Connect with us

Business

Budget expectation, Q3 results to guide Indian equities

Published

on

SENSEX NIFTY MARKET

The ongoing third quarter earning results, budget expectations, developments in the US-China trade relations and the Brexit issue will chart the course of the markets in the weeks to come.

Also any volatility in crude oil prices will continue to affect the rupee, which has weakened for two consecutive weeks.

“Traders should trade cautiously for the next 10 days as markets prepare and discount budget expectations,” said Sahil Kapoor, Chief Market Strategist, Research, Edelweiss Wealth Management.

The NSE Midcap Index has closed at a five week low and is beginning to witness broad based selling. Nifty on the other hand has been able to eke out gains based on a select few bluechip stocks.

The quarterly results will remain in focus in the upcoming weeks as major third quarter results by Kotak Mahindra Bank, Maruti Suzuki, Larsen and Toubro, Yes Bank, Asian Paints and ITC is scheduled to be announced.

“Trading woes will be dictated by the upcoming interim budget with investors preparing to reshuffle their portfolio according to their expectations.” said Rahul Sharma of Equity99.

In November, the Bank of England had warned that a no-deal Brexit can cause a recession worse than the 2008 financial crisis. After the Brexit deal was rejected by British Parliament with a significant margin, investors will keep a close watch on developments in the same.

On the partial US government shutdown, New York Federal Reserve President John Williams has raised a red flag saying that the shutdown is an emerging headwind to the economic growth. The prolonged shutdown is causing uncertainty among the investors.

According to Viral Berawala of Essel Mutual Fund, investors awaited the next steps for the UK after Prime Minister Theresa May’s government narrowly survived a no-confidence vote. Losing the vote has made it harder to have a smooth Brexit.

Regarding the US-China trade relations, Berawala said that reports of Beijing offering to ramp up imports from Washington and the latter considering to lift some tariffs on Chinese products would boost the global investor sentiments.

“The Nifty would need to convincingly close above the recent highs of 10,931, for it to move towards the 11,200 levels in the coming week; else range bound price action could
continue. Crucial support to watch in the coming week for weakness is 10,692,” Jasani said.

The S&P BSE Sensex gained 376.77 points, or 1.04 per cent, to close at 36,386.61, whereas the Nifty gained 112 points, or 1.04 per cent, to settle at 10,906.95 during the week gone by.

The Indian rupee continued to depreciate for the second week on the trot, as it weakened by 69 paise to Rs 71.18 against the US dollar from its previous close of Rs 70.49.

Provisional data from the BSE since the start of year showed that foreign institutional investors offloaded stocks worth Rs 2,318.76 crore as against domestic investors buying Rs 1,842.31-crore shares.

By Ravi Dutta Mishra

(Ravi Dutta Mishra can be reached at [email protected])

Business

Sensex, Nifty open higher

Published

on

Sensex equity Nifty

Mumbai, Feb 15: The Sensex gained close to 140 points after opening higher on Friday while the Nifty logged slight gains to trade above the 10,750 mark.

Utilities, oil and gas and power stocks gained on the BSE while key sectors like finance and banking traded lower.

The BSE Sensex opened at 35,985.68 from its previous close at 35,876.22 on Thursday.

At 9.16 a.m., the Sensex traded at 36,014.08 higher by 137.86 points or 0.38 per cent.

The Nifty of the National Stock Exchange (NSE) opened lower at 10,930.90 after closing at 10,943.60 on Thursday.

The Nifty traded at 10,752.15 during the morning trade session, up 6.10 points and 0.06 per cent.

On Thursday, foreign institutional investors (FIIs) were net sellers and the domestic institutional investors (DIIs) were net buyers.

FIIs sold stocks worth Rs 250.23 crore while the DIIs bought stocks to the tune of Rs 1,225.24 crore.

IANS

Continue Reading

Business

Rahul says GST killed Gujarat’s economic base

Published

on

Rahul Gandhi

Lal Dungri (South Gujarat), Feb 14 (IANS) Congress President Rahul Gandhi on Thursday established a connect with the crowds here in Gujarat, scoffing at Prime Minister Narendra Modi’s development claims in his home state and alleging that GST had killed the state’s small and medium scale businessmen who were its true pillars.

“Sardar ney humko rasta dikhaya tha, Mahatma Gandhi ney rasta dikhaya tha, ab Gujarat ke log firse dikhayenge kaise logon ko ek karte hain, sahi vikas kya hain (Sardar showed us the way, Gandhi showed us the way, now people of Gujarat will once again show how to unite the country, what is real development),” he declared to loud applause.

