sentiment improved following overnight gains on Wall Street.”
The Indian rupee ended the Friday’s trade session at Rs 70.49 to a dollar from its previous close of 70.41.
“Despite positive global cues, Nifty saw a broad based consolidation today as investors turned cautious over Q3 results and FII selling,” Geojit Financial Services’ Head Of Research Vinod Nair said.
“Currently, market is pricing (factoring) further downgrade in earnings given disappointment from initial set of results from banks and margin pressure in IT sector. INR is losing strength given rebound in oil prices on the back of production cut by OPEC and concern over populist tone as general elections nears.”
Investment-wise, FIIs sold Rs 687.20 crore while DIIs bought stocks worth over Rs 123.17 crore on Friday.
“Technically, with the Nifty correcting further, traders will need to watch if the index can now hold above the immediate supports of 10,739; else a further correction is likely,”said Deepak Jasani of HDFC Securities.
In terms of sector, IT, banking and finance counters witnessed heavy selling.
Realty sector stocks also ended 1.43 per cent lower after Finance Minister Arun Jaitley said at Thursday’s GST Council Meeting that owing to diverse opinions, a decision on the much-expected rate reduction for under-construction homes will be taken at a later meeting.
Stock-wise, the top gainers on Sensex were ITC with 2.02 per cent It was followed by ONGC Vedanta, Infosys and Axis Bank rising up to 1 per cent.
In contrast, IndusInd Bank lost 3.26 per cent followed by Tata Motors which lost 2.83 per cent. TCS, Tata Motors (DVR) declined over 2 per cent. Yes Bank lost 1.47 per cent.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Despite heavy volatility, fresh inflows of foreign funds and buying interest in FMCG, banking and realty stocks lifted the Indian equity market for the fourth straight session on Wednesday.
Accordingly, the BSE Sensex crossed the 36,000-mark while the NSE Nifty50 reclaimed the 10,850-level. The rise came after a sharp dip in the mid-afternoon session.
The domestic investor sentiment was boosted by firm global markets and expectations of healthy corporate earnings for the October-December quarter.
Globally, investor sentiment was upbeat after the US-China trade talks concluded during the day. Investors expect a positive outcome from the three-day talks.
Index-wise, the Nifty50 rose by 53 points or 0.49 per cent to settle at 10,855.15 points.
The Sensex closed at 36,212.91 points, higher by 231.98 points or 0.64 per cent from the previous close of 35,980.93 points. It had opened at 36,181.37 and touched an intra-day high of 36,250.54 and a low of 35,863.29 points.
“The market started on a positive note but took some caution ahead of major quarterly results scheduled tomorrow. In totality with expectation of a breather from the US-China meeting which concluded today led the market to close on a positive bias,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Buying interest has been seen across sectors led by private banks, IT and FMCG while PSU banks declined due to profit booking post recent gains.”
The Indian rupee stood weaker by 26 paise at Rs 70.46 per dollar from its previous close of 70.20. In just two days the rupee has lost over 75 paise.
On the other hand, Brent crude futures rose to around $59 per barrel.
“Technically, with the Nifty moving up further, traders will need to watch if the recent gains can sustain in the near term. Further upsides are likely once the immediate resistances of 10,870 are taken out,” said Deepak Jasani of HDFC Securities.
“Crucial supports to watch for resumption of weakness is at 10,815.”
Investment-wise, FIIs bought Rs 276.14 crore while DIIs bought stocks worth over Rs 439.67 crore on Wednesday.
Stock-wise, the top gainers on Sensex were Axis Bank, ITC, Tata Motors, Bharti Aitel, HDFC which inched up in the range of 1 to 3 per cent.
In contrast, Yes Bank lost 3.07 per cent and Tata Steel, ONGC, Heromoto Corp, NTPC declined up to 2 per cent.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Global cues such as an ease in US-China trade tension and dovish US Fed remarks, along with improving liquidity condition and a strong rupee, led the Indian equity markets to close Monday’s trade on a positive note.
Besides, expectations of higher domestic economic growth rate and positive quarterly results buoyed investors’ sentiments.
Consequently, the two key indices — Sensex and Nifty50 — advanced over 0.40 per cent as positive sentiments continued from Friday following reports of US-China trade talks, which was supported by strong US jobs data and a dovish tone by the US Federal Reserve.
“Asia and Europe advanced as a relatively dovish turn by the Federal Reserve, strong US jobs data and optimism over US-China trade talks,” Abhijeet Dey of BNP Paribas Mutual Fund said.
The US-China trade talks scheduled from Monday assumes special significance. Madhavi Arora of Edelweiss Securities, said: “The stakes are high as both sides face a resumption of tariffs in March if they don’t strike a deal.”
