Tag: sensex

Dogecoin’s popularity soars ahead of Nifty, mutual funds in India, BFSI News, ET BFSI

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MUMBAI: A joke well said is when everyone laughs or at least goes back home and Googles it. Mind-numbing rallies in the cryptocurrency world are not absurd, but the rise of the ‘Doge’ has confounded even the biggest of cryptocurrency lovers.

Dogecoin, a cryptocurrency born out of a light-hearted joke in 2013 with no revolutionary endeavours, such as those of Bitcoin creator, has soared 5,500 per cent in 2021 so far, despite having nearly halved its value over the past week.

Simply put, Dogecoin is an Internet meme currency with the symbol of the Japanese Shiba Inu dog for the meme generation, backed by individuals like Elon Musk, the founder of Tesla, SpaceX and Starlink.

And, Indians are intrigued.

The popularity of the meme cryptocurrency has been soaring among Indians since the beginning of April from virtually zero interest prior to that. Much of the interest has been driven by reports that pegged the digital currency’s returns at over 10,000 per cent year to date, something unheard of in the world of traditional investing.

More Indians were searching for the term ‘Dogecoin’ on Google on Friday than Bitcoin and mutual funds combined, data on Google search trends showed. The rise in popularity of the cryptocurrency has been such that it is threatening to overtake popular search terms in India’s investing landscape like ‘Nifty’ and ‘Sensex’.

Industry watchers in India said almost all of the interest in Doogecoin is being driven by young investors, who are ardent admirers of Elon Musk, given his image as a futurist and his involvement in the development of some of the most revolutionary companies of the 21st century.

The surge in interest is despite Dogecoin giving up almost half of its value earlier this week following the Tesla Founder’s comments on a popular US comedy show that the cryptocurrency was nothing more than a ‘hustle’, confirming the suspicion of most.

Prior to Musk’s appearance on the Saturday Night Live last week, the interest in Dogecoin virtually broke the roof for the cryptocurrency market, as several cryptocurrency exchanges in India such as WazirX were unable to handle the deluge of orders.

WazirX, India’s largest cryptocurrency exchange, reported one of the highest single-day trading volumes of $350 million on May 7, a day prior to Musk’s appearance on the show. Some industry watchers suggested that much of the volumes were being driven by Dogecoin investors.

Musk has tried to make amends ever since his SNL gaffe by announcing the launch of a moon mission called DOGE-1, which will be funded entirely by Dogecoin.

Further, his Twitter poll earlier this week on whether Tesla should accept payment in Dogecoin or Bitcoin coincided with the shock announcement on Thursday that the electric vehicle company will suspend acceptance of Bitcoin as payment due to environment-related concerns.

“…if Elon Musk is able to improve some of its technical flaws as he said, that could help it gain long-term value,” said Vikram Rangala, chief operating officer at ZebPay.

Dogecoin’s lack of fundamental value compared with other major crypto assets such as Bitcoin and Ethereum is not lost even on cryptocurrency experts, who argue that it has none of the traits such as fixed supply that have made Bitcoin popular.

However, when the world’s second richest man is himself on the driver’s seat, one can only expect people to hop on to the bandwagon.



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How to build a resilient equity portfolio amid market volatility

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The bull run since March 2020 has been unprecedented by historical standards – a bull run in the midst of the worst recession since World War 2. It resembles a rooftop party when the hotel lobby is on fire under full conviction that the fire men (central bankers and governments) have the tools (monetary and fiscal stimulus) to douse the fire and fix the mess.

It is often said that markets look to the future and this phrase has been oft-repeated to justify market movements contrary to current fundamentals. Same time last year (April/May 2020) many market observers were agog with opinions that Covid-19 would be under control in a year, setting the stage for economic recovery. Well, here we are one year later in May 2021, witnessing a deadlier second wave.

Given the uncertainties, markets have remained volatile in recent times. Have you assessed whether your portfolio is bear market proof? Bear market proofing does not mean building a portfolio will not decline in a bear market, but building one which is well positioned to withstand the phase and reap benefits, when the cycle turns favourably. Here’s what you can do.

