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Articles by Shilpa Nagpal
Sensex Touches New High, Nifty Hits 12K On Day of Volatility
It was a day the Nifty hit the psychological 12,000 mark and the Sensex made a new high, with both sliding back later. Much of the day’s trade was volatile, but because the undercurrent of the markets continued to be bullish, the volatility ended in favour of the Bulls. Nifty gained 43.8 points or 0.37 per cent to close at 11,961 while BSE’s Sensex touched a new high of 40,606, before closing at 40,469.78 with a gain of 221.55 points or 0.55 per cent.
Auto Firms’ Optimism Pushes Nifty Above 12,000, Sensex Keeps Head Above Water
Shilpa Nagpal November 07, 2019 00:00 IST Auto Firms’ Optimism Pushes Nifty Above 12,000, Sensex Keeps Head Above Water outlookindia.com 2019-11-07T16:45:59+0530 The trades on Thursday were on expected lines, because of the expiry of weekly option contracts. But the good part was that despite the volatility, indices did not move into the red territory, albeit once. When it did, the dip was marginal. This indicates that Bulls were comfortable carrying on with their positions.
Profit-Booking Keeps Shares Within Narrow Range
It was a day of the profit-booking. The broader market indices – NSE’s Nifty and BSE’s Sensex – closed with small declines. While Nifty was down 24.10 or 0.2 per cent at 11,917.20, Sensex slipped 53.73 points or 0.13 per cent to 40, 248.23. On Tuesday, the advance-decline ratio was in favour of the Bears with almost two stocks declining to each gain.
Limited Rise In Indices Goes Against The Grain Of Underlying Bullish Trends
Even though NSE’s Nifty ended the day with a gain 54.55 points or 0.46 per cent at 11,945, it was not really reflective of the positive sentiment prevailing on Dalal Street. Similar was the case with BSE’s Sensex, which closed 136.93 points or 0.34 per cent higher at 40,301.96. Monday’s trade showed that the movement of the indices were not keeping pace with the broader market.
Gains Remain Muted As Profit-Booking Takes Place in IT, Industrial Stocks
On the first day of November, the market breadth – shares which gained compared to those that lost – was good, but the gains in the indices were muted. NSE’s Nifty closed the day at 11,899.50, an increase of 22.05 points or 0.19 per cent. BSE’s Sensex remained above the 40K mark at 40,165.03, an increase of 35.98 points or 0.09 per cent. The gains were muted because of profit booking in some industrial and IT stocks witnessed on Friday.
Sensex Touches All-Time High on News of Major Investment Interest in Yes Bank
On Thursday, BSE’s Sensex touched an all-time high at 40,392 only to close lower at 40,129.05, an increase of 77.18 or 0.19 per cent. The last time the index had touched a high was five months ago, at 40,312, on June 4. NSE’s Nifty remained short of the high point by 158 points. Its all-time high stands at 12,103. On Thursday, it closed at 11,881.20 an increase of 37.10 points or 0.31 per cent.
New Trading Year Sees Bulls Taking Renewed Grip On Markets
In the new traditional trading year, Samvat 2076, Bulls who had given indication that they will make serious attempts to take control of the markets came through with their promise, taking back much of the lost ground. And the indices reflected their resolve.
Sensex Crosses 40,000 Mark As IT Stocks Push Up Ongoing Recovery
It was a day when the BSE Sensex crossed the 40,000 mark, ending the day at 40,051 with an increase of 220.03 points or 0.55 per cent. Another day of upwards movement on Nifty, pushed up by IT stocks, brought the index to 11,844.10, a rise of 57.25 points or 0.49 per cent.
Supreme Court Ruling on Telecom Revenues Shakes Stock Markets
While quarterly earnings continued to give an improved picture, the mood on the markets was impacted by the telecom sector, after the Supreme Court’s ruling on the definition of adjusted gross revenue. The second half of Thursday’s sessions witnessed a sharp dip and then a recovery only to close the day in the red. The pressure on the financial stock was partly responsible for the declines. NSE Nifty ended the day with a drop of 21.50 points or 0.19 per cent at 11,582.60.
SBI Results Pulls Up Markets From Depths Of Telecom Despair
Friday’s trade started with lacklustre volumes on Dalal Street, even as the markets were reeling from uncertainty about what would happen to telecom companies after the Supreme Court verdict requiring them to pay up over Rs 92,000 crore in back dues. Most of the banking stocks were also under pressure because many had exposure to the telecom sector. But the mood on the markets changed suddenly.