The two economic giants have agreed on a 90-day trade truce in early December.
Index-wise, the BSE Sensex settled 155.06 points or 0.43 per cent higher at 35,850.16 points after touching an intra-day high of 36,076.95 and a low of 35,809.23.
The NSE Nifty50 closed at 49.25 points or 0.46 per cent up at 10,776.60 points.
“Oil prices gained some strength on the back of supply cut by OPEC, which came into effect from January 1, and on hopes of an agreement between US-China on trade talks this week,” said Vinod Nair, Head of Research, Geojit Financial Services.
“On domestic front, easing liquidity situation, appreciation in INR and selective buying in FMCG, IT and private banks on expectation of strong earnings lifted sentiments.”
In addition, RBI Governor Shaktikanta Das on Monday said the apex bank is constantly monitoring the liquidity situation of Non Banking Financial Companies (NBFC), whose representatives he would meet on Tuesday.
Sector-wise, realty stocks gained on expectation that the GST Council meeting scheduled for January 10 will end with a cut in the GST rates for the under-construction houses from 18 to 12 per cent.
In contrast, auto and healthcare sectors ended lower.
The rupee grew stronger by 4 paise to Rs 69.68 per dollar from its previous close of 69.72.
“Technically, with the Nifty moving up further, traders will need to watch if the recent gains can sustain in the near term. Further upsides are likely once the immediate resistances of 10,836 are taken out,” said Deepak Jasani, Head – HDFC Securities Retail Research.
“Crucial supports to watch for resumption of weakness is at 10,741.”
The chart toppers were Axis Bank, Tata Motors and Tata Motors(DVR), which gained over 2 per cent. Other top gainers were NTPC and Infosys, which inched up in the range of 1 to 2 per cent.
In contrast, Bajaj Auto lost the most, 2.82 per cent, followed by Yes Bank declining 1.35 per cent, while Hero MotoCorp lost 1.11 per cent. Bajaj Finance and Sun Pharma shed 1.03 per cent and 0.64 per cent, respectively.
—IANS
by admin | May 25, 2021 | Economy, Finance, Markets, News
Mumbai : Positive global markets coupled with a strengthened rupee and short-covering led the key equity indices to gain around 0.73 per cent on Friday.
Besides, healthy buying in finance stocks after reports of fresh capital infusion in public sector banks led the gains. This sectoral index has the highest weightage among all the sectors on the BSE. It rose 1.13 per cent.
“Markets were up on the news of fresh infusion of capital in public sector banks,” Anuj Gupta of Angel Broking told IANS.
Index-wise, the BSE Sensex settled 269.44 points or 0.75 per cent higher at 36,076.72 points after touching an intra-day high of 36,194.78 and a low of 35,911.99.
The NSE’s Nifty50 gained 78.65 points or 0.73 per cent to finish at 10,858.45 points.
According to Vinod Nair, Head of Research at Geojit Financial Services, market extended the rally by taking positive cues from global market.
“Investors remain focused on global growth momentum while easing tension between US government and US Fed provided an opportunity to accumulate stocks after recent consolidation,” Nair said.
On the currency front, the Indian rupee gained over 40 paise against the US dollar and settled at 69.94 from its previous close of 70.35.
“The rupee has appreciated smartly in recent sessions on account of sharp decline in the crude oil prices in the international market. This bodes well for the rupee as weak crude oil prices may lead to further decline in inflation and narrow current account deficit,” said Rushabh Maru – Research Analyst, Anand Rathi Shares and Stock Brokers.
“However, there is lot of uncertainty and volatility in the global markets. Concerns regarding slowdown in global economic growth, trade tension, tightening of monetary policy etc may create jitters in the global markets.”
According to the provisional figures from the stock exchanges, foreign institutional investors (FIIs) sold shares worth Rs 119.60 crore, while domestic institutional investors (DIIs) bought Rs 1,199.40-crore stocks.
“Technically, with the Nifty surging higher, the short-term trend for the Nifty remains positive. Further upsides are likely once the immediate resistance of 10,893 is taken out,” said Deepak Jasani, Head – HDFC Securities’ Retail Research.
“Crucial supports to watch for any weakness are at 10,820.”
Stock-wise, Sun Pharma gained close to 3 per cent on Friday. Bajaj Finance, Vedanta, HDFC and Yes Bank gained in the range of 1 to 2 per cent.
In contrast, IT major TCS lost the most among the 30-stock Sensex. Bajaj-Auto, Asian Paints, Bharti Airtel and Hero Moto Corp and Coal India were the only other laggards which lost up to 1 per cent.
—IANS
