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Rupee Went 16 Paise Up To 81.54 Against USD During Early Trade

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The rupee went up by 23 paise and closed at 81.70 against the US dollar, on 24 November. The global oil benchmark, Brent crude futures too grew 0.20 per cent to USD 85.51 per barrel

The rupee improved 16 paise to 81.54 against the US dollar during early trade on 25 November. This is after the weakness witnessed in the broad dollar weakness along with its Asian peers.

The domestic unit opened at 81.69 against the dollar, at the interbank foreign exchange. Later it reached 81.54. which registered a surge of 16 paise over its previous close.

The rupee went up by 23 paise and closed at 81.70 against the US dollar, on 24 November.

According to experts, the American currency has softened from its elevated levels considering Federal Open Market Committee (FOMC) minutes.

The dollar index, went 0.23 per cent down to 105.82. It measures the greenback’s strength against a basket of six currencies.

Apart from this development, investors’ sentiment is also aided by steady crude oil price.

The global oil benchmark, Brent crude futures too grew 0.20 per cent to USD 85.51 per barrel.

The 30-share BSE Sensex was traded at 39.89 points or 0.06 per cent lower at 62,232.79. On similar lines, the broader NSE Nifty fell 12.65 points or 0.07 per cent to 18,471.45, in the domestic equity market.

Foreign Institutional Investors (FIIs) purchased shares worth Rs 1,231.98 crore, which made them net buyers in the capital markets on 24 November, according to exchange data.

rupee

Rupee Strengthens 26 Paise To 81.67 Against Dollar

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The domestic unit opened at 81.72 against the dollar, at the interbank foreign exchange. The rupee showed strength in offshore trading on broad-based dollar weakness. The Brent crude futures, which is the global oil benchmark went 0.21 per cent down to USD 85.23 per barrel

The rupee surged 26 paise to 81.67 against the US dollar during early trade on 24 November. as the American currency softens from its elevated levels.

The domestic unit opened at 81.72 against the dollar, at the interbank foreign exchange. Later, it gained ground to touch 81.67 and registered a rise of 26 paise in its previous close.

The rupee showed strength in offshore trading on broad-based dollar weakness. Expectedly it will trade in a range of 81.55-81.85 with sideways price action, according to a media report.

The dollar index went 0.41 per cent down to 105.63, post the weak US data and dovish Fed minutes. It measures the greenback’s strength against a basket of six currencies.

The Brent crude futures, which is the global oil benchmark went 0.21 per cent down to USD 85.23 per barrel.

The 30-share BSE Sensex traded 180.14 points or 0.29 per cent higher at 61,690.72. On the similar lines, the broader NSE Nifty went up 66.50 points or 0.36 per cent to 18,333.75, in the domestic equity market.

The Foreign Institutional Investors (FIIs) sold shares worth Rs 789.86 crore which made them the net sellers in the capital markets, according to exchange data release on 23 November.

economy

Sensex, Nifty End Lower Ahead Of Inflation Data

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The 30-share Sensex ended 0.28 per cent to 61,624.15 while its broader peer the Nifty50 ended 0.11 per cent lower to settle at 18,329.15

Indian equity benchmarks ended slightly lower on Monday as investors remained cautious ahead of key inflation data due to be released later in the day.

The 30-share Sensex ended 0.28 per cent to 61,624.15 while its broader peer the Nifty50 ended 0.11 per cent lower to settle at 18,329.15.

On the Sensex, Kotak Mahindra Bank, Tata Steel, Power Grid Corporation of India, IndusInd Bank, Infosys were the top gainers. 

Dr Reddy Laboratories, ITC, Hindustan Unilever, State Bank of India, and ICICI Bank were among the top losers on the 30-share index.

“Markets mostly wavered in today’s session as investors reassessed the outlook for US growth and the soft October US inflation report. That said, metal stocks were the big outperformers on the backdrop of a rally in mining stocks across global stock markets amid firm commodity prices,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

On the sectoral front, the Nifty FMCG index fell 1 percent and the PSU Bank index shed 0.6 per cent. The metal index added 1.7 per cent and the information technology index rose 0.8 per cent.

Stock specific movements were seen in LIC, Zee Entertainment Eneterprises and Shakti Pumps India.

LIC posted its biggest intraday surge since its listing in May and ended 5.9 per cent lower after strong quarterly earnings.

Zee and Shakti pumps tanked after dismal results.