No aggressive averaging

Painful investment stories include cases of investors buying stocks first while it is in triple digits in a bull market, averaging aggressively in double digits in a bear market and finally selling it in single digits! As correction in certain stocks increase, investors tend to increase allocation to that stock out of belief that is more attractive and overall portfolio positions may become concentrated.

When a bull market ends and bear market plays out, many stocks you thought were built to last, become history. Our own bellwether indices – Sensex and Nifty, had quite a few stocks that turned out this this way after three-digit or four-sigit share prices– JP Associates, Unitech, ADAG Group stocks, Suzlon. Yes Bank etc are examples. If that is the case with bellwether stocks, you can only expect a larger rout in mid- and small-cap stocks. Geodesic, Tulip Telecom, Educomp, Everonn, Karuturi Global, IVRCL etc. are just a few examples from a large universe of stocks that were touted as next big guns of the market in the earlier decade, but mis-fired.

A rule for each bucket

So, which stocks should you average and which ones you shouldn’t ?

Thematic/high risk bets (10-15 per cent of principal invested) – These can become potential multibaggers if the theme plays out successfully and the stock becomes a bellwether of the theme. If you had bet on electric cars as a theme in the early part of last decade and bought Tesla, it may have paid off. But this pay-off came after multiple near bankruptcy situations for Tesla. Similarly, in early stages it will not be clear who would be the ultimate winner of a theme. If you are looking to make 10-20x return on a stock, there is no reason for you to average if the stock goes to x/2 as the risks are higher when you average, given the theme/stock may not play out. Hence to manage the risk here, what investors can do is to make a one-time investment and resist the urge to average during corrections. Besides your research, if you are lucky your investment will pay off. If not, you would not have lost more.

Quality/value stocks (60-70 per cent) – Companies with best-in-class managements and corporate governance, strong balance sheets (very marginal debt or net cash in balance sheet) can be placed in this category. If any company is going to survive a bear market, it would be these companies. Companies in this category can be averaged periodically through the bear market phase like you would do in the case of a mutual fund SIP.

Cyclical stocks (20-25 per cent) tend to be most volatile to changes in macro backdrop and hence can give outsized returns or losses as this backdrop changes. Naturally in a bear market, their performance will be far worse than the broader index. If you are a long-term investor, this category of stocks you can buy or average when they are trading at levels closer to historical trough valuation levels.

Keep powder dry

While definitely at every point in time, including times of euphoria, markets offer opportunities for long-term investors, there is no case to go all out into the markets when it is trading at levels significantly above historical mean.

At a broader level, markets keep giving slam dunk opportunities to enter from time to time as, what is known as the ‘Minsky Moment’ plays out in every market cycle. Excessively speculative periods in bull markets are usually followed by a collapse. Shares fall well below fair value as the speculation involving extreme levels of leverage gets unwound when the economic expectations shift to the negative. For example, if you had missed the 2004-2007 bull market rally, you would have again got an opportunity to enter the markets at 2005 levels in 2009. Similarly, if you had missed the 2013 to 2020 rally, you would have again got an opportunity to enter the market at 2014 levels in 2020.

As per recent data, FPIs own around $575 billion in Indian equities,of which 75 per cent is concentrated in just 40 stocks. Any threats to the dollar carry trade due to inflation concerns in the US, combined with leverage taken by Indian investors as well, may trigger Minsky Moments. So, in case you have missed the 2020 rally, keep calm. You are likely get an opportunity to enter at attractive levels in the future.

(This is a free article from the BusinessLine premium Portfolio segment. For more such content, please subscribe to The Hindu BusinessLine online.)

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What has led to Indian millennials storming the stock market

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A surge is visible in the equity markets, both in pre- and post-Covid India. Besides, most of the newcomers are between the age of 20 and 30 years. This young generation, or the so-called millennials, are more adaptive to new technology, apart from being keen on finding new ways to achieve their goals. There are other catalysts to this influx of first time participants. For instance, the entire stock markets ecosystem has evolved over the last five years and is conducive to new young participants.

