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 picture of the Bombay Stock Exchange building in Mumbai
| Photo Credit: ANI

Equity benchmark indices declined in early trade on Tuesday after rallying in the past four days amid weak trends from global markets and foreign fund outflows.

After a record-breaking rally, the 30-share BSE Sensex declined 297.97 points to 73,574.32 due to profit-taking. The Nifty dipped 86.05 points to 22,319.55.

Among the Sensex firms, HCL Technologies, Tata Consultancy Services, ICICI Bank, Infosys, Axis Bank and Reliance Industries were the major laggards.

Tata Motors, Mahindra & Mahindra, State Bank of India and NTPC were among the gainers.

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

The US markets ended in the negative territory on Monday.

Global oil benchmark Brent crude dipped 0.18% to $82.64 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹564.06 crore on Monday, according to exchange data.

Extending its rally to the fourth straight session on Monday, the BSE benchmark climbed 66.14 points or 0.09% to settle at an all-time high of 73,872.29 points. The Nifty went up by 27.20 points or 0.12% to settle at a lifetime peak of 22,405.60.

File picture of the Bombay Stock Exchange (BSE) in Mumbai. Image for representation
| Photo Credit: SHASHI ASHIWAL

Benchmark indices Sensex and Nifty fell in early trade on Tuesday as volatility persisted amid mixed trends in global markets.

The 30-share BSE Sensex opened on a positive note and climbed 116.42 points to 71,188.91 points. However, it soon took a U-turn and fell 129.92 points to 70,942.57 points.

Showing a similar trend, the broader Nifty rose 14.80 points to 21,630.85 points initially but lost ground and declined 63.25 points to 21,552.80 points.

In the Sensex pack, Tata Steel, JSW Steel, PoweGrid and Wipro were among the major losers while ICICI Bank, NTPC, ITC and Kotak Bank were trading in the green.

BSE smallcap index fell 1.65%, midcap index dropped 0.57% and largecap index slipped 0.12%.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said midcap and smallcap stocks are likely to see a sharp fall as many such scrips are excessively valued.

“Correction will give opportunities to buy fairly valued stocks in this segment like PSU banks,” he noted.

In Asia, Tokyo’s Nikkei 225 and China’s Shanghai Composite were trading in the positive territory while Hong Kong’s Hang Seng was in the red.

European markets ended Monday’s session in the green with CAC 40 of France and DAX of Germany rising 0.55% and 0.65% respectively.

On Monday, the US market ended on a mixed note.

Global oil benchmark Brent crude rose 0.09% to $82.07 a barrel on Tuesday.

On Monday, Sensex settled 523 points or 0.73% lower at 71,072.49 points while the Nifty closed 166.45 points or 0.76% down at 21,616.05 points.

Foreign Institutional Investors (FIIs) were net buyers on Monday as they bought equities worth ₹126.60 crore, according to exchange data.

Paytm shares plummet

Shares of payments firm Paytm dropped 8.5% to a record low of ₹386.25 on Tuesday after brokerage Macquarie downgraded the stock, citing the “serious risk of exodus of customers” following the Indian central bank’s action against its banking arm.

Moving customers from Paytm Payments Bank to other banks by the February 29 deadline set by the Reserve Bank of India is “an arduous task,” as it would require customers to submit Know Your Customer (KYC) details again, Macquarie added.

Lending partners are re-evaluating their relationship with Paytm, which could potentially lead to a decline in lending business revenue if partners scale down or terminate their collaboration with Paytm, the note said.

The Reserve Bank of India’s January 31 order directing a wind-down of Paytm’s banking arm has resulted in the stock plummeting more than 49% and has eroded nearly $2.9 billion of shareholder wealth.

The RBI will not review its recent regulatory action taken against Paytm Payments Bank, Governor Shaktikanta Das

Benchmark equity indices Sensex and Nifty rallied for a second straight session on Friday after the Reserve Bank maintained the status quo on policy rates, resulting in gains for rate-sensitive sectors like financial, realty and auto.

A firm trend in Asian and European markets also bolstered the investors’ sentiment, traders said.

The 30-share BSE Sensex climbed 364.06 points or 0.55% to settle at 65,995.63. During the day, it jumped 464.24 points or 0.70% to hit 66,095.81.

The Nifty advanced 107.75 points or 0.55% to end at 19,653.50.

Among the Sensex firms, Bajaj Finserv jumped nearly 6%, and Bajaj Finance climbed nearly 4%. Titan surged 2.98%, followed by IndusInd Bank, ITC, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services and Maruti.

Hindustan Unilever, Asian Paints, Bharti Airtel and HDFC Bank were among the laggards.

The Reserve Bank of India expectedly left its key interest rate unchanged on Friday as inflation remains a major risk and signalled it would keep liquidity tight using bond sales to bring prices closer to target.

The monetary policy committee, which has three members from the central bank and a similar number of external members, held the benchmark repurchase rate (repo) at 6.50% in a unanimous decision for the fourth consecutive meeting in a row. It retained a ‘withdrawal of accommodation’ stance.

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

European markets were trading in the green. The US markets ended marginally lower on Thursday.

Global oil benchmark Brent crude declined 0.02% to $83.94 a barrel.

The BSE benchmark had climbed 405.53 points or 0.62% to settle at 65,631.57 points on Thursday. The Nifty had advanced 109.65 points or 0.56% to end at 19,545.75 points.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,864.20 crore on Thursday, according to exchange data.

Representational image
| Photo Credit: C. Venkatachalapathy

The rupee rose 5 paise to 83.23 against the U.S. dollar in early trade on Wednesday, recovering from its steep loss in the past two sessions amid a massive selling by foreign equity investors and a strengthening American currency.

