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Key Indian equity market indices open higher

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Mumbai, March 16: After the US Federal Reserve hiked its benchmark interest rate a quarter point for the second time in three months, the Indian equity markets reacted positively and the key indices opened higher on Thursday.

The Sensitive Index (Sensex) of the BSE, which had closed at 29,398.11 points on Wednesday, opened higher at 29, 482.83 points. Minutes into trading, it was quoting at 29,568.03 points, up by 169.12 points, or 0.53 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 9,084.80 points, was quoting at 9,138.85 points, up by 54.05 points or 0.59 per cent.

On Wednesday, heavy selling pressure in IT and Teck (technology, media and entertainment) stocks, coupled with disappointing macro-economic data dragged the Indian equity markets lower.

Besides, investors remained cautious ahead of the US Federal Open Market Committee’s (FOMC) meet on whether to raise interest rates, and India’s Goods and Services Tax (GST) Council meet on Thursday.

The Sensex was down by 44.52 points or 0.15 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 29,500.08 points and a low of 29,358.91 points. The Nifty, too was down by 2.20 points or 0.02 per cent.

On Thursday, Asian indices were showing a positive trend except Japan’s Nikkei 225 which is trading in red. Hang Seng was up by 1.11 per cent while South Korea’s Kospi was in green, up by 0.51 per cent. China’s Shanghai Composite index was quoting in green, up by 0.63 per cent.

On a positive note, Nasdaq closed in green, up by 0.73 per cent while FTSE 100 was also up by 0.15 per cent at the closing on Wednesday.

IANS

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Petrol, diesel touch all time highs as oil companies hike rates

Apart from Karnataka politics, crude oil prices which have lately been around the $80 per barrel-mark are expected to impact investor sentiments.

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Mumbai, May 20 : Persistently high global crude oil prices, along with the rupee’s movement against the US dollar and the ongoing quarterly results season are expected to drive the trajectory of the key Indian equity indices in the coming week.

However, analysts predict a negative reaction from investors on the formation of a non-BJP government in Karnataka and any further outflow of foreign funds.

“Markets will closely track the floor test results in Karnataka,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

“Globally USD, US interest rates and crude oil prices need to be monitored due to their influence on the local markets.”

Apart from Karnataka politics, crude oil prices which have lately been around the $80 per barrel-mark are expected to impact investor sentiments.

As per the latest estimates of the Finance Ministry, the rise in oil prices may inflate India’s import bill by around $25 billion to $50 billion. The surge has already pushed the cost of petrol in the national capital to Rs 75.32 per litre.

Besides, the rupee’s price movement against the US dollar will also be crucial for the market, especially in the backdrop of a continuous outflow of foreign funds.

“Rupee continues to weaken against the US dollar as outflows continue across the emerging markets. However, high oil prices and political risk premium in a pre-election year is ensuring that the rupee remains as an underperformer in the EM basket,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

“Developments in Karnataka are not going to have any lasting adverse impact on the rupee bit come Monday, but there is a risk of a knee-jerk sell-off in the INR against the USD.”

On a weekly basis, the Indian rupee weakened by 68 paise to close at 68.01 against the US dollar from its previous close of 67.33 per greenback.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,496.79 crore during the trade week ended May 18.

According to the National Securities Depository (NSDl), foreign portfolio investors (FPIs) divested equities worth Rs 799.88 crore, or $117.63 million.

In addition to the rupee’s movement, companies like Bata India, Bharat Forge, Bosch, Cipla, Dr Reddys lab, Future Consumer, IndianOil, State Bank of India, Jet Airways and Tata Motors are expected to announce their fourth quarter (Q4) earning results in the coming week.

“We are also expecting to see a mixed bag of result for Q4 going forward. With Q4 results below estimates, there are concerns of downgrade in FY19 estimates,” said Vinod Nair, Head of Research at Geojit Financial Services.

Technical charts showed the National Stock Exchange’s (NSE) Nifty50 in a downtrend.

“Technically, with the Nifty ending lower for the fourth consecutive session and closing below the short term trend reversal levels of 10,630 points, the underlying uptrend has reversed,” said Deepak Jasani, Head of Retail Research for HDFC Securities.

“The coming week could see further downsides towards 10,514 points and lower. On the upside bounces, 10,692 points-level can offer resistance.”

The political stand-off in Karnataka, consistent rise in global crude oil prices and outflow of foreign funds, pulled the key Indian equity indices deep into the red in the week just-ended.

Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE declined by 687.49 points or 1.93 per cent to 34,848.30 points.

Similarly, the wider NSE Nifty50 edged-lower. It ended at 10,596.40 points — down 210.1 points or 1.94 per cent — from its previous close.

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Vodafone brings exciting offers for IPL fan

All it takes is – to download the MyVodafoneApp and participate in the Vodafone Unofficial Sponsor of Fans contest by answering a few simple questions,

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New Delhi, May 19 : Telecom major Vodafone has come up with bagful of offers for the Vodafone customers in Delhi and NCR this IPL season.

With the playoff matches around the corner, the company has floated Unofficial Sponsor of Fans contest for Vodafone pre-paid and post paid customers.

All it takes is – to download the MyVodafoneApp and participate in the Vodafone Unofficial Sponsor of Fans contest by answering a few simple questions, a Vodafone release said.

There are 80 match tickets which can be won by Delhi & NCR Vodafone customers.

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Karnataka’s political crisis, oil prices plunge equities

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SENSEX-

Mumbai, May 18: The uncertain political environment in Karnataka along with high global crude oil prices pulled the key Indian equity indices deep in the red on Friday.

According to market observers, heavy selling pressure was witnessed in capital goods, auto and metal counters.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,596.40 points, down 86.30 points or 0.81 per cent from the previous close of 10,682.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE ended in the red. It had opened at 35,143.59 points, closed at 34,848.30 points (3.30 p.m.) — down 300.82 points or 0.86 per cent — from its previous session’s close of 35,149.12 points.

In the intra-day trade, barometer S&P BSE Sensex touched a high of 35,163.11 and a low of 34,821.62 points. The BSE market breadth was bearish with 1,856 declines against 765 advances.

The major gainers on the BSE were Hindustan Unilever, Kotak Mahindra Bank, IndusInd Bank, ITC and Yes Bank, while Sun Pharma, Wipro, Tata Steel, Larsen and Toubro, Tata Motors and ICICI Bank were the major losers.

On the NSE, the top gainers were Bajaj Finance, Tech Mahindra and Bajaj Finserv. The major losers were Cipla, Wipro and Indiabulls Housing Finance.

IANS

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