News Analysis India

Tag: Sensex

  • Indian Stocks Close Financial Year On Firm Footing, Indices Accumulate 27-31% Returns |

    New Delhi: Indian stock market indices closed the financial year 2023-24 on a firm note, with Sensex and Nifty rising in the range of 0.8-0.9 per cent on Thursday, backed by firm economic growth forecasts by various global watchdogs and political stability at the federal level.

    Sensex settled 0.88 per cent or 639 points higher at 73,635 points, and Nifty 0.92 per cent or 203 points at 22,326 points. Among the widely-tracked Nifty 50 stocks, 45 advanced and the rest 5 declined today, NSE data showed.

    On Friday, the market will remain shut for Good Friday. On Monday too, the stock exchanges were closed on account of Holi. Today, the equity market extended gains and almost retested the record high. Over the past 12 months, the indices accumulated about 27-31 per cent return on investment for the investors.

    “Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying by retails, DIIs, and FIIs surged across categories,” said Vinod Nair, Head of Research, Geojit Financial Services. (Also Read: AI Security Startup SydeLabs Raises Funds To Secure GenAI Systems)

    “The mid- and small-cap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month. An upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25. However, the emphasis is on large-cap due to the persisting premium valuations of mid-cap stocks, which could pose a concern on the broad market in the short to medium term.”

    Emkay Institutional Equities, a part of Emkay Global Financial Services Limited, maintains its stance of Nifty to remain at 24,000 level. Emkay expects the market to rebound in 3-6 months, when SMIDs (Small and Mid Caps) will start to outperform again.

    For the time being, Ajit Mishra, SVP – Technical Research, Religare Broking suggests a continuing focus on stock selection, with a preference for the index majors and large midcaps.

    Back home, foreign portfolio investors continue to remain net buyers in India. This also buoyed the stocks. Foreign portfolio investors who had aggressively sold Indian stocks and turned net sellers in the Indian equity market in January 2024 became net buyers in February and March. This has also likely buoyed the stocks of late.

    In March, they bought stocks in India worth Rs 31,056 crore, the latest data from the National Securities Depository Limited (NSDL) showed. Separately, the Beta version of the optional T+0 settlement, for a limited set of 25 shares, started today. The T+0 system means that the settlements must be done within the same day, of the completion of a transaction. (Also Read: Realme 12X 5G Smartphone Price Range And Specifications Confirmed In India Ahead Of Launch On April 2)

    The Board of the SEBI will review the progress at the end of three months and six months from the date of this implementation, and decide on further course of action. Currently, India follows the T+1 cycle, which means trades are settled by the next day. 

  • Markets rebound in early trade amid recovery in global equities

    By PTI

    MUMBAI: Benchmark indices rebounded in early trade on Thursday with the BSE Sensex climbing 567.86 points amid recovery in global equity markets.

    The 30-share BSE benchmark jumped 567.86 points to 57,166.14 after a firm beginning. Similarly, the broader NSE Nifty climbed 167.45 points to 17,026.05.

    Among the 30-share Sensex pack, Tata Steel, ITC, IndusInd Bank, NTPC, Axis Bank, Sun Pharma, Mahindra & Mahindra and State Bank of India were major winners in early trade.

    Asian Paints and Maruti Suzuki India were laggards.

    Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

    The US markets also bounced back on Wednesday and ended higher. “US markets ended higher on Wednesday following a sell-off in past few sessions. European markets also closed in the green. All the major Asian markets are trading positive in early Thursday trade,” said Mohit Nigam, Head – PMS, Hem Securities.

    Volatility may remain at elevated levels in Indian markets on account of monthly expiry, he added.

    The BSE benchmark fell 509.24 points or 0.89 per cent to settle at 56,598.28 on Wednesday. The Nifty declined 148.80 points or 0.87 per cent to end at 16,858.60.

    Meanwhile, the international oil benchmark Brent crude dipped 0.45 per cent to USD 88.92 per barrel.

    Foreign institutional investors offloaded shares worth Rs 2,772.49 crore on Wednesday, according to data available with BSE.

    MUMBAI: Benchmark indices rebounded in early trade on Thursday with the BSE Sensex climbing 567.86 points amid recovery in global equity markets.

    The 30-share BSE benchmark jumped 567.86 points to 57,166.14 after a firm beginning. Similarly, the broader NSE Nifty climbed 167.45 points to 17,026.05.

    Among the 30-share Sensex pack, Tata Steel, ITC, IndusInd Bank, NTPC, Axis Bank, Sun Pharma, Mahindra & Mahindra and State Bank of India were major winners in early trade.

    Asian Paints and Maruti Suzuki India were laggards.

    Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

    The US markets also bounced back on Wednesday and ended higher. “US markets ended higher on Wednesday following a sell-off in past few sessions. European markets also closed in the green. All the major Asian markets are trading positive in early Thursday trade,” said Mohit Nigam, Head – PMS, Hem Securities.

    Volatility may remain at elevated levels in Indian markets on account of monthly expiry, he added.

    The BSE benchmark fell 509.24 points or 0.89 per cent to settle at 56,598.28 on Wednesday. The Nifty declined 148.80 points or 0.87 per cent to end at 16,858.60.

    Meanwhile, the international oil benchmark Brent crude dipped 0.45 per cent to USD 88.92 per barrel.

    Foreign institutional investors offloaded shares worth Rs 2,772.49 crore on Wednesday, according to data available with BSE.

  • Sensex plunges over 500 points on global selloff; Nifty tests 17,600

    By PTI

    MUMBAI: Equity benchmark Sensex slumped over 500 points in early trade on Wednesday, tracking losses in index majors HDFC Bank, ICICI Bank and Infosys amid heavy selloff in global markets.

    The 30-share Sensex was trading 501.74 points or 0.84 per cent lower at 59,165.86.

    Similarly, the Nifty declined 135.05 points or 0.76 per cent to 17,613.55.

    ICICI Bank was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by HDFC Bank, Maruti, Bajaj Auto, Infosys and Bajaj Finserv.

    On the other hand, Dr Reddy’s, Tata Steel, Sun Pharma and Nestle India were among the gainers.

    In the previous session, the 30-share index ended 410.28 points or 0.68 per cent lower at 59,667.60, and Nifty declined by 106.50 points or 0.60 per cent to close at 17,748.60.

    Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,957.70 crore on Tuesday, as per exchange data.

    According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the surge in the benchmark US 10-year yield to 1.546 per cent spooked equity markets in the US with cuts of above 2 per cent in S&P 500 and Nasdaq.

    “The rise in US bond yields triggering correction in equity markets has been a known threat for some time now. But what triggered this sudden spike in bond yield was the Fed chief Jerome Powell’s statement that inflation may persist for a much longer time,” he said.

    Further, he noted that the rise in the dollar index to 93.7 levels indicate profit booking in stocks and safe-haven buying into the dollar.

    “It is too early to conclude that this is a trend reversal for markets. But at the present elevated valuations, the risk is high. Investors may watch for consolidation in markets,” he added.

    Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with heavy losses in mid-session deals.

    Meanwhile, international oil benchmark Brent crude fell 1.51 per cent to USD 77.17 per barrel.