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.
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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.
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“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.
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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.
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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.
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“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.
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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.
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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.
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