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Momentum with the bulls – Market Watch

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Sensex down

The week gone by behaved on expected lines and made an intraday low on Thursday before bouncing from there and registering very sharp gains in the remaining less than two days of the week. BSE SENSEX gained 429.10 points or 1.38 per cent to close at 31,588.72 points while NIFTY gained 154.85 points or 1.70 per cent to close at 9,266.75 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.98 per cent, 2.15 per cent and 2.38 per cent respectively. BSE MIDCAP was up 3.95 per cent while BSE SMALLCAP was up 4.93 per cent.

The intraweek low made on Thursday on the BSE SENSEX was at 30,016 points, which was a loss of 1,140 points till then, while it was 8,821.90 points on NIFTY, a loss of 290 points. The recovery from the intra week lows in less than two days was 1,570 points on BSE SENSEX and 445 points on NIFTY. This momentum has steam and would carry the markets higher in the coming week and it would be worth watching how far this rally can go before profit taking steps in.

One must remember that the markets are like a patient and are yet to recover fully. What we are witnessing is relief rally, oversold rally or a rally by any other name that you can think of. Fundamentals of the market are yet to kick in and they would do so only when covid-19 is under full control and one can say that life has normalised.

The Indian Rupee after being extremely volatile settled with a marginal gain of 4 paisa or 0.03 per cent to close at Rs 76.39 to the US Dollar. Dow Jones had a good week and gained 523.12 points or 2.21 per cent to close at 24,242.49 points.

RBI cut reverse repo rates by 25 basis points to 3.75 per cent from the earlier four per cent, signalling to the market that banks should lend and that the system is full of liquidity. Whether banks will lend is a million-dollar question as the 90-day moratorium is a contentious issue going forward and complete clarity on provisioning norms post the 90 day are yet to emerge.

HDFC Bank reported an excellent set of numbers even considering the fact that it was only the last fortnight of March 2020 that was impacted by covid-19. The net profit for the 4th quarter rose 18 per cent to Rs 6,928 crores.

The government has restricted the investment by neighbouring countries in Indian companies under the automatic route and they would have to now invest under government route and not under the FDI policy. This has been issued after PBOC, raised its stake in HDFC Bank from the earlier 0.8 per centto over one per cent. SEBI raised queries on such investments and this was followed by the government release.

SBI Card which was an extremely hyped and controversial issue, completed thirty days of being listed on the bourses. This 30-day period is significant because the allocation to anchor investors comes with a 30-day lock-in. On completion of the same, anchor investors are free to sell. The share which was issued at Rs 755 and had created huge hype and demand and was oversubscribed 26.49 times overall saw its share touch a low of Rs 501.10. This means that the share has lost a third in value and the issue was oversubscribed 56.66 times by QIB”s and they have a reasonable time frame view on the share unlike the HNI, whose investment horizon is less than 48 hours. This loss is without considering the grey market premium which varied between 225-275 for about three months prior to the issue and touched a peak of just short of Rs 400. Understandable that covid-19 has impacted the business of SBI Card as well but to what extent? The share did recover from the lows to close at Rs 530.70, a weekly loss of Rs 64.15 or 10.78 per cent.

Coming to covid-19, the total number of cases globally have risen to 23.33 lac cases with there being 1,60,818 deaths and over 6 lac patients recovering. In India the number of affected persons has increased to 16,365 cases with 521 deaths and 2,466 patients having recovered. There seems to be a larger number of patients recovering than before which is a positive sign.

Coming to the markets in the week ahead, the momentum of the last two trading sessions will keep the market going in the initial part of the week after which there would be profit taking as well. This does not mean that this would signal the end of the rally but then markets would look to the expiry of April futures and how the relaxation of lock-down and reopening of factories happens. The rally should be more than what was gained on a weekly basis in the previous week before the profit taking.

In conclusion, a rally followed by profit taking and then cues from the lockdown to determine the flow of the market in the week ahead.

