by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty50 — to settle at fresh high levels on Monday.
On a intra-day basis, the BSE Sensex touched a fresh high of 38,340.69 points, while the Nifty50 climbed a peak of 11,565.30 points.
Index-wise, the wider NSE Nifty50 closed at 11,551.75 points, up 81 points or 0.71 per cent from its previous close of 11,470.75 points.
The benchmark BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75 points, higher by 330.87 points or 0.87 per cent from its previous close of 37,947.88 points. It touched an intra-day low of 38,050.69 points.
In the broader markets, the S&P BSE Mid-cap ended higher by 1.05 per cent and the S&P BSE Small-cap rose by 0.14 per cent.
The BSE market breadth was tilted towards the bulls with 1,437 advances and 1,307 declines.
“Positive global stocks, optimism over a trade resolution between the USA and China and strong institutional activity at home fuelled investor sentiment and pushed the bourses to close the day with gains,” Abhijeet Dey, Senior Fund Manager for equities at BNP Paribas Mutual Fund.
The two economic giants are expected to hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war, Dey added.
Accordingly, major Asian markets closed on a positive note, barring the Nikkei and Straits indices and European indices including FTSE 100, DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Besides, global cues, the appreciation in Indian rupee supported the indices’ upward movement.
On Monday, the Indian rupee appreciated by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per dollar on the previous trade session.
“The rupee has appreciated today as the US dollar index has witnessed profit booking,” Anand Rathi Shares and Stock Brokers’ Research Analyst Rushabh Maru told IANS.
“There is an optimism in the market that US and China would find a solution for ongoing trade conflict. So that has also supported the rupee.”
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 483.04 crore and the domestic institutional investors purchased stocks worth Rs 593.22 crore.
Sector-wise, the S&P BSE capital goods index rose 668.41 points, the metal index was up 332.36 points and the auto index rose by 244.22 points.
In contrast, the S&P BSE IT index declined by 188.84 points, consumer durables fell 127.24 points and Teck (entertainment, technology and media) index ended lower by 76.07 points from its previous close.
The major gainers on the Sensex were Larsen and Toubro, up 6.74 per cent at Rs 1,323.95; Tata Motors (DVR), up 5.74 per cent at Rs 143.80, Tata Motors, up 4.74 at Rs 269.55; ONGC up 3.34 per cent, at Rs 168.55; and Tata Steel, up 3.24 per cent at Rs 599.40 per share.
The majors losers were Infosys, down 3.22 per cent at Rs 1,385.20; Maruti Suzuki, down 0.79 per cent at Rs 9,075.90; ICICI Bank, down 0.50 per cent at Rs 338.35; Axis Bank, down 0.46 per cent at Rs 624.20; and Hindustan Unilever, down 0.30 at Rs 1,775.40 per share.
—IANS
by admin | May 25, 2021 | Economy, Markets, News
By Rituraj Baruah,
Mumbai : Easing inflation data along with braodly positive global cues lifted the key Indian equity indices during the week with the NSE Nifty50 ending at a record closing level on Friday.
India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a high of 5.77 per cent in June, official data showed on Tuesday. The retail inflation for July released on Monday stood at 4.17 per cent, down from 4.92 per cent in June.
However, a slump in the Indian rupee tracking weakness in its global peers and a wider trade deficit limited the gains on the equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher by 78.65 points or 0.21 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at a record closing high of 11,470.75 points, higher by 41.25 points or 0.36 per cent from the previous week’s close.
Market breadth was negative in three out of the four trading sessions of the week, analyst said.
Markets extended winning streak for the third consecutive week as the Index of Industrial Production and Consumer Price Index data gave boost to the market, said Rahul Sharma, Senior Research Analyst at Equity99.
According to Hem Securities’ Director, Prateek Jain, “Traders and investors saw modest losses due to Turkish concerns in the beginning of the week. But, towards the fag end of the week, markets reflected recovery.”
On the currency front, the rupee settled at its lowest closing level of 70.16 on Thursday, weakened by 1.33 paise from its previous week’s close of 68.83 per greenback.
The rupee on Thursday also touched an all time low of 70.39-40 per dollar. Globally, currencies depreciated against the greenback for most part of the week following a plunge in the Turkish “Lira”. Forex trade in India was shut on Friday on account of Parsi New Year.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,028.47 crore, while the domestic institutional investors both stocks worth Rs 893.43 crore in the past week.
Figures from the National Securities Depository (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 159.66 crore, or $24.67 million, in the equities segment during August 13-16.