Sharp Drop In Infosys Dents Markets Slightly As Financial Sector Takes Up Slack
With Infosys’ American Depositary Receipt witnessing a drop of 15 per cent on Monday, when Indian market were closed for trading, Tuesday’s trading session on Dalal Street was expected to open on a weak note. While it opened in the red territory yet in minutes it was able to move into the green. Infosys stock of course lost its value sharply, but its weakness was made up by financial sector stocks, with private sector shares like ICICI leading the charge in the early part of the trade.
Markets Look For Signals Of Economic Revival In Corporate Earnings
Corporate earnings continued to dominate the talk on Dalal Street. The focus of the market was on earnings of some large consumer-facing companies in order to figure out what was happening in sectors which drive market sentiments. So, like other auto companies, two-wheeler major Bajaj Auto, which announced its quarterly results on Wednesday, indicated that things had turned better in the last three weeks. The stock ended Wednesday trading session with a gain of 1.11 per cent at Rs 3,158.
Bulls Tighten Grip On Markets For Third Day In Row
The undercurrent in the markets remained bullish for third day in row, with mid and small caps registering decent gains. The mood on Dalal Street has changed from absolute bearishness to mildly bullish. Though on index levels, there was some pressure as Nifty lost some moment from the high of 11,684, but that was largely on the back of some selling pressure emerging in select auto stock, which had witnessed a sharp upward movement in recent days.
Indices Close Marginally Up After Being Rocked By Financial Sector Stocks
After a break of a day, stocks from the financial sector once again rocked sentiments on Dalal Street. Results from mid-sized private banks showed that those who have a high exposure to commercial real estate financing were still under stress. This led to another round of drop in stock price of home financiers. Shares of PNB housing finance was the top loser with a decline of 12.87 per cent closing at Rs 380.
More Festival Sales Cheer, Brexit Pact Uplift Mood On Stock Markets
It was a day when the Bulls had it all the way. The debate on what is happening with the festive season continued to go in their favour. More companies, which announced their results, indicated that their festive season sales had been better than their estimates. This led to a rise in consumption stocks like HUL, which made a new high on Thursday, along with other consumption-related stocks which showed an increase.
Upbeat Festival Season Figures Boost Sentiments On Markets
On Tuesday, the mood on Dalal Street was dominated by the results of festive season sales. Some more data points came in supporting the case for the Bulls. That’s the reason why, after a long period, both the broader market indices and mid-cap index were able to end the day in the green territory. NSE’s Nifty closed the trade at 11,428.30, a gain of 87.15 points or 0.77 per cent. Nifty 500, an even wider index, closed the day with a gain of 0.67 percent at 9,253.
US-China Talks Add Sparkle to Indian Markets, Only To Rob Some Shine Later
Some of the financial sectors stock made a comeback on Monday, helping the markets to stay largely in the green territory from the very beginning of the trading session. But in the last 45 minutes, the broader market indices witnessed volatile moves once again. From a high of 11,420, NSE’s Nifty slipped sharply to close at 11,329 which is just a gain of 25 points or 0.22 per cent from Friday close.
Financial Stocks Fail To Hold Their Head Above Water As Sensex Falls 297 Points
Just a day after a rally, financial sector stocks came under selling pressure again. They took down the broader markets with them, with NSE’s Nifty ending the day at 11,234.55 a cut of 78.75 points or 0.70 per cent. Nifty lost almost half the gains that it had made on Wednesday. The BSE’s Sensex lost 297 points or 0.78 per cent to close Thursday’s trade at 37,880.40. The volatility on Dalal Street was because of two reasons. First, it was the day of expiry of weekly contracts of Nifty and Bank Nifty.
Tech Stocks Come To Aid Of Markets Hit By Yo-Yo Movement
Volatility was the name of the game on Friday. NSE’s Nifty moved in a yo-yo fashion from a gain of more than 100 points in early morning trade to movement into the red territory by noon. Again, it moved up close to morning high of before ending the day with a gain of 66.70 or 0.59 per cent at 11,301.25. BSE’s Sensex witnessed similar moves ended the trade with a gain of 246.68 points at or 0.65 per cent at 38,127.08.
SBI’s Sharp Cut In Deposit Rates Triggers Rise In Bank Shares
It was a strong comeback by the Bulls, with the financial sector – especially the banks – allowing them to once again make an attempt to take control of Dalal Street in Wednesday’s trading session. While the early trade was not very encouraging, with NSE’s Nifty moving between red and green territories, it was the State Bank of India (SBI)’s announcement that made all the difference.
