Brokers react after the Sensex surge in early morning trade. File photo
| Photo Credit: ANI

Equity benchmark indices started the trade on an optimistic note on Wednesday, July 3, 2024, with the Sensex breaching the historic 80,000-mark for the first time ever and the Nifty hitting its fresh lifetime high, amid heavy buying in bank stocks and firm global market trends.

The 30-share BSE Sensex jumped 597.77 points to hit a new lifetime high of 80,039.22. The Nifty climbed 168.3 points to hit a fresh record peak of 24,292.15.

Among the Sensex pack, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank, Bharti Airtel and Nestle were the biggest gainers.

Tata Consultancy Services, Sun Pharma, Infosys and Tata Motors were among the laggards.

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

US markets ended higher on Tuesday.

The BSE benchmark declined 34.74 points or 0.04 per cent to settle at 79,441.45 in a volatile trade on Tuesday. During the day, it jumped 379.68 points or 0.47 per cent to hit a record peak of 79,855.87.

The Nifty declined by 18.10 points or 0.07 per cent to 24,123.85. Intra-day, it climbed 94.4 points or 0.39 per cent to hit a lifetime high of 24,236.35.

Global oil benchmark Brent crude climbed 0.56 per cent to USD 86.72 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,000.12 crore on Tuesday, according to exchange data.

The BSE benchmark climbed 267.75 points or 0.36% to settle at 74,221.06 on May 22. The NSE Nifty advanced 68.75 points or 0.31% to finish at 22,597.80. File

Benchmark equity indices rallied on May 23, with the Sensex and Nifty hitting their lifetime peaks, after the RBI approved the highest-ever dividend of ₹2.11 lakh crore to the government and supported by buying in blue chips Reliance Industries and HDFC Bank.

The 30-share BSE Sensex regained the 75,000 level. It climbed 951.22 points or 1.28% to reach its all-time high of 75,172.28.

The NSE Nifty went up by 308.45 points or 1.36% to 22,906.25 — its record peak.

Among the Sensex firms, Larsen & Toubro, Maruti, Mahindra & Mahindra, Axis Bank, IndusInd Bank, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries were the major gainers.

PowerGrid, Sun Pharma, NTPC and JSW Steel were the laggards.

The Reserve Bank of India will pay a record ₹2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of budgeted expectation, helping shore up revenue ahead of a new government taking office.

The RBI board, at its 608th meeting on May 22, approved the transfer of surplus, the central bank said in a statement.

“There are positives and negatives for the market today. The biggest positive is the record ₹2.11 lakh crore dividend from the RBI to the government,” said V.K. Vijayakumar, chief investment strategist, Geojit Financial Services.

This means the government can reduce its fiscal deficit and step-up infrastructure spending, he added.

“Brent crude dipping below $82 is positive for India’s macros,” Mr. Vijayakumar said. Global oil benchmark Brent crude declined 0.15% to $81.79 a barrel.

The negative for equity markets is the U.S. Fed meeting minutes, which indicate concern over the stubbornness of inflation, he noted.

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

Wall Street ended in negative territory on May 22.

“The Nifty index has surged to a record high after the Reserve Bank of India [RBI] announced a substantial ₹2.1 lakh crore dividend to the government. This development is a significant macroeconomic positive for the market, with direct implications for the fiscal deficit and bond yields,” Santosh Meena, head of research at Swastika Investmart Ltd., said.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹686.04 crore on May 22, according to exchange data.

The BSE benchmark climbed 267.75 points or 0.36% to settle at 74,221.06 on May 22. The NSE Nifty advanced 68.75 points or 0.31% to finish at 22,597.80.

Commuters walk in front of the Bombay Stock Exchange building. File.
| Photo Credit: ANI

Equity benchmark indices Sensex and Nifty ticked higher for the fourth straight session on April 24, helped by buying in metal and commodity stocks amid a positive trend in global equities.

However, intense selling pressure on telecom, IT and tech counters capped the upside, traders said.

The 30-share BSE Sensex climbed 114.49 points or 0.16% to settle at 73,852.94. During the day, it jumped 383.16 points or 0.51% to 74,121.61.

The NSE Nifty advanced 34.40 points or 0.15% to 22,402.40.

The indices witnessed some selling pressure towards the fag-end of the session that erased some initial gains.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC and Bajaj Finance were the major gainers.