Also, the surge of learning platforms and more genuine resources to conduct research has further helped spur the participation. Unlike their previous generations, the term stock market doesn’t bring a sense of fear among millennials as they are well read and well informed. They take their own decisions and take calculated risks in the markets.

Reduced dependency on brokers

Previously, the brokerage firms were dominating the industry in terms of providing a platform to trade, stock suggestions and managing money on the client’s behalf. However, with the entry of new-age tech brokers the industry has seen a drastic change as now there are separate companies offering different specialised solutions to each of the above services — a trading platform, specific recommendations and holistic financial planning.

The new entrants have given special attention to ease of use and focus towards providing a hassle-free experience through the use of technological advancements. It’s a win-win for all. From KYC updation to new account opening, everything can be done digitally. Almost everything is just a click away.

Besides, the broking industry has also become highly competitive in terms of the charges, which have given a further fillip to millennial participation. Zerodha, which is a discount broker, for instance, saw higher influx of younger investors during the pandemic. Investors in the age group of 20-30 years now make up 69 per cent of the company’s investors compared to 50-55 per cent pre-Covid.

Growth in learning platforms

Millennials prefer to make their own decisions. They focus on learning about stock markets and stock market education platforms have provided a lot of support. There is a plethora of knowledge available on the internet, — including blogs, YouTube, and online courses –at optimal cost to help people start their own stock market journey.

Some popular stock market education portals cover topics from basics to expert level. Examples of such platforms include Udemy and Elearnmarkets. These platforms offer courses suiting all needs–offline, online, self-paced, or live.

This has helped young participants to first develop a proper knowledge base and then venture into the markets so that they are more apt to handle the volatile nature of the market.

Ease of doing research

Earlier, the brokers and media houses used to do all the research and give trading calls to their clients through news, calls and reports. The scenario has now changed with the millennials barely relying on such news and preferring to do their own research. In this regard, research sites have gained popularity, which has simplified the process of doing fundamental and technical analysis.

Offering a host of information such as market news, charts, financial data of companies, everything at a click, online tools and platforms have made stock research quite accessible. Stockedge is one such platform that hosts such information. These platforms have helped participants take well-informed decisions. Access to information and readymade analytics is no more a barrier for them. Other platforms such as TradingView, Chartink, have made intraday trading easy for active traders in the market by providing them solutions that help them make quick decisions during market hours.

We see how the entire ecosystem has become very inclusive and supportive for anyone to join in, learn and grow.

The stock market has recently been in an upward trend and has raised optimism among newbies. But the market is unpredictable and may become volatile soon. Experienced participants manage through such volatile phases and only time will tell if the millennials shy away or continue with their journey.

The author is a co-founder and CEO of StockEdge & Elearnmarkets.com

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Sensex and Nifty ends flat amidst high volitality, financials underperform, BFSI News, ET BFSI

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Domestic equity market benchmarks BSE Sensex and Nifty 50 traded flat on Friday. Benchmark indices erased most of the intraday gains and ended on flat note on April 16 amid high volatility. At close, the Sensex was up 0.06% at 48,832.03, and the Nifty was up 0.25% at 14,617.90.

Except financials all other sectoral indices ended in the green. ICICI Bank, SBI Bank, Bajaj Finance were among top index laggards.BSE Midcap and Smallcap indices outperformed broader indices today as recent fall in the space made investors to do bargain trading in quality midcap and small cap space.

The Nifty Bank Index ended flat at 31,977 down by 0.42%. Amongst the biggest losers were- ICICI Bank at Rs 566 (-1.43%) followed by Bandhan Bank at Rs 322 (-1.09%), RBL Bank at Rs 187 (-1.03%), SBI at Rs 339 (-0.82%), Kotak Mahindra at Rs 1,764 (-0.54%). Amongst biggest gainers were IDFC First Bank at Rs 54 (2.29%) followed by AU Small Finance Bank at Rs 1,077 (2.05%), Induslnd Bank at Rs 862 (0.54%).

