Equity benchmark indices closed deep in red for the sixth day running. Even though the benchmark indices began the day with gains, bears once again wreaked havoc on Dalal Street in the closing hours of the day’s trade. S&P BSE Sensex now sits at 46,285 points while the broader Nifty 50 is at 13,634. Volatility index, India VIX started the day in red but ended 4% higher, breaching 25 levels. Among sectoral indices, Nifty Bank, Nifty Private Bank, Nifty PSU Bank, and Nifty Realty closed with gains while others were deep in red.
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Canadian alternative asset manager, Brookfield is looking to raise Rs 3,800 through a public issue of its Real Estate Investment Trust (REIT) next week. Upon successful listing on Dalal Street, Brookfield REIT will be the third real estate investment trust to list on the bourses after Embassy Office Parks REIT in 2019 and Mindspace Business Park REIT in 2020. However, what makes Brookfield RETI different from the other two is that it is the only institutionally managed public commercial real estate vehicle in India.
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Sensex and Nifty erased all gains and closed deep in red for the sixth day straight. Sensex closed at 46,285 while Nifty ended at 13,634.
After having traded with gains or flat for almost the entire trading session, Sensex and Nifty have tanked once again ahead of the closing bell.
“Economic Survey 2021 argues for more counter-cyclical measures from the govt. If the government goes along the suggestions from the Survey, more govt spending particularly on infrastructure can be expected. GDP growth rate of 11% for FY22 is realistic. The Survey also bats for accelerated privatization. This is in tune with the Atmanibhar package announced by the govt in May. If the focus of the Survey gets reflected in the budget, we are likely to get a reformist budget,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex was down 140 points while Nifty 50 was below 13,800 at 1:30 PM on Friday. Benchmark indices have give up all their gains.
Union Budget 2021-22 Expectations for Insurance: The coronavirus pandemic has brought the government’s attention more towards the healthcare sector. The expenditure on healthcare, health insurance, and other related debates have become the epicentre of policy decisions since the pandemic hit India. Even prior to the pandemic, health insurance was a growing sector, however, the pandemic has proved the indispensable nature of having a safety net when it comes to healthcare costs. This, on other hand, has also raised the need for tax impetus on individual’s expenditure on health products.
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Stock has given a breakout after 6 months of consolidation with supportive volumes The super trend Indicator is Positive at this Juncture.
As of now the KST, ADX Demand Index & MACD Indicators are in Positive mode.
The Stock has given a big Bullish Day and made a new High of Rs 523.5 . Recent Bullish weekly Candle in weekly charts Supported by the Increasing Volumes Suggest emerging Strength in the uptrend. This supports the Continuous buying Interest in the Stock. Observing the Indicators Strength, the Pattern Strength and the Moving averages support, the stock , can achieve a target of Rs 800 – Rs 1000 in coming days. In between if the Stock falls, it can be added at (487-465)-447-(429-419) A Stop Loss of Rs 370 on closing basis should be followed for the trade.
~Bharat Gala, President (Technical Research), Ventura Securities
(Please consult your financial advisor before investing)
Sensex and Nifty recouped losses and turned positive once again. However, the up-move was not convincing enough as Sensex and Nifty were trading flat with a positive bias.
With India enduring the COVID-19 pandemic disruption, the Finance Minister has assured that the 2021 Union Budget will be like no other in the past and will help India emerge as the engine for global growth. Harmonization of the tax laws with the other domestic laws helps bring consistency, reduce litigation and boost investor/stakeholder’s confidence in the economy while fostering the ever-green government agenda of ‘ease of doing businesses. Against this backdrop, we have listed below some of the key tax expectations from the forthcoming Union Budget.
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Sensex and Nifty was trading flat and dancing between marginal gains and losses on Friday morning. Both the benchmark indices have erased their opening gains.
Sensex gave up gains an hour into the day’s trading session to trade flat with a negative bias.
“The markets have seen a brief bounce from the 13700 level which acted as a good support yesterday. We need to keep above this and thereafter get past 14500 in order to resume the uptrend. If we fall below 13700, we can slide to see lower levels; for starters 13600 and thereafter 13200,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Broader markets were outperforming the benchmark indices on Friday morning. BSE Midcap index was up 1.26% while Nifty Midcap 50 was up 1.79%. BSE Smallcap index jumped 0.87% while Nifty Smallcap 100 was up 1.08%. Sensex and Nifty were trading 0.65% higher.
Sensex began the day’s trade above 47,200 while Nifty was just shy of 14,000 mark. Only Axis Banka nd TCS were trading in the red among Sensex stocks.
Nifty is just shy of 14,000 ahead of Friday’s opening bell. Sensex jumped 549 points to breach 47,400.
Pre-open session has taken Sensex past the 47,000 mark on Friday morning as the benchmark index zoomed.
Sensex zoomed 500 points in pre-open session while Nifty regained 13,900 levels.
SGX Nifty was still over 100 points higher minutes before the pre-open session.
SGX Nifty was up in green on Friday morning, hinting at a positive start for Sensex and Nifty who have been tumbling down for five consecutive sessions now. Wall Street equity indices closed with gains after a sharp rebound on Thursday, sending positive global cues. On the charts, a small positive candle was formed with gap down opening with upper and lower shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Normally, a formation of such pattern after a reasonable decline or at the swing low could be a part of bullish reversal pattern after the confirmation. Hence, there is a possibility of an upside bounce from the lows,” he added. Analysts caution to go stock specific as the near term trend remains negative.
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“The short term trend of Nifty continues to be negative. But, having placed at the crucial support of 13750 (10 week EMA) and a formation of doji/high wave type pattern (on the daily chart) could hint at the possibility of upside bounce from the lower levels, post confirmation. A decisive move below 13750 is likely to negate this positive development and could lead towards further low of 13500. On the rise, the upper area of 13950-14000 could act as stiff resistance,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Today, Chief Economic Advisor, Krishnamurthy Subramanian will present the Economic Survey 2021. This year the Economic Survey is being presented a few days ahead of the budget.
Bharti Airtel on Thursday emerged as the first telecom operator in the country to demonstrate its 5G readiness by orchestrating live 5G service over a commercial network in Hyderabad city. Since 5G spectrum bands in 3.5 GHz is yet to be auctioned, what Bharti did was that it used spectrum sharing technologies and operated 5G technology using its existing spectrum bands like 1800/2100/2300 MHz and sub-GHz bands 800/900 MHz.
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State-owned NALCO will buy back Rs 749 crore worth of shares, DIPAM Secretary Tuhin Kanta Pandey said on Thursday. The government currently holds 51.50 per cent stake in the company and would tender shares proportionate to its holding.
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Foreign portfolio investors (FPIs) have turned sellers of Indian stocks over the last few trading sessions, with Thursday seeing selling worth $508.2 million. FPI flows in January at $3 billion are now the lowest in three months. This, according to market experts, is short-term on account of profit taking and delay in the additional fiscal stimulus coming out of the US.
