Connect with us

Business

Sensex down 129 pts in early trade on profit booking

Brokers said investors booked profits after recent strong rally in stocks.

Published

on

sensex

Mumbai, Mar 20 : The benchmark BSE Sensex fell almost 129 points in early trade on Monday due to profit booking by investors after recent strong gains.

The 30-share barometer declined 128.72 points, or 0.43 per cent, to 29,520.27 points, with shares of IT, Teck, metal, banking, oil & gas and capital goods trading with losses.

The index had gained 250.88 points in the last two sessions.

Also, the NSE Nifty fell by 31.55 points, or 0.34 per cent, to 9,128.50.

Brokers said investors booked profits after recent strong rally in stocks.

The Sensex had rallied by 702.76 points to 29,648.99 in the last week after the BJP’s big win in the key state of Uttar Pradesh. The Nifty gained 225.50 points, or 2.52 per cent to finish new closing peak at 9,160.05.

In the Asian region, Japan’s Nikkei fell 0.35 per cent and China’s Shanghai Composite index was down 0.02 per cent while Hong Kong’s Hang Seng rose by 0.53 per cent in early trade on Monday.

The Dow Jones Industrial Average ended 0.10 per cent lower on Friday.

Business

Market zooms: Sensex at 36K, Nifty50 at 11K

Published

on

sensex

Mumbai, Jan 23: Projection of India’s healthy economic growth outlook, along with bullish global cues lifted the key Indian equity indices to their new highs during the early morning trade session on Tuesday.

Accordingly, the S&P BSE Sensex and the NSE Nifty50 breached their previous respective intra-day high levels.

In the process, the barometer Sensex crossed the 36,000-points-mark and the NSE Nifty50 climbed above 11,000 points.

Market analysts pointed-out other factors such as positive Q3 results and buying support in oil and gas, banking, capital goods and consumer durables stocks aided in the key indices’ upward trajectory.

At 9.50 a.m., the 30-scrip S&P BSE Sensex, which had closed at 35,798.01 points on Monday, traded higher at 36,036.51 points, up by 238.50 points or 0.67 per cent.

At the National Stock Exchange (NSE), the broader Nifty50 quoted at 11,039.75 points, up by 73.55 points or 0.67 per cent.

IANS

Continue Reading

Business

Gross NPA may rise to Rs 9.5 lakh crore by March: Study

“Fiscal 2018 marks beginning of third phase of ARCs which promises to change the landscape as new regulations and other changes kick-in.”

Published

on

NPA

Gross non-performing assets (NPA) in Indian banks are expected to rise to Rs 9.5 lakh crore by March, from Rs 8 lakh crore in March last year, said a ASSOCHAM-Crisil joint study.

Stressed assets in March 2018 are expected to be at Rs 11.5 lakh crore, the report titled “ARCs headed for a structural shift,” said.

“High level of stressed assets in the banking system provides enormous opportunity size for asset reconstruction companies (ARCs) which are an important stakeholder in the NPA resolution process,” ASSOCHAM said in a statement quoting the study.

It, however, said that owing to capital constraints, growth of ARCs is expected to come down significantly.

“While growth is expected to fall to around 12 per cent until June 2019, however the AUM (assets under management) are expected to reach Rs 1 lakh crore, and that is fairly sizeable.”

The study added that with banks expected to make higher provisioning over and above the provisions made for stressed assets, they may sell the assets at lower discounts, thus increasing the capital requirement.

The study also said that effective implementation of the Insolvency and Bankruptcy Code would be a remedy to the challenge of prolonged litigation and it can help improve the recovery rate of stressed assets’ industry further.

Power, metal and construction sectors contribute the bulk of stressed assets. According to an analysis of 50 stressed assets (forming nearly 40 per cent of stressed assets in the system), sectors like metal, construction and power form nearly 30 per cent, 25 per cent and 15 per cent respectively, while other sectors together form the remaining 30 per cent.

The report stated that 2018 would see a structural shift in the stressed assets’ space as increased stringency in banks’ provisioning norms for investments in security receipts (SRs) is likely to result in more cash purchases.

“Fiscal 2018 marks beginning of third phase of ARCs which promises to change the landscape as new regulations and other changes kick-in.”

Continue Reading

Business

Key Indian equity indices open at fresh highs

Published

on

Mumbai, Jan 22: Key Indian equity indices opened at fresh highs during the early morning trade session on Monday, with healthy buying observed in oil and gas, energy and consumer durables stocks.

At 9.20 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded 8.05 points or 0.07 per cent higher at a new high of 10,902.75 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 35,613.97 points, traded at a fresh level of 35,613.73 points — up 102.15 points or 0.29 per cent — from its previous session’s close.

The Sensex has touched a new high of 35,664.01 points during the intra-day trade so far.

The BSE market breadth was bullish as 454 stocks advanced as compared to 238 declines.

On Friday, positive global cues, coupled with upbeat quarterly corporate earnings and healthy buying in banking stocks, propelled the key indices to close at new record highs.

The Nifty50 closed at 10,894.70 points, while the Sensex closed at 35,511.58 points.

IANS

Continue Reading
Advertisement

Most Popular