by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Negative global cues, coupled with selling pressure in stocks of index heavyweights like State Bank of India (SBI), ITC, Hindustan Unilever (HUL) and ONGC, among others, led the key Indian equity indices to close on a flat-to-negative note on Thursday.
Both the indices, which opened in the green and touched fresh intra-day highs, succumbed to profit booking during the day’s progress and closed on a marginally lower note.
The broader Nifty50 of the National Stock Exchange scaled a fresh intra-day high of 10,453 points and the barometer 30-scrip Sensitive Index (Sensex) of the BSE of 33,657.57 points.
On a closing basis, the Nifty50 fell by 16.70 points, or 0.16 per cent, to 10,423.80 points.
The BSE Sensex closed at 33,573.22 points — down 27.05 points or 0.08 per cent.
The BSE market breadth was bearish — 1,451 declines and 1,331 advances.
“Markets ended with modest losses on Thursday after touching new life highs in the morning session. Weakness in index heavyweights like SBI, ONGC and ITC pulled the Nifty lower,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Weak global cues also kept the sentiment subdued. Major Asian markets have ended on a negative note, barring the Nikkei index, while European indices like DAX and CAC 40 traded lower,” Jasani added.
The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.47 per cent and the small-cap index by 0.41 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market went through some profit-booking after touching the all time high. But the gradual change in FII (foreign institutional investors) inflows from negative to positive led by domestic cues will keep the India growth story intact.
“Pharma stocks emerged as a dark horse due to attractive valuations and expectation of faster US FDA (Food and Drug Administration) approvals for plants,” said Nair.
In terms of investments, provisional data with the exchanges showed that FIIs invested in scrip worth Rs 1,038.31 crore, whereas domestic institutional investors (DIIs) divested in stocks worth Rs 667.91 crore (data for November 1).
On the currency front, the rupee closed almost flat at 64.61 against the US dollar from its previous close at 64.59-60.
“Healthcare, consumer durables, IT, oil and gas, realty, technology and banking indices made gains. Overseas, European stocks traded flat as investors waited for the latest rate decision from the Bank of England (BoE). Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Asian shares advanced after the US Federal Reserve expressed optimism about the US economy in its policy statement released overnight. The US Fed kept interest rates unchanged on the expected line, but its commentary on the US economy has virtually confirmed a December rate hike,” he added.
Sector-wise, the S&P BSE automobile index fell by 154.05 points, followed by FMCG index by 96.25 points and oil and gas index by 55.77 points.
On the other hand, the S&P BSE healthcare index rose by 353.24 points, consumer durables index by 231.61 points and IT index was up 30.59 points.
Major Sensex gainers on Thursday were: Lupin, up 3.26 per cent at Rs 1,060.90; Sun Pharma, up 2.69 per cent at Rs 563.20; Power Grid, up 2.14 per cent at Rs 215; Dr Reddy’s Lab, up 1.88 per cent at Rs 2,405.40; and Coal India, up 1.54 per cent at Rs 290.10.
Major Sensex losers were: Hero MotoCorp, down 2.19 per cent at Rs 3,733.05; SBI, down 1.52 per cent at Rs 314.95; ONGC, down 1.52 per cent at Rs 188; ITC, down 1.52 per cent at Rs 265.60; and HUL, down 1.40 per cent at Rs 1,242.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Rohit Vaid,
Mumbai : Expectations of faster economic growth on the back of the recently announced recapitalisation measures for state-run banks lifted the key Indian equity indices for the fourth straight week and led the 30-scrip Sensex to close above the 33,000-points-mark.
Other factors like prospects of additional liquidity, healthy buying in bluechip stocks, along with hopes of better quarterly results aided in the key indices upward trajectory.
However, volatility and profit bookings which emerged at the end of the weekly trade capped gains.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) edged higher by 572.87 points or 1.75 per cent to 33,157.22 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made gains. It rose by 112.2 points or 1.09 per cent to close at 10,323.05 points.
The S&P BSE Sensex touched a record new intra-day highs of 33,286.51 points, while the broader NSE Nifty50 breached 10,366.15-points-mark.
“Domestic markets soared to lifetime highs on broadly positive global cues despite the fact earnings of the corporates are yet to show any meaningful recovery,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
“The bulls got the strength after the announcement of the bank recapitalisation plan by the government to address the issue of inadequate lending and approval of the proposal for Bharatmala Pariyojana phase-I along with other programmes.”
Harsha Upadhyaya, Chief Investment Officer — Equity, Kotak Mutual Fund said: “While it was all about lights and fireworks during Diwali week, it was all about recapitalisation bazooka for ailing PSU banks this week.”
Even the domestic political cues supported the Indian indices northward movement.
“Early opinion polls placed the Bharatiya Janata Party (BJP) in the driving seat in both Gujarat and Himachal Pradesh. This enhanced investors’ risk-taking appetite,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Investors holding short positions also covered their shorts which further fuelled the rally.”
According to Vinod Nair, Head of Research at Geojit Financial Services, better than expected results from bluechip companies helped the market to remain on a positive note.
“The F&O expiry week added some volatility in the market, however stock and sector specific actions helped the market to trade in a positive territory,” Nair said.
In terms of investments, provisional figures from the stock exchanges showed that FIIs (foreign institutional investors) were net buyers of stocks. They invested in Rs 912.33 crore during the week ended October 27. The domestic institutional investors (DIIs) pumped-in Rs 220.87 crore.
On the currency front, the rupee remained flat and closed at 65.05 against the US dollar.
On a sector specific basis PSU bank, media, infra and metals indices gained during the week ended October 27, whereas IT index plunged, said Deepak Jasani, Head – Retail Research, HDFC Securities.
Analysts pointed out that telecom stocks gained early in the weekly trade after Reliance Industries Ltd’s unit Jio raised data tariffs.
