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Global indices, stock-specific buying lift Indian equities

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Mumbai, Feb 12: Positive global indices, coupled with healthy buying in capital goods, auto, banking, healthcare and metal stocks, lifted the key Indian equity indices on Monday.

Market observers said investors awaited the retail and industrial inflation data due to be announced in the evening which is expected to give direction to the central bank’s next course of action on raising interest rates.

The wider Nifty50 of the National Stock Exchange held the 10,500-mark and closed higher by 84.80 points or 0.81 per cent at 10,539.75 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 34,300.47 points — up 294.71 points or 0.87 per cent from its previous close.

The Sensex touched a high of 34,351.34 points and a low of 34,115.12 points during the intra-day trade.

The BSE market breadth was bullish as 2,050 stocks advanced as against 764 declines.

In terms of the broader markets, the S&P BSE mid-cap index edged higher by 1.31 per cent and the small-cap index by 1.60 per cent.

“Markets bounced back on Monday after the correction seen on last Friday. The gains came on the back of strong global cues,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Major Asian markets closed on a positive note, barring the Hang Seng index. European indices like FTSE 100, DAX and CAC 40 traded in the green,” he added.

Last week on Friday, the key equities had plunged into the negative territory amid a global sell-off, with the Sensex shedding 407.40 points or 1.18 per cent and the Nifty50 was down 121.90 points.

Vinod Nair, Head of Research, Geojit Financial Services, said: “On Monday, market reversed from previous day’s losses owing to positive global cues and expectation of marginal decline in January CPI (Consumer Price inflation) inflation today.”

“Mid and small-caps outperformed the benchmark indices as investors start accumulating the over sold stocks. The economy is forecast to improve in the long-term with strong earnings growth which is likely to provide a safety to the ongoing consolidation,” he added.

The Central Statistics Office (CSO) is slated to release the macro-economic data points of the CPI and IIP (Index of Industrial Production) on Monday evening.

On the currency front, the Indian rupee strengthened by nine paise to close at 64.31 against the US dollar from its previous close at 64.40.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 814.11 crore while domestic institutional investors bought stocks worth Rs 1,342.70 crore.

Sectorwise, the S&P BSE capital goods index surged by 317.88 points, followed by auto index by 266.55 points and banking index by 197.62 points.

On the other hand, the S&P BSE IT index edged lower by 52.47 points and the Teck (technology, media and entertainment) index by 22.59 points.

Major Sensex gainers on Monday were: Tata Steel, up 4.22 per cent at Rs 712.50; Yes Bank, up 2.89 per cent at Rs 334.95; Power Grid, up 2.51 per cent at Rs 198.05; IndusInd Bank, up 2.12 per cent at Rs 1,686.45; and Hero MotoCorp, up 1.94 per cent at Rs 3,615.

Major Sensex losers were: State Bank of India, down 2.67 per cent at Rs 288.50; Infosys, down 0.72 per cent at Rs 1,103.80; ITC, down 0.53 per cent at Rs 269.85; Mahindra and Mahindra, down 0.43 per cent at Rs 746.70; and ICICI Bank, down 0.23 per cent at Rs 326.

The Indian equity markets will remain closed on Tuesday (February 13) for Mahashivratri.

IANS

 

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Karnataka politics, oil prices depress equity market

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SENSEX-

Mumbai, May 21: Formation of a non-BJP government in Karnataka, along with weakness in global indices and rising crude oil prices, pulled the key Indian equity indices to close in the negative territory for the fifth consecutive session on Monday.

According to market observers, automobile, consumer durables and healthcare stocks slumped during the day’s trade.

After opening on a flat note, the indices traded higher during the early hours in the day but were unable to hold on to the gains for long.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provincially closed at 10,516.70 points, down 79.70 points or 0.75 per cent from the previous close of 10,596.40 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE settled in the red. It had opened at 34,873.16 points, closed at 34,616.13 points (3.30 p.m.) — down 232.17 points or 0.67 per cent — from its previous session’s close of 34,848.30 points.

