by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Broadly negative global cues such as high crude oil prices and concerns over escalation in global protectionist measures coupled with a weak rupee depressed the Indian equity markets on Tuesday.
According to market observers, heavy selling pressure was witnessed in consumer durables, banking and auto stocks.
Index-wise, the Nifty50 on the National Stock Exchange (NSE) closed at 11,520.30 points, lower 62.05 points or 0.54 per cent from its previous close of 11,582.35 points.
Similarly, the barometer S&P BSE Sensex closed in the negative territory. It had opened at 38,460.96 points, closed at 38,157.92 points, lower by 154.60 points or 0.40 per cent from the previous close of 38,312.52 points.
The Sensex registered an intra-day high of 38,518.56 points and a low of 38,098.60 points during the day’s trade.
“Selling continued at Dalal Street as the markets corrected further on Tuesday to end in negative territory for the second consecutive session,” said Deepak Jasani, Head of Retail of Research, HDFC Securities.
“Major Asian markets have closed on a positive note barring the Jakarta and Nikkei indices. European indices like FTSE 100, DAX and CAC 40 traded in the red.”
Geojit Financial Services’ Head of Research, Vinod Nair, said: “Continued weakness in currency and surge in oil price dragged the indices to a consolidation.
“Additionally, concerns on widening deficit and inflation trajectory led domestic bond yield to break 8 per cent mark. Weak global market on account of trade tensions further steered the investor’s sentiment.”
On the currency front, the Indian rupee crashed to close at a record low of 71.58 against the US dollar, weaker by 37 paise than its previous close of 71.21 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrips worth Rs 32.64 crore and domestic institutional investors sold stocks worth Rs 21.41 crore.
Sector-wise, only the S&P BSE Teck (technology, entertainment and media) index was in the positive, up by 102.11 points.
In contrast, the S&P BSE consumer durables index declined by 562.61 points, the banking index fell by 443.96 and auto stocks ended 434.70 points lower than its previous close.
In a major stock-wise development, market capitalisation (m-cap) of Tata Consultancy Services (TCS) crossed Rs 8 lakh crore for the first time. It is the second company to reach the landmark level after Reliance Industries.
The m-cap of TCS closed at Rs 8.01 crore on the BSE. Share price of TCS on the BSE Sensex closed at Rs 2,093.20 higher by Rs 38.25 or 1.86 per cent from its previous close.
The top gainers at the Sensex were Infosys up 2.64 per cent at Rs 735.65, TCS up 1.86 per cent at Rs 2,093.20; Wipro, up 1.42 per cent at Rs 313.55; Axis Bank, up 1.39 per cent at Rs 640.50, and Reliance Industries, up 0.97 per cent at Rs 1,242.35.
The majors losers were Asian Paints, down 3.49 per cent at Rs 1,312.05; State Bank of India, down 3.20 per cent at Rs 296.60; Hindustan Unilever, down 2.80 per cent at Rs 1,651.40; Coal India, down 2.61 per cent at Rs 279.95 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Weak global cues along with a slowdown in the manufacturing sector plunged the key Indian equity indices nearly 1 per cent on Monday after the indices started the day’s trade on a sharply higher note.
Globally, investor sentiments were subdued owing to the concerns of escalation in the US-China trade war, according to analysts.
The Nikkei India Manufacturing Purchasing Managers’ Index was registered at 51.7 in August, compared to 52.3 in July, which further dampened the domestic sentiments.
The indices had opened sharply higher on the back of healthy April-June GDP data released last week but could not hold on to the gains.
Although the market saw a gradual decline from the highs throughout the day, a major drop in the indices occurred around the last hour of trade.
Index-wise, the Nifty50 on the National Stock Exchange (NSE) closed at 11,582.35 points, lower by 98.15 points or 0.84 per cent from its previous close of 11,680.50 points.
Similarly, the barometer S&P BSE Sensex closed in the negative territory. It had opened at 38,915.91 points, closed at 38,312.52 points, lower by 332.55 points or 0.86 per cent from the previous close of 38,645.07 points.
Volatility in the market can be gauged from the fact that it traversed from the day’s high of 38,934.35 points hit in the morning session to a low of 38,270.01 points by the end of the trade.
In the broader markets, the S&P BSE Mid-cap declined by 0.45 per cent while the S&P BSE Small-cap declined by 0.17 per cent from its previous close. The BSE market breadth was largely even with 1,399 declines and 1,351 advances.
“Trading for the week began on a positive note as key benchmark indices edged higher in early trade boosted by good first-quarter GDP data,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
However, the market finally closed the day’s trade in the red due to selling pressure, Dey added.
According to Deepak Jasani, Head of Retail of Research, HDFC Securities, the major Asian markets closed on a negative note, and the European indices like FTSE 100 and CAC 40 traded in the green.
