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Sensex drops over 130 pts in early trade; Nifty tests 17,000

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From the 30-share pack, HDFC Bank, HDFC, Kotak Mahindra Bank, Bajaj Finance, State Bank of India, Dr Reddy’s, Bajaj Finserv, Nestle India, Asian Paints, HCL Technologies, TCS and Tech Mahindra were among the biggest laggards

Equity benchmark Sensex fell over 130 points in early trade on Monday, tracking losses in index-heavyweights HDFC twins, TCS and HCL Tech amid a weak trend in Asian markets and renewed foreign fund outflows. The 30-share BSE barometer was trading 138.56 points lower at 57,223.64 in opening trade. Similarly, the broader NSE Nifty dipped 43.55 points to 17,109.45.

From the 30-share pack, HDFC Bank, HDFC, Kotak Mahindra Bank, Bajaj Finance, State Bank of India, Dr Reddy’s, Bajaj Finserv, Nestle India, Asian Paints, HCL Technologies, TCS and Tech Mahindra were among the biggest laggards. On the other hand, Maruti Suzuki India, ITC, Bharti Airtel and Sun Pharma were trading in the green.

On Friday, the 30-share BSE benchmark dropped 233.48 points or 0.41 percent to settle at 57,362.20. The Nifty had declined 69.75 points or 0.40 percent to 17,153. Equity exchanges in Tokyo and Shanghai were quoting lower, while Hong Kong and Seoul traded higher during mid-session deals.

Stock exchanges in the US also ended on a mixed note on Friday. Meanwhile, international oil benchmark Brent crude declined 2.65 percent to USD 117.45 per barrel. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,507.37 crore on Friday, according to the stock exchange data.

Overseas investors have pulled out a net Rs 1,14,855.97 crore from the Indian markets in the current year, so far, amid heightened geopolitical tensions and inflation concerns. Foreign portfolio investors have sold domestic equities worth Rs 48,261.65 crore so far this month, taking the year-to-date tally this year to a massive Rs 1,14,855.97 crore, according to depositories data.

“Even though the Ukraine war and the consequent crude spike impacted markets initially, the war is not impacting markets much now. The major headwinds for markets in 2022 will continue to be the high US inflation and Fed tightening,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

PTI

economy

Sensex jumps 264 points in early trade, Nifty above 17,300

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The 30-share Sensex was trading 264.02 points or 0.45 per cent higher at 58,127.95. Likewise, the Nifty gained 66.3 points or 0.38 per cent to 17,353.35.

Equity benchmark Sensex jumped 264 points in early trade on Monday, tracking gains in index majors Maruti, Infosys and TCS amid a largely positive trend in global equity markets.

The 30-share Sensex was trading 264.02 points or 0.45 per cent higher at 58,127.95. Likewise, the Nifty gained 66.3 points or 0.38 per cent to 17,353.35.

Among Sensex constituents, Maruti Suzuki India, Wipro, Tech Mahindra, Tata Steel, Infosys, Titan, Tata Consultancy Services and HCL Technologies Limited were the lead gainers.

In contrast, Asian Paints, Kotak Mahindra Bank, Power Grid and Hindustan Unilever Limited were among the laggards.

On Thursday, the 30-share BSE benchmark rallied 1,047.28 points or 1.84 per cent to finish at 57,863.93. Likewise, the broader NSE Nifty surged 311.70 points or 1.84 per cent to 17,287.05.

Equity markets were closed on Friday on account of Holi.

“US markets closed on a positive note on Friday with NASDAQ closing 2 per cent higher. The majority of the Asian markets are also trading in green in Monday’s trade,” said Mohit Nigam, Head – PMS, Hem Securities.

Equity exchange in Shanghai was trading marginally higher, while Hong Kong was quoting lower in mid-session deals. Tokyo was closed for a holiday.

Stock exchanges in the US closed with significant gains on Friday.

Meanwhile, international oil benchmark Brent crude jumped 2.71 per cent to USD 110.8 per barrel.

Foreign institutional investors were net buyers after they bought shares worth Rs 2,800.14 crore on Thursday, according to exchange data.

“Nifty after the 15 per cent correction from the peak has climbed back by 10 per cent. This resilience of the market even amid uncertainties and challenges is significant from the investors’ perspective.

“For the short-term, the biggest positive for the market is the FPIs turning buyers. Crude again back at USD 110 is a headwind,” according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

PTI

rupee

Rs slumps 26 paise to 76.10 against USD in early trade

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At the interbank foreign exchange, the rupee opened at 76.08 against the US dollar, then slipped further to 76.10, registering a decline of 26 paise from the last close.