“Telecom sector witnessed value buying in expectation of normalisation of tariffs, consolidation in the industry, and better outlook on data usage,” Nair added.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—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 to close on a flat note after touching their record new intra-day highs on Friday.
Market observers said that expectations of healthy quarterly results and buying support for the auto and banking stocks had lifted the key indices.
On intra-day record high basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched 33,286.51 points, while broader 50-scrip Nifty at the National Stock Exchange (NSE) reached 10,366.15 points.
The NSE Nifty50 slipped by 21 points or 0.20 per cent to close at 10,323.05 points.
However, the Sensex of the BSE, which opened at 33,228.32 points, closed at 33,157.22 points, higher by 10.09 points or 0.03 per cent from Thursday’s close at 33,147.13 points.
The Sensex had touched an intra-day low of 33,164.42 points-mark.
“Nifty ended lower on Friday as selling pressure emerged in the afternoon session,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
“Major Asian markets have ended on a positive note, barring the Jakarta and Taiwan indices. European indices like FTSE 100, CAC 40 and DAX are traded higher.”
According to Anand James, Chief Market Strategist, Geojit Financial Services: “Domestic indices remained volatile within a narrow range as a mixed bag of corporate numbers and profit booking in PSBs crippled the market’s momentum.”
“However, optimism in pharma and FMCG stocks guarded the key support levels. Small and midcap stocks continued to show strength ahead of MSME’s meeting with the GST council scheduled on Sunday.”
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 640.95crore, whereas domestic institutional investors (DIIs) invested stocks worth Rs 56.57 crore.
On the currency front, the rupee weakened by 22 paise to close at 65.05 against the US dollar from its previous close at 64.82-83.
Sector-wise, the S&P BSE healthcare index surged by 223.88 points, followed by the automobile index higher by 214.01 points and the consumer durables index augmented by 50.79 points.
On the other hand, the S&P BSE banking index receded by 233.70 points and oil and gas index declined by 191.25 points while the telecom index inched-down by 84.14 points.
Major Sensex gainers on Friday were: Adani Ports and Special Economic Zone, up 4.31 per cent at Rs 431.85; Sun Pharma, up 3.65 per cent at Rs 550.35; ONGC, up 3.53 per cent at Rs 183.55; Tata Motors DVR, up 3.10 per cent at Rs 237.70; and Tata Motors, up 2.55 per cent at Rs 430.05.
Major Sensex losers were: Bharti Airtel, down 4.98 per cent at Rs 485.10; State Bank of India, down 3.03 per cent at Rs 310.95; Reliance Industries, down 1.88 per cent at Rs 929.45; Wipro, down 1.74 per cent at Rs 296.60; and NTPC, down 1.19 per cent at Rs 182.45.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Healthy buying in interest rate sensitive stocks, derivatives expiry and broadly positive global cues buoyed the Indian equity markets during the mid-afternoon trade session on Thursday.
According to market observers, the off-take in interest rate sensitive stocks along with those of metals, healthcare and oil and gas scrip kept the barometer 30-scrip Sensitive Index (Sensex) of the BSE above the 33,000-points-mark.
Similarly, the wider Nifty 50 of the National Stock Exchange (NSE) traded above the 10,300-points-mark.
At 1.15 p.m.,A the NSE Nifty 50 gained 20.95 points or 0.20 per cent at 10,316.30 points.
The Sensex of the BSE, which opened at 33,025.17 points, traded at 33,067.61 points (at 1.15 p.m.), higher by 25.11 points or 0.08 per cent from Wednesday’s close at 33,042.50 points.
The Sensex touched a high of 33,112.51 points and a low of 32,835.06 points during the intra-day trade so far.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Samvat 2074, marking the start of the Hindu New Year on Thursday, saw both key indices of the Indian equities markets recede as rise in geo-political tensions in the Korean peninsula along with fears of higher non-performing asset (NPA) levels of the domestic banking sector eroded investors’ risk-taking appetite.
The hour-long session is held every year on Diwali to mark the start of the Hindu New Year.
According to market observers, the special session to mark Samvat 2074, witnessed heavy selling pressure in the banking, metals, auto and oil and gas stocks.
The Nifty 50 of the National Stock Exchange (NSE) receded by 74.95 points or 0.73 per cent to 10,135.90 points.
Similarly, the 30-scrip sensitive index (Sensex) of the BSE plunged during the intra-session trade.
The S&P BSE Sensex, which opened at 32,656.75 points, traded at 32,373.98 points (at 7.15 p.m) — down 210.37 points or 0.65 per cent from Wednesday’s close at 32,584.35 points.
The Sensex touched a high of 32,663.06 points and a low of 32,341.10 points during the intra-session trade.
In Samvat 2073, the barometer index (BSE Sensex) had gained 4,654 points or 16.6 per cent whereas the NSE Nifty 50 had risen by 1,585 points or 18.4 per cent.
“In line with the festive mood the key indices opened higher but soon pared their gains,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Gains in telecom shares were offset by losses in banking sector stocks and metal stocks,” he said, adding that investors continued to be worried over an expected rise in the slippages and NPA levels.
“Samvat 2074 opened on a flat and then plunged into the red, following global trends, as tension have risen once again between North Korea and the US,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On Wednesday, a massive sell-off in the banking sector stocks had pulled the key Indian equity indices lower. The 30-scrip Sensex had closed 24.81 points or 0.08 per cent lower and the Nifty 50 closed 23.60 points or 0.23 per cent down.
The special trading session held every year on Diwali is considered to be auspicious for stock market trading. It is believed that the “Muhurat” trading on this day brings wealth and prosperity throughout the year.
This ritual has been observed for ages by the trading community.
—IANS