Nifty Financial Services ended also flat at 15,362 losing 0.16%. Amongst the biggest losers were – Bajaj Finance at Rs 4,616 (-0.94%) followed by REC at Rs 127 (-0.78%), Power finance at Rs 109 (-0.32%). List of gainers included- Muthoot Finance at Rs 1,168 (1.31%) followed by HDFC at Rs 2,574 ( 1.06%), Chola Invest at Rs 540 (0.99%), Bajaj Finserv at Rs 9,824 (0.87%).

Other key takeaways

Gold prices recover in India, back above Rs 47,000
Gold prices recovered in Indian markets on Friday, after closing above Rs 47,000 per 10 gram for the first time since February 23, 2021, in the previous session. Although MCX gold June futures were trading weak, down Rs 85 or 0.18 per cent at Rs 47,090 per 10 grams, against the previous close of Rs 47,175.

MCX silver was trading at Rs 68,407 per kg, down Rs 169 or 0.25 per cent, as compared to a previous close of Rs 68,540 per kg. On April 13, MCX gold hit Rs 47,000 mark in intraday after nearly two months. Last year in August, MCX gold touched a record high of Rs 56,191 per 10 grams.

Rupee Close
Indian rupee extended the early gains and ended near the day’s high at 74.35 per dollar, amid buying saw in the domestic equity market. It opened higher by 13 paise at 74.79 per dollar against Thursday’s close of 74.92 and traded in the range of 74.28-74.79.

Rising domestic cases above 2-lac per day, widening India’s trade deficit, and the recent rebound in the crude oil could be a headwind for the Rupee. Overall, the short-term range for the USDINR is likely to be from 74.20-75.50.

Dow closes above 34,000 for first time
The Dow industrials closed above 34,000 for the first time on Thursday as the blue-chip benchmark and S&P 500 posted fresh record highs on a tech stock rally fueled by falling bond yields and strong March US retail sales, according to Reuters. The Dow Jones Industrial Average 0.9 per cent, the S&P 500 gained 1.11 per cent, and the Nasdaq Composite added 1.31 per cent.



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Benchmark indices starts the new financial year on a positive note; financials outperform, BFSI News, ET BFSI

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Market opened with a gap up at 14798.40 following the global peers but could not maintain the higher levels and took the support near the levels of 14700. However, Benchmark indices ended with a percent gain on the first day of the new financial year supported by the metal and financials.

At close, the Sensex was up 520.68 points or 1.05% at 50,029.83, and the Nifty was up 176.70 points or 1.20% at 14,867.40. Except FMCG, all other sectoral indices ended in the green with Nifty metal index rose 5% and PSU bank index added 2.6%.

The Nifty Bank Index ended higher at 33,858 adding a good 1.66%. Amongst the top gainers were- RBL Bank at Rs 216 adding 4.17% followed by Federal Bank at Rs 78 (4.02%), Bandhan Bank at Rs 350 (3.54), AU Small Finance at Rs 1,267 (3.26%), Kotak Mahindra Bank at Rs 1,804 (2.94%), Axis Bank at Rs 713 (2.23%) and ICICI at Rs 594 (2.11%).

Nifty Financial Services ended higher at 15,909 adding over 1.23%. Amongst the biggest gainers were- Indiabulls Hsg at Rs 204 adding 4.15% followed by Bajaj Finance at Rs 5,272 (2.37%), Bajaj Finserv at Rs 9,781 (1.25%), Muthoot Finance at Rs 1,214 (0.70%), Chola Invest. at Rs 562 (0.66%) and Power Finance at Rs 114 (0.57%).

Stock in Talk
Indian Overseas Bank: Indian Overseas Bank in its BSE filing said it has received a capital infusion of Rs 4,100 crore from the government towards the contribution of Central Government in the preferential allotment of equity shares of the bank during the Financial Year 2020-21, as government’s investment

Bank of India: The bank in a BSE filling informed that Government of India has infused capital of Rs 3,000 crore in Bank of India for the purpose of preferential allotment of equity shares after obtention of shareholder’s approval in the extraordinary general meeting and other related regulatory approvals

Other key takeaways

GST collection in March 2021 at record high of Rs 1.23 lakh crore
GST Revenue collection for March’ 21 sets a new record. A new record of Rs 1,23,902 crore in form of Goods and Service Tax (GST) revenue was collected in the month of March 2021, the Ministry of Finance said on April 1.

