by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Latest global trade protectionist measures, along with high crude oil prices and a depreciation in rupee’s value, dragged the Indian equity market in the red for a second consecutive session on Tuesday.
Sector-wise, heavy selling pressure was witnessed in the interest sensitive stocks like banking, auto and capital goods.
Index-wise, the wider NSE Nifty50 provisionally closed at 11,278.90 points, lower by 98.85 points or 0.87 per cent from the previous close of 11,377.75 points.
The S&P BSE Sensex, which had opened at 37,660.19 points, provisionally closed at 37,290.67 points, lower by 294.84 points or 0.78 per cent from the previous close of 37,585.51 points.
It touched a high of 37,745.44 points and a low of 37,242.85 during the day’s trade.
“Carrying on from Monday, markets continued to dive on Tuesday to close in the red for the second consecutive session. The Nifty had in fact opened on a positive note, but selling soon resumed and pulled the index lower,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“The weakness came on the back of rising global trade tensions after (US President Donald) Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, escalating the trade conflict.”
According to Vinod Nair, Head of Research, Geojit Financial Services: “Selling pressure increased on the bourses due to spike in oil prices led by factors like implication of US sanction on Iran and supply constraints.
“Domestic triggers failed to add momentum despite ease in inflation, government policies to contain CAD and consolidation in PSUBs. This situation will ease once the global bond and currency market stabilise which is currently under pressure given the chaos over oil and Fed rate hike.”
On the currency front, the Indian rupee closed at 72.98, weakening 47 paise from its previous close of 72.51 per greenback.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 1,143.73 crore and domestic institutional investors bought stocks worth Rs 264.66 crore.
Sector-wise, only FMCG stocks on the BSE ended in the green, gaining 102.11 points.
On the other hand, the S&P BSE banking index lost 510.20 points, the auto index was down 353.54 points and the capital goods ended 250.56 points lower from its previous close.
The top gainers on the Sensex were Hindustan Unilever, up 3.87 per cent at Rs 1,666.15; Yes Bank, up 1.43 per cent at Rs 323.15; Wipro, up 1.02 per cent at Rs 332.50; ONGC, up 0.93 per cent at Rs 173.35; and ITC, up 0.23 per cent at Rs 302.60 per share.
The losers were State Bank of India, down 4.06 per cent at Rs 274; Tata Motors, down 3.36 per cent at Rs 251.45; Bajaj Auto, down 2.84 at Rs 2,775.90; Axis Bank, down 2.81 per cent at Rs 608.45; Tata Motors(DVR),down 2.45 per cent at Rs 137.55 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Amid negative global cues along with a depreciating rupee, the key equity indices closed over a per cent lower on Monday after two consecutive positive sessions.
Reports that the US might impose fresh tariffs on China weighed down the global market sentiments.
Further, weakening of the rupee during the day, despite the government announcing measures to arrest the fall of rupee in the weekend, dampened domestic sentiments.
Index-wise, the Nifty50 of the National Stock Exchange (NSE) closed at 11,377.75 points, lower by 137.45 points or 1.19 per cent from its previous close of 11,515.20 points.
The barometer S&P BSE Sensex, which had opened at 38,027.81 points, closed at 37,585.51 points, lower by 505.13 points or 1.33 per cent from its previous close of 38,090.64 points.
It touched an intra-day high of 38,027.81 points and a low of 37,548.93 points.
In the broader markets, the S&P BSE Mid-cap declined by 0.76 per cent and the S&P BSE Small-cap ended 0.05 per cent lower from its previous close.
The BSE market breadth was bearish with 1,441 declines against 1,282 advances. The total number of stocks traded on the exchange was 2,914, with 191 ending unchanged.
The weakness came on the back of weak global cues amid reports US could soon announce a new round of tariffs on Chinese imports, said Deepak Jasani, Head of Retail Research, HDFC Securities.
Major Asian markets closed on a negative note and European indices like FTSE 100, DAX and CAC 40 traded in the red, he said.
On the currency front, the Indian rupee slipped below the 72-mark again, to close at 72.51, weakening 66 paise from its previous close of 71.85 per greenback on Friday.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 106.54 crore and domestic institutional investors sold stocks worth Rs 180.36 crore.
Sector-wise, only three indices on the BSE ended in the green, with marginal gains. The S&P BSE realty index gained 28.03 points, the power index rose 2.86 points and the utilities index gained just 0.81 points.
On the other hand, the S&P BSE banking index lost 330.74 points, the consumer durables index was down 259.43 points and the auto index ended 243.10 points lower from its previous close.
The top gainers on the Sensex were Power Grid, up 0.70 per cent at Rs 201.50; Tata Consultancy Services, up 0.40 per cent at Rs 2,071.60; Adani Ports, up 0.37 per cent at Rs 381.45; IndusInd Bank, up 0.07 per cent at Rs 1,875; and Tata Steel, up 0.05 per cent at Rs 615.65 per share.