“As long as Nifty holds the 18,077 support, its immediate goal post is seen at its all-time-high at 18605 mark and then aggressive targets at the psychological 19,000 mark,” said Mehta on the technical outlook.

economy

Sensex, Nifty Ends With A Fall

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Sensex closed at the level of 56,788.81 on Monday, while Nifty index closed at the level of 16,887.35

Sensex and Nifty has closed with a big fall on Monday. On the first trading day of the week, the Sensex closed at the level of 56,788.81 after a fall of 638.11 points or 1.11 per cent. Apart from this, the Nifty index closed at the level of 16,887.35 with a gain of 207.00 points or 1.21 per cent.

Out of the top-30 of the Sensex, 3 stocks have been bullish. The shares of Dr Reddy, NTPC, and Bharti Airtel have been rising. Apart from this, the stocks of 27 companies have slipped.

Maruti has been on top in the list of loser shares as its stocks have fallen by 3 per cent. Apart from this, HUL, IndusInd Bank, Bajaj Finance, SBI, ITC, Bajaj Finserv, Kotak Bank, ICICI Bank, LT, TCS, HDFC, HDFC Bank, Infosys, Asian Paints, Nestle India, Tatine, Tata Steel, Power Grid, HCL Tech, Sun Pharma, Wipro including many other companies had a sell-off in their stocks.

Talking about the sectoral index, today there has been buying in the pharma and healthcare sector. Apart from this, all are closed in red marks. Nifty Bank, Nifty Auto, Financial Services, FMCG, IT, Media, Metal, Pharma, PSU Bank, Private Bank, Realty, Consumer Durable and Oil and Gas sector have also been selling.

After the announcement of monetary policy, the stock market continued to fall for several days on Friday. The BSE Sensex closed over 1,000 points on the last trading day of the week.

Adani group logo

Adani Enterprises Joins Adani Ports In 50 Stock Club

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Adani Enterprises would be replacing Shree Cements with its entry in Nifty 50 index. Today it has a market cap of Rs 4.1 lakh crore.

Aiming to establish diverse new businesses, Adani enterprises is all set to make entry in the Nifty 50 index from September 30. The flagship entity of Adani Group and an incubator would be replacing Shree Cements with its entry in the index.

After Adani Ports & SEZ, this will be the second Adani Group entity that will be a part of Nifty. Seven companies from the group already feature among the 50 biggest companies in India.

Despite Adani Enterprises drawing not much attention among Adani Group of companies, the returns it has delivered are good in numbers. Data of the last three years says, delivering around 2,400 percent returns made Adani Enterprises today the 11th biggest listed company in India with a market cap of Rs 4.1 lakh crore. During same period, Nifty 50 in total delivered meagre 46 percent returns.

Apart from Adani Enterprises’ unreasonable valuations, investors and analysts still continued to praise its business, says market experts. In media reports the company is termed as “the goose that lays golden eggs”.

The chairman and founder of Adani Group, Gautam Adani during his recent speech said that Adani Group foresee an investment of 100 billion dollars over coming decade keeping green energy space as priority.

Majorly it will come through Adani Enterprises via its subsidiary Adani New Industries Limited. The firm will be handling its venture into renewable energy, green hydrogen and downstream products like ammonia, urea and methanol.

Along with that, managing airports, data centres, building roads and defence equipment are some projects that Adani Enterprises covers. Analysts say, these businesses are on the verge of gaining momentum and should be value accretive in the short to medium term.

Also, Adani Enterprises will be seen in the Nifty 50 Shariah index. Whereas on the other hand, Adani Total Gas is being included in the Nifty100 Alpha 30 index and Adani Wilmar in Nifty500 Shariah index.

Ever since its entry on March 27, 2020 until its exit, Shree Cement could deliver 21 percent returns only. However, it should be noted that during this period the Indian economy was not performing well due to the pandemic, which negatively impacted many other stocks too.

20211130_091350

Indian Shares Rise 1%

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The NSE Nifty 50 index rises 1.1 per cent to 17,816.25 and the S&P BSE Sensex ended up 0.98 per cent at 59,719.74

Indian shares ended up 1 per cent on Tuesday in broad-based buying, led by a surge in pharma stocks, even as global markets remained muted, anticipating hefty interest rate hikes from a host of central banks.