“The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods),” an official release stated

Nifty futures lot size cut to 50 from 75,effective from July contracts
All monthly expiry contracts starting from the July expiry contract will have a lot size of 50. July contracts will start trading from April 30, 2021. However, according to a SEBI circular, the April, May, and June contracts will continue to have a lot size of 75. The circular also stated that the lot size of all existing Nifty long term options contracts (having expiry greater than 3 months) shall be revised from 75 to 50 after the expiry of June 2021 contracts.

Govt to infuse Rs 14,500 crore in 4 PSU banks through recapitalisation bonds
The Finance Ministry on Wednesday notified that the government will infuse Rs 14,500 crore through recapitalisation bonds in four public sector banks. The notification issued by the finance ministry said that the government would infuse capital by issuing non-interest-bearing bonds to banks.

Currency market shut today
Indian currency market will remain shut on April 1 on account of annual bank closing. On March 31, Indian rupee ended near the day’s high at 73.11 per dollar versus Tuesday’s close of 73.38.



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Benchmark indices rebound after 2 days of consecutive losses; Financials outperform, BFSI News, ET BFSI

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The market opened on a positive note following the positive global markets on Friday. US GDP data and a decline in the unemployment claims boosted market sentiments. After falling for two consecutive days, Sensex and Nifty moved higher on Friday with Sensex ending above 49,000 while Nifty 50 zoomed to cross 14,500 today.

The Nifty Bank Index ended higher at 33,318 adding 0.94%. Amongst the top gainers were- HDFC Bank at Rs 1491 adding 1.91% followed by PNB at Rs 36 (1.41%), ICICI Bank at Rs 578 (1.22%), IDFC First Bank at Rs 57 (0.87%), SBI at Rs 357 (0.56%). Axis Bank at Rs 698 (0.52%). while all major indices ended on a positive note, Induslnd Bank and Bandhan bank ended red.

Nifty Financial Services ended higher at 15,717 adding over 1.57%. Amongst the biggest gainers were Bajaj Finserv at Rs 9,467 adding over 4.53% followed by Chola Invest. at Rs 554 (3.19%) HDFC at Rs 2,532 (2.51%), Bajaj Finance at Rs 5,183 (1.19%), Indiabulls Hsg at Rs 197 (1.20%).

Other key takeaways

SEBI’s new rules on startups, delisting, ESG and more
The SEBI has approved a raft of measures including more transparent and efficient delisting of shares, reporting of sustainability issues by companies and provisions to make it easier for startups to go public.

In its board meeting on March 25, the market regulator also mandated public disclosure of analyst calls, quick reporting of earnings, and expanded the requirement of setting up a Risk Management Committee to the top 1,000 listed companies by market capitalisation from the existing to 500 listed entities

Suryoday Small Finance Bank debuts at 4% discount to issue price
Suryoday Small Finance Bank share price started off the first day of trading at a 4.2 percent discount at Rs 292 on March 26 on the National Stock Exchange, amid weak market conditions and muted subscription to IPO.

The Rs 582.34 crore public issue was subscribed 2.37 times during March 17-19, the lowest subscription amongst IPOs closed in 2021. The stock opened at Rs 293 on the BSE, down by 3.93 percent compared to issue price of Rs 305.

Market on Thursday
It was the second successive day of losses for the Indian market on March 25 amid unsupportive global cues and selling across sectors on the F&O expiry day. At close, the Sensex was down 1.51%, at 48,440.12 and the Nifty was down 1.54%, at 14,324.90. Nifty PSU Bank, FMCG, auto, infra, IT and energy indices declined 2-3 percent. Broader markets mirrored the benchmarks, as BSE midcap and smallcap indices fell 1.8-2.2%.