The losers were Sun Pharma, down 2.85 per cent at Rs 646.15; HDFC, down 2.47 per cent at Rs 1,878.60; Tata Motors, down 2.35 at Rs 260.20; Tata Motors(DVR), down 2.15 per cent at Rs 141.00; Relaince Industries, down 2.12 per cent at Rs 1,226.25 per share.
—IANS
by admin | May 25, 2021 | Economy, Finance, Markets, News
Mumbai : A recovery in the Indian rupee’s value along with broadly positive global cues and a slower rise in wholesale price inflation for August pushed the Indian equity indices higher on Friday.
Consequently, the S&P BSE Sensex was up by 0.99 per cent and the NSE’s Nifty5O ended 1.28 per cent up from its previous close.
Index-wise, the Nifty50 of the National Stock Exchange (NSE) closed at 11,515.20 points, higher by 145.30 points or 1.28 per cent from its previous close of 11,369.90 points.
The barometer S&P BSE Sensex, which had opened at 37,939.29 points, closed at 38,090.64 points, higher by 372.68 points or 0.99 per cent from its previous close of 37,717.96 points.
It touched an intra-day high of 38,125.62 points and a low of 37,859.52 points.
In the broader markets, the S&P BSE Mid-cap rose by 1.62 per cent and the S&P BSE Small-cap ended 1.38 per cent higher from its previous close.
The BSE market breadth was bullish with 1,811 advances against 850 declines. The total number of stocks traded on the exchange was 2,831, with 170 ending unchanged.
“The gains came on the back of positive global cues. The sentiment was also buoyed after data showed inflation eased in August, thereby increasing the likelihood that the RBI will not increase interest rates in October,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
According to Vinod Nair, Head of Research, Geojit Financial Services: “Ease in inflation and recovery in rupee added optimism in the market.”
“Stability in yield and rupee will be crucial for the market momentum while investors have continued to stay cautious due to global triggers. The global peers also traded on a positive note in expectation of ease in trade tensions between US and China. Any redressal in tensions will provide enough headroom for the domestic market.”
On the currency front, the Indian rupee closed at 71.85, recovering 34 paise from its previous close of 72.19 per greenback.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors bought scrip worth Rs 1,090.56 crore and domestic institutional investors bought stocks worth Rs 115.14 crore.
Sector-wise, all the indices closed in the green. The S&P BSE consumer durables index gained 458.43 points, the banking index gained 363.38 points and the metal index was up by 311.52 points from its previous close.
The top gainers on the Sensex were Vedanta, up 5.25 per cent at Rs 235.50; Power Grid, up 3.57 per cent at Rs 200.10; Asian Paints, up 3.04 per cent at Rs 1,331; NTPC, up 3 per cent at Rs 175; and Yes Bank, up 2.75 per cent at Rs 323.10 per share.
The losers were Coal India, down 1.42 per cent at Rs 277.30; Infosys, down 1.01 per cent at Rs 735.20 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Ravi Dutta Mishra and Rituraj Baruah,
Mumbai : The Indian equity market snapped its six-week-long gaining streak during the September 3-7 period as the rupee fell to record low levels, coupled with high crude oil prices and decline in the global markets.
However, gains in the indices by the end of the week helped curb losses. Three out of the five sessions were negative during the period.
The rupee breached 72 a US dollar-mark for the first time. However, towards the week-end it recovered marginally following intervention by the Reserve Bank of India (RBI), analysts said.
Investor sentiments in the global markets were subdued due to high crude oil prices and persistent US-China trade tensions.
On a weekly basis, the S&P BSE Sensex closed at 38,389.82 points, lower 255.25 points or 0.66 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange on Friday ended at 11,589.10 points, down 91.4 points or 0.78 per cent from the previous week’s close.
Heavy selling pressure was witnessed from Foreign Institutional Investors (FIIs) both in cash and futures segments, said Rahul Sharma, Senior Research Analyst at Equity99.
However, towards the fag-end of the week, market recovered from early losses. Domestic indices rose for the second consecutive session on Friday on gains in auto, metal and technology stocks, according to Prateek Jain, Director, Hem Securities.
Value buying and recovery in the rupee from its lows in the later part of the week helped the indices rise on Thursday and Friday, thereby partially paring weekly losses.
Auto stocks gained after Union Transport Minister Nitin Gadkari on Thursday announced that the government would do away with permits for commercial vehicles run on alternative fuels.
On the currency front, the rupee touched a record low of 72.11 per US dollar on Thursday, though it recovered to end the week at 71.73 per dollar — 73 paise weaker from the previous week’s close of 71 per dollar.
