Among the 30 Sensex firms, NTPC, Titan, Tata Steel, ITC, Reliance Industries, State Bank of India, Bajaj Finance and JSW Steel were the biggest gainers. File

Benchmark equity indices Sensex and Nifty climbed in early trade on Monday (August 19, 2024) amid buying in blue-chip stocks Reliance Industries and ITC along with encouraging participation from retail investors.

The 30-share BSE Sensex climbed 287.56 points to 80,724.40 in early trade. The NSE Nifty went up by 97.65 points to 24,638.80.

Among the 30 Sensex firms, NTPC, Titan, Tata Steel, ITC, Reliance Industries, State Bank of India, Bajaj Finance and JSW Steel were the biggest gainers.

Mahindra & Mahindra, Nestle, Tata Motors and Bharti Airtel were among the laggards.

In Asian markets, Shanghai and Hong Kong quoted higher while Seoul and Tokyo traded lower.

The U.S. markets ended in the positive territory on Friday (August 16, 2024).

Foreign Institutional Investors (FIIs) turned buyers on Friday (August 16, 2024) as they bought equities worth ₹766.52 crore, according to exchange data.

Domestic Institutional Investors (DIIs) bought equities worth ₹2,606.18 crore on Friday (August 16, 2024).

“The complete dominance of the DII and retail investors over the market is the single major factor driving this bull run even though there are fundamental factors supporting the rally,” said V.K. Vijayakumar, chief investment strategist, Geojit Financial Services.

Global oil benchmark Brent crude dipped 0.19% to $79.53 a barrel.

The BSE benchmark jumped 1,330.96 points or 1.68% to settle at 80,436.84 on Friday, marking its best single-day gains in more than two months. The NSE Nifty surged 397.40 points or 1.65% to settle at a two-week high of 24,541.15.

Image used for representational purpose.
| Photo Credit: PTI

Stock markets closed marginally lower in a highly volatile trade on Monday (August 12, 2024) as investors turned cautious about the potential disruptions from the U.S. short-seller Hindenburg Research report on SEBI chairperson and her husband’s undisclosed investments in obscure offshore funds in Bermuda and Mauritius.

Recovering from early lows, the 30-share Sensex closed lower by 56.99 points or 0.07% to settle at 79,648.92. The index had declined by 479.78 points or 0.60% to a low of 79,226.13 in morning trade. The benchmark later staged a sharp recovery climbing 400.27 points or 0.50% to 80,106.18. But at the fag-end, the BSE benchmark slipped into the negative territory to close lower.

Also read | Hindenburg allegations: Adani group stocks tumble

The NSE Nifty dipped 20.50 points or 0.08% to 24,347. Intra-day, it hit a low of 24,212.10 and a high of 24,472.80.

“The Indian market concluded relatively flat, with its initial path being eclipsed by the continuation of the Adani-Hindenburg-SEBI saga. However, the market tried to brush away these noises, taking positive cues from global markets,” said Vinod Nair, Head of Research, Geojit Financial Services.

From 30 Sensex firms, Adani Ports, NTPC, Power Grid, State Bank of India, Nestle, Mahindra & Mahindra, Reliance Industries and Tata Consultancy Services were the biggest laggards.

Axis Bank, Infosys, JSW Steel, Tata Motors, HDFC Bank and Kotak Mahindra Bank were among the gainers from the blue-chip pack.

Hindenburg Research on Saturday alleged that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani – the elder brother of group chairman Gautam Adani – to round-trip funds and inflate stock prices.

Ms. Buch and her husband issued a statement calling Hindenburg’s latest tirade an attack on the credibility of SEBI and attempted “character assassination”.

Adani Group on Sunday termed Hindenburg Research’s latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the SEBI chairperson or her husband.

All the 10 Adani group stocks declined sharply during the early trade, with Adani Energy Solutions tumbling 17% and Adani Total Gas dropping 13.39%. At close, eight of the group firms ended lower, while two of them bounced back.

In Asian markets, Seoul and Hong Kong settled in the positive territory while Shanghai ended lower. Markets in Tokyo and Bangkok were closed for a holiday.

European markets were trading mostly higher. The US markets ended higher on Friday.

Foreign Institutional Investors (FIIs) turned buyers on Friday after days of offloading equities. They bought equities worth ₹406.72 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.83% to $80.32 a barrel.

The BSE benchmark bounced back 819.69 points or 1.04% on Friday settling at 79,705.91. The NSE Nifty soared 250.50 points or 1.04% to 24,367.50.