Stocks rebound in late-day rally on Wall Street
US stocks rose in a late-day rally on Thursday as investors bought stocks likely to do well in the recovery and picked up beaten-down Apple and Tesla shares in anticipation that the US economy grows at its fastest pace in decades this year.

The Dow Jones Industrial Average rose 199.42 points, or 0.62%, to 32,619.48. The S&P 500 gained 20.38 points, or 0.52%, to 3,909.52 and the Nasdaq Composite added 15.79 points, or 0.12%, to 12,977.68.



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Benchmark indices end flat with Nifty and Sensex in red, financials underperformed, BFSI News, ET BFSI

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Benchmark indices ended flat with negative bias on March 22 after last hour buying erased all the intraday losses. At close, the Sensex was down 0.17% at 49,771.29, and the Nifty was down 0.05% at 14, 736.40.

IndusInd Bank, ICICI Bank and HDFC Bank were among major losers on the Nifty. Among sectors, Nifty IT, Metal, pharma and FMCG indices added 1% each, while Nifty Bank and PSU Bank index shed a % each. BSE Midcap and Smallcap indices rose 0.7-1%.

The Nifty Bank Index ended negative at 33,605 down by -1.63%. Amongst the top losers were- Induslnd Bank at Rs 968 down by -4.32% followed by ICICI Bank at Rs 573 ending below -2.25%, HDFC Bank at Rs 1,469 (-1.89%), Axis Bank at Rs 716 (-1.38%), SBI at Rs 367 (-1.12%), Kotak Mahindra Bank at Rs 1,882 (-0.63%).

Nifty Financial Services ended below 15,802 down by -1.15%. Amongst the biggest losers were Power Finance at Rs 121 down by -1.66% followed by Bajaj Finance at Rs 5,389(-1.12%), Indiabulls Hsg at Rs 213 (-0.93%), Bajaj Finserv at Rs 9,405 (-0.37%). While all the major indices traded in the red, Chola invest. and HDFC managed to end things on a positive note.

Other key takeaways

FPI inflows into equities at record high since FY13: RBI report
Foreign portfolio investors have pumped in a record USD 36 billion into equities so far this fiscal up to March 10, which is the highest since FY13, shows the latest data from the Reserve Bank. On the other hand, net foreign direct investment inflows jumped to USD 44 billion, till end January, up from USD 36.3 billion a year ago, driven by the massive inflows in November and December, with the last month of the year getting a record USD 6.3 billion.

Utkarsh SFB concludes private placement of Rs 240.47 crore
Utkarsh Small Finance Bank Ltd. has concluded private placement of Rs 240.47 crore to 6 Investors. Bank may undertake a pre-IPO placement of up to Rs 250 crores in consultation with the lead managers to the offer. Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placement round.

The lender’s initial offer comprises a fresh issue of up to ₹750 crore and an offer for sale by Utkarsh Coreinvest Ltd, aggregating up to ₹600 crore. ICICI Securities, IIFL Securities and Kotak Investment Banking will manage the share sale.

Global fund managers warn of stock market correction if yields surge to 2%
Bond yields have been inching higher in the last few weeks, rebounding strongly from 0.5% in the middle of last year. If yields continue to push higher and breach the 2% barrier, a 10% stock market correction could be in the offing, according to a survey of global fund managers conducted by Bank of America. Adding to this, the survey highlighted that fund managers believe that if yields touch 2.5%, bonds are likely to become more attractive than stocks.

Gold Updates
Gold prices traded steady with COMEX spot gold prices were trading near $1731 per ounce on Monday. Gold April future contract at MCX were trading over half a percent down at Rs. 44730 per 10 grams by noon.

Gold prices are expected to trade sideways to down for the day with COMEX spot gold support lying at $1710 and resistance at $1740. MCX Gold April support lies at Rs. 44500 and resistance lies at Rs. 44900.

Rupee Updates
Indian rupee ended higher by 14 paise at 72.37 per dollar, amid selling saw in the domestic equity market. It opened marginally higher at 72.48 per dollar against Friday’s close of 72.51 and traded in the range of 72.33-72.51.

