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Equity markets to take cues from macro data, global developments this week

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BSE

The Indian stock markets during the upcoming week are expected to take directions from domestic macro-economic data points slated to be released from March 12 onwards.

Apart from the data, developments on the global trade front, along with the direction of foreign funds, will also determine the course of key Indian equity indices, said market observers.

“Market participants will keep a close eye on domestic macro-economic data releases. The government will announce inflation data based on consumer price index (CPI) for February and industrial production data (Index of Industrial Production, IIP) for January on March 12,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.

“Besides, global macro-economic data, developments in the Budget session of Parliament, trends in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will continue to dictate the trend on the bourses next week,” he said.

During March 5-9, figures from the National Securities Depository (NSDL) revealed that FPIs invested in equities worth Rs 1,384.36 crore, or $212.98 million.

Provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) sold-off scrips worth Rs 280.74 crore, while DIIs purchased scrips worth Rs 131.07 crore during last week.

On technical levels, if the NSE Nifty50 trades and closes above the 10,288-level in the upcoming week, then it is likely to test 10,375 to 10,463-10,565 levels, as per Arpit Jain, Assistant Vice President at Arihant Capital Markets.

“However, if the Nifty trades and closes below 10,165 level, then it can test 10,077 to 9,990-9,888 levels,” Jain told IANS.

“Broadly, the weekly trend is down, hence at higher levels, we are likely to witness selling pressure,” he added.

Last week, the Indian equity markets were engulfed by bears as global trade war fears following US President Donald Trump’s proposal to impose tariff on import of metals, along with the turmoil in the domestic banking sector, continued to erode the risk-taking appetite of investors.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 739.8 points or 2.17 per cent to close at 33,307.14 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,226.85 points — down 231.5 points or 2.21 per cent from its previous week’s close.

“With global uncertainty over the US trade war and its reaction, all eyes are also on the proposed meeting of North Korean Leader Kim Jong Un and President Trump in the coming months,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

According to Vinod Nair, Head Of Research at Geojit Financial Services, absence of major triggers to maintain the upward trend is keeping investors on the sidelines.

“Though the long-term outlook for the domestic economy continues to be strong, issues like global trade headwinds, NPA (non-performing assets) issues and US Federal Reserve’s rate-hike trajectory are adding volatility to the market,” said Nair.

“Market participants are cautiously awaiting the CPI and IIP data next week. Inflation is expected to come down to 4.74 per cent in February which will ease bond yield in the near term. IIP is expected to show some moderation,” he added.

(Porisma P. Gogoi can be contacted at [email protected] )

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Sensex slips 160 points after opening in the green

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Sensex equity Nifty

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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