The NSE Nifty 50 index rose 1.1 per cent to 17,816.25 and the S&P BSE Sensex ended up 0.98 per cent at 59,719.74.

“People think that the inflation problem in India is not as severe as abroad. Other thing is that we have enough domestic liquidity. We don’t have any large initial public offerings that are sucking out money,” said Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors.

“Many of the defensives have done well today on concerns of over valuation,” he added.

Foreign investors on Monday sold $435.6 million worth of Indian equities, Refinitiv Eikon data showed.

Much of the foreign selling is in the large-cap space, Emkay Wealth Management said in a note.

“While the selling by overseas investors has been there in all the emerging markets, the extent to which the currency depreciated is also comparatively less in the case of the domestic economy,” Emkay said.

The Nifty pharma index was the top gainer, rising 3.1 per cent

The Nifty bank index, metals index and auto index were the other big movers, adding 1.4 per cent, 1.6 per cent and 1.7 per cent, respectively.

Shares of Indian hospital chain operator Apollo Hospitals Enterprise was the top gainer in Nifty 50 index, rising 5.8 per cent.

Meanwhile, global stocks were little changed on Tuesday, with all eyes on the US Federal Reserve, which is expected to raise rates when a two-day meeting ends on Wednesday.
 
 (Reuters)

Source: freepik.com

NSE Down 0.36 Percent

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Markets were on edge, as investors assessed the possibility of the U.S. Federal Reserve going for a 100-basis-point interest rate hike next week to tackle elevated inflation

Indian shares retreated from a five-month peak on Thursday, as banks slipped from record highs and technology stocks extended a decline, outweighing sharp advances in automakers.

The NSE Nifty 50 index was down 0.36 per cent at 17,938.35, as of 0513 GMT, while the S&P BSE Sensex slipped 0.32 per cent to 60,153.9.

Markets were on edge, as investors assessed the possibility of the U.S. Federal Reserve going for a 100-basis-point interest rate hike next week to tackle elevated inflation.

Meanwhile, Fitch cut India’s economic growth forecast for 2022/23 to 7 per cent from 7.8 per cent, in the backdrop of a slowdown amid global economic stress, elevated inflation and tighter monetary policy.

“About one-thirds of respondents believe that the Fed will go for a 100 bps hike, and that is continuing to have a rub-off effect on IT stocks along with the rating downgrades,” said Aishvarya Dadheech, a fund manager at Ambit Asset Management.

The Nifty IT index slumped 1.4 per cent after dropping 3.7 per cent in the previous session, with tech major Infosys sliding 2.4 per cent. Infosys has lost nearly 7 per cent over the last two sessions, hit in part, by a downgrade from Goldman Sachs to ‘sell’. read more

The Nifty Bank index slipped 0.21 per cent after hitting a record high earlier in the session.

Meanwhile, automakers’ stocks were a bright spot in the tepid market, with carmaker Maruti Suzuki India climbing 4 per cent to its highest in over 4 years.

The Nifty Auto index jumped 1.5 per cent to a record high.

“We may remain on the sidelines until the Fed meeting,” Dadheech said, adding that new peaks for local markets could not be ruled out during the upcoming festive season, given strong foreign equity inflows, and moderation in commodity prices.

(Reuters)

economic recovery

After Turbulent Session, Sensex and Nifty Close Slightly Changed

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The 30-share Sensex slid 48.99 points to 59,196.99 at the close. Its wider counterpart, the Nifty50, closed at 17,655.60, down 10.20 points

Domestic equity indexes finished flat on Tuesday, with gains in select heavyweights like Reliance and Bharti Airtel offset by losses in banking and finance companies.

The 30-share Sensex slid 48.99 points to 59,196.99 at the close. Its wider counterpart, the Nifty50, closed at 17,655.60, down 10.20 points.

Bajaj Finserv down 2.08 percent to Rs 17,014 in the 30-share pack, while Kotak Mahindra Bank fell 1.18 percent, M&M fell 1.08 percent, and HUL fell 1.07 percent. Bajaj Finance, Nestle India, and Asian Paints were among among the stocks that agreed to decrease their dividends.

However, NTPC surged 2.56 percent to Rs 168.40. Bharti Airtel jumped 2.36 percent, followed by Tata Steel at 1.64 percent and Reliance at 0.98 percent. Earlier in the day, Asian markets closed higher, with South Korea’s Kospi, Japan’s Nikkei, and China’s Shanghai Composite up by 0.26 percent, 0.03 percent, and 1.36 percent, respectively.

