businessfortnight

Benchmark equity indices S&P BSE Sensex and NSE Nifty 50 extended their record-breaking streak to a third straight day on Monday, with investors’ sentiment boosted by news of progress in coronavirus vaccines amid continuous buying of Indian shares by foreign institutional investors. The Sensex rose as much as 379 points to hit an all-time high of 45,458.92 and Nifty 50 index surged as much as 108 points to hit new record high of 13,366.65. HDFC, Hindustan Unilever, ICICI Bank, ITC, Bharti Airtel and Infosys were among the top movers in today’s session. The Sensex ended 347 points or 0.77 per cent higher to close at an all-time high 45,427 and Nifty 50 index climbed 97 points to settle at record high of 13,356. Foreign institutional investors on Friday bought shares worth ₹ 2,970 crore after they purchased shares worth ₹ 60,357.67 crore in November. FIIs have so far this year invested ₹ 1,08,244.71 crore in Indian equities, data from NSDL showed. Buying was visible across the board

The rate-sensitive banking, auto and realty stocks are trading firm after the Reserve Bank of India left key lending rates unchanged as expected and raised its GDP forecast. The Nifty Bank index – which gauges stocks of 12 major lenders in the country, including SBI and HDFC Bank – jumped as much as 1.81 per cent in the aftermath of RBI policy announcements. At 11:30 am, the Nifty banking index had strengthened by 0.8 per cent at 29,703.65, the Nifty auto index had gained 0.58 per cent to 9,299.20 and Nifty Realty index had added 0.03 per cent to 283.10. The Reserve Bank of India’s Monetary Policy Committee maintained the key lending rate unchanged at 4 per cent today and revised its projection for real GDP growth at -7.5 per cent for financial year 2020-21.

Domestic stock markets pulled back on Wednesday from record closing highs hit in the previous session, with banking stocks slipping ahead of a top court hearing on loans under moratorium. The S&P BSE Sensex index dropped 94.93 points – or 0.21 per cent – to 44,560.51 at the weakest level recorded in early deals, and the broader NSE Nifty 50 benchmark slid to as low as 13,087.80, down 21.25 points – or 0.16 per cent – from its previous close. Selling pressure in financial and IT stocks pulled the markets lower, however gains in automobile and metal shares limited the downside. Analysts awaited the RBI Governor-led Monetary Policy Committee’s review statement due later this week for near-term cues.

Domestic stock markets rose nearly 1 per cent on Tuesday, resuming trade after a day’s holiday, after official macroeconomic data showed the country’s GDP contracted a better-than-expected 7.5 per cent in the July-September period. The S&P BSE Sensex index rose 416.22 points – or 0.94 per cent – to touch 44,565.94 at the strongest level recorded during the session, and the broader NSE Nifty 50 benchmark climbed to as high as 13,081.10, up 112.15 points – or 0.86 per cent – from its previous close. Gains across sectors – led by IT, pharmaceutical and metal shares – supported the markets. MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.08 per cent, having closed November with a gain of 9 per cent. That marked the best November since 2001. China’s blue-chip CSI300 index jumped to be 1.56 per cent higher on Tuesday, after a business survey showed on Tuesday activity in China’s factory sector accelerated at the fastest pace in a decade in November. Japan’s Nikkei was

Cryptocurrency Bitcoin jumped by more than $850 – or 5 per cent – to touch the $18,238.20 mark on Sunday, inching towards an all-time high of $19,666 registered this week. Recent gains in the virtual currency are part of a broader bull run that began last month after US-based online payments company PayPal allowed its customers to use Bitcoin on its network. It was last seen trading higher by over $800 to $18,173.70 on November 29, 2020.  Most other cryptocurrencies followed suit. Among major peers, Ethereum (ETH) traded 5.11 per cent higher at $556.16, XRP was up 6.83 per cent at $0.62688 and Cardano (ADA) up 0.24 per cent at $0.169106. Bitcoin has surged exponentially since entering a four-digit value for the first time in 2013. It has rallied more than 130 so far this year, fueled by demand for riskier assets. The cryptocurrency’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.

