by admin | May 25, 2021 | Economy, Investing, Markets, News
Mumbai : Better-than-expected macroeconomic data boosted investors’ sentiment, which helped key Indian equity indices to touch a record high on Monday.
The 30-scrip Sensitive Index (Sensex) was trading 122.17 points or 0.38 per cent higher during the afternoon trade.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 39.45 points or 0.39 per cent higher at 10,206.90 points.
The Sensex of the BSE, which opened at 32,488.23 points, was trading at 32,554.86 points (at 1.54 p.m.), higher 122.17 points or 0.38 per cent from Friday’s close at 32,432.69 points.
The Sensex touched a high of 32,687.32 points and a low of 32,445.43 points in the trade so far.
“India’s benchmark Sensex and Nifty indices on Monday hit an all-time high after better-than-expected macroeconomic data boosted investor confidence. BSE Sensex rose 192.38 points, or 0.59 per cent, to 32,625.07, while the Nifty 50 gained 64.35 points, or 0.63 per cent, to 1″,231.80,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Cooling of food prices helped ease India’s annual rate of inflation based on the Wholesale Price Index (WPI) in September to 2.6 per cent, official data showed on Monday.
According to data released by the Commerce Ministry, the WPI, with the revised base year of 2011-12, eased from 3.24 per cent in August. The wholesale inflation rate was at 1.36 per cent during Sepetember 2016.
“The rate of inflation based on WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group decreased from 4.41 per cent in August to 1.99 per cent in September,” the statement said.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Surpassing its previous record, the wider Nifty50 of the National Stock Exchange (NSE) hit a fresh intra-day high of 10,179.15 points on Friday.
Previously, the Nifty50 scaled a high of 10,178.95 points on an intra-day basis on September 19.
At 1.50 p.m., the index traded at 10,167.10 points — up 70.70 points or 0.70 per cent.
Around the same time, the 30-scrip Sensitive Index (Sensex) of the BSE traded at 32,435.30 points — up 253.08 points, or 0.79 per cent, from its previous close.
According to market observers, healthy domestic factory output data, coupled with a strong rupee and healthy buying in banking, metal and consumer durables stocks, drove the rally of the key indices.
On Thursday, the benchmark indices closed on a higher note buoyed by positive global cues and intense buying activity during the last hour of trade.
The Sensex closed at 32,182.22 points — up 348.23 points, or 1.09 per cent, while the Nifty50 surged by 111.60 points, or 1.12 per cent, to close at 10,096.40 points.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Negative global cues on the back of prevailing geo-political tensions, coupled with heavy selling pressure in index heavyweights like Adani Ports, Tata Steel and Larsen & Toubro, dragged the key Indian equities lower for the fifth consecutive trade session on Monday.
According to market observers, investors remained cautious about the government’s plans for a stimulus programme which might lead to fiscal deficit.
At 12.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 9,867 points — down 97.40 points or 0.98 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31986.40 points , traded at 31621.10 points — down 301.34 points or 0.94 per cent, from its previous close at 31922.44 points.
The Sensex has so far touched a high of 32016.52 points and a low of 31573.32 points during intra-day trade.
The BSE market breadth was bearish — with 1,958 declines and 432 advances.
“The benchmark indices extended losses on Monday with the Nifty50 breaching its crucial 9,850 mark as investors turned jittery as they expect government to tinker with its fiscal deficit target for FY18 by announcing an economic stimulus to revive the economy,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Traders said apart from continuous foreign funds outflows, selling by retail investors amid lingering North Korea tensions led to a further drop in the Sensex. Foreign portfolio investors sold shares worth a net Rs 1,241.73 crore on Friday, showed provisional data released by the stock exchanges,” added Desai.
On Friday, the benchmark indices witnessed the steepest fall since November 2016, on the back of escalating geo-political tensions between North Korea and the US, a weak rupee and heavy selling pressure in capital goods, metal and banking stocks.
The Nifty50 slipped below the psychologically important 10,000 points mark, to close at 9,964.40 points, while the Sensex plunged by 447.60 points, or 1.38 per cent, to end below its psychologically important 32,000 points-level at 31,922.44 points.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Key Indian equity indices on Friday witnessed the steepest fall since November 2016, on the back of escalating geo-political tensions between North Korea and the US, a weak rupee and heavy selling pressure in capital goods, metal and banking stocks.
Market observers pointed out that investors’ sentiments were hampered by a likely US rate-hike in December which was signalled by the US Federal Reserve on Wednesday night. The move can potentially lead foreign portfolio investors (FPIs) away from emerging markets such as India.
Besides, investors remained cautious about the government’s plans for a stimulus programme which might lead to fiscal deficit.
The wider Nifty50 of the National Stock Exchange (NSE) slipped below the psychologically important 10,000-points-mark, to close at 9,964.40 points — down 157.50 points or 1.56 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, too, plunged by 447.60 points, or 1.38 per cent, to end below its psychologically important 32,000-points-level at 31,922.44 points.
“The main indices — NSE Nifty50 and BSE Sensex — fell steeply during the day’s trade. This was the largest fall for both the indices on an intra-day and overall closing basis since November 11, 2016,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.