Sector-wise, pharma, IT, FMCG and realty gained, while media, PSU, infrastructure, financial services and metals fell, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Sun Pharma (up 9.22 per cent at Rs 623.30); ITC (up 3.94 per cent at Rs 313.75); Infosys (up 3.70 per cent at Rs 1,431.35); Yes Bank (up 3.07 per cent at Rs 392.95); and Mahindra and Mahindra (up 2.97 per cent at Rs 961 per share).
The major losers were Vedanta (down 6.72 per cent at Rs 215); Tata Motors (DVR) (down 5.06 per cent at Rs 136); HDFC (down 4.75 per cent at Rs 1,883.60); SBI (down 4.57 per cent at Rs 302.00); and Larsen and Toubro (down 3.58 per cent at Rs 1,240.30 per share).
(Rituraj Baruah can be contacted at rituraj.b@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Investor sentiments in the Indian equity market firmed up on Friday with the NSE Nifty50 ending at a record closing level, following broadly positive cues in the global markets.
The benchmark S&P BSE Sensex breached the 38,000-mark during the day before closing slightly below the psychological mark.
Index-wise, the Nifty50 on the National Stock Exchange closed at 11,470.75 points, up 85.70 points or 0.75 per cent from its previous close.
The S&P BSE Sensex, which had opened at 37,898.60 points, closed at 37,947.88 points, up 284.32 points or 0.75 per cent from previous close of 37,663.56 points.
It touched an intra-day high of 38,022.32 points and a low of 37,840.16.
In the broader markets, the S&P BSE Mid-cap rose by 0.88 per cent and the S&P BSE Small-cap ended higher by 0.94 per cent from the previous close. The BSE market breadth was bullish with 1,629 advances and 1,076 declines.
“The gains came on the back of positive Asian markets as investors seemed to cheer Washington and Beijing’s decision to hold trade talks next week,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 147.31 crore and the domestic institutional investors purchased stocks worth Rs 151.89 crore.
Sector-wise, the S&P BSE Banking index rose 398.95 points, FMCG index was up 219.19 points and the metal index ended higher 216.43 points from its previous close.
In contrast, the S&P BSE oil and gas index was the only losing index with a decline of 22.55 points.
In a major development, share price of FMCG major ITC on the BSE touched a 52-week high of Rs 315.20 on Friday. It settled at Rs 313.75 per share, higher Rs 6.95 or 2.27 per cent from the previous close.
The major gainers on the Sensex were Yes Bank, up 3.76 per cent at Rs 392.95; State Bank of India, up 3.18 per cent at Rs 302; Vedanta, up 3.09 per cent at Rs 215; Hindustan Uniliver, up 2.63 at Rs 1,780.80; and Tata Motors, up 2.47 per cent at Rs 257.35 per share.
The major losers were Hero Motocorp, down 1.14 per cent at Rs 3,248.60; ONGC, down 0.61 per cent at Rs 163.10; Maruti Suzuki, down 0.58 per cent at Rs 9,148.30; Coal India, down 0.44 per cent at Rs 281.20; and HDFC, down 0.39 per cent at Rs 1,883.60 per share.
—IANS
by admin | May 25, 2021 | Banking, Economy, Markets, News
By Rohit Vaid,
Mumbai : Key macro-economic inflation data points, combined with the last of first quarter earning results and the direction of foreign fund flows, are expected to drive the Indian equity indices next week.
Analysts opined that the movement of the Indian rupee against the US dollar as welll as global crude oil price volatility and high stock valuations will also affect investor sentiments.
“The domestic markets are likely to witness another eventful week, with more quarterly earnings, trends in global markets, investment by foreign and domestic investors,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
In terms of global cues, Delta Global Partners Founder and Principal Partner Devendra Nevgi told IANS: “The risk emanating from a potential Turkey-centred contagion spreading to EU banks will dominate the risk sentiment in the EMs (emerging markets) and Indian markets next week.”
“The USD is higher and the yields lower, indicating a risk-aversion scenario. The Indian rupee’s moves need to be closely watched, since it is already closer to an all-time low. The Turkish Lira’s steep fall and USD’s appreciation would negate the sentiment towards EM currencies in general, including the rupee.”
According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee is expected to range from 68.70 to 69.30 against a US dollar in the coming week.
“We should be prepared for a devaluation. However, lower crude oil prices and the Reserve Bank of India’s (RBI ) invention in defending the Indian rupee against the USD will mitigate the magnitude of devaluation,” Banerjee told IANS.
On the currency front, the rupee closed at 68.83 on August 10, weakened by 22 paise from its previous week’s close of 68.61 per greenback.
Besides the rupee, foreign fund inflows into the country might get impacted due to “global risk aversion”.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) bought scrips worth Rs 992.18 crore in the last week.
Apart from foreign funds, macro-economic inflation data points such as the consumer price index (CPI) and wholesale price index (WPI) for July will set the tone for the key indices.
