Benchmark Sensex breaching the 81,000 mark for the first time on July 18, 2024. File
| Photo Credit: PTI

Stock markets remained on record-smashing course for the fourth straight day on July 18 with benchmark Sensex breaching the 81,000 mark for the first time and Nifty scaling the record 24,800 level driven by buying in IT, oil&gas and FMCG shares.

Rebounding from its early lows, the 30-share BSE Sensex rose by 626.91 points or 0.78% to settle at a fresh closing high of 81,343.46. The index opened on a weak note and hit a low of 80,390.37 points in early trade.

However buying in IT shares TCS, Infosys and Tech Mahindra and index heavyweight Reliance Industries helped the index pare losses in the afternoon session. The barometer surged 806 points or 0.99% to hit a new record intra-day peak of 81,522.55.

The broader Nifty also pared early losses and climbed 187.85 points or 0.76% to settle at an all-time closing high of 24,800.85. During the day, it zoomed 224.75 points or 0.91% to hit a fresh lifetime high of 24,837.75.

“The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country’s leading IT firms in the June quarter, coupled with a weakening rupee,” Vinod Nair, Head of Research, Geojit Financial Services, said.

Softening U.S. bond yields on growing hopes of a U.S. Fed rate cut by September also boosted FII flows into Indian equities, analysts said.

Among Sensex shares, Tata Consultancy Services rose the most by 3.33%.

Infosys gained 1.93% ahead of the financial results for the June quarter. The IT major after market hours reported a 7% rise in consolidated net profit to ₹6,368 crore for the April-June period and also raised its growth outlook for the current fiscal.

Bajaj Finserv, Infosys, Mahindra & Mahindra, Tech Mahindra, Hindustan Unilever, State Bank of India and HCL Technologies were the biggest gainers.

On the contrary, Asian Paints, JSW Steel, NTPC and Adani Ports were among the laggards.

In Asian markets, Shanghai and Hong Kong settled higher, while Seoul and Tokyo ended lower. European markets were trading higher.

The U.S. markets ended mostly lower on Wednesday.

Global oil benchmark Brent crude dipped 0.14% to $84.96 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,271.45 crore on Tuesday, according to exchange data. Stock markets were closed on Wednesday on account of Muharram.

Benchmark Sensex and Nifty have been on a record-breaking run since Friday. The indices have traded at lifetime high levels in the four straight sessions. Nifty advanced nearly 485 points or 1.98% while Sensex rose by 1446 points or 1.79% since Friday.

Bombay Stock Exchange (BSE) building in Mumbai.
| Photo Credit: Reuters

Benchmark equity indices declined in early trade on July 5 amid profit-taking after a record rally in the last few trading sessions and selling in blue-chips HDFC Bank and ICICI Bank.

The 30-share BSE Sensex plunged 504.27 points to 79,545.40. The NSE Nifty slipped 105.30 points to 24,196.85.

Among the 30 Sensex companies, HDFC Bank, Mahindra & Mahindra, Titan, Tata Steel, ICICI Bank, IndusInd Bank, Power Grid, and Kotak Mahindra Bank were the major laggards.

Sun Pharmaceuticals, JSW Steel, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Infosys and Tech Mahindra were among the gainers.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth ₹2,575.85 crore, according to exchange data.

“FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the U.S. jobs data expected on Friday.

“If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

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

“Most markets in the Asia-Pacific region traded lower due to the absence of cues from U.S. peers, with investors keenly awaiting the non-farm payroll data to be published later on Friday,” Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, said.

U.S. markets were closed on Thursday on the occasion of Independence Day.

Global oil benchmark Brent crude declined 0.37% to $87.11 a barrel.

On Thursday, the 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. Later, the Sensex closed 62.87 points or 0.08% higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06% to settle at a record 24,302.15.

Brokers react as Sensex ends above 79k, Nifty 50 surpasses 24,000 for the first time, in Kolkata on July 3, 2024
| Photo Credit: ANI

Equity benchmark indices Sensex and Nifty hit their lifetime peaks in early trade on Thursday, amid firm global market trends, buying in blue-chip stocks and robust FIIs inflows.

The 30-share BSE Sensex jumped 388.84 points to hit a record peak of 80,375.64 in early trade. Also, the Nifty climbed 114.45 points to hit a lifetime high of 24,400.95.

Among the Sensex pack, Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies and Tata Consultancy Services were the biggest gainers.

HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth ₹5,483.63 crore on Wednesday, according to exchange data.

“The big FII buying of ₹5,484 crore on Wednesday is largely due to the massive delivery-based buying in banking stocks led by HDFC Bank. This delivery-based buying may sustain for a few more days imparting resilience to the market.