Weak sentiment in the global equity markets and surging crude oil prices also weighed on the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.21 to 83.24 against the greenback. It later traded at 83.23 against the dollar, registering a gain of 5 paise from its previous close.

The rupee lost 34 paise in the past two sessions. It closed 15 paise lower at 83.28 against the dollar on Tuesday, a day after registering a loss of 19 paise.

The downward movement of the rupee was attributed to a strengthening dollar amid a record rise in US Treasury yields. Also, the US dollar surged to a ten-month high level after a Federal Reserve policymaker hinted at a prolonged interest rate hike cycle.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04% to 106.27.

Brent crude futures, the global oil benchmark, were trading 0.98 per cent higher at $94.88 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 243.26 points or 0.37% lower at 65,702.21 points. The broader NSE Nifty declined 63.25 points or 0.32% to 19,601.45.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth ₹693.47 crore, according to exchange data.

Equity benchmark indices Sensex and Nifty hit their record peaks in early trade on Thursday
| Photo Credit: The Hindu

Equity benchmark indices Sensex and Nifty hit their record peaks in early trade on Thursday in continuation of their ongoing rally, amid a largely firm trend in Asian markets along with buying in IT and banking stocks.

Rallying for the 10th day running, the 30-share BSE Sensex climbed 304.06 points to 67,771.05 — its all-time peak — in early trade. The Nifty advanced 97.65 points to reach its lifetime high of 20,167.65.

Among the Sensex firms, Tata Steel, Tech Mahindra, Wipro, State Bank of India, Power Grid and JSW Steel were the major gainers.

Bajaj Finance emerged as the only laggard.

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

The U.S. markets ended on a mixed note on Wednesday.

Global oil benchmark Brent crude climbed 0.42 per cent to USD 92.28 a barrel.

“The August U.S. CPI figures reinforces speculation that the Federal Reserve may pause its rate hikes in next week’s policy meeting. However, the technical landscape continues to be bullish with Nifty bulls now aiming aggressively at the psychological 20,500-mark.

“However, persistent FII selling and expensive valuations could limit the upside going ahead,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,631.63 crore on Wednesday, according to exchange data.

“Inflation data from the U.S. present a mixed picture. While the CPI inflation data for August has come at 3.7 per cent against expectations of 3.6 per cent, core inflation was on expected lines coming at 4.3 per cent. So the market thinking is that the Fed is likely to pause in September,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark had settled at 67,466.99, up 245.86 points or 0.37 per cent on Wednesday. The broader Nifty ended above the 20,000-mark for the first time, rallying 76.80 points or 0.38 per cent to 20,070, its all-time closing high.

Representational image
| Photo Credit: PTI

Equity benchmark indices climbed in early trade on Monday in line with firm trend in global markets and encouraging domestic macroeconomic data.

Fresh foreign fund inflows also added to the optimistic trend in the domestic equity market.

Extending its previous day’s rally, the BSE benchmark Sensex climbed 243.69 points to 65,630.85 in early trade. The Nifty went up by 91.5 points to 19,526.80.

From the Sensex pack, Tata Steel, JSW Steel, UltraTech Cement, Larsen & Toubro, Maruti, HCL Technologies, Wipro and Tech Mahindra were the major gainers.

ICICI Bank, Nestle, Asian Paints and Power Grid were among the laggards.

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

The US markets ended mostly in the positive territory on Friday.

Manufacturing activities in India gained momentum in August as new orders and output increased at the quickest rates in nearly three years, according to a survey released on Friday.

GST collections grew by 11% to over ₹1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season.

Domestic passenger vehicle sales hit a record in August led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs.

Global oil benchmark Brent crude climbed 0.05 per cent to $88.59 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth ₹487.94 crore, according to exchange data.

The BSE barometer had on Friday ended higher by 555.75 points or 0.86% at 65,387.16. The Nifty had spurted by 181.50 points or 0.94% to settle at 19,435.30.

Representational image
| Photo Credit: PTI

Equity benchmark Sensex on Friday rallied around 556 points, logging its best single day in two months, while Nifty closed above the 19,400 level on value-buying in power, metal and oil stocks following strong domestic macro data and global cues.

The BSE barometer closed higher by 555.75 points or 0.86% at 65,387.16 with 26 of its constituents ending in the green.

The index opened higher and later touched a high of 19,435.30 in day trading. It touched a low of 64,818.37.

The Nifty spurted by 181.50 points or 0.94% to close at 19,435.30. As many as 44 Nifty stocks advanced while six declined.

NTPC was the lead gainer among Sensex stocks, rising by 4.84%.

JSW Steel (3.37%), Tata Steel (3.33%), Maruti (3.24%), Power Grid (3.07%), IndusInd Bank (2.95%), Bajaj Finance (2.12%) and Tech Mahindra (2.22%) were among major gainers.

On the other hand, Ultratech Cement, Sun Pharma, Nestle and L&T were the losers.

Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data.”

This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks, Nair added.

Official data released on Thursday showed that the Indian economy grew 7.8% in the June quarter, mainly on the back of double-digit expansion in the services sector, and retained its position as the world’s fastest-growing major economy.

In Europe, Britain’s FTSE 100 rose 0.5%, France’s CAC 40 edged up nearly 0.1% while Germany’s DAX was little changed. Gains in US futures supported the positive sentiment. Dow futures was up 0.3% and S&P 500 futures rose 0.2%.

Among Asian markets, Japan’s benchmark Nikkei 225 rose 0.3%, South Korea’s Kospi added 0.3% and the Shanghai Composite added 0.4%.

Global oil price benchmark Brend Crude futures surged 1.26% to $87.92 per barrel.

On Thursday, Foreign Institutional Investors (FIIs) were net sellers of domestic equities as they offloaded shares worth ₹2,973.10 crore, as per exchange data.