Tata Consultancy Services, Tech Mahindra, Maruti, Reliance Industries and Titan were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading mostly with gains. Wall Street ended with gains on Tuesday.

Global oil benchmark Brent crude declined 0.35% to $88.11 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,044.54 crore on Tuesday, according to exchange data.

The BSE benchmark ended 89.83 points or 0.12% higher at 73,738.45 on Tuesday. Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14% up at 22,368.

File.
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty closed higher for the third session in a row on April 23, following gains in telecom, tech and consumer durable shares amid a firm trend in the global markets.

After rallying over 400 points, the 30-share BSE Sensex ended 89.83 points or 0.12% higher at 73,738.45. During the session, it jumped 411.27 points or 0.55% to 74,059.89.

Trimming most of its early gains, the NSE Nifty ended 31.60 points or 0.14% up at 22,368. During the day, it climbed 111.15 points or 0.49% to 22,447.55.

Heavy selling pressure in index heavyweight Reliance Industries, mainly due to profit booking, dragged market indices lower. Reliance lost over one per cent to end at ₹2,918.50 per scrip.

From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers.

Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.

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

European markets were trading with gains. Wall Street ended in positive territory on Monday.

Global oil benchmark Brent crude climbed 0.41% to $87.36 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,915.23 crore on Monday after a day’s breather, according to exchange data.

The BSE benchmark climbed 560.29 points or 0.77% to settle at 73,648.62 on Monday. The NSE Nifty went up by 189.40 points or 0.86 per cent% to 22,336.40.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 585.63 points to 72,814.15 on April 16, 2024. File
| Photo Credit: PTI

Equity benchmark indices continued to slump in early trade on April 16 on fears of escalating tensions in the Middle East and weak global trends.

Foreign fund outflows and uptick in Brent crude oil prices also dented investors’ sentiment.

Continuing its downtrend for the third day running, the 30-share BSE Sensex tanked 585.63 points to 72,814.15. The NSE Nifty declined 168.65 points to 22,103.85.

From the Sensex basket, IndusInd Bank, Infosys, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv, NTPC, Tata Consultancy Services, and ICICI Bank were the major laggards.

Titan Company, Mahindra & Mahindra, Nestle, and Maruti were among the gainers.

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

Wall Street ended in negative territory on Monday.

“Market sentiment was impacted by higher-than-expected inflation data and tensions between Iran and Israel,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude climbed 0.58% to $90.62 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,268 crore on Monday, according to exchange data.

The market is more concerned about the geopolitical issue, said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Israel’s military chief’s statement that “there will be a response to Iran’s attack on Israel” has increased the probability of escalation of tensions in the Middle East. We don’t know the timing and the nature of the Israeli response, which can be totally unexpected. This is likely to keep the markets weak in the near-term,” Mr. Vijayakumar added.

The BSE benchmark tanked 845.12 points or 1.14% to settle at 73,399.78 on Monday. The NSE Nifty declined 246.90 points or 1.10% to finish at 22,272.50.

Nervousness gripped the equity markets on April 15 following the geopolitical tensions in West Asia, with the 30-share BSE Sensex and the NSE Nifty registering a fall, however, the benchmark indices have recovered some lost ground.

At 10:45 a.m. the Sensex was down 488.57 points or 0.66% to 73,756.33 and the the Nifty-50 index too recovered to 22,382.55, down 136.85 or 0.61%. Earlier in the day, the Sensex fell by 929.74 points to 73,315.16 and the NSE Nifty declined 216.9 points to 22,302.50.

All the 13 major sectors logged losses. The broader, more domestically-focused small- and mid-caps lost about 3% and 2%, respectively. From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.

The escalating tensions between Iran and Israel have sent ripples across global markets. Last Friday witnessed a significant decline in both Sensex and Nifty 50, with each index experiencing a slump of around 1%.

The Indian Rupee (INR) has also come under pressure in the interbank forex market. The rupee is trading at 83.43 (spot) as against overnight close of 83.38, depreciating further against the US Dollar.

Dr. V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “There are many headwinds that will weigh on markets today: the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty and the hotter-than-expected U.S. inflation are negatives. But partly these negatives are in the price since a retaliation from Iran was expected and the higher U.S. inflation was discounted by the market on Friday.”