Sectorally, the Nifty Metal index increased 1.32 percent, while the Nifty Oil & Gas index rose 1.15 percent. However, the Nifty FMCG and Financial Services indexes fell 0.52 percent and 0.37 percent, respectively. The Nifty Midcap50 and Smallcap50 gained 0.25 percent and 0.04 percent, respectively.

tata

Multibagger Tata Stock Reaches Lifetime High For Sixth Straight Day

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Automotive Stampings and Assemblies Ltd shares, on the other hand, are an exception. This multibagger auto stock has returned more than 800% in the previous year, delivering significant alpha return

The bulk of the shares of the Tata group have provided fantastic returns to its owners throughout this time period, despite the fact that the key benchmark indexes BSE Sensex and Nifty 50 have provided modest returns to stock market investors. 

In fact, a few of them have recently offered multibagger returns to their positioned shareholders. One of Dalal Street’s multibagger stocks during the last year is the stock of Indian Hotels Company. This multibagger hospitality stock has returned 115% over the past year, but the narrative doesn’t end there.

For the previous six sessions, this Tata group hospitality stock has been hitting all-time highs. The Indian Hotels share price rose today, reaching a new all-time high of 307.20 per share on the NSE. In the previous six sessions, this Tata group stock has increased from roughly 273 to 307 per share, giving a 12 percent return to its stockholders. 

Meanwhile, Automotive Stampings, TTML, and Indian Hotel are three Tata stocks that have at least quadrupled their owners’ money in the recent year. Automotive Stampings and Assemblies Ltd shares, on the other hand, are an exception. This multibagger auto stock has returned more than 800% in the previous year, delivering significant alpha return.

economic recovery

Sensex Goes Down 652 Pts, Nifty Snaps Winning Streak

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At close on Friday, the Sensex was down 651.85 points or 1.08 per cent at 59,646.15 while its broader peer the Nifty was down 198 points or 1.10 per cent at 17,758.50

Indian benchmark indices snapped their 8-day winning streak and ended in red at close on Friday. The fall is mainly attributed to some profit booking witnessed during the trade and some other global macroeconomic headwinds.

At close, the Sensex was down 651.85 points or 1.08 per cent at 59,646.15 while its broader peer the Nifty was down 198 points or 1.10 per cent at 17,758.50.mExcept capital goods and Power all major sectoral indices ended in red. On the Nifty, Adani Ports, L&T, Infosys, Eicher Motors and Bajaj Auto were among top gainers. IndusInd Bank, Apollo Hospitals, Bajaj Finserv, Tata Motors and Hindalco Industries were among top losers.

“Interest rate sensitives such as banking, auto & realty stocks witnessed heavy profit-taking and halted benchmark indices’ 7-day winning streak. Investors pressed the sell button after the recent US FOMC minutes indicated that the Federal Reserve may go for rate hikes in its next meeting, which prompted local investors to prune their holdings after the recent run-up,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities

A key macroeconomic factor that took the bulls by surprise was the resurgence in the US dollar index. The US Dollar index surged to a one-month high of 107.6 against a basket of major currencies amid comments by US Federal Reserve members that did little to support market’s optimism for slower interest rate hikes going ahead.  A strong dollar is negative for emerging market equities like India as it triggers capital outflows.

Also, heavy selling was witnessed in Reliance Industries’ shares as late on Thursday the government hiked the windfall tax on the export of diesel to Rs 7 per litre and brought back duty on export of jet fuel. A few banking names also saw selling including ICICI Bank, HDFC Bank, SBI, IndusInd Bank. Bajaj Twins – Bajaj Finserv and Bajaj Finance also slid over 2 per cent each.

“Technically, the Nifty witnessed profit booking near 18000 level, while on daily charts, the index has formed a long bearish candle and also broke the important support level of 17850 which is broadly negative. In addition, it has also formed Hammer candlestick formation indicating further weakness in the near future,” said Athawale. The selling on Friday was seen when the Nifty50 was around the 18,000 level, suggesting traders were jittery near the key mark.

“Below 17900, the correction formation is likely to continue and could retest the level of 17600-17500. On the flip side, 17900 – 17950 would act as an immediate hurdle for the bulls. A fresh uptrend is possible only if the index clears the resistance of 17950, which could then take it further to 18050-18150 level,” added Athawale.

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