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Equities recoup on value buying after 3 weeks of losses

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Mumbai, Feb 24: After three weeks of consecutive losses, the key Indian equity indices bounced back from their lows to close this week with humble gains on value buying by investors.

Market observers said futures and options (F&O) expiry infused volatility in the domestic markets, amid global cues and a slew of domestic developments like the $1.8 billion fraud reported by the Punjab National Bank (PNB) and a weakening rupee due to the continuous outflow of foreign funds.

However, losses were trimmed as bargain-hunting by investors on the last trading day of the week lifted the benchmark indices.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) edged higher by 131.39 points or 0.39 per cent to close at 34,142.15 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,491.05 points — up 38.75 points or 0.37 per cent from its previous week’s close.

“The week gone by saw the Nifty bouncing back from a low of 10,302 to finally end with a modest gain. This week’s gains came after three weeks of losses,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, markets across the globe fluctuated wildly — highlighting the market’s fragility — as investors continued to assess the quickening pace of economic growth and the prospects of the US Federal Reserve’s tightening efforts.

“Back home, the sentiment of market participants have been dented by factors such as surging US bond yields, a multi-crore fraud in India’s second-largest public sector lender PNB and the return of long-term capital gains (LTCG) tax on equities, which put a break on the record-setting market rally,” he added.

During the eight trading sessions following the detection of a $1.8 billion fraud in one of the branches of the PNB, the bank’s shares on the BSE have plunged almost 30 per cent to Rs 113.40 per share.

Gitanjali Gems, the other listed entity involved in the fraud case, also witnessed an eight-day fall in its shares, nosediving 60.54 per cent to Rs 24.80 per share.

“The consolidation in the domestic market continued due to the NPA (non-performing assets) issue in public-sector banks, trade deficit, conflict between NSE and SGX, rise in bond yield and depreciation in rupee due to selling by FIIs (foreign institutional investors),” said Vinod Nair, Head of Research, Geojit Financial Services.

On the currency front, the rupee weakened by 51-52 paise to close at 64.73 against the US dollar from last week’s close of 64.21-22.

Provisional figures from the stock exchanges showed that FIIs sold-off scrips worth Rs 5,781.98 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 5,972.69 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors off-loaded equities worth Rs 3,054.94 crore, or $468.06 million, during February 20-23.

Sectorwise, Jasani said: “The top sectoral gainers were IT, metal and Bank Nifty indices. The top losers were auto, realty and pharma indices.”

The top weekly Sensex gainers were: Tata Consultancy Services (up 4.76 per cent at Rs 3,076.90); Yes Bank (up 3.75 per cent at Rs 323.60); Infosys (up 2.74 per cent at Rs 1,155.65); Kotak Bank (up 2.67 per cent at Rs 1,079.85); and Coal India (up 2.49 per cent at Rs 310.55).

The losers were: Bajaj Auto (down 3.70 per cent at Rs 2,988); Asian Paints (down 3.65 per cent at Rs 1,101.90); Mahindra and Mahindra (down 3.29 per cent at Rs 719.30); Tata Motors (down 2.73 per cent at Rs 360.45); and Tata Motors (DVR) (down 2.32 per cent at Rs 203.85).

IANS

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Sensex slips 160 points after opening in the green

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Mumbai, Sep 26: The key Indian equity indices traded on a negative note during the afternoon session on Wednesday after they opened on a positive note, with the S&P BSE Sensex losing around 160 points so far.

Investors were cautious ahead of the US Federal Reserve’s monetary policy meet later in the day, analysts said.

Selling pressure was witnessed in the auto, FMCG and IT stocks.

At 12.57 p.m., the NSE Nifty50 traded at 11,039.75 points, lower by 27.70 points or 0.25 per cent from the previous close.

The BSE Sensex, which had opened at 36,936.64 points, traded at 36,492.59 points, down 159.47 points or 0.44 per cent from the previous close of 36,652.06 points.

So far, it has touched an intra-day high of 36,938.74 points and a low of 36,416.34.

IANS

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Post-2014, India ‘richer’ by 601 new billionaires, Mukesh Ambani on top

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Mumbai, Sep 25 : India added a whopping 601 new billionaires since 2014, with Reliance Industries Ltd Chairman Mukesh Ambani topping the ‘Barclays Hurun India Rich List-2018’ for the seventh consecutive year with an estimated wealth of Rs 371,000 crore.

As per the report, in 2014, there were 230 billionaires or multi-billionaires, which shot up to 831 in the 2018 in the BHI Rich List.

Earlier, in 2012, the figure was a modest 59 billionaires, which climbed to 141 in 2013. But after notching 230 billionaires in 2014, the list has grown phenomenally with 296 (2015), 339 (2016), 617 (2017) and now 831 billionaires in 2018.

Similarly, the number of USD billionaires in India in the past seven years at the prevailing exchange rates has shot up from 59 (2012) to 141 (2018) as the USD’s value grew from INR 55.60 to INR 68.40 during the period.

Among women, there was only one self-made billionaire in 2013, which increased to 11 in 2018. Women multi-billionaires shot up from just five in 2013 to 136 this year.

The cumulative wealth of these 831 individuals featured in the latest list stands at USD 719 billion, or one-quarter of the Indian GDP of USD 2,848 billion as per the IMF’s April 2018 estimates.

After Ambani, next comes S.P. Hinduja and family of Hinduja Group with estimated wealth of Rs 159,000 crore, Arcelor-Mittal’s L.N. Mittal and family at Rs 114,500 crore in the top bracket.

Following them are: Wipro’s Azim Premji at Rs 96,100 crore, Sun Pharmaceuticals Ltd’s Dilip Shanghvi at Rs 89,700 crore, Kotak Mahindra Bank’s Uday Kotak at Rs 78,600 crore, Serum Institute of India’s Cyrus Poonawalla at Rs 73,000 crore, Adani Group’s Gautam Adani and family at Rs 71,200 crore, Shapoorji Pallonji Mistry’s Cyrus P. Mistry at Rs 69,400 crore,

Five of the Top 10 belong to Maharashtra, one each from Gujarat and Karnataka, two are London-based and one is in Monaco, as per the rich list.

As expected, the country’s commercial capital Mumbai tops the billionaires’ list with 233 names, followed by New Delhi at 163 and IT capital Bengaluru at 70, said Barclays Private Clients CEO S.N. Bansal.

The annual list is a compilation of the super-richest Indians having a net worth of Rs 1,000 crore or more. This number has increased by a staggering one-third – from 617 in 2017 to 831 in 2018, said Hurun Report India’s Managing Director Rahman Junaid.

While 306 new entrants made it to the list this year, 75 of those featured in 2017 failed to find a place in the super exclusive club this year.

“The Indian edition of the list is the fastest growing rich list in the world, highlighting the optimism of a young, vibrant and ambitious country,” Junaid pointed out.

As far as top wealthy business clans are concerned, more than 50 percent of the businesses listed in the 2018 rich list belong to just 10 Indian families – Ambani, Godrej, Hinduja, Mistry, Shanghvi, Nadar, Adani, Damani, Lohia and Burman.

Four of these family-run businesses are in the first-generation and second generation, one is in third generation and one in fifth generation of operations.

“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than before,” said Bansal at the report launch.

IANS

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Rupee extends losses, nears 73 against Dollar

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New Delhi, Sep 25: The Indian rupee slipped in the early trade on Tuesday. It weakened by 33 paise to 72.82 against the US dollar. 

The rupee closed at 72.63 against the greenback on Monday.

The key Indian equity indices opened on a negative note today, owing to a weak rupee and rising crude oil prices.

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