“Signals from the crude market indicate that the Iran-Israel conflict is unlikely to escalate. President Biden has clearly indicated that he doesn’t support Israeli retaliation. So, the situation may calm down. However, investors have to be guarded since the element of uncertainty is high during a tense situation like this.

IT stocks will be resilient on the back of better-than-expected numbers from TCS and promising outlook for FY 25. Banking stocks will exhibit strength since the results will be good and valuations are fair.”

On Friday, Sensex closed at 74,244.90, down by 793.25 points, while Nifty 50 settled at 22,519.40, down by 234.40 points. This downward trend was attributed to selling across various sectors amidst weak global cues.

Technically, Nifty 50 formed a long negative candle on the daily chart, breaking below the immediate support level of 22,650, signalling a crucial top reversal pattern and suggesting further weakness ahead.

Additionally, on the weekly chart, a small negative candle with an upper shadow hints at a reversal pattern, indicating a bearish outlook.

Varun Aggarwal, founder and managing director, Profit Idea, said, “Despite the short-term negative sentiment, market analysts observe support at 22,500 on a closing basis, which could potentially prevent a significant correction.”

However, sustained trading above 22,500 could push the index towards 22,650-22,700 levels, while a drop below 22,500 might initiate a correction of 200-250 points on the downside.

In the global market scenario, Asian markets also declined on Monday, following losses in U.S. equities amid heightened geopolitical tensions in the Middle East.

Crude oil prices remained muted after Iran’s drone and missile attacks on Israel, while gold prices rose due to safe-haven demand, reaching $2,359.92 an ounce.

Investors are advised to closely monitor the geopolitical developments and their impact on global markets as trading commences today. The Indian stock market is expected to exhibit volatility in response to unfolding events on the international stage.

(With agency inputs)

After a firm beginning, the 30-share BSE Sensex climbed 376.38 points to 73,879.02 in early trade on March 12, 2024. File
| Photo Credit: ANI

Equity benchmark indices climbed in early trade on March 12 amid buying in blue-chip stocks like HDFC Bank and ICICI Bank along with sustained foreign fund inflows.

After a firm beginning, the 30-share BSE Sensex climbed 376.38 points to 73,879.02 in early trade. The Nifty went up 85.55 points to 22,418.20.

Among the Sensex firms, TCS, HDFC Bank, Reliance Industries, Axis Bank, ICICI Bank, IndusInd Bank, Infosys, Larsen & Toubro and Bharti Airtel were the major gainers.

“The dominant near-term trend in the market now is the correction in the broader market, particularly the small caps. The small cap index is 7.8% down from the peak and this correction is likely to continue since the valuations are even now excessive.

“The regulator Sebi has sent a clear message about the frothy valuations in the small-cap segment and, therefore, regulatory actions are likely, going forward.

“There can be redemptions from small-cap funds adding to the downside. Quality large caps will bounce back after a correction, but small caps are unlikely to bounce back in the near term. PSE stocks that have run up too fast also are likely to face selling pressure,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

ITC, Nestle, JSW Steel, UltraTech Cement, NTPC, and Tata Steel were among the laggards.

In Asian markets, Hong Kong and Seoul were trading higher, while Tokyo and Shanghai were in the negative territory.

The U.S. markets were closed on a mixed note on Monday.

Foreign Institutional Investors (FIIs) bought equities worth ₹4,212.76 crore on Monday, according to exchange data.

The BSE benchmark declined 616.75 points or 0.83% to settle at 73,502.64 on Monday. The Nifty slumped by 160.90 points or 0.72% to close at 22,332.65.

Global benchmark Brent crude jumped 0.35% to $82.50 a barrel.

After a record-breaking rally, the 30-share BSE Sensex went lower by 204.64 points to 73,914.75 due to profit-taking. File
| Photo Credit: PTI

Equity benchmark indices declined in early trade on Monday after rallying in the past two straight sessions amid weak trends from the US markets and selling in banking stocks.

After a record-breaking rally, the 30-share BSE Sensex went lower by 204.64 points to 73,914.75 due to profit-taking. The Nifty slipped 49.15 points to 22,444.40.

Among the Sensex firms, Tata Steel, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank, Infosys, and Tata Motors were the major laggards.