On the currency front, the Indian rupee crashed to close at a fresh low of 71.21 against the US dollar, weaker by 21 paise weaker than its previous close of 70.99-71 per greenback.
The collapse in the Indian rupee came around the last hour of trade, after it had traded strongly than its previous close for most part of the day.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 21.13 crore and domestic institutional investors sold stocks worth Rs 542.12 crore.
Sector-wise, the S&P BSE consumer durables index rose 85.27 points, the metal index was up 35.37 points and the telecom index rose by 6.39 points.
In contrast, the S&P BSE banking index declined by 365.55 points, the FMCG index fell by 273.04 points and auto stocks stocks ended 211.18 points lower than its previous close.
The top gainers at the Sensex were Wipro, up 2.49 per cent at Rs 309.15, Tata Motors (DVR), up 1.34 at Rs 144.10; Bajaj Auto, up 0.68 per cent at Rs 2,765.15; HDFC Bank, up 0.58 per cent at Rs 2,074.30 and Sun Pharma, up 0.57 per cent at Rs 655.95.
The majors losers were Hindustan Uniliver, down 4.58 per cent at Rs 1,699.05; Power Grid, down 2.92 per cent at Rs 194.75; Axis Bank, down 2.69 per cent at Rs 631.75; ICICI Bank, down 2.51 per cent at Rs 334.05 per share; and ITC, down 2.01 per cent at Rs 312.75 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : It was a complete bull-run in progress throughout the trading session in the Indian equity market on Monday, with both the key indices surging over one per cent and scaling new highs.
In a first, the S&P BSE Sensex crossed the 38,700-points mark and touched an all-time high of 38,736.88 points, tracking broadly positive global cues. Similarly, the NSE Nifty50 touched a fresh record high of 11,700.95 points.
Both the indices also settled at their respective record closing levels.
A surge in banking stocks among others supported the indices. The S&P BSE banking index rose by around 530 points during the day.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,691.95 points, higher by 134.85 points or 1.17 per cent from its previous close of 11,557.10 points.
The benchmark BSE Sensex, which had opened at 38,472.03 points, closed at 38,694.11 points, higher by 442.31 points or 1.16 per cent from its previous close of 38,251.80 points.
It touched an intra-day low of 38,416.73 points.
Along with positive global developments, strong buying by foreign institutional investors (FII) gave further fillip to domestic investor sentiment, said Abhijeet Dey, Senior Fund Manager Equities, BNP Paribas Mutual Fund.
“Global sentiment got a boost after US Federal Reserve Chairman Jerome Powell said that gradual rate hikes are now expected and China’s central bank decided to lift its official yuan midpoint by more than what the street expected,” he added.
Major Asian markets closed on a sharply positive note and European indices like DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.
On the currency front, the Indian rupee settled at 70.16 per dollar, 25 paise weaker than its previous close of 69.91 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrips worth Rs 252.52 crore whereas domestic institutional investors purchased stocks worth Rs 1,117.24 crore.
Sector-wise, the S&P BSE banking index surged the most, by 530.08 points, followed by the IT index, which was up 231.56 points and the consumer durables index which ended 224.37 points higher than its previous close.
In contrast, the S&P BSE realty index was the only losing sector and it ended marginally lower by 3.44 points from its previous close.
The top gainers on the Sensex were Bharti Airtel, up 3.93 per cent at Rs 383; Power Grid, up 3.64 per cent at Rs 197.80; ICICI Bank, up 2.97 at Rs 339.90; State Bank of India, up 2.65 per cent at Rs 308.25; and Infosys, up 2.53 per cent at Rs 1,414.90 per share.
The only loser on the Sensex was Sun Pharma, which ended 1.25 per cent lower at Rs 621.80 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : The Indian equity market rose for the fifth consecutive week and scaled new highs during the August 20-24 period amid concerns of global trade war escalation.
Healthy buying in pharma and metal stocks, among others, supported the gains on the indices, analysts said.
On Thursday, both key indices — S&P BSE Sensex and the NSE Nifty50 — touched their respective intra-day all-time high levels of 38,487.63 points and 11,620.70 points, before settling at their record closing levels of 38,336.76 points and 11,582.75 points, respectively.
Both major indices are currently hovering around record levels and any minor gain in trade makes the indices touch fresh benchmarks.
A positive outlook for the Indian economy by the global credit ratings and research firm Moody’s Investors Service also supported sentiments.
However, in the later part of the week, concerns of rise in the US-China trade conflict made the traders cautious and limited the gains, analysts said.
On a weekly basis, the S&P BSE Sensex closed at 38,251.80 points, higher 303.92 points or 0.80 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at 11,557.10 points, higher 86.35 points or 0.75 per cent from the previous week’s close.