The rupee declined 26 paise to 76.10 against the US dollar in opening trade on Monday, following its Asian peers after crude oil prices and the American dollar reversed their recent declines.

Besides, a lackluster trend in domestic equities also weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 76.08 against the US dollar, then slipped further to 76.10, registering a decline of 26 paise from the last close.

On Thursday, the rupee spurted by 37 paise to close at 75.84 against the US dollar.

The forex market was closed on Friday on account of Holi.

Global oil benchmark Brent crude futures jumped 3.10 percent to USD 111.28 per barrel.

The Indian Rupee opened weak against the US dollar as crude oil prices and the dollar reversed some of their recent declines, said Sriram Iyer, senior research analyst at Reliance Securities.

Moreover, most of the Asian currencies have started weaker and will also weigh on sentiments, Iyer noted.

Meanwhile, the dollar index, which gauges the greenback’s strength against six currencies, rose 0.08 percent to 98.31.

The US Dollar has bounced back from recent declines as Federal Reserve officials said the central bank may need to be more aggressive to deal with inflation, Iyer said.

On the domestic equity market front, the 30-share Sensex was trading 213.2 points or 0.37 percent lower at 57,650.73, while the broader NSE Nifty slipped 61.10 points, or 0.35 percent, to 17,225.95.

Amid intensifying the Russia-Ukraine conflict, investors assessed diplomatic efforts to negotiate an end to the war.

Foreign institutional investors remained net gainers in the capital market on Thursday as they purchased shares worth Rs 2,800.14 crore, according to stock exchange data.

PTI

economy

Sensex jumps 264 points in early trade, Nifty above 17,300

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The 30-share Sensex was trading 264.02 points or 0.45 per cent higher at 58,127.95. Likewise, the Nifty gained 66.3 points or 0.38 per cent to 17,353.35.

Equity benchmark Sensex jumped 264 points in early trade on Monday, tracking gains in index majors Maruti, Infosys and TCS amid a largely positive trend in global equity markets.

The 30-share Sensex was trading 264.02 points or 0.45 per cent higher at 58,127.95. Likewise, the Nifty gained 66.3 points or 0.38 per cent to 17,353.35.

Among Sensex constituents, Maruti Suzuki India, Wipro, Tech Mahindra, Tata Steel, Infosys, Titan, Tata Consultancy Services and HCL Technologies Limited were the lead gainers.

In contrast, Asian Paints, Kotak Mahindra Bank, Power Grid and Hindustan Unilever Limited were among the laggards.

On Thursday, the 30-share BSE benchmark rallied 1,047.28 points or 1.84 per cent to finish at 57,863.93. Likewise, the broader NSE Nifty surged 311.70 points or 1.84 per cent to 17,287.05.

Equity markets were closed on Friday on account of Holi.

“US markets closed on a positive note on Friday with NASDAQ closing 2 per cent higher. The majority of the Asian markets are also trading in green in Monday’s trade,” said Mohit Nigam, Head – PMS, Hem Securities.

Equity exchange in Shanghai was trading marginally higher, while Hong Kong was quoting lower in mid-session deals. Tokyo was closed for a holiday.

Stock exchanges in the US closed with significant gains on Friday.

Meanwhile, international oil benchmark Brent crude jumped 2.71 per cent to USD 110.8 per barrel.

Foreign institutional investors were net buyers after they bought shares worth Rs 2,800.14 crore on Thursday, according to exchange data.

“Nifty after the 15 per cent correction from the peak has climbed back by 10 per cent. This resilience of the market even amid uncertainties and challenges is significant from the investors’ perspective.

“For the short-term, the biggest positive for the market is the FPIs turning buyers. Crude again back at USD 110 is a headwind,” according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

PTI

rupee

Rupee spurts by 22 paise to 74.44 against US dollar in early trade

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The local currency opened on a strong note at 74.51 to a dollar at the interbank foreign exchange market against the previous close of 74.66 on Friday.

The rupee spurted by 22 paise to 74.44 in early trade on Monday on softer crude oil prices and revived hopes of a diplomatic solution to the Russia-Ukraine crisis.

The local currency opened on a strong note at 74.51 to a dollar at the interbank foreign exchange market against the previous close of 74.66 on Friday.

The rupee gained further ground to trade at 74.44 at 1030 hours, supported by benign crude oil prices.

Reports suggested that the US and Russia have agreed to hold a summit on the Ukraine standoff, calming jittery investors. The reports also suggested that one of the preconditions for the summit is that Russia would not invade Ukraine, raising hopes of a diplomatic solution to the crisis.

Of late, crude oil prices have spurted on fears of supply disruption due to a possible invasion of Ukraine by Russia.

The Brent Crude on Monday dropped by 0.34 percent to USD 93.22 per barrel. The US dollar index also edged lower by 0.21 percent to 95.84.

