Sensex and Nifty closed marginally lower for the second day straight. S&P BSE Sensex closed 19 points lower at 51,309 while Nifty 50 closed at 15,106. Benchmark indices recouped most intra-day losses but failed to end the day’s trade in the positive territory. Nifty Midcap 50 gained 1.14% while the Nifty Smallcap 50 index closed 0.87% higher. The fear gauge of domestic equities ended 1.62% lower at 23.88. Among sectoral indices, Nifty Bank, Nifty Private bank, Nifty FMCG, Financial Services, and Nifty Metal closed with losses.
Read full story
Sensex and Nifty recouped some intra-day losses but ended in the negative territory for the second day straight on Wednesday. Sensex closed 19 points lower while Nifty ended 2.6 points down.
Nifty and Sensex recouped losses and moved into the positive territory ahead of the closing bell. Sensex was at 51,340 while Nifty 50 was sitting at 15,120.
BSE Smallcap index was up 0.14% while the BSE Midcap index was up 0.35% just minutes before the closing bell. Sensex was down 0.44%.
Rakesh Jhunjhunwala-backed gaming firm Nazara Technologies Ltd raised Rs 100 crore in funding from Instant Growth Ltd (IGL), weeks after the company filed preliminary papers with capital markets regulator Sebi to float an initial public offering (IPO). The firm is popularly known for its games on the World Cricket Championship, Chhota Bheem and Motu Patlu series.
Read full story
Sensex was down over 400 points with less than hour to go before the closing bell. HDFC Bank, Axis Bank, and Bharti Airtel were the top drags on the index.
The Union Budget 2021 helped fuel Dalal Street to 9% rally in the previous week, and the benchmark indices continued to trade near fresh all-time highs. Diving into the fine-print of Nirmala Sitharaman’s third budget, Yogesh Patil, Fund Manager – Equity, LIC Mutual Fund tells Kshitij Bhargava of Financial Express Online, where he sees opportunities now. Patil explains how investors should look at valuations and discusses positive triggers for PSU banks after the Budget.
Here are the edited excerpts
The growth in the value of goods sold via e-commerce channel in Q4 2020 has remained flat in comparison to the year-ago period amid the rise in value-conscious customers from Tier-II cities and beyond buying low-value or affordable goods. While the e-commerce volume grew 36 per cent in Q4 2020 vis-à-vis 26 per cent in Q4 2019, the value segment posted 30 per cent growth during Q4 of the last and preceding year as well.
Read full story
Bharti Airtel, Larsen & Toubro, and ITC were the top three drags on BSE Sensex, down over 2% each. These were followed by ONGC, Axis Bank, and Titan.
Sensex fell below 50,900 to hit an intra-day low of 50,846 points on Wednesday. However, the index soon recouped some losses and moved marginally higher. Nifty was hovering around 15,000.
The recent policy decisions for economic revival may be more positive for midcap and smallcap shares over largecap stocks, said domestic brokerage and research firm Edelweiss. “We believe most froth has built-in large caps, with valuations pointing to depressed returns and consolidation,” Edelweiss said in a note. “More steam is left in the broader market — especially mid and small caps, where we recommend increasing stakes,” the note added. The government has taken a number of key policy measures over the last couple of months, including the recently announced Union Budget, in order to help the emerge stronger from the pandemic.
Read full story
We are ascribing a 50% probability to upside from potential strategic divestment by the government and building in refining margin revival from FY22 and a longer-term volume kicker from Mozambique LNG. Retain ‘BUY/SO’ with a revised TP of INR525/share at 8.6x FY22E EV/EBITDA (earlier TP: INR500).
~ Edelweiss
Latest news for government employee: The government has come out with clarifications regarding fulfilment of procedural requirements related to the Central Civil Services (Leave Travel Concession) Rules, 1988. The clarifications have been issued on whether the government employee can get reimbursement for to and fro journey and also whether reimbursement will be provided if the members of a family avail LTC separately.
Read full story
S&P Global today said that DBS Bank is showing some good signs of a rebound in business after a challenging 2020. “While strong economic headwinds and a sharp credit downturn triggered by COVID-19 are likely to persist for the next six to 12 months, we believe DBS (AA-/Stable/A-1+) has enough financial resilience. These will be supported by the bank’s leadership in Singapore, diversified regional presence, sound capital buffer and risk profile, as well as strong deposit funding base,” the rating agency said.
Earlier last year, the merger of DBS Bank and Lakshmi Vilas Bank was announced by the RBI.
“Nifty has immediate support at 15014, a region where a small gap appeared on Monday. Sustainability below 15000 would suggest that this gap is of the Exhaustion variety and could signal at profit booking towards 14865-14755. On the upside, resistance lies at 15260, break above which would resume the bullishness towards 15475. Meanwhile, Bank Nifty is forming a Triple Top pattern on the hourly chart, whose neckline is at 35545. Break below this level exposes the index for a correction towards 34970-34800. On the upside, resistance lies at 36620, break above which would open the door for a rally towards 37700,” said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.