The rupee remained subdued for most of the week due to a rise in crude oil prices and a similar weak trend among its global peers.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 789.60 crore and the domestic institutional investors bought stocks worth Rs 1,167.85 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) divested Rs 504.03 crore, or $70.06 million in the equities segment during September 3-7.
Sector-wise, the top gainers during the week were pharma, IT, metal and energy indices and the major losers were public sectors, FMCG and media indices, said Deepak Jasani, Head of Retail Research at HDFC securities.
The top weekly Sensex gainers were Wipro (up 7.43 per cent at Rs 324.05), Bajaj Auto (up 6.47 per cent at Rs 2,924), Tata Motors (DVR) (up 4.11 per cent at Rs 148.05), Tata Motors (up 3.89 per cent at Rs 277.50) and Reliance Industries (up 2.88 per cent at Rs 1,276.75 per share).
The major losers were Hindustan Unilever (down 7.96 per cent at Rs 1,638.95), Yes Bank (down 5.81 per cent at Rs 323.45), State Bank of India (down 5.50 per cent at Rs 291.85), ONGC (down 4.33 per cent at Rs 172.15) and Maruti Suzuki (down 4.01 per cent at Rs 8,732.55 per share).
(Ravi Dutta Mishra can be contacted at ravidutta.m@ians.in and Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : The key Indian equity indices ended on a negative note for the sixth consecutive trading session on Wednesday, weighed down by a plunge in the Indian rupee and broadly negative global cues.
Globally, persistent trade tensions subdued the investor sentiments, analysts said.
In the domestic market, investor sentiment was further eroded as growth in the India’s manufacturing and service sector decelerated in August.
The Nikkei India Composite PMI Output Index, released on Wednesday, fell to 51.9 in August from July’s 21-month high of 54.1, driven by weaker growth in both the manufacturing and service sectors.
Although, both S&P BSE Sensex and the NSE Nifty50 were on the decline all through the day after opening on a positive note, they recovered sharply from the day’s lows during the last hour of trade.
Index-wise, the Nifty50 on the National Stock Exchange (NSE) closed at 11,476.95 points, lower by 43.35 points or 0.38 per cent from its previous close of 11,520.30 points.
Similarly, the barometer S&P BSE Sensex, which had opened at 38,192.95 points, closed in the negative territory. It closed at 38,018.31 points, lower by 139.61 points or 0.37 per cent from the previous close of 38,157.92 points.
The Sensex registered an intra-day high of 38,250.61 points and a low of 37,774.42 points.
In the broader markets, the S&P BSE Mid-cap fell by 0.61 per cent and the S&P BSE Small-cap ended 0.52 per cent from its previous close. The BSE market breadth was bearish with 1,784 declines against 981 advances.
“Tepid macro-economic updates coupled with renewed global trade war concerns dampened investor sentiment and infused volatility into the markets,” said Abhijeet Dey, Senior Fund Manager for Equities, BNP Paribas Mutual Fund.
He added: “Investor sentiment took a hit after data showed that India’s Services PMI had risen at a slower pace in August 2018.”
Said Deepak Jasani, Head of Retail Research at HDFC Securities: “the weakness came on the back of negative global cues as heightened worries over international trade conflicts dampened investor appetite for riskier assets.”
Major Asian markets closed on a negative note and European indices like FTSE 100, DAX and CAC 40 traded in the red, he added.
On the currency front, the Indian rupee settled at a record closing low of 71.75 against the US dollar, weaker by 17 paise than its previous close of 71.58 per greenback.
It recovered from the all-time low of 71.97 per dollar reached earlier in the day.
“The fall in the rupee intensified due to a strengthening dollar, which lifted up on fears of a Chinese slowdown and economic turbulence in emerging market economies,” said Rahul Sharma, Senior Research Analyst with Equity99.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 383.67 crore and domestic institutional investors bought stocks worth Rs 176.95 crore.
Sector-wise, S&P BSE Healthcare index rose by 103.36 points, the auto index was up 66.80 points and the basic material index was rose by just 8.99 points from its previous close.
In contrast, the S&P BSE Consumer Durables index declined by 391.50 points, the capital goods index fell by 190.75 points and FMCG stocks ended 134.23 points lower than its previous close.
The top gainers at the Sensex were Yes Bank, up 2.93 per cent at Rs 343.90; Vedanta, up 2.27 per cent at Rs 229.55; Adani Ports, up 1.53 per cent at Rs 378.45; Wipro, up 1.44 per cent at Rs 318.05, and Sun Pharma, up 1.41 per cent at Rs 663.40 per share.
The majors losers were Hindustan Unilever, down 2.45 per cent at Rs 1,611; Bharti Airtel, down 1.36 per cent at Rs 372.60; Reliance Industries, down 1.33 per cent at Rs 1,225.80; Hero MoroCorp, down 1.18 per cent at Rs 3,148.20 per share.
—IANS