Bajaj Finserv, UltraTech Cement, ITC, and Bajaj Finance were among the gainers.

In Asian markets, Seoul and Tokyo were quoting lower, while Hong Kong and Shanghai traded in the green territory. The U.S. markets ended in the negative territory on Friday.

Global oil benchmark Brent crude dipped 0.68% to $81.52 a barrel.

The stock markets were closed on Friday for Mahashivratri.

Foreign Institutional Investors (FIIs) bought equities worth ₹7,304.11 crore on Thursday, according to exchange data.

“The dominant trend in the market in the near term is likely to be the underperformance of the broader market, particularly the small-cap space.

“Since restraint imposed by some mutual funds by stopping lump sum investment into their small-cap schemes has failed to stem the flow of funds into the overvalued small-cap segment, SEBI has stepped in with regulatory action asking the mutual funds to do stress tests in their mid and small-cap schemes.

“Since the market is scaling new highs consistently, the undertone of the market remains bullish and, therefore, investors should remain invested. Large caps are likely to witness buying on dips while the broader market will face headwinds,” V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

On Thursday, the 30-share BSE Sensex advanced 33.40 points or 0.05% to settle at a new peak of 74,119.39, while the broader Nifty rose by 19.50 points or 0.09% to close at a record 22,493.55.

A man prays at the Bombay Stock Exchange building amid the presentation of the Interim Budget 2024 by the Union Finance Minister Nirmala Sitharaman in Mumbai on February 1, 2024. 
| Photo Credit: ANI

The stock markets remained unimpressed with the proposals announced in the interim budget and key indices, after witnessing a sea-saw movement throughout the day ended with losses. Whatever gains were seen prior to the presentation of the budget were wiped out.

The S&P BSE Sensex lost 107 points or 0.15% to 71,645 points. The NSE Nifty-50 Index also dopped 28 points or 0.13% to 21,697 points.

Among the Sensex stocks L&T was down 2.38%, Ultratech down 2.26% and JSW Steel down 2.03. This is despite several positive announcements concerning the infrastructure sector.

According to analysts the Interim Budget turned out to be a non-event. and both the Sensex and Nifty were confined to a narrow range. 

Eight out of thirteen sectors were in the red with PSU Banks and Auto stocks limiting the fall. Among individual stocks, One97 Communications shares plunged 20% after the RBI barred Paytm Payments Bank from accepting deposits or top-ups in any customer account.

Rajesh Bhosale, Technical Analyst, Angel One said, “In the upcoming session, the market may continue to respond to the aftermath of the budget announcement, with individual themes playing a significant role for traders seeking out performance opportunities. As the focus shifts from the key event, attention will revert to global developments, necessitating vigilance on the global front by traders.”

The 30-share BSE benchmark regained the 67,000 level on September 11. File
| Photo Credit: Reuters

The BSE Sensex extended its rally for the eighth day running on September 12, while Nifty ended marginally lower after scaling its fresh all-time high level amid mixed global market trends.

The 30-share BSE Sensex climbed 94.05 points or 0.14% to settle at 67,221.13. During the day, it jumped 412.02 points or 0.61% to 67,539.10.

The Nifty, however, pared all its gains and ended marginally lower by 3.15 points or 0.02% at 19,993.20 in a volatile trade. During the day, it climbed 114 points or 0.57% to hit its all-time high of 20,110.35.

Among the Sensex firms, Tata Consultancy Services, Larsen & Toubro, Infosys, UltraTech Cement, ICICI Bank, Nestle, ITC and Sun Pharma were the major gainers.

Power Grid, NTPC, Tata Motors, Tata Steel, Mahindra & Mahindra and Reliance Industries were among the laggards.

In Asian markets, Tokyo settled in the green while Seoul, Shanghai and Hong Kong ended lower.

European markets were trading on a mixed note. The U.S. stocks ended in positive territory on Monday.

Foreign Institutional Investors (FIIs) turned buyers on Monday as they bought equities worth ₹1,473.09 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.74% to $91.31 a barrel.

The 30-share BSE benchmark regained the 67,000 level on Monday. The benchmark jumped 528.17 points or 0.79% to settle at 67,127.08. The Nifty ended at 19,996.35, reflecting a gain of 176.40 points or 0.89%. The Nifty scaled the record 20,000 mark for the first time ever in intra-day trade.