Image used for representative purpose only.
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty declined in early trade on Thursday (August 8, 2024) ahead of the Reserve Bank of India’s monetary policy decision.

Continuous foreign fund outflows and weak trends in the U.S. markets also drove domestic equities lower during initial deals.

The 30-share BSE Sensex declined 325.97 points to 79,142.04. The NSE Nifty dipped 99.1 points to 24,198.40.

Among the 30 Sensex firms, Infosys, JSW Steel, Larsen & Toubro, Power Grid, UltraTech Cement and Tata Steel were the biggest laggards.

Tata Motors, Titan, ITC and Sun Pharma were among the gainers during the initial trade.

In Asian markets, Tokyo, Shanghai and Hong Kong traded higher while Seoul quoted lower.

The U.S. markets ended lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,314.76 crore on Wednesday, according to exchange data.

“During the last four days FIIs have sold ₹20,228 crore in the cash market. This is a rational thing to do given India’s elevated valuations and the concerns surrounding recession fears in the U.S. and further issues relating to the unwinding of the yen carry trade,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.42% to USD 78.66 a barrel.

On Wednesday, the BSE benchmark Sensex rallied 874.94 points or 1.11 per cent to settle at 79,468.01. During the day, it jumped 1,046.13 points or 1.33% to 79,639.20.

The NSE Nifty jumped 304.95 points or 1.27% to 24,297.50. Intraday, it surged 345.15 points or 1.43% to 24,337.70.

On the macroeconomic front, the Reserve Bank’s rate-setting panel started its three-day deliberations for the next set of bi-monthly monetary policy on Tuesday amid expectations of no change in benchmark interest rate in view of concerns on inflation and economic growth remaining steady.

The decision of the RBI Governor Shaktikanta Das-headed six-member Monetary Policy Committee (MPC) will be announced later on the day.

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| Photo Credit: Reuters

The rupee recovered from its all-time low level and appreciated 9 paise to 83.69 against the US dollar in early trade on Friday, amid a positive trend in domestic equities.

Forex traders said foreign fund outflows from Indian equities following the government’s decision to hike the tax rate on capital gains weighed on the local currency and restricted the upmove.

At the interbank foreign exchange market, the local unit opened at 83.72 against the American currency, then rose to 83.69 against the American currency, registering a rise of 9 paise from its previous close.

On Thursday, the rupee dropped by 7 paise to close at an all-time low of 83.78 against the US dollar.

“The rupee remains under significant pressure, hovering near all-time low levels. This strain is due to the government’s recent decision to hike the tax rate on capital gains, sparking major outflows of Foreign Institutional Investments (FIIs).

“However, the Reserve Bank of India (RBI) has been actively capping the downside, preventing further depreciation by maintaining the rupee at around 83.75,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 104.30, lower by 0.05 per cent.

Brent crude futures, the global oil benchmark, rose 0.18 per cent to USD 82.52 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 291.71 points, or 0.36 per cent higher at 80,331.51 points. The broader NSE Nifty was up 114 points, or 0.47 per cent, to 24,520.10 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 2,605.49 crore, according to exchange data.

Brokers react after the Sensex surge in early morning trade. File photo
| Photo Credit: ANI

Equity benchmark indices started the trade on an optimistic note on Wednesday, July 3, 2024, with the Sensex breaching the historic 80,000-mark for the first time ever and the Nifty hitting its fresh lifetime high, amid heavy buying in bank stocks and firm global market trends.

The 30-share BSE Sensex jumped 597.77 points to hit a new lifetime high of 80,039.22. The Nifty climbed 168.3 points to hit a fresh record peak of 24,292.15.

Among the Sensex pack, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, Bharti Airtel and Nestle were the biggest gainers.

Tata Consultancy Services, Sun Pharma, Infosys and Tata Motors were among the laggards.

In Asian markets, Seoul, Tokyo and Hong Kong were trading in the positive territory while Shanghai quoted lower.

US markets ended higher on Tuesday.

The BSE benchmark declined 34.74 points or 0.04 per cent to settle at 79,441.45 in a volatile trade on Tuesday. During the day, it jumped 379.68 points or 0.47 per cent to hit a record peak of 79,855.87.

The Nifty declined by 18.10 points or 0.07 per cent to 24,123.85. Intra-day, it climbed 94.4 points or 0.39 per cent to hit a lifetime high of 24,236.35.