The S&P BSE Sensex and NSE Nifty 50 indexes ended on a flat note in trade on Friday as investors awaited official release of Gross Domestic Product (GDP) data for second quarter of the current financial year due later today. The benchmarks for most part of the day traded in a range bound manner. The Sensex moved in a range of 412 points and Nifty touched an intraday high of 13,035.30 and low of 12,914.30. Gains in HDFC, HDFC Bank, Asian Paints and Bajaj Finance were offset with losses in Reliance Industries, Infosys, TCS, Axis Bank and HCL Technologies. The Sensex ended 110 points or 0.25 per cent lower at 44,150 and Nifty 50 index declined 18 points or 0.14 per cent to settle at 12,969. The country’s economic activity likely picked up in July-September after a record 23.9 per cent contraction the previous quarter. Economists in a Reuters poll forecast gross domestic product (GDP) to shrink 8.8 per cent, a contraction that would still amount to a technical recession. Fourteen of 19

The S&P BSE Sensex and NSE Nifty 50 indexes resumed their upmove after a day’s pause in the previous session, led by gains in metal, banking and financial services shares. The benchmarks staged a gap-up opening, but turned volatile in late-morning deals owing to expiry of November future and option contracts. However, late buying in banking shares lifted the benchmarks to intraday highs towards the close of the session. HDFC Bank, HDFC, Bajaj Finance, Axis Bank and Kotak Mahindra Bank were among the top movers in the Sensex. The Sensex rose 432 points or 0.98 per cent to close at 44,260 and Nifty 50 index surged 129 points or 1 per cent to settle at 12,987. In the November series, Sensex rose 11 per cent, Nifty climbed 10.71 per cent and Bank Nifty index surged 22 per cent. Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors said, “In an extremely volatile trading session, the benchmark indices settled higher with more than 60-65 per cent roll-over of open positi

The Union Cabinet on Wednesday approved a capital infusion of ₹ 6,000 crore by the government in the National Investment and Infrastructure Fund (NIIF), a sovereign wealth fund, over the next two years, Minister of Information And Broadcasting Prakash Javadekar said. The government would invest ₹ 2,400 crore in the NIIF during the current financial year ending in March that would help it raise up to ₹ 1.lakh crore for investments, Mr Javadekar, told reporters after the cabinet meeting. The cabinet also approved the merger of Lakshmi Vilas Bank (LVB) with DBS India, which is the wholly-owned subsidiary of DBS Bank.

The domestic stock markets are likely to open flat, after two succesive days of gains, going by indications from SGX Nifty futures. Trends on SGX Nifty indicate a flat opening for the index in India. At 7:30 am, the Nifty futures were trading virtually unchanged at 12,953 on the Singapore Stock Exchange. Asian stocks opened higher on Tuesday as COVID-19 vaccine progress shored up global sentiment and U.S. President-elect Joe Biden was given the go-ahead to begin his White House transition. S&P 500 was up 0.52 per cent in early Asian trade, while Japan’s Nikkei was 1.8 per cent higher and Australia’s S&P/ASX 200 1.11 per cent stronger. U.S. stocks closed higher in a choppy session on Monday as hopes for a COVID-19 vaccine lifted economically sensitive sectors such as energy and industrials, but a pullback in megacap shares curbed gains on the S&P 500 and Nasdaq. The Dow Jones Industrial Average rose 1.12 per cent and the S&P 500 gained 0.56 per cent, while the Nasdaq Com

The government is likely to report a current account surplus at the end of the current financial year ending in March 2021, mainly led by a fall in imports, the chief economic adviser at the ministry of finance said on Monday. India’s current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, the Reserve Bank of India said earlier. Demand for imports has fallen amid the COVID-19 pandemic, coupled with recent economic reforms initiated by the government to boost manufacturing, Krishnamurthy Subramanian told a virtual conference organised by Confederation of Indian Industry (CII).