Weak Data Points In RBI Reports Push Stocks Into Red Amid Volatility
Volatility has become another name for broader market indices. After opening in the green, NSE’s Nifty moved into the red territory four times before finally settling down lower than Friday’s close. It ended the day with a cut of 54.80 points or 0.49 per cent, closing the day at 11,119.95. BSE’s Sensex lost 141.33 points to close Monday’s trade at 37,531.98, down 0.38 per cent.
RBI Rate Cut Triggers Decline On Fears Of Economic Woes
It was another day of financial sector woes. Stocks in the sector continued to push the market in the southward direction. After opening in the green and staying there till the time the RBI policy announcement -- cutting the repo rate by expected 25 basis points -- came, the stocks then started declining. While it might sound strange, the probability of the broader market indices, especially the Bank Nifty, gaining on the day of RBI policy announcement is very low.
Markets Get Short-Covering Shivers As Yes Bank Regains Its Mojo
Given the decline which markets in the United States saw on Wednesday when Dow Jones industrial average (DJIA) fell by 494 points or 1.86 percent, the Indian markets opened on a weak note on Thursday and witnessed a volatile day of trade. The expiry of weekly options contracts too added to declines on Dalal Street. Financial sector stocks continued to witness selling pressures though the declines were less than what they had seen in Tuesday’s trade.
Rumours On Banks Keeps Markets On Edge With Financial Sector Shares Seeing A Nosedive
It was day of extreme volatility on Dalal street. NSE’s Nifty 50 and BSE’s Sensex 30 both opened in green territory and gained around half a percent in the initial trade. But the rally was short lived, as financial stocks, both banks and NBFCs, came under heavy selling pressure, taking the Nifty and sectoral index, Bank Nifty, deep into red in mid-session trade. Leading the pack of losers in the financial space was Yes Bank, which lost 22 per cent to close at Rs 32.55.
PMC Bank Exposure To Property Developer Muddies Waters For Realty And Financial Sectors
The issue of Punjab and Maharashtra Cooperative bank once again hit the markets on Monday. Dalal Street was abuzz with discussions that, looking at the real estate developer HDIL’s exposure to the bank, the magnitude of trouble in the whole real estate industry could be bigger than what was so far believed. Given the disclosure over the weekend about HDIL, investors became skeptical about all financial companies, whether private banks or NBFCs, and their stocks were hammered.
Stocks Slide On Friday, But Markets Hoping For A Positive Festive Season
In early morning trade, it appeared that Dalal street was in a mood to have an early weekend, which made for lacklustre Friday trading session. Both the broader market indices and sectoral indices stayed in a range bound mode for a large part of the day. But by the end of the trading day, most stocks ended in the red territory. Nifty 50 closed at 11,512 down 58 points or 0.51 per cent while BSE’s Sensex 30 ended trade at 38,822.57 with a drop of 167 points or 0.43 per cent.
Bulls To The Fore As Markets Gain From Positive Domestic, Global Cues
From the word go on Thursday, it was the Bulls which controlled the action on Dalal Street. After opening in the green territory, Nifty 50 and Sensex 30, the two main indices, continued to gain throughout the day, although there were moments in the mid-session when volatility gripped the stocks. There was a higher number of stocks which traded in the green and that too with higher gains, as compared to the stocks which were trading in the red.
Another Day Of Profit-Booking Leads To Slide On Markets Amid Sharp Volatility
For the second day, profit-booking was the theme of trade on Wednesday as most of the financial sector stocks -- both banks and NBFCs -- witnessed corrective moves, shedding some of the excessive weight which they had gained since last Friday. The Bank Nifty lost 597 points to end the day at 29,586 and the main Nifty 50 lost 148 points to end the day at 11,440.20, down 1.28 per cent. The Bombay Stock Exchange’s BSE Sensex was similarly down 1.29 per cent or 503.62 points at 38,593.52.
After Two Days Of Sharp Rises, Profit-Booking Leads To Market Correction
On the third trading session after the announcement of tax breaks, there was minor corrective movement in the broader market indices, which on Tuesday, resulted in the Bombay Stock Exchange’s Sensex 30 ending at 39,097 a mere 7.11 points up or a rise of a miniscule 0.02 per cent. Similarly, National Stock Exchange’s Nifty 50 ended the day at 11,588.20 or 12 points lower a decline of 0.10 per cent.
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