“The FIIs with 3.78 lakh long contracts have taken a ‘U’ turn in their market approach from the big short contracts in early June. A decline in the U.S. 10-year bond yield to 4.35% and the dollar index declining to 105.29 are positives for fund inflows,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Market will start responding to the Q1 results which will start flowing in from next week, he added.

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

U.S. markets ended higher on Wednesday during the shortened trading session. The markets are closed on Thursday on account of Independence Day.

Global oil benchmark Brent crude fell 0.60% to $86.82 a barrel.

On Wednesday, the 30-share Sensex hit the historic 80,000 mark for the first time intra-day trade.

It surged 632.85 points or 0.79% to a record intraday high of 80,074.30. The index later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69% over the last close.

File image used for representational purpose only.
| Photo Credit: Getty Images

The Indian stock market is closed for trading today in observance of Eid-ul-Adha, with trading set to resume on Tuesday, as stated on the National Stock Exchange’s (NSE) official website.

The closure includes all segments, including stocks, derivatives, and SLBs (Securities Lending and Borrowing). Additionally, the Multi Commodity Exchange of India Limited (MCX) is be closed for the morning session but will open in the evening from 5.00 p.m. until either 11.30 p.m. or 11.55 p.m..

Last week, the Nifty-50 Index and the BSE Sensex posted marginal gains of 0.5% each, reaching new all-time highs as market expectations turned more bullish.

The mid-cap index outperformed other segments with a gain of approximately 3.6 percent, and the small-cap index rose by 5%, outperforming the large-cap stocks. This boost in market sentiment indicates a stabilization following the Lok Sabha elections.

Market experts attribute this momentum to better-than-expected fourth-quarter FY24 earnings in several key sectors. From an economic perspective, May’s Consumer Price Index (CPI) inflation was recorded at 4.75%, which is close to April’s figure of 4.83%, while food inflation stood at a higher 8.7%.

Most sectoral indices saw weekly gains, with sectors like Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power rising between 1.5% and 5%.

The Bank Nifty experienced only slight gains during the week. In contrast, the IT and FMCG indices each declined by around 1 percent.” Both Foreign Portfolio Investors (FPIs) and Domestic Institutional Investors (DIIs) were net buyers throughout the week. Moving forward, D-Street will focus on macroeconomic trends, inflation, and global developments, including geopolitical concerns,” commented Shrikant Chouhan, Head of Equity Research at Kotak Securities.

In the Asian markets on Monday, Japan’s Nikkei 225 index opened on a bearish note, declining more than 700 points to 38,106.41. Conversely, the markets in Hong Kong saw gains, with the Hang Seng index rising by 100 points to 18,041.60.Taiwan markets also opened with a marginal gain. However, markets in China showed a bearish trend, with the Shanghai Composite Index declined to 3,016 points at the time of filing this report.

Market experts highlight that the upcoming week will likely see a continued focus on macroeconomic factors, inflation rates, and international political developments, all of which could significantly impact market performance. As the Indian market resumes trading on Tuesday, investors will be closely watching for any shifts in these key areas to gauge future market directions.

Representational image of the Bombay Stock Exchange

Benchmark equity indices declined in early trade on Tuesday amid profit taking after a record-breaking rally and selling in bluechips Reliance Industries and HDFC Bank.

Both Sensex and Nifty hit their all-time high levels in early trade on Monday.

The 30-share BSE Sensex declined 113.63 points to 76,376.45. The NSE Nifty dipped 29.6 points to 23,229.60.

Later, both indices faced heavy volatile trends and were trading between highs and lows.

Among the 30 Sensex companies, JSW Steel, Kotak Mahindra Bank, Asian Paints, Reliance Industries, Axis Bank, ICICI Bank, Bharti Airtel, Tata Motors, HDFC Bank and IndusInd Bank were the major laggards.

Larsen & Toubro, Mahindra & Mahindra, Tech Mahindra, UltraTech Cement, Tata Steel and Titan were among the gainers.

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

US markets ended in the positive territory on Monday.

Signalling continuity, Prime Minister Narendra Modi on Monday retained Amit Shah, Rajnath Singh, Nirmala Sitharaman and S Jaishankar in charge of the four high-profile ministries — Home, Defence, Finance and External Affairs — respectively in his new government.

The four ministers in charge of these portfolios make up the crucial Cabinet Committee on Security headed by the prime minister.

“BJP keeping the key portfolios signals continuity in policies. This is a positive from the market perspective,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.23% to $81.44 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth ₹2,572.38 crore on Monday, according to exchange data.

After breaching the 77,000-mark during early trade on Monday, the BSE benchmark came under selling pressure at the fag-end of the session and ended 203.28 points or 0.27% lower at 76,490.08. Halting its three-day rally, the NSE Nifty dipped 30.95 points or 0.13% to settle at 23,259.20.