“The weakness came on the back of geo-political tensions as North Korea threatened that it could consider testing a nuclear weapon in the Pacific.”
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, concerns over the government’s plan for a stimulus to halt the economic slowdown — which might lead to fiscal deficit — eroded investors risk-taking appetite.
“In view of the economic slowdown, the government is reported to be open to allowing the fiscal deficit to exceed this year’s target as it considers a stimulus package in the range of Rs 40,000-50,000 crore by way of increased spending,” Desai told IANS.
In terms of the broader markets, the S&P BSE mid-cap index tanked by 2.71 per cent and the small-cap index by 2.93 per cent.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,241.73 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 521.17 crore.
“The rupee fell sharply today to breach the 65-mark against the US dollar but recovered later. The rupee fell to a nearly six-month low of 65.14 against the US dollar — its lowest since April this year,” Desai added.
During the day, the rupee closed at 64.79-80 against the US dollar.
Sector-wise, all the 19 sub-indices of the BSE closed in the red, led by capital goods (down 603.52 points), metals (down 554.26 points) and banking (down 526.84 points) indices.
Major Sensex gainers on Friday were: Wipro, up one per cent at Rs 294.05, and Coal India, up 0.12 per cent at Rs 253.90.
Major Sensex losers were: Tata Steel, down 4.70 per cent at Rs 654.55; Larsen and Toubro, down 3.49 per cent at Rs 1,184.90; Reliance Industries, down 2.83 per cent at Rs 817.50; ICICI Bank, down 2.77 per cent at Rs 277.10; and Hero MotoCorp, down 2.59 per cent at Rs 3,788.15.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Weak global cues on the back of recurring geo-political tensions, coupled with profit booking in banking, capital goods, FMCG and healthcare sectors, subdued investors’ sentiments and led the key Indian equity indices — the BSE Sensex and NSE Nifty50 — to close on a flat note on Friday.
The 30-scrip Sensitive Index (Sensex) of the BSE, which slid into the red during the day’s trade, closed with marginal gains at 32,272.61 points — up 30.68 points, or 0.10 per cent.
However, the BSE market breadth was bearish — with 1,457 declines and 1,112 advances.
On the other hand, the wider 51-scrip Nifty50 of the National Stock Exchange (NSE) inched down 1.20 points, or 0.01 per cent, to close the day at 10,085.40 points.
“Markets ended flat on Friday after a volatile session. The volatility came on the back of return of geopolitical tensions as North Korea launched a missile near east of Japan,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets ended on a positive note, barring the Shanghai and Straits indices. European indices like FTSE 100, DAX and CAC 40 traded lower,” he added.
In terms of broader market indices, the S&P BSE mid-cap index fell by 0.28 per cent, whereas the small-cap index rose by 0.38 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Nifty continued to face resistance above 10,100 level due to weak global cues and continued hostility in Asia. US bond yields rose as CPI August data inched higher to 0.4 per cent leading to risk of Fed interest rate hike in December.”
“Continued FII (foreign institutional investors) selling and tightening monetary policies in US will curtail the easy liquidity, which is making investors cautious,” said Nair.
In investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 8,043.58 crore during September 1-14.
On a daily basis, the FIIs purchased scrip worth Rs 418.86 crore and the DIIs (domestic institutional investors) worth Rs 125.55 crore during the day’s trade.
The Indian rupee strengthened by 4-5 paise to 64.07-08 against the US dollar from its previous close at 64.12.
“Indian shares fell on Friday tracking lower Asian markets, as geo-political tensions following another missile launch by North Korea dampened sentiment and as profit taking was seen in recent outperformers such as banks and pharma stocks,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Sun Pharmaceutical Industries and Dr. Reddy’s Laboratories, which gained in the last three sessions, fell 1.65 per cent and 1.94 per cent, respectively. State-owned Oil and Natural Gas Corporation, however, rose as much as 4.4 per cent, the top percentage gainer on the NSE index, and in line to snap a three-session losing run,” Desai told IANS.
Sector-wise, the S&P BSE banking index fell by 98.30 points, capital goods index by 66.19 points, and the healthcare and FMCG indices by 26.42 points each.
On the other hand, the S&P BSE IT index was up 103.78 points, Teck (technology, media and entertainment) index by 43.63 points and the oil and gas index by 43.13 points.
Major Sensex gainers on Friday were: ONGC, up 4.71 per cent at Rs 166.90; Bajaj Auto, up 3.19 per cent at Rs 3,022.05; Coal India, up 1.94 per cent at Rs 259.90; Infosys, up 1.83 per cent at Rs 908.60; and Wipro, up 0.65 per cent at Rs 285.75.
Major Sensex losers were: Dr. Reddy’s Lab, down 1.77 per cent at Rs 2,210.25; ITC, down 0.92 per cent at Rs 269.35; NTPC, down 0.77 per cent at Rs 167.30; State Bank of India, down 0.68 per cent at Rs 272.05; and Tata Motors, down 0.66 per cent at Rs 401.25.
—IANS