Global oil benchmark Brent crude climbed 0.56 per cent to USD 86.72 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,000.12 crore on Tuesday, according to exchange data.

The BSE benchmark climbed 267.75 points or 0.36% to settle at 74,221.06 on May 22. The NSE Nifty advanced 68.75 points or 0.31% to finish at 22,597.80. File

Benchmark equity indices rallied on May 23, with the Sensex and Nifty hitting their lifetime peaks, after the RBI approved the highest-ever dividend of ₹2.11 lakh crore to the government and supported by buying in blue chips Reliance Industries and HDFC Bank.

The 30-share BSE Sensex regained the 75,000 level. It climbed 951.22 points or 1.28% to reach its all-time high of 75,172.28.

The NSE Nifty went up by 308.45 points or 1.36% to 22,906.25 — its record peak.

Among the Sensex firms, Larsen & Toubro, Maruti, Mahindra & Mahindra, Axis Bank, IndusInd Bank, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries were the major gainers.

PowerGrid, Sun Pharma, NTPC and JSW Steel were the laggards.

The Reserve Bank of India will pay a record ₹2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of budgeted expectation, helping shore up revenue ahead of a new government taking office.

The RBI board, at its 608th meeting on May 22, approved the transfer of surplus, the central bank said in a statement.

“There are positives and negatives for the market today. The biggest positive is the record ₹2.11 lakh crore dividend from the RBI to the government,” said V.K. Vijayakumar, chief investment strategist, Geojit Financial Services.

This means the government can reduce its fiscal deficit and step-up infrastructure spending, he added.

“Brent crude dipping below $82 is positive for India’s macros,” Mr. Vijayakumar said. Global oil benchmark Brent crude declined 0.15% to $81.79 a barrel.

The negative for equity markets is the U.S. Fed meeting minutes, which indicate concern over the stubbornness of inflation, he noted.

In Asian markets, Tokyo traded in the green while Seoul, Shanghai and Hong Kong quoted lower.

Wall Street ended in negative territory on May 22.

“The Nifty index has surged to a record high after the Reserve Bank of India [RBI] announced a substantial ₹2.1 lakh crore dividend to the government. This development is a significant macroeconomic positive for the market, with direct implications for the fiscal deficit and bond yields,” Santosh Meena, head of research at Swastika Investmart Ltd., said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹686.04 crore on May 22, according to exchange data.

The BSE benchmark climbed 267.75 points or 0.36% to settle at 74,221.06 on May 22. The NSE Nifty advanced 68.75 points or 0.31% to finish at 22,597.80.

Commuters walk in front of the Bombay Stock Exchange building. File.
| Photo Credit: ANI

Equity benchmark indices Sensex and Nifty ticked higher for the fourth straight session on April 24, helped by buying in metal and commodity stocks amid a positive trend in global equities.

However, intense selling pressure on telecom, IT and tech counters capped the upside, traders said.

The 30-share BSE Sensex climbed 114.49 points or 0.16% to settle at 73,852.94. During the day, it jumped 383.16 points or 0.51% to 74,121.61.

The NSE Nifty advanced 34.40 points or 0.15% to 22,402.40.

The indices witnessed some selling pressure towards the fag-end of the session that erased some initial gains.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers.

Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading mostly with gains. Wall Street ended with gains on Tuesday.

Global oil benchmark Brent crude declined 0.35% to $88.11 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,044.54 crore on Tuesday, according to exchange data.

The BSE benchmark ended 89.83 points or 0.12% higher at 73,738.45 on Tuesday. Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14% up at 22,368.

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| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty closed higher for the third session in a row on April 23, following gains in telecom, tech and consumer durable shares amid a firm trend in the global markets.

After rallying over 400 points, the 30-share BSE Sensex ended 89.83 points or 0.12% higher at 73,738.45. During the session, it jumped 411.27 points or 0.55% to 74,059.89.

Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14% up at 22,368. During the day, it climbed 111.15 points or 0.49% to 22,447.55.

Heavy selling pressure in index heavyweight Reliance Industries, mainly due to profit booking, dragged market indices lower. Reliance lost over one per cent to end at ₹2,918.50 per scrip.

From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers.

Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.

In Asian markets, Tokyo and Hong Kong settled in the positive territory while Seoul and Shanghai ended lower.

European markets were trading with gains. Wall Street ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 0.41% to $87.36 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,915.23 crore on Monday after a day’s breather, according to exchange data.