The Bombay Stock Exchange (BSE) building in Mumbai. File
| Photo Credit: REUTERS

Stock markets snapped their five-day losing run on Friday with the benchmark BSE Sensex closing higher by 75 points on value-buying in banking and oil shares after recent losses.

The 30-share BSE Sensex rose by 75.71 points or 0.10 per cent to settle at 73,961.31. During the session, it hit a high of 74,478.89 points and a low of 73,765.15 points.

Halting its five-day losing streak, the 50-share NSE Nifty rose by 42.05 or 0.19% to end at 22,530.70. Nifty and Sensex tanked more than 2% in the five days to Thursday amid high volatility ahead of the results of the Lok Sabha polls.

“The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance,” Vinod Nair, Head of Research, Geojit Financial Services said.

From the Sensex pack, Tata Steel, Bajaj Finance, HDFC Bank, Power Grid, IndusInd Bank, Larsen & Toubro, ICICI Bank were among the gainers.

Nestle India, Tata Consultancy Services Maruti Suzuki India, Infosys, Axis Bank, Hindustan Unilever were the laggards..

In Asian markets, Shanghai, Tokyo, Seoul and Hong Kong were closed on a mixed note. European stock markets were trading lower. Major indices on Wall Street ended lower on Thursday.

Global oil benchmark Brent crude went lower 0.40% to $81.53 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,050.15 crore on Thursday, according to exchange data.

The new logo of the Bombay Stock Exchange (BSE) building is seen in Mumbai. File
| Photo Credit: REUTERS

Benchmark equity indices Sensex and Nifty declined nearly 1% on Thursday, continuing their falling streak for the fifth day running due to profit booking amid monthly expiry in the derivatives segment.

The 30-share BSE Sensex plunged by 617.30 points or 0.83% to settle at 73,885.60. The barometer hit the day’s low of 73,668.73 due to selling in blue-chips.

The NSE Nifty dropped by 216.05 points or 0.95% to close at 22,488.65.

Benchmark indices closed at lifetime high levels on May 23 which triggered profit-taking amid growing nervousness among investors ahead of the results of the Lok Sabha polls on June 4. Since then, Nifty and Sensex have declined around 2% in the five straight sessions.

“The benchmark index is taking cues from the U.S. market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy,” Vinod Nair, Head of Research at Geojit Financial Services, said.

From the Sensex pack, Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, Bajaj Finance, Nestle India, Tata Motors and JSW Steel were the biggest laggards.

ICICI Bank, Axis Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank were the gainers.

“Meanwhile, the broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend,” Mr. Nair said.

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

European markets were trading with gains, while U.S. markets ended in the negative territory on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,841.84 crore on Wednesday, according to exchange data.

The last phase of polling is scheduled for June 1. The results of the ongoing general elections will be declared on June 4.

Global oil benchmark Brent Crude fell 0.41% to $83.19 a barrel.

On Wednesday, the 30-share BSE Sensex declined 667.55 points or 0.89% to settle at 74,502.90. The NSE Nifty dropped 183.45 points or 0.80% to close at 22,704.70.

Stock markets rebounded on Thursday with benchmark Sensex closing higher by 128 points as record GST collections in April, positive manufacturing data, and foreign fund inflows boosted investor sentiment.

The 30-share BSE Sensex climbed 128.33 points or 0.17% to settle at 74,611.11. During the day, it jumped 329.65 points or 0.44% to 74,812.43.

The NSE Nifty went up by 43.35 points or 0.19% to 22,648.20.

From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers.

Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.

Goods and Services Tax collections grew 12.4% to a record high of ₹2.10 lakh crore in April, aided by strong economic momentum and increased domestic transactions and imports, the finance ministry said on Wednesday.

The GST collections have breached the ₹2 lakh crore mark for the first time in April this year, it said in a statement.

India’s manufacturing sector activity moderated in April but still recorded the second fastest improvement in operating conditions in three-and-a-half years supported by buoyant demand, a monthly survey said on Thursday.

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 59.1 in March to 58.8 in April, signalling the second-best improvement in the health of the sector for three-and-a-half years.

In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.

In Asian markets, Hong Kong settled with gains while Seoul, Tokyo and Shanghai ended lower. European markets were trading on a mixed note. Wall Street ended mixed on Wednesday.

Global oil benchmark Brent crude climbed 1.02% to $84.29 a barrel..

Foreign Institutional Investors (FIIs) bought equities worth ₹1,071.93 crore on Tuesday, according to exchange data. Domestic equity markets were closed on Wednesday on account of Maharashtra Day.

Snapping its two-day winning run, the BSE benchmark declined 188.50 points or 0.25% to settle at 74,482.78 on Tuesday. The NSE Nifty dipped 38.55 points or 0.17% to finish at 22,604.85.