Sensex was trimming its losses and was now down less than 200 points as it regained 51,100. Nifty was above 15,050. Index heavyweights such as Reliance Industries, Infosys, HDFC Bank, and ICICI Bank were the top drags.
Sensex moved below 51,000 on Wednesday but soon recovered some losses to regain the crucial levels. Nifty 50 was nearing 15,000.
Gold and silver prices inched higher for the fourth consecutive day in domestic markets on Wednesday, following the positive international trend in global rates. On MCX, gold April futures were trading Rs 122 or 0.25 per cent up at Rs 48,070 per 10 grams. While silver March futures were ruling at Rs 69,850 per kg, up 154 or 0.22 per cent. Since the start of 2021, gold prices have been very volatile after it hit a record high of Rs 56,196 per 10 grams in August last year.
Read full story
Dating application Bumble has increased the price of its upcoming IPO by about one-thirds ahead of its proposed listing on NASDAQ. The company has also increased the size of the public issue, according to the revised terms filed with the United States Securities and Exchange Commission (SEC). Bumble now plans to sell 45 million equity shares at a price of $37-39 per share. Earlier, Bumble had said that the company would sell 35 million shares through its IPO in the price band of $28-$30 apiece.
Read full story
“A major trend in the market is the sustained equity mutual fund redemptions. Redemptions for 7 months in a row, when the markets are rising steadily, is a bit perplexing and unhealthy. Redemptions peaked in November when the market rose sharply. Profit booking is fine, but huge redemptions on expectations that the market would correct is a wrong investment strategy. Sectoral rotations are happening and likely to accelerate, going forward. Pharma was a darling of the market in 2020 when the pandemic was raging. This year economy facing segments like banking, autos, cement, metals and capital goods are likely to do well. IT, of course, is on a strong wicket,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex began the day’s trade in the green, the broader 50-stock NSE Nifty was nearing 15,150.
Sensex was up 21 points during the pre-open session, regaining yesterday’s marginal losses.
Sensex and Nifty were trading flat with a positive bias on Wednesday morning’s pre-open session.
The Supreme Court on Tuesday clarified that SBI Funds Management, an asset management company of the SBI Mutual Funds, will distribute Rs 9,122 crore to the unitholders of the Franklin Templeton Trusts Services’ six mutual fund schemes that were wound up on April 23. It also approved the distribution plan submitted by the SBI asset management company and allowed it to become a party in the case.
Read full story
Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-up opening on Wednesday after a one-day blip. Headline indices reached a fresh all-time high in intraday deals in the previous session. Sensex recorded an all-time high of 51,835, while Nifty 50 crossed 15,250 levels.
Read full story
IDBI Bank on Tuesday said it will be holding a board meeting on Friday to consider setting off its accumulated losses as on April 1, 2021. The move gains significance at a time when the bank claims that it satisfies all conditions for exiting the central bank’s prompt corrective action (PCA) framework and the government has expressed its intention to privatise the bank.
Read full story
“The American Petroleum Institute (API) reported a decrease of 3.5 million barrels of crude from US inventories. That print will not dissuade oil prices from heating up further as Brent goes “up up and away “pushing through $61 and keeps climbing floated higher by vaccine and stimulus balloons. There is seldom one sole factor at play at any given time whether it’s the oil curve offering up and attractive alternative in the chase for yield or oil contracts providing a favourable inflation hedge after all at every market street corner discussions around inflation protection continues to resonate,” said Stephen Innes, Chief Global Market Strategist at Axi.
A total of 330 BSE-listed companies including Eicher Motors, Titan Company, GAIL India, Hindalco Industries, Aurobindo Pharma, ABB India, Bank of India, Bata India, BEML, Gujarat State Petronet, Happiest Minds Technologies, Indraprastha Gas, RITES, SpiceJet and Ujjivan Financial Services, among others are slated to announce their quarterly earnings on February 10.
Read full story
Large central public-sector entities – companies and undertakings (CPSEs) – achieved 67% of their capital expenditure target for FY21 in April-January of the financial year by spending Rs 3.35 lakh crore, according to official sources. This is indeed a creditable achievement in the pandemic-ravaged year, as it reflects a sharp pick-up after the lockdown period (Q1 capex by these entities were just 7% of the annual target) and its immediate aftermath.
Read full story
As stock markets continued to hit new highs, assets under management (AUMs) of the mutual fund industry also touched all-time highs in January. The AUM for the MF industry hit an all-time high of Rs 31.84 lakh crore.
Equity-oriented schemes of mutual funds continued to see outflows for the seventh straight month in January as high net-worth investors booked profits. Net outflows from open-ended equity schemes in January was to the tune of Rs 9,253.22 crore, according to the latest data from the Association of Mutual Funds in India (Amfi). However, inflows from systematic investment plans (SIPs) remained strong at Rs 8,023.39 crore in the same period.
Read full story