Foreign investors remained net sellers in Indian capital markets as they sold equities worth Rs 2,529.96 crore on a net basis on Friday.

Meanwhile, on the domestic equity front, the BSE Sensex was trading lower by 398.17 points at 57,434.80 and the NSE Nifty dropped 93.20 points to 17,183.10 in late morning deals.

PTI

rupee

Rupee slips 14 paise to 75.18 against US dollar in early trade

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Forex traders said sustained foreign fund outflows and elevated crude oil prices too weakened the rupee.

The rupee declined 14 paise to 75.18 against the US dollar in opening trade on Thursday, as geopolitical tensions and muted domestic equities weighed on investor sentiment.

Forex traders said sustained foreign fund outflows and elevated crude oil prices too weakened the rupee.

At the interbank foreign exchange, the rupee opened at 74.94 against the US dollar, then slipped further to 75.18, registering a decline of 14 paise from the last close.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.30 percent to 95.98.

The White House on Wednesday said that a Russian invasion of Ukraine can happen anytime now, as President Joe Biden announced plans to dispatch Vice President Kamala Harris and Secretary of State Tony Blinken to attend the Munich conference to meet world leaders and unite them against Moscow.

White House Press Secretary Jen Psaki anticipated that an attack could take place at any time.

Meanwhile, global oil benchmark Brent crude futures fell 0.80 percent to USD 94.05 per barrel.

On the domestic equity market front, the 30-share Sensex was trading 67.95 points or 0.12 percent lower at 57,928.73, while the broader NSE Nifty slipped 1.45 points, or 0.01 percent, to 17,320.75.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 1,890.96 crore, as per stock exchange data.

PTI

economy

Sensex, Nifty slip into red in volatile opening trade

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After opening over 300 points higher, the 30-share Sensex reversed gains to venture into the negative zone fighting bouts of volatility. The gauge was trading 117.44 points or 0.20 points lower at 57,879.24

The BSE gauge Sensex dropped over 117 points to trade below 57,900-level in a highly volatile opening session on Thursday, as investors weighed geopolitical tensions between Russia and Ukraine.

After opening over 300 points higher, the 30-share Sensex reversed gains to venture into the negative zone fighting bouts of volatility. The gauge was trading 117.44 points or 0.20 points lower at 57,879.24.

Similarly, the NSE Nifty edged lower by 23.45 points or 0.14 percent to 17,298.75.

On the Sensex chart, IndusInd Bank, Axis Bank, ICICI Bank, UltraTech Cement, and HDFC Bank were among major laggards. Of the Sensex constituents, 16 shares were trading in the red.

Elsewhere in Asia, markets were trading mixed as investors remained cautious after the US administration maintained that a possibility of Russian invasion on Ukraine was still on.

A Russian invasion of Ukraine can happen anytime now, the White House said on Wednesday.

Global crude oil benchmark Brent Futures fell 0.86 percent to USD 93.99 per barrel on Thursday.

Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday, as they offloaded shares worth Rs 1,890.96 crore, according to stock exchange data.

PTI

rupee

Rupee slumps 20 paise to 75.56 against US dollar in early trade

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Forex traders said muted domestic equities and elevated crude oil prices weighed on the local unit.

The rupee declined 20 paise to 75.56 against the US dollar in opening trade on Monday, amid geopolitical tensions pushing investors to the safe-haven appeal of the greenback.

Forex traders said muted domestic equities and elevated crude oil prices weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.53 against the US dollar, then slipped further to 75.56, registering a decline of 20 paise from the last close.

On Friday, the rupee had plunged by 21 paise to a nearly seven-week low of 75.36 against the US currency on forex outflows and a strong dollar after a spike in inflation in the US boosted expectations of an aggressive rate hike by the Federal Reserve.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.03 percent to 96.05.

Meanwhile, global oil benchmark Brent crude futures rose by 1.09 percent to USD 95.47 per barrel.

“The US and Britain advised their nationals to leave Ukraine as Russia has massed enough troops near Ukraine to launch a major invasion. This could push investors to the safe-haven appeal of the greenback,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Additionally, crude oil prices moved higher, while all the Asian and emerging market peers have started weaker this Monday and could weigh on sentiments, Iyer said, adding that “the Reserve Bank of India could be present to curb volatility”.

On the domestic equity market front, the 30-share Sensex was trading 1,117.08 points or 1.92 percent lower at 57,035.84 points, while the broader NSE Nifty declined 339.95 points, or 1.96 percent, to 17,034.80 points.

Foreign institutional investors remained net buyers in the capital market on Friday as they purchased shares worth Rs 108.53 crore, as per stock exchange data.

