by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The key Indian equity indices, which touched fresh highs intra-day on Wednesday, slipped into the negative territory during the last hour of trade as investors booked profits ahead of derivatives expiry on Thursday.
According to market observers, a depreciating rupee and rising crude oil prices added to the subdued sentiments.
The barometer 30-scrip Sensitive Index (Sensex), which rose over 100 points during the trade session, fell to close below the 34,000-level — which was crossed for the first time on Tuesday.
On Wednesday, the Sensex closed trade at 33,911.81 points — down 98.80 points or 0.29 per cent from its previous close — after it touched a fresh high of 34,137.97 points on an intra-day basis.
The BSE market breadth turned bearish as 1,554 stocks declined as compared to 1,204 advances.
On the National Stock Exchange (NSE), the wider Nifty50 fell by 40.75 points or 0.39 per cent to close at 10,490.75 points.
The Nifty50 scaled a fresh intra-day high of 10,552.40 points.
“Markets corrected on Wednesday after two sessions of positive closings. Selling emerged in the last one hour of trade after the Nifty was in positive territory for a major part of the day,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The Sensex, too, closed below the psychological 34,000-mark. Sectorally, the top gainers were the pharma, media and IT indices, while the top losers were the Bank Nifty, PSU banks, realty and auto indices,” he added.
In terms of the broader markets, the S&P BSE mid-cap index closed lower by 0.19 per cent and the small-cap index by 0.33 per cent.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 172.32 crore while domestic institutional investors sold stocks worth Rs 206.68 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Domestic indices failed to sustain near all-time highs as depreciating rupee and surge in oil prices influenced investors to book profits and pushed the market to a negative note.”
“Stock-specific news on pharma has influenced investors to focus on the sector which is currently available at low valuation,” he added.
On the currency front, the Indian rupee weakened by seven paise to close at 64.15 against the US dollar from its previous close at 64.08.
Sectorwise, all the sub-indices of the BSE, except the healthcare index, closed in the red. The S&P BSE healthcare index rose by 267.20 points.
On the other hand, the S&P BSE banking index fell by 180.78 points, followed by capital goods index by 137.58 points and oil and gas index by 134.23 points.
Major Sensex gainers on Wednesday were: Sun Pharma, up 6.89 per cent at Rs 577.70; Dr. Reddy’s Lab, up 1.71 per cent at Rs 2,400.55; Mahindra and Mahindra, up 0.77 per cent at Rs 747; Wipro, up 0.69 per cent at Rs 305.35; and Hindustan Unilever, up 0.19 per cent at Rs 1,350.55.
Major Sensex losers were: Bharti Airtel, down 1.62 per cent at Rs 534; ICICI Bank, down 1.53 per cent at Rs 312.65; Larsen and Toubro, down 0.87 per cent at Rs 1,258.60; State Bank of India, down 0.85 per cent at Rs 314.15; and Tata Consultancy Services, down 0.82 per cent at Rs 2,621.05.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Wiping off the day’s initial losses, the key indices of the Indian equity markets provisionally closed Tuesday’s trade at new highs.
The barometer 30-scrip Sensitive Index (Sensex) closed above the 34,000-level for the first time at 34,010.61 — up 70.31 points or 0.21 per cent from Friday’s closing high of 33,940.30 points.
The Sensex scaled a fresh high of 34,061.88 points on an intra-day basis, surpassing its Friday’s (December 22) intra-day high of 33,964.28 points.
The BSE market breadth was bullish as 1,676 stocks advanced as compared to 1,071 declines.
On the National Stock Exchange, the wider Nifty50 closed higher by 38.50 points or 0.37 per cent at a fresh level of 10,531.50 points. The Nifty touched a new high of 10,545.45 points on an intra-day basis.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Bargain hunting by investors after previous two session’s losses lifted the key Indian equity indices on Thursday, with the BSE Sensex gaining over 300 points and the NSE Nifty50 closing firmly above the 10,100 level.
According to market observers, robust buying in auto, consumer durables and capital goods stocks lifted the benchmark indices.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 122.60 points or 1.22 per cent to 10,166.70 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,949.21 points — up 352.03 points or 1.08 per cent — from its previous close.
The BSE market breadth was bullish — 1,860 advances and 818 declines.
“Markets bounced back strongly on Thursday after the sell-off seen in the previous session. Investors seemed to be bargain buying after the recent fall. A sharp fall in oil prices in global commodities market yesterday (Wesdnesday) also boosted market sentiments,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Technically, while the Nifty has bounced back smartly, the underlying trend remained down. The Nifty would need to cross the previous intermediate high of 10,410 to reverse the current downtrend,” he added.
In the broader markets, the S&P BSE mid-cap index closed higher by 1.38 per cent and the small-cap index by 1.29 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market smartly recouped from the yesterday’s losses which were triggered by Reserve Bank of India’s (RBI) hawkish policy and weakness in global market. However, RBI reiterating an economic growth of 6.7 per cent for FY18 uplifted the sentiment.