Company-wise, Abbott India, Cadila Healthcare, Godrej Industries, Greaves Cotton, Oil India, Tata Chemicals, Tata Steel, Allahabad Bank, GMR Infra, Grasim Industries and Sun Pharma are expected to announce their Q1 earning results next week.
On technical charts, the National Stock Exchange (NSE) Nifty50 remains in an uptrend as it has closed at new life highs.
“Technically, while the Nifty has corrected from life highs, the underlying trend of the Nifty remains up,” HDFC Securities’ Retail Research Head Deepak Jasani told IANS.
“The intermediate uptrend is likely to continue once the immediate resistance of 11,495 points is taken out. Crucial supports to watch for any further weakness is at 11,329 points.”
Last week, both the key Indian equity indices — S&P Bombay Stock Exchange (BSE) Sensex and the NSE Nifty 50 — rose on the back of healthy inflow of foreign funds, along with domestic political developments and positive global cues.
Additionally, prediction of healthy economic growth by IMF combined with better-than-expected quarterly results and low crude oil prices aided the two key indices in making substantial gains.
Consequently, the S&P BSE Sensex closed at 37,869.23 points, higher by 313.07 points or 0.82 per cent from its previous close.
The positive sentiment pushed the barometer index to a fresh intra-day record high of 38,076.23 points and a closing high of 38,024.37 points during the trade week ended August 10.
Similarly, the wider Nifty50 on the NSE made gains. It ended at 11,429.50 points, higher by 68.7 points or 0.58 per cent from its previous close.
The Nifty50 made a fresh intra-day record high of 11,495.20 points and closing high of 11,470.70 points.
(Rohit Vaid can be contacted at rohit.v@ians.in)
—IANS
by admin | May 25, 2021 | Economy, Markets, News
Mumbai : Positive global cues, along with prediction of healthy economic growth and better-than-expected quarterly results, lifted the key Indian equity indices to new record intra-day and closing high-levels on Wednesday.
According to market observers, the inflow of foreign funds and healthy buying in consumer durables, banking and oil and gas stocks pushed the key indices higher.
Coupled with this, the IMF in its “country report” said the near-term macro-economic outlook is broadly favorable for India and that economic growth is forecast to rise to 7.3 per cent in 2018-19 and 7.5 per cent in 2019-20, on strengthening investment and robust private consumption.
However, volatile crude oil prices capped gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at a fresh high of 37,887.56 points, up 221.76 points and 0.59 per cent from its previous close.
The barometer index touched a fresh record high of 37,931.42 points and a low of 37,641.40 points during the day’s trade.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) made gains during the session. It closed at a fresh high of 11,450 points, up 60.55 points or 0.53 per cent from its previous close.
The NSE Nifty50 made a fresh intra-day record high of 11,459.95 points.
“After a muted start, market scaled to new high on account of increase in FII inflow and in line quarter earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Strong domestic triggers will continue to add room to outlook, whereas factors like volatility in oil price and rupee may delay the pace of rally. Global markets were mixed as investors continue to stay cautious due to lingering concern on US trade tensions.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note triggered by positive Asian stocks. Buying in select index heavyweights boosted benchmark indices and pushed them to finally close the day with gains of over 0.25 per cent.”
On the currency front, the rupee strengthened by 6 paise to 68.62 against the US dollar from its previous close of 68.68.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 568.63 crore, while the domestic institutional investors sold stocks worth Rs 30.25 crore.
Sector-wise, the S&P BSE consumer durables index rose 271.02 points, the banking index was up 245.02 points and the oil and gas index ended higher by 108.20 points.
In contrast, the S&P BSE auto index declined by 66.48 points, followed by the healthcare index, which was down 48.34 points and the IT index which ended lower by 16.95 points.
The major gainers on the Sensex were ONGC, up 2.87 per cent at Rs 171.90; Reliance, up 2.85 per cent at Rs 1217.25; ICICI Bank, up 1.63 per cent at Rs 318.20 Tata Motors , up 1.60 per cent at Rs 142.50; and State Bank of India up 1.53 per cent from Rs 308.65 per share.
The major losers were Maruti Suziki India, down 1.99 per cent at Rs 9,209.50; Bajaj Auto, down 0.96 per cent at Rs 2,658 ; Vedanta, down 0.90 per cent at Rs 224.75; NTPC, down 0.28 per cent at Rs 157.70; and Infosys, down 0.47 per cent at Rs 1,362.90 per share.
On Tuesday, profit booking, along with concerns over global protectionist measures, subdued both the key indices.
Consequently, the barometer had closed at 37,665.80 points, down by 26.09 points and 0.07 per cent on Tuesday.
In contrast, the Nifty50 closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
—IANS