Domestic stock markets are likely to start Friday’s session on a positive note, a day after benchmark indices halted a winning streak that lasted four days in a row. The Singapore Exchange Nifty futures – an early indicator of the National Stock Exchange’s Nifty 50 benchmark index added 54.45 points to touch 12,831.80 at the strongest level recorded ahead of the opening of Indian markets. At 8:44 am, the SGX Nifty futures traded up 49.85 points – or 0.39 per cent – at 12,827.20. Globally, equity markets were struck by a wave of uncertainty on Friday after US Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury. In Asia, MSCI’s broadest index of Asia-Pacific shares excluding Japan eked out a 0.20 per cent gain. Japan’s Nikkei 225 benchmark dropped 0.50 per cent. South Korea’s KOSPI index was flat, Australian shares were mildly positive, and Chinese shares little changed.

Vodafone’s European towers unit, which is currently gearing up for a stock market listing, on Tuesday said it expects pro forma adjusted core earnings of up to 540 million euros ($640 million) in its 2021 financial year.The mobile operator on Tuesday will detail the prospects for Vantage Towers, which will IPO in Germany, Vodafone’s biggest market. Vantage will operate around 68,000 macro sites across nine European countries, with commitments to build 7,100 new sites by financial year 2027, Vodafone said. Vantage Towers CEO Vivek Badrinath said: “The growth potential in the towers sector is fuelled by the requirement for data as well as the roll-out of 5G technology and new and wider network coverage obligations across Europe. “These factors will increase the number of tenants renting space on our towers and we have also received firm commitments to build 7,100 new sites for our customers.

Domestic share markets started Samvat 2077, or the new year according to the Samvat Vikrami calendar, at record highs. Benchmark indices S&P BSE Sensex and NSE Nifty 50 managed to gain 4,384.94 points (11.23 per cent) and 1,136.05 points (9.81 per cent) in Samvat 2076, which is the period from Diwali 2019 to the eve of Diwali 2020. IT and pharma stocks, such as Divi’s Laboratories, Dr Reddy’s, Infosys and Wipro, along with heavyweight Reliance Industries have led the recent recovery in the benchmarks, which have rebounded two-thirds of their losses this year on account of COVID-19. On the other hand, ONGC, Indian Oil and IndusInd Bank, down around 40-48 per cent each, were the top laggards during this period.

The S&P BSE Sensex and NSE Nifty 50 indexes rose for an eighth session in a row on Wednesday as benchmarks clocked new record highs during the day. The Sensex rose as much as 431 points to hit a new record high of 43,708.47 and Nifty 50 index made a new all-time high of 12,769.75. Infosys, HDFC, Kotak Mahindra Bank, Axis Bank, ITC, TCS and ICICIC Bank were among the top movers in the Sensex during the session. They collectively added over 350 points towards the Sensex. The Sensex ended 316 points or 0.73 per cent higher to close at record high of 43,594 and Nifty 50 index climbed 118 points to settle at an all-time high of 12,749. Analysts have indicated that after a sharp up move in the equities, a big correction is not on the cards. “The markets may not see big correction from here and in the medium to long term we see markets doing well,” said Santosh Kumar Singh, head of research at Motilal Oswal Asset Management Company. Nine of 11 sector gauges compiled by the National Stock

The S&P BSE Sensex and NSE Nifty 50 indexes rallied for seventh session in a row to close at record highs for second straight session as investors’ confidence got a boost after pharma major Pfizer said that its vaccine being jointly developed by Pfizer and BioNTech was 90 per cent effective in preventing Covid-19 infections triggering hopes of a faster global economic recovery. The Sensex rose as much as 719 points to hit record high of 43,316.44 and Nifty 50 index climbed as much as 182 points to hit an all-time high of 12,642.55. The Sensex rallied 680 points or 1.60 per cent to close at an all-time high of 43,277.65 and NSE Nifty 50 index advanced 170 points or 1.36 per cent to settle at record high of 12,631. “The vaccine news is a big relief for markets and investors are hoping that the economic recovery will take place sooner,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors told news agency Reuters. Meanwhile, Bharatiya Janata Party (BJP)

The S&P BSE Sensex and NSE Nifty 50 indexes surged to record highs on Monday on the back of strong global cues on expectations of better global trade ties and more monetary stimulus under the US President-elect Joe Biden supported risk appetite. Better-than-expected earnings in September quarter by Indian companies also boosted the investors’ confidence, analysts said. The Sensex rose as much as 752 points to hit an intraday record high of 42,645.33 and Nifty 50 index climbed to an all-time high of 12,474. The Sensex surged 704 points or 1.68 per cent to close at record high of 42,597 and Nifty 50 index climbed 197 points or 1.61 per cent to close at record high of 12,461. Global markets had started strong last week on the prospect of a Biden presidency and a Republican-controlled US Senate, and the Democratic candidate’s projected victory on Saturday gave more fuel to the upmove. The MSCI world equity index, which tracks shares in 49 countries, rose 0.5 per cent to a record high i