“Benchmark indices once again hit fresh life-time highs and settled the week with a decent gain despite escalating trade war tensions and firmness in crude oil prices,” said Rahul Sharma, Senior Research Analyst, Equity99.
Sharma said sentiments were boosted after Moody’s report said that the Indian economy is expected to grow by around 7.5 per cent in 2018 and 2019, supported by strong urban and rural demand and improved industrial activity.
Hem Securities’ Director Prateek Jain said: “Towards the fag end of the week, market reflected correction due to Indian currency’s depreciation.”
“Meanwhile, US-China discussions did not reach any conclusion. China and the US both imposed tariffs of $16 billion on each other’s products,” Jain added. This resurgence in trade tensions further limited the gains in the Indian indices.
The rupee depreciated significantly on Thursday and closed at over the psychological mark of 70 per dollar — at 70.12 per dollar — which dampened the domestic sentiments.
According to Kotak Mutual Fund’s Head of Equity Research, Shibani Kurian, rise in trade deficit along with trends of a strong US dollar and the over-valuation of the Indian rupee in real effective exchange rate basis exerted pressure on the domestic currency.
However, it recovered on Friday and on a weekly basis the Indian currency settled 69.91 per dollar, appreciating by 25 paise from its previous week’s close of 70.16 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrips worth Rs 128.64 crore and the domestic institutional investors purchased stocks worth Rs 1,837.84 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) divested Rs 468.41 crore, or $66.24 million, from the equities segment during August 20-24.
Sector-wise, the top gainers were energy, pharma, infra and metal indices and the top losers were Bank Nifty, realty and public sector banks, said Deepak Jasani, Head of Retail Research, HDFC Securities.
The top weekly Sensex gainers were Larsen and Toubro (up 8.91 per cent at Rs 1,342.80), Vedanta (up 7.38 per cent at Rs 223.95), ONGC (up 6.58 per cent at Rs 174.90), Reliance Industries (up 6.49 per cent at Rs 1,278.05) and Wipro (up 4.45 per cent at Rs 292.30 per share).
The major losers were Infosys (down 3.18 per cent at Rs 1,379.95), Indusind Bank (down 2.82 per cent at Rs 1,927.25), Hero MotoCorp (down 2.24 per cent at Rs 3,212.60), ICICI Bank (down 1.30 per cent at Rs 330.10) and Yes Bank (down 1.07 per cent at Rs 374.65 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
Mumbai : Trade-war concerns and the resultant weak global sentiments subdued the key Indian equity indices on Friday, halting the recent record run.
Of late, the Indian equity market has been hovering around record levels, and on Thursday both the key indices of S&P BSE Sensex and the NSE Nifty50 had touched their respective all-time intra-day and closing highs.
On Friday, however, sentiments in both the domestic and global markets were subdued as China and the US could not achieve a major breakthrough in their latest round of talks. Rather, the trade war escalated on Thursday as both the countries enforced 25 per cent tariffs on each other’s goods worth $16 billion.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,557.10 points, down by 25.65 points or 0.22 per cent from its previous close of 11,582.75 points.
The benchmark BSE Sensex, which had opened at 38,366.79 points, closed at 38,251.80 points, lower by 84.96 points or 0.22 per cent from its previous close of 38,336.76 points. It touched an intra-day low of 38,172.77 points.
In the broader markets, the S&P BSE Mid-cap declined by 0.26 per cent and the S&P BSE small-cap ended 0.34 per cent lower than its previous close. The BSE market breadth was bearish with 1,569 declines and 1,140 advances.
“Sentiments turned sour after it became evident that there will be no major progress with respect to the ongoing trade conflict between China and the US,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
On the currency front, the Indian rupee opened on a weak note but recoverd to settle at 69.91 per dollar, 21 paise stronger than its previous close of 70.12 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 75.78 crore whereas domestic institutional investors purchased stocks worth Rs 904.75 crore.
Sector-wise, the S&P BSE metal index rose 249.30 points, the oil and gas index 63.98 points and the healthcare index 55 points.
In contrast, the S&P BSE banking index declined 254.91 points, the consumer durable index fell 172.66 points and auto index ended 112.52 points lower from its previous close.
The top gainers on the Sensex were Vedanta, up 4.26 per cent at Rs 223.95; ONGC, up 1.83 per cent at Rs 174.90; Axis Bank, up 1.23 at Rs 639.60; Wipro, up 0.97 per cent at Rs 292.30; and Mahindra and Mahindra, up 0.74 per cent at Rs 968.80 per share.
The majors losers were Yes Bank, down 3.52 per cent at Rs 374.65; Hero Motocorp, down 2.08 per cent at Rs 3,212.60; ICICI Bank, down 2.02 per cent at Rs 330.10; Adani Port, down 1.98 per cent at Rs 376.20 per share; and Indus Bank, down 1.57 per cent at Rs 1,927.25 per share.
—IANS