The S&P BSE Sensex shed 0.62% to 72,943.68, extending losses to a third straight session. File
| Photo Credit: PTI

India’s currency, debt and equity markets will be closed on Wednesday, April 17, for Ram Navami. Trading will resume on Thursday, April 18.

The blue-chip NSE Nifty 50 fell 0.56% to 22,147.90 while the S&P BSE Sensex shed 0.62% to 72,943.68, extending losses to a third straight session as receding bets of early U.S. rate cuts and worries over the conflict in the Middle East weighed.

The Indian rupee weakened 0.10% versus the U.S. dollar to a record closing low of 83.5350, weighed down by a selloff in risky assets.

The benchmark 10-year bond was quoted at 99.95 rupees, with the yield up 1 bps at 7.1860%, amid heightened tensions in the Middle East and worries over the U.S. interest rate outlook.

Stock markets took a beating on April 15 with benchmark Sensex and Nifty tumbling over 1% as escalating conflict in the Middle East and weak trends from global markets unnerved investors.

Falling for the second session in a row, the 30-share BSE Sensex tanked 845.12 points or 1.14% to settle at a more than two-week low of 73,399.78. During the day, it plunged 929.74 points or 1.25% to 73,315.16.

The NSE Nifty declined 246.90 points or 1.10% to settle at 22,272.50.

Key indices had plunged by over 1% in the previous session on Friday due to profit taking by investors at record high levels. Sensex lost 1,638 points or 2.19% while Nifty plunged 481 points or 2.13% to slip below the 22,300 level in two straight sessions.

Foreign fund outflows and hotter-than-expected US inflation data also played spoilsport for the markets.

Analysts said the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected US inflation proved to be major drags.

From the Sensex basket, Wipro, ICICI Bank, Bajaj Finserv, Bajaj Finance, Tata Motors, Larsen & Toubro, Tech Mahindra and HDFC Bank were the major laggards.

Nestle, Maruti and Bharti Airtel were the gainers.

In the broader market, the BSE smallcap gauge declined 1.54% and midcap index dipped 1.50 per cent.

Among the indices, services droped by 2.12%, financial services by 1.81%, IT by 1.58%, bankex by 1.55% and utilities by 1.37%.

Energy and oil & gas were the gainers.

A total of 2,991 stocks declined while 913 advanced and 145 remained unchanged.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading on a mixed note. Wall Street ended significantly lower on Friday.

“Geopolitical tensions and higher-than-expected US inflation impacted investor sentiment and dragged the indices to a lower note. The major casualties were the mid- and small-cap indices due to their rich valuation and expectation of moderation in earnings growth in Q4FY24.

“On the other hand, the European market opened on a positive note while oil prices inched lower as market participants expected that the diplomatic efforts were likely to de-escalate tensions in the Middle East,” said Vinod Nair, Head of Research, Geojit Financial Services.

Global oil benchmark Brent crude dipped 1.04% to $89.51 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹8,027 crore on Friday, according to exchange data.

“The escalating geopolitical tensions in West Asia prompted a decline in the 30-share BSE Sensex and the NSE Nifty. Market indices traded lower, influenced by the heightened tensions between Iran and Israel, leading to losses across major sectors. Notably, the broader small and midcap segments also saw declines,” said Suman Bannerjee, CIO of hedge fund Hedonova.

Official data released on Monday showed that wholesale inflation rose marginally to 0.53% in March compared to 0.20% in the preceding month due to an increase in prices of vegetables, potato, onion and crude oil.

Rupee falls 6 paise to settle at 83.44 against U.S. dollar

The rupee declined 6 paise to settle at 83.44 (provisional) against the U.S. dollar, in line with deep losses in equity markets.

However, weakening crude oil prices in the international markets and positive domestic macroeconomic data restricted the rupee’s fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.46 and traded between 83.42 and 83.47 against the greenback. The local unit finally settled at 83.44 (provisional), registering a loss of 6 paise from its previous close.

On Friday, the rupee declined 7 paise to settle at 83.38 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% lower at 105.68.

Retail inflation declined to a five-month low of 4.85% in March, inching towards the Reserve Bank’s target of 4%, according to official data released on Friday.

India’s industrial production growth accelerated to a four-month high of 5.7% in February 2024, mainly due to the good performance of the mining sector, according to official data released on Friday.

The Income Tax Department on Friday said the amended India-Mauritius protocol on double taxation avoidance agreement (DTAA) is yet to be ratified and notified by the department.

India and Mauritius on March 7, 2024, signed an amendment to the DTAA and included a principal purpose test (PPT) in the pact which aims to curtail tax avoidance by ensuring that treaty benefits are granted only for transactions with a bona fide purpose.