“Upcoming state election in Gujarat and rupee movement against dollar ahead of US tax reform will be keenly watched for further momentum in the market.”
On the currency front, the rupee weakened by 4-5 paise at 64.57-56 against the US dollar from its previous close at 64.52.
All the 19 sub-indices of the BSE ended in the positive territory, led by the S&P BSE consumer durables index, which augmented by 523.55 points, followed by auto index by 488.19 points and capital goods index by 378.66 points.
Major Sensex gainers on Thursday were: Bharti Airtel, up 6.08 per cent at Rs 513.35; Asian Paints, up 3.29 per cent at Rs 1,140.50; Maruti Suzuki, up 3.26 per cent at Rs 8,881.10; Tata Steel, up 2.97 per cent at Rs 687.90; and Bajaj Auto, up 2.78 per cent at Rs 3,195.
Major Sensex losers were: Coal India, down 0.64 per cent at Rs 263.30; Tata Consultancy Services, down 0.52 per cent at Rs 2617.65; Cipla, down 0.50 per cent at Rs 592.50; Wipro, down 0.34 per cent at Rs 281.35; and Sun Pharma, down 0.26 per cent at Rs 510.20.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : The equity markets turned bearish during the week on growing concerns over the country’s widening fiscal deficit as well as rising crude oil prices and persistant selling by foreign institutional investors (FIIs).
According to market observers, upbeat gross domestic product (GDP) growth data for the second quarter of 2017-18 failed to cheer the equity markets as investors remained cautious ahead of major events in the upcoming week.
The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) dropped 846.3 points, or 2.51 per cent, to close the week at 32,832.94 points.
The broader Nifty50 of the National Stock Exchange (NSE) declined by 267.9 points, or 2.58 per cent, to close at 10,121.80 points.
“Markets ended sharply lower this week after consolidating in a range for major part of the week. Selling emerged in the last two sessions of the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said the domestic market got spooked by fiscal deficit readings ahead of expiry of November contracts.
“To note, India’s fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for the fiscal year ending in March 2018,” Aggarwal told IANS.
“In the week gone by, the Dow industrials pushed past the 24,000 mark for the first time on the back of tax-reform optimism amid the latest batch of economic data pointing to a pickup in global and domestic demand. In a recent meeting, OPEC (Organisation of the Petroleum Exporting Countries) members agreed to extend curbs on output to the end of next year,” he added.
Provisional figures from the stock exchanges showed that domestic institutional investors bought scrips worth Rs 1,614.89 crore.
FIIs continued to remain net sellers and sold stocks worth Rs 2,772.56 crore during the week.
“Widening fiscal deficit and rising crude oil prices concerns continued to hurt sentiment. Investors turned cautious ahead of major events in the month ahead — the Reserve Bank of India policy, Federal Open Market Committee meet and Gujarat assembly elections,” said Arpit Jain, AVP at Arihant Capital Markets.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 3,273.34 crore, or $506.06 million, from November 27-30.
On the currency front, the rupee strengthened by 23 paise to close at 64.47 against the US dollar from its last week’s close at 64.70.
The currency market was closed on December 1 on the occasion of Id-e-Milad.
The top weekly Sensex gainers were: Maruti Suzuki (up 1.41 per cent at Rs 8,607.55); Coal India (up 0.42 per cent at Rs 272.25); and NTPC (up 0.42 per cent at Rs 181.15).
The losers were: Tata Motors (down 6.07 per cent at Rs 399.15); State Bank of India (down 5.93 per cent at Rs 312.55); Infosys (down 5.09 per cent at Rs 958.50); Tata Motors (DVR) (down 4.92 per cent at Rs 228.85); and Adani Ports (down 4.46 per cent at Rs 386.90).
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : A massive bout of profit bookings subdued the key indices of the Indian equities markets during the morning trade session on Tuesday. However, the slide came after the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched its new record intra-day high.
Market observers said that broadly positive global cues, along with healthy buying support for the capital goods and IT sectors had lifted the key indices.
On intra-day record high basis, the barometer 30-scrip Sensex of the BSE touched 33,865.95 points.
At 10.35 a.m. the S&P BSE Sensex traded 65.65 points or 0.19 per cent lower.
The NSE Nifty50 declined by 36.25 points or 0.35 per cent to 10,415.55 points.
The Sensex, which opened at 33,781.01 points, traded at 33,665.54 points (at 10.35 a.m.), lower by 65.65 points or 0.19 per cent from Monday’s close at 33,731.19 points.
The Sensex touched a low of 33,582.38 points during the intra-day trade so far.
“The benchmark indices opened higher on Tuesday tracking Asian markets — which touched their highest levels in a decade,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
—IANS
