WeForNews | Latest News, Breaking News, News Updates Equity indices post sharp gains on lower crude prices | WeForNews | Latest News, Blogs
Connect with us

Business

Equity indices post sharp gains on lower crude prices

Further, on Friday, global markets jumped significantly reflecting investors’ hopes about upcoming trade talks between China and the US.

Published

on

SENSEX NIFTY MARKET

Mumbai, Nov 3 (IANS) The Indian equity market broke its two-week losing streak with sharp gains as the Sensex reclaimed the 35,000-mark and Nifty50 shot over 5 per cent on a weekly basis during the October 29-November 2 period.

According to analysts, firm global cues including decline in crude oil prices aided the upward movement of Indian indices. Strong quarterly earnings reported during the week was among the other major supportive factors driving the market, they said.

For the week under review, the S&P BSE Sensex gained 1,662.34 points, or 4.74 per cent, to close at 35,011.65.

The 50-share Nifty of the National Stock Exchange advanced 523 points, or 5.21 per cent, to settle at 10,553.

The investor sentiments improved with the downward movement in crude.

“The benchmark Brent crude fell 6 per cent this week and 16 per cent since the beginning of October to $72.91 a barrel as fear of oil shortage faded,” said Rahul Sharma, Senior Research Analyst with Equity99.

Analysts were of the view that value buying by investors after the fortnightly loss also supported the Indian equity market in the week gone by.

Further, on Friday, global markets jumped significantly reflecting investors’ hopes about upcoming trade talks between China and the US.

US President Donald Trump on Thursday said his conversation with his Chinese counterpart Xi Jinping laid “heavy emphasis on trade” and also described it as “long and very good”.

Provisional figures from the stock exchanges showed that foreign institutional investors sold shares worth Rs 5,706.24 crore during the week, whereas domestic institutional investors bought Rs 6,377.02 crore worth of stocks.

Figures from the NSDL showed that foreign portfolio investors divested Rs 4,232.05 crore in the equities segment during the week ending November 2.

The relief rally during the week was aided by strong quarterly performance by heavyweights, along with a healthy recovery in the banking counters.

On Sensex, among the major weekly gainers top three were from the banking sector — Yes Bank, up 15.98 per cent at Rs 209.40; State Bank of India, up 15.05 per cent at Rs 285.45; and Axis Bank, up 13.51 per cent at Rs 609.95 per share.

The other major gainers included were Larsen & Toubro which logged a weekly gain of 13.29 per cent, as the engineering and construction conglomerate on Wednesday posted a 23 per cent jump in net profit for the second quarter ending September.

The week saw only four laggards — Coal India, down 6.93 per cent at Rs 261.35;, Kotak Mahindra Bank, down 2.22 per cent at 1,133.30;, NTPC, down 0.88 per cent at Rs 157.90; and HDFC Bank, down 0.78 per cent at Rs 1,946.90 per share.

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

Blog

Azim Premji and Dr Devi Shetty chosen for PCB awards

Besides them 25 senior journalists have been selected for the ‘Press Club Annual Awards’, a release said.

Published

on

By

Azim Premji Wipro

Bengaluru, Jan 19: The chairman of Wipro Limited Azim Premji and the founder chairman of Narayana Health Dr Devi Prasad Shetty are among those who have been selected for the annual awards given by the Press Club of Bangalore.

Premji has been chosen for ‘Press Club Person of the Year’, while Dr Shetty and actor-Director Sudeep Sanjeev have been selected for the ‘Press Club Special Award.’

Besides them 25 senior journalists have been selected for the ‘Press Club Annual Awards’, a release said.

Chief Minister B S Yediyurappa will facilitate the awardees at a function scheduled for the third week of February, it said.

Continue Reading

Business

Healthcare sector revenues likely to grow by 20% in FY22: ICRA

he risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in Covid-19 cases”.

Published

on

By

healthcare sector

New Delhi, Jan 19: Even as the healthcare sector witnessed squeezing of revenues due to the Covid-19 pandemic, its long-term outlook remains stable on the back of swift rebound in occupancy as well as structural factors, ICRA said on Monday.

The rating agency expects the occupancy of companies in the sector to bounce back substantially to 60 per cent in FY22, from the estimated occupancy of 52 per cent in FY21, and the revenue growth to be at 20 per cent in FY22, against an estimated contraction of 19 per cent in FY21, aided by a lower base as well.

There has been significant sequential improvement in occupancy every month after the sharp fall in April and the pent-up demand is also likely to support the performance, as elective procedures cannot be delayed indefinitely by domestic as well as international patients, the report noted.

Due to the high operating leverage, the EBITDA margin is likely to rise to 13 per cent in FY22, against an estimated EBITDA margin of 9 per cent in FY21. The capital expansion was already slowing down, even pre-Covid, and is likely to remain modest in FY22 as the players have adequate capacity to grow over the medium term and the near-term focus is on better utilisation of the existing facilities rather than expansion of the network.

Consequently, the capex as well as startup costs of new hospitals are likely to be much lower going forward, which will also aid profitability. The net debt is expected to stay largely range-bound, but the debt protection metrics is likely to improve significantly due to a sharp rise in accruals, ICRA said.

According to Kapil Banga, Assistant Vice President, ICRA: “The credit risk profile of entities in the sector had been on improving the trajectory over the last two years and notwithstanding the near-term disruption due to the pandemic, as well as given the essential nature of the services, ICRA believes the sector will resume on its growth trajectory in FY22. The risks to the recovery could be in the form of additional regulatory measures, protracted restrictions on international travel and jump in Covid-19 cases”.

Continue Reading

Business

Excise duty collection surges 48% in FY21 on high fuel levies

The total excise duty in the last financial year was over Rs 2.39 lakh crore.

Published

on

By

Modi Poster on Petrol Pump

New Delhi, Jan 17 : As the government has kept excise duty on petrol and diesel elevated amid the pandemic with a view to increase revenue, the total excise duty collection during April-November FY21 has surged nearly 48 per cent as compared to the year ago period.

The excise duty collection during the first eight months of the current financial year was over Rs 1.96 lakh crore, compared to over Rs 1.32 lakh crore collected during April-November FY20, official data showed.

The collection in November 2020 was highest so far in the financial year 2020-21 at Rs 35,703 crore. In November 2019, excise duty collection stood at Rs 18,948 crore.

The total excise duty in the last financial year was over Rs 2.39 lakh crore.

As fuel prices are at record high despite low crude oil prices, demand has been raised from several quarters to reduce the excise duty on petrol and diesel to provide relief to the common man.

In the national capital, petrol is sold at a record high level of Rs 84.70 a litre while diesel is priced at Rs 74.88 per litre.

Continue Reading
Advertisement

Most Popular