As the crowds listened in rapt attention, Gandhi made an sentimental appeal: “Gujarat has given immense love and respect to me, I will never forget this. There is nothing bigger for me. I love to come here as many as times as possible. I love the people of Gujarat, I love the food here.”

As the crowds cheered and whistled, he said: “Whenever Gujarat calls me, I will be there. Wherever I am, I promise, whenever you call me I will come.”

Taunting Modi’s ‘Mann Ki Baat’ radio programme, the Congress chief added, addressing the crowd: “You are our masters. The farmers, the tribals, the downtrodden are our masters. Not Anil Ambani, not Nirav Modi, not Vijay Mallya.”

There was loud applause when he referred to Jay Shah, son of BJP President Amit Shah.

“He converted Rs 700 crore black money into white through a cooperative bank (Ahmedabad District Cooperative Bank of which Amit Shah is a director). But Narendra Modi will not speak about this,” he asserted.

Just as Gandhi exhorted the crowds to shout after him “chowkidar chor hai” he said: “Delhi mein kehte hain chor hai, Gujarati mein bolte hain Chor Chhey.” The people broke into huge laughter and some shouted back “mahachor chhey” and “paako chor chhey”.

Gandhi said “Modi’s Gabbar Singh Tax (Goods and Services Tax)” had sounded the death knell of the small and medium scale businessmen who were the true pillars of Gujarat’s economic prowess. And GST came as an insult to injury to the common men after demonetization, he added.

“The UPA government in 2019 will bring real GST, where it will be a truly simple tax and truly one tax, not the present version.”

Gandhi said the Congress brought National Rural Employment Guarantee Act, Food Security Act and a progressive and people-oriented land acquisition law. “And now we are coming with a concept of guaranteed income.

“Under this, money will be directly transferred in your bank account… We have been planning for this for over three to four months.”

Referring to the Bharatmala project, Gandhi said it was “bharat-maara not Bharatmala” through which lands of farmers and poor were being snatched.

He challenged the BJP government to implement the Land Acquisition Act which the UPA government had brought in 2013. “We implemented it in Chhattisgarh immediately after our party came to power. Our government got the Tatas to return thousands of acres of unused land according to the law,” Gandhi added.

Continue Reading

Business

Market down for sixth-straight session; Sensex falls 157 pts

Published

on

SENSEX NIFTY MARKET

Mumbai, Feb 14: Sharp jump in Brent crude oil price along with subdued quarterly earning results and a weak rupee pulled the key equity indices lower for a sixth straight session on Thursday.

Lately, outflows of foreign funds, caution on the fiscal slippage front have dampened investors’ sentiments.

The S&P BSE Sensex lost 157.89 points or 0.44 per cent to settle at 35,876.22 after it opened slightly higher from its previous close of 36,034.11, while the Nifty closed 47.60 points lower at 10,746.05.

However, S&P BSE Mid-cap gained 0.52 per cent while the Small-caps also surged 0.17 per cent after under performing for the past week.

“Market extended losses despite positive global market as investors continued to give more focus on domestic cues while assessing global developments. Moderation in WPI to 2.76 per cent in January provides an insight about the slowdown in the economy and earnings growth,” said Vinod Nair, Head of Research, Geojit Financial Services.

Nair added that Mid and Small cap rebounded “after many days of correction, however investors are yet to find stability in the market in expectation of election outcome”.

According to Essel Mutual Fund’s CIO Viral Berawala, “WPI inflation came in at 2.76 per cent from 3.80 per cent on month-on-month basis due to decline in core inflation, leading to gains in banking stocks”.

“This selling combined with some profit booking in consumer sector led to markets trading weak,” Berawala said.

Yes Bank logged its sharpest intra-day gain after surging over 30 per cent following Reserve Bank of India’s clean chit on any divergence in bad loan reporting.

Scrips of the private lender closed 30.73 per cent higher at Rs 221 from its previous close of 169.05. It surged up to 32 per cent, touching an intra-day high of 223.70.

It was followed by Tata Motors (DVR), Tata Motors, Sun Pharma and IndusInd Bank inching up in the range of 1 to 4.5 per cent.

Bharti Airtel, Infosys, Asian Paints, Reliance Industries and Coal India declined 1 to 3 per cent.

IANS

Continue Reading
Advertisement

Most Popular