The range between 72.30-72.70 is expected to continue, as the markets broadly are in a weak direction for the USDINR pair. In any scenario of serious lockdown there might be chances of USDINR appreciation but till then it’s an advantage bulls for rupee.



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Rupee rises 9 paise against US dollar in early trade

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The rupee appreciated by 9 paise to 72.46 against the US dollar in opening trade on Thursday, supported by positive domestic equity markets and easing crude prices.

However, a strong US dollar against major currencies overseas restricted the rupee’s rise, forex dealers said.

At the interbank forex market, the local unit opened at 72.48 against the US dollar, then inched higher to 72.46, registering a rise of 9 paise over its previous close.

On Wednesday, the rupee had settled at 72.55 against the American currency.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 292.68 points higher at 50,094.30, and the broader NSE Nifty rose 90.50 points to 14,811.80.

After its two-day policy meeting, the US Fed reassured investors that it expects to keep its key interest rate near zero through 2023.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.10 per cent to 91.53.

Brent crude futures, the global oil benchmark, fell 0.69 per cent to $67.53 per barrel.

Foreign institutional investors remained net buyers in the capital market as they bought shares worth ₹2,625.82 crore on Wednesday, according to exchange data.

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BFSI stock slips; Nifty and Sensex closes lower too, BFSI News, ET BFSI

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The benchmark index Sensex fell over 600 points in intraday trade while Nifty touched 14,969 on the downside. Bank and financial stocks such as ICICI Bank, Kotak Mahindra Bank and SBI were among the top laggards in the 30-share pack Sensex.

At close, the Sensex was down 0.95% at 50,792.08, while Nifty was down 0.95% at 15,031. Nifty PSU Bank Index fell 1 percent dragged by the Bank of Baroda, Canara Bank, Indian Bank. BSE Bankex also ended lower at 39,995 losing 1.28%.

Nifty Bank Index ended at 34,496 down -1.23%. Amongst the top Losers were- ICICI Bank at Rs 612 ending below -2.04% followed by SBI at Rs 381 with -1.70%, Induslnd Bank at Rs 1,022 (-1.65%), Kotak Mahindra Bank at Rs 1,935 (-1.47%), Axis Bank at Rs 750 (-1.33%). While all the major indices traded in red, RBL Bank and IDFC First Bank managed to stay in the green.

Nifty Financial Services ended at 16,506 Lower by -1.10%. Amongst the biggest losers were Indiabulls Hsg Rs 224 by -2.67% followed by Cholamandalam at Rs 531 (-1.41%), HDFC at Rs 2,568 (-1.22%), Bajaj Finserv at Rs 9,934 (-0.57%).

Other key takeaways

RBI to conduct OMO for sale and purchase of govt securities
The Reserve Bank of India (RBI) on March 10 announced it will purchase and sell Government of India dated securities for Rs 10,000 crore each via an open market operation (OMO) on March 18.

“The Reserve Bank has decided to conduct simultaneous purchase and sale of Government securities under open market operations (OMO) for an aggregate amount of Rs 10,000 crore each on March 18, 2021,” the central bank said.

Suryoday Small Finance Bank to launch IPO on March 17
Suryoday Small Finance Bank will open its initial public offering of 1,90,93,070 equity shares on March 17 with a price band of Rs 303-305 per share. The issue will close on March 19.

The anchor book subscription (if any) will open for a day on March 16. The offer consists of a fresh issue of 81.50 lakh equity shares and an offer for sale of 1,09,43,070 equity shares by existing shareholders.

Rupee Updates
Indian rupee erased some of the intraday gains but ended higher by 13 paise at 72.81 per dollar, amid selling saw in the domestic equity market. It opened 25 paise higher at 72.66 per dollar against Wednesday’s close of 72.91 and traded in the range of 72.62-72.85.

On March 10, the domestic unit ended flat at 72.91 per dollar versus the previous close of 72.93. On Thursday the currency market was shut on account of Mahashivratri.