The Sensex touched a high of 34,973.95 and a low of 34,593.82 points. The BSE market breadth was bearish with 1,969 declines against 680 advances.

The major gainers on the BSE were State Bank of India (SBI), Tata Consultancy Services (TCS), Coal India, Axis Bank and ICICI Bank, while Sun Pharma, Dr. Reddy’s Lab, Yes Bank, Tata Motors and Tata Motors (DVR) were the major losers.

On the NSE, the top gainers were SBI, BPCL and Coal India. The major losers were Dr Reddy’s Lab, Sun Pharma and UPL.

IANS

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In five years, private banks see 450 percent hike in NPAs

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New Delhi, May 21: Data of last five years revealed that the Non-Performing Assets of private banks on a surge, with a 450 percent hike in gross NPAs of these lenders from Rs 19,800 crore at the end of financial year 2013-2014 to Rs 109,076 crore at the end of March 2018.

According to the Indian Express report, Among the banks that have accumulated a huge rise in bad loans are ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, Federal Bank and Yes Bank.

ICICI Bank is on top of the NPA list with Rs 54,063 crore in bad loans. It has recorded a 514 percent increase in NPAs in five years – from Rs 10,506 crore in FY 2013-14 to Rs 54,063 crore in March 2018, the IE report stated.

Axis Bank saw a 988 percent jump in its bad debts in last five financial years. The Bank’s bad loans have climbed up from Rs 3,146 crore in FY 2013-14 to Rs 34,249 crore in FY 2017-18, the report said.

The Reserve Bank of India (RBI) had recently imposed a fine of Rs 3 crore on Axis Bank for violations of NPA classification.

While HDFC Bank’s NPAs rose from Rs 2,989 crore to Rs 8,607 crore in the last five financial years.

Yes Bank’s NPAs jumped from Rs 175 crore in FY 2013-14 to Rs 2627 crore in 2018.

Last year, the RBI in a risk assessment discovered that Yes Bank had under-reported its NPAs by Rs 6350 crore.

However, Yes Bank is not alone in under-reporting NPAs. From ICICI to HDFC to Axis Bank, all have invited flak from the RBI for asset divergence. In March 2017, the RBI in its assessment had found that HDFC had under-reported its NPAs by Rs 2052 crore.

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Petrol, diesel prices hit all time high; rates hiked for 8th day in row

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New Delhi, May 21: Petrol and diesel prices on Monday were increased in the range of 33-34 paise per litre and 25-27 paise per litre across Delhi, Kolkata, Mumbai and Chennai. That marked fresh all-time highs of petrol and diesel prices in Delhi.

On Sunday, petrol was priced at Rs 76.24 per litre in Delhi, more than the previous all-time high price of Rs 76.06 reached in September 2013. Diesel prices had been registering new all-time highs for past few sessions. With effect from 6 am, Monday, petrol was sold at Rs. 76.57 per litre in Delhi while diesel retailed at Rs. 67.82 per litre, according to Indian Oil Corporation.

Monday’s revision marked an eighth consecutive hike in petrol and diesel prices in the four metros.

Prior to these hikes, petrol and diesel prices were not raised for about three weeks before Karnataka elections. Because of that, oil marketing companies (OMCs) needed to raise petrol prices by Rs. 4.6 per litre, or 6.2 per cent, and diesel rates by Rs. 3.8 per litre, or 5.8 per cent, according to brokerage Kotak Institutional Equities.

While the crude oil prices are near their 2014 highs the rupee has weakened by more than 6 per cent so far this year. That is why domestic petrol and diesel prices may continue to rise in the very short term, say experts.

According to a report of The Economic Times Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday had said the hike in the fuel prices is due to the less production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and hike in crude oil price in the international market. The Union Minister also assured the citizens that the Indian government will soon take out a solution to tackle the situation.

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