The BSE benchmark climbed 560.29 points or 0.77% to settle at 73,648.62 on Monday. The NSE Nifty went up by 189.40 points or 0.86 per cent% to 22,336.40.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 585.63 points to 72,814.15 on April 16, 2024. File
| Photo Credit: PTI

Equity benchmark indices continued to slump in early trade on April 16 on fears of escalating tensions in the Middle East and weak global trends.

Foreign fund outflows and uptick in Brent crude oil prices also dented investors’ sentiment.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 585.63 points to 72,814.15. The NSE Nifty declined 168.65 points to 22,103.85.

From the Sensex basket, IndusInd Bank, Infosys, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv, NTPC, Tata Consultancy Services, and ICICI Bank were the major laggards.

Titan Company, Mahindra & Mahindra, Nestle, and Maruti were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower.

Wall Street ended in negative territory on Monday.

“Market sentiment was impacted by higher-than-expected inflation data and tensions between Iran and Israel,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude climbed 0.58% to $90.62 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,268 crore on Monday, according to exchange data.

The market is more concerned about the geopolitical issue, said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Israel’s military chief’s statement that “there will be a response to Iran’s attack on Israel” has increased the probability of escalation of tensions in the Middle East. We don’t know the timing and the nature of the Israeli response, which can be totally unexpected. This is likely to keep the markets weak in the near-term,” Mr. Vijayakumar added.

The BSE benchmark tanked 845.12 points or 1.14% to settle at 73,399.78 on Monday. The NSE Nifty declined 246.90 points or 1.10% to finish at 22,272.50.

Nervousness gripped the equity markets on April 15 following the geopolitical tensions in West Asia, with the 30-share BSE Sensex and the NSE Nifty registering a fall, however, the benchmark indices have recovered some lost ground.

At 10:45 a.m. the Sensex was down 488.57 points or 0.66% to 73,756.33 and the the Nifty-50 index too recovered to 22,382.55, down 136.85 or 0.61%. Earlier in the day, the Sensex fell by 929.74 points to 73,315.16 and the NSE Nifty declined 216.9 points to 22,302.50.

All the 13 major sectors logged losses. The broader, more domestically-focused small- and mid-caps lost about 3% and 2%, respectively. From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.

The escalating tensions between Iran and Israel have sent ripples across global markets. Last Friday witnessed a significant decline in both Sensex and Nifty 50, with each index experiencing a slump of around 1%.

The Indian Rupee (INR) has also come under pressure in the interbank forex market. The rupee is trading at 83.43 (spot) as against overnight close of 83.38, depreciating further against the US Dollar.

Dr. V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “There are many headwinds that will weigh on markets today: the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected U.S. inflation are negatives. But partly these negatives are in the price since a retaliation from Iran was expected and the higher U.S. inflation was discounted by the market on Friday.”

“Signals from the crude market indicate that the Iran-Israel conflict is unlikely to escalate. President Biden has clearly indicated that he doesn’t support Israeli retaliation. So, the situation may calm down. However, investors have to be guarded since the element of uncertainty is high during a tense situation like this.

IT stocks will be resilient on the back of better-than-expected numbers from TCS and promising outlook for FY 25. Banking stocks will exhibit strength since the results will be good and valuations are fair.”

On Friday, Sensex closed at 74,244.90, down by 793.25 points, while Nifty 50 settled at 22,519.40, down by 234.40 points. This downward trend was attributed to selling across various sectors amidst weak global cues.

Technically, Nifty 50 formed a long negative candle on the daily chart, breaking below the immediate support level of 22,650, signalling a crucial top reversal pattern and suggesting further weakness ahead.

Additionally, on the weekly chart, a small negative candle with an upper shadow hints at a reversal pattern, indicating a bearish outlook.

Varun Aggarwal, founder and managing director, Profit Idea, said, “Despite the short-term negative sentiment, market analysts observe support at 22,500 on a closing basis, which could potentially prevent a significant correction.”

However, sustained trading above 22,500 could push the index towards 22,650-22,700 levels, while a drop below 22,500 might initiate a correction of 200-250 points on the downside.

In the global market scenario, Asian markets also declined on Monday, following losses in U.S. equities amid heightened geopolitical tensions in the Middle East.

Crude oil prices remained muted after Iran’s drone and missile attacks on Israel, while gold prices rose due to safe-haven demand, reaching $2,359.92 an ounce.

Investors are advised to closely monitor the geopolitical developments and their impact on global markets as trading commences today. The Indian stock market is expected to exhibit volatility in response to unfolding events on the international stage.

(With agency inputs)