Wall Street closes on higher mark
The S&P 500 and the Dow closed at all-time highs on Thursday as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a massive stimulus bill reinforced expectations of a strong economic recovery.

The Dow Jones Industrial Average rose 188.57 points, or 0.58%, to 32,485.59, the S&P 500 gained 40.53 points, or 1.04%, to 3,939.34 and the Nasdaq Composite added 329.84 points, or 2.52%, to 13,398.67



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Nifty and Sensex end flat amidst volatile trade; financials outperform, BFSI News, ET BFSI

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At close, the Sensex was up 12.78 points or 0.02% at 51,544.30, and the Nifty was down 10 points or 0.07% at 15,163.30. Nifty Bank index added 1% ending at 36,108 while BSE Bankex closed at 40,835 adding 0.99%.

Amongst the top Gainers were- ICICI Bank at Rs 647 adding 2.69 % followed by Bank of Baroda at Rs 78 (1.49%), Bandhan Bank at Rs 337 (1.46%), Axis Bank at Rs 750 (1.39%), SBI at Rs 393 (0.77%), HDFC Bank at Rs 1,581 (0.61%). Major Indices that traded in the red were RBL Bank at Rs 241 (-0.96%), IDFC First Bank at Rs 52 (-0.86%), Kotak Mahindra at Rs 1,951 (-0.51%).

Nifty Financial Services ended at 17,061 adding 0.92%. Amongst the biggest gainers were Indiabulls Hsg at Rs 236 (1.98%) followed by HDFC at Rs 2,791 (1.12%), Bajaj Finserv at Rs 10,278 (0.61%), Bajaj Finance at Rs 5,577 (0.19%). Other major indices that traded in Red were Power Finance at Rs 126 (-0.82%) and Cholamandalam at Rs 468 (-0.65%).

Other key takeaways

India Ratings on GDP growth:
India Ratings and Research estimates the gross domestic product (GDP) growth will bounce back to 10.4% YoY in FY22, primarily driven by the base effect. The estimate also shows that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3% YoY in Q4 FY21.

Although the recovery in FY22 on a YoY basis is expected to be V-shaped, the size of the GDP will barely surpass the level attained in FY20 and will be 10.6% lower than the trend value. The impact of COVID-19 pandemic and lockdown on the economy, although subsiding, will continue to delay the normalisation of economic activities

Gold Updates
International gold and silver prices ended lower on February 11 as the dollar halted its slide. Domestic gold and silver prices ended in the red, tracking weak overseas prices. Gold’s inability to trade back over $1,850, and for silver, the level is $28 has triggered profit-taking in both metals.

Technically, MCX April gold was unable to cross 48,000 and now has reached a support zone near 47,500. Below the level, a downside pressure can be seen up to 47,200-47,000. Resistance is at 47,700-47,950 levels.

MCX March silver holds resistance at 69,000, indicating a sideways to marginal downside momentum up to 68,050-66,200 levels. Resistance is at 69,000-70,500 levels.

Rupee Updates
Indian rupee ended 11 paise higher at 72.75 per dollar, amid volatile trade witnessed in the domestic equity market. It opened higher at 72.81 per dollar against previous close of 72.86 and traded in the range of 72.73-72.83.

S&P 500, Nasdaq Close at Records
The S&P 500 shook off earlier declines to narrowly eke out a record closing high. The Dow ended a tick below its recent record closing level. The Nasdaq advanced to a record high of its own as tech shares outperformed, gaining 0.4% by market close.

Major stock indexes opened modestly higher but gave up those gains by midday and traded lower for most of the afternoon. A flurry of buying activity helped the S&P 500 and Nasdaq bounce back from their lows in the final minutes of trading.

London stocks falls
London’s main stock indexes fell on Friday, as data showed the UK economy shrank by a record 9.9% last year due to nationwide shutdowns that were imposed to curb the spread of COVID-19.

Official figures released on Friday, showed gross domestic product (GDP) grew 1.0% between October and December, at the top end of the range of forecasts by economists in a Reuters poll.



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