The S&P BSE Sensex and NSE Nifty 50 indexes rallied for a fifth session in a row on Friday led by strong gains in Reliance Industries, HDFC, HDFC Bank, Infosys, Kotak Mahindra Bank and ICICI Bank. The benchmarks opened higher and extended gains in noon deals on the back of strong buying interest in banking and financial services shares. The Sensex rose as much as 615 points and Nifty 50 index moved above its important psychological level of 11,250 for the first time in nine months to trade above pre-Covid-19 levels. The Sensex ended 553 points or 1.34 per cent higher qt 41,893 and Nifty 50 index climbed 1.18 per cent or 143 points to close at 12,264. For the week, Nifty rallied 5.33 per cent, Sensex advanced 5.75 per cent and the gauge of banking shares Nifty Bank index surged 10 per cent. During the session, fifteen off 19 sector gauges compiled by the BSE ended higher led by S&P BSE Energy index’s 3.2 per cent gain, Banking, real estate, financial services, information techno

The S&P BSE Sensex and NSE Nifty 50 indexes snapped their three-day losing streak, led by buying interest in banking shares after ICICI Bank and IndusInd Bank reported strong September quarter earnings. However, the upside for benchmarks was capped as the country’s most valued company – Reliance Industries shares – dropped as much as 9.46 per cent, the most since March 9, after its net profit declined 15 per cent in September quarter on Friday. The Sensex ended 144 points or 0.36 per cent higher at 39,758 and Nifty 50 index advanced 27 points or 0.23 per cent to close at 11,669. Six of 11 sector gauges compiled by the National Stock Exchange ended higher, led by the Nifty Bank index’s over 4 per cent gain. Nifty Private Bank, PSU Bank and Financial Services indexes also surged between 3.4 per cent and 4.2 per cent each. On the other hand, Nifty Energy index was dropped 2.5 per cent. Pharma, metal and auto shares also witnessed selling pressure. Mid- and small-cap shares ended on a

World stocks fell further and oil headed for a double-digit weekly slide on Friday as jitters over a rising global COVID-19 infection rate and next week’s US presidential election more than offset strong euro zone quarterly growth data. A strong central bank-fuelled bounce back from the initial pandemic slide earlier in the year has faltered this week, with concerns about an even worse second wave of infections, particularly in Europe, taking the froth off markets. “The US election, the extent of further lockdown measures, Brexit negotiations and vaccine news all present both upside and downside risks over the coming weeks and it is understandable that investors may want to proceed with caution,” said Mark Dowding, chief investment officer at BlueBay Asset Management. World stocks were down 0.3 per cent at 0925 GMT (2:55 pm in India), tracking weakness in Asia, while US stock futures were down 1 per cent to 1.3 per cent. Gold rose, with spot prices climbing 0.3 per cent to $1,873 an ou

Industrial conglomerate Larsen & Toubro’s shares fell nearly 6 per cent on Thursday, a day after the company reported a quarterly loss from continuing operations on a standalone basis. In a regulatory filing after market hours on Wednesday, the infrastructure major said its net loss from continuing operations came in at Rs 1,767.10 crore in the July-September period, as against a net profit of ₹ 1,718.52 crore in the corresponding period a year ago. L&T shares slumped as much as 5.76 per cent to ₹ 927 apiece on the BSE on Thursday, having begun the day weaker at ₹ 953 on the bourse compared to their previous close of ₹ 983.65. However, L&T posted a net profit of Rs  6,716.51 crore from continuing and discontinued operations, as against ₹ 1,925.47 crore in the corresponding period a year ago.  Its revenue from operations stood at ₹ 15,791.68 crore in the second quarter of current financial year, from ₹ 18,748.21 crore in the year-ago period.  Weakness in the Larsen & Tou