PTI

rupee

Rupee gains 15 paise to 74.29 against US dollar in early trade

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The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent higher at 95.53.

The rupee appreciated by 15 paise to 74.29 against the US dollar in opening trade on Thursday, even as the domestic equity market was trading with significant losses.

At the interbank foreign exchange, the rupee opened at 74.43 against the American dollar, then inched higher to 74.29, registering a rise of 15 paise from the last close.

In the previous session, the rupee settled at 74.44 against the greenback.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.02 per cent higher at 95.53.

The US Dollar, along with benchmark 10-year yields and crude prices came off multi-year highs and could lend support to the domestic unit, Reliance Securities said in a research note.

However, investors will remain cautious ahead of the US Federal Reserve’s meeting due next week, it added.

On the domestic equity market front, the 30-share Sensex was trading 383.54 points or 0.64 per cent lower at 59,715.28, while the broader NSE Nifty declined 99.45 points or 0.55 per cent to 17,838.95.

Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth Rs 2,704.77 crore, as per stock exchange data.

Global oil benchmark Brent crude futures fell 0.12 per cent to USD 88.33 per barrel.

PTI

electricity pole

IEX Power Trade Volume Grows Nearly 54% To 9,477 MU In Nov

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The Day-Ahead Market achieved 4,719 MU volume in November seeing a 3 percent YoY decline. The average monthly price at Rs. 3.1 per unit saw a significant 62 percent month-on-month (MoM) price reduction mainly due to increased liquidity on the supply-side with the sell-bids at 1.8X of the cleared volume.

Electricity trade volume at Indian Energy Exchange (IEX) rose nearly 54 per cent year-on-year in November this year to 9,477 million units (MUs).

“The Indian Energy Exchange realized 9,477 MU cleared volume in November 2021 comprising 6,333 MU in the Conventional Power Market, 457 MU in the Green Power Market and 2687 MU in the Certificate Market comprising ESCerts and REC. Overall, the exchange realised 53.8 per cent YoY growth across all its market segments,” an IEX statement said.

The Day-Ahead Market achieved 4,719 MU volume in November seeing a 3 per cent YoY decline. The average monthly price at Rs. 3.1 per unit saw a significant 62 per cent month-on-month (MoM) price reduction mainly due to increased liquidity on the supply-side with the sell-bids at 1.8X of the cleared volume.

This ensured ample availability of power and competitive price of power thereby providing optimisation opportunities to the distribution utilities.

The Term-Ahead Market comprising intra-day, contingency, daily and weekly contracts traded 302.7 MU during the month and recorded 23.4 per cent YoY growth.

The Real-time Electricity Market achieved 1311 MU volume seeing a significant 47 per cent YoY growth. The average monthly price was at Rs 3.48 per unit. The highest single day volume of 56.16 MU was achieved on November 18 with 554 participants transacting in the market.

The Real-time Electricity Market has been seeing consistent growth in volumes since inception in June 2020 as the market has been successfully facilitating the distribution utilities and industries in real-time demand-supply balancing in the most efficient and flexible manner.

The Green Market at IEX comprising of both the day-ahead and term-ahead contracts achieved a cumulative volume of 457 MU during the month.

The Green Day-ahead Market achieved 149.46 MU volume during the month with the weighted average price of Rs 3.72 per unit. The market saw participation from about 93 participants in the first full month of operations since commencement on October 26, 2021.

The Green Term-Ahead Market achieved 307 MU volume with a significant 94 per cent YoY growth. The market saw participation from 29 participants including participation from the key distribution utilities from states such as West Bengal, Haryana, Telangana, Karnataka, Delhi and Punjab.

In line with regulatory developments as well as the CERC Order dated 18 November 2021, IEX resumed trading in the REC market on Wednesday, 24 November 21 after a gap of almost 16 months. The market traded 2444.35 MU in terms of total volume.

The exchange received a great response with participation from over 800+ participants who had been eagerly waiting for the resumption in order to meet their RPO and voluntary obligation.

The Exchange achieved a total of 24.4 lacs Renewable Energy Certificates (REC) trade in November comprising 21.90 lacs Non-Solar RECs and 2.53 lacs Solar REC. A price of Rs 2,000 for Solar REC, and Rs 1,000 per REC for the non-solar RECs was discovered at the exchange platform.

IEX commenced trade in the Energy Saving Certificates (ESCerts) under Perform, Achieve and Trade Cycle-II on October 26, 2021.

During November, the exchange accomplished trade in 242,733 ESCerts, registering a trade volume of 242.73 MU.

The trade has been paused until 31 December 2021 as per the directions dated November 25, 2021, issued by the Ministry of Power.

(PTI)

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