(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

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Male sex hormones may help treat breast cancer: Study

While endocrine therapy is standard-of-care for estrogen receptor positive breast cancer, resistance to these drugs is the major cause of breast cancer mortality.

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breast cancer

Sydney : Researchers have found new evidence about the positive role of androgens, commonly thought of as male sex hormones but also found at lower levels in women, in breast cancer treatment.

In normal breast development, estrogen stimulates and androgen inhibits growth at puberty and throughout adult life.

Abnormal estrogen activity is responsible for the majority of breast cancers, but the role of androgen activity in this disease has been controversial.

The new research published in the journal Nature Medicine showed that androgens have potential for treatment of estrogen receptor positive breast cancer.

A cancer is called estrogen receptor positive if it has receptors for estrogen, according to Breastcancer.org.

Using cell-line and patient-derived models, the global team, including researchers at the University of Adelaide and the Garvan Institute of Medical Research in Australia, demonstrated that androgen receptor activation by natural androgen or a new androgenic drug had potent anti-tumour activity in all estrogen receptor positive breast cancers, even those resistant to current standard-of-care treatments.

In contrast, androgen receptor inhibitors had no effect.

“This work has immediate implications for women with metastatic estrogen receptor positive breast cancer, including those resistant to current forms of endocrine therapy,” said lead researcher Theresa Hickey, Associate Professor at the University of Adelaide.

“We provide compelling new experimental evidence that androgen receptor stimulating drugs can be more effective than existing (e.g. Tamoxifen) or new (e.g. Palbociclib) standard-of-care treatments and, in the case of the latter, can be combined to enhance growth inhibition,” said Wayne Tilley, Director of the Dame Roma Mitchell Cancer Research Laboratories, Adelaide Medical School, University of Adelaide.

Androgens were historically used to treat breast cancer, but knowledge of hormone receptors in breast tissue was rudimentary at the time and the treatment’s efficacy misunderstood.

Androgen therapy was discontinued due to virilising side effects and the advent of anti-estrogenic endocrine therapies.

While endocrine therapy is standard-of-care for estrogen receptor positive breast cancer, resistance to these drugs is the major cause of breast cancer mortality.

“The new insights from this study should clarify the widespread confusion over the role of the androgen receptor in estrogen receptor driven breast cancer,” said Elgene Lim, a breast oncologist and Head of the Connie Johnson Breast Cancer Research Lab at the Garvan Institute.

“Given the efficacy of this treatment strategy at multiple stages of disease in our study, we hope to translate these findings into clinical trials as a new class of endocrine therapy for breast cancer.”

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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.

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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.

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Elizabeth Olsen: Nepotism creates fear that you don’t deserve the work you get

The actress added that she “always had this need to prove myself to everyone around me that I work really hard”, adding: “I couldn’t walk in a room without everyone already having an opinion.”

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Elizabeth Olsen

Los Angeles, Jan 19 : Hollywood star Elizabeth Olsen says she once thought of changing her surname and distance herself from the success of her family because it was insanity growing up in the spotlight.

“It was insanity. There were times when my sisters would always be spotted and I would be in the car with them and it would really freak me out. It has helped me navigate how I want to approach my career,” said the actress, whose older sisters are Mary-Kate Olsen and Ashley Olsen.

The actress added that she “always had this need to prove myself to everyone around me that I work really hard”, adding: “I couldn’t walk in a room without everyone already having an opinion.”

Elizabeth opened up om the fears of nepotism.

“The thing about nepotism is the fear that you don’t earn or deserve the work. There was even a part of me when I was a little girl that thought if I’m gonna be an actress I’m going to go by Elizabeth Chase, which is my middle name. And then, once I started working, I was like, ‘I love my family, I like my name, I love my sisters. Why would I be so ashamed of that?’ It’s fine now,” she said.

The actress said fame has made her more of a homebody.

“Fame has also made me someone who is more of a homebody than maybe I would like to be but I know where not to go. If I could do whatever I wanted for the day, I’d start with the gym, then I’d go to the grocery store, because it’s my favourite thing,” Elizabeth told The Sun.

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