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Tuesday, May 26, 2020

Market Highlights: Sensex, Nifty settle at record highs; Infosys gains nearly 5%

Share/Stock Market, Equity Market, Rupee Highlights: everything which happened in equity, commodities and money markets.

By: Express Web Desk | New Delhi | Updated: January 14, 2020 10:46:45 am
The benchmark equity indices ended over 0.5 per cent higher on Monday. (Representational image)

Share/Stock Market, Equity Market, Rupee Highlights: The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended over 0.5 per cent higher to settle at fresh record highs on Monday.

The S&P BSE Sensex climbed 259.97 points (0.62 per cent) to settle at a record closing high of 41,859.69, while the broader Nifty 50 ended at 12,329.55, a record settling high, rising by 72.75 (0.59 per cent).

During the intraday trade, the 30-share BSE benchmark rose to a new peak of 41,899.63, while the Nifty scaled a record high of 12,337.75.

All the sectoral indices on NSE ended in green on Monday. The Nifty Realty index was the biggest gainer in percentage terms ending 2.09 per cent higher. The Nifty IT index settled 1.67 per cent higher led by Tata Elxsi and Infosys.

(with inputs from agencies)

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16:05 (IST)13 Jan 2020
Vinod Nair, Head of Research, Geojit Financial Services on Monday's market

"Though inflation is likely to bounce much above the RBI’s comfort level, market is buoyant due to positive expectation on the Union Budget & possible improvement in the trajectory of earnings growth as per the Q3FY20 preview. IT has provided a good start to the season and FIIs are maintaining its risk-on strategy with positive inflows in Emerging Market, expecting no hike in US Fed rate and improvement in EMs economies during CY2020."

15:37 (IST)13 Jan 2020
Equity markets at close

The S&P BSE Sensex ended at 41,859.69, up 259.97 points or 0.62 per cent, while the Nifty 50 settled at 12,329.55, up 72.75 points or 0.59 per cent.

15:25 (IST)13 Jan 2020
Aluminium futures slide on tepid demand

Aluminium prices on Monday fell by Rs 4.15 to Rs 138.05 per kg in futures market as participants trimmed their positions on low spot demand.

On the Multi Commodity Exchange, aluminium for delivery in May declined by Rs 4.15, or 2.92 per cent, to Rs 138.05 per kg in 1 lots.

Analysts said cutting down of positions by participants on easing demand from consuming industries in physical market mainly kept aluminium prices lower here.

(PTI)

15:24 (IST)13 Jan 2020
Soybean futures decline on soft demand

Soybean prices on Monday fell by Rs 4 to Rs 4,314 per quintal in futures market as traders cut down their positions amid weak cues from physical markets.

On the National Commodity and Derivatives Exchange, soybean to be delivered in January contracts moved down by Rs 4, or 0.09 per cent, to Rs 4,314 per quintal with an open interest of 23,490 lots. Soybean for delivery in February contracts also eased by Rs 2, or 0.05 per cent, to Rs 4,322 per quintal with an open interest of 2,07,530 lots.

The fall in soybean prices in futures trade was mostly due to reduction of exposure by participants, marketmen said.

(PTI)

15:14 (IST)13 Jan 2020
Mustard seed futures drop on weak cues

Mustard seed prices on Monday dropped by Rs 55 to Rs 4,422 per quintal in futures trade as speculators cut down their positions on subdued demand.

On the National Commodity and Derivatives Exchange, mustard seed contracts for January delivery fell by Rs 55, or 1.23 per cent, to Rs 4,422 per quintal in a business turnover of 5,730 lots. Mustard seed contracts for February delivery declined by Rs 45, or 1 per cent, to Rs 4,452 per quintal in a business turnover of 15,160 lots.

Marketmen said offloading of positions by participants following a weak trend in spot market led to fall in mustard seed prices.

(PTI)

15:13 (IST)13 Jan 2020
Guar gum futures gain on firm demand

Guar gum prices on Monday rose by Rs 5 to Rs 7,365 per five quintal in futures trade as investors increased their holdings on spot demand.

Analysts said raising of bets by traders following a firm trend in physical market mainly led to rise in guar gum prices.

On the National Commodity and Derivatives Exchange, guar gum contracts for January delivery gained Rs 5, or 0.07 per cent, to Rs 7,365 per five quintal with an open interest of 4,390 lots. Similarly, guar gum for February delivery rose by Rs 17, or 0.23 per cent, to Rs 7,469 per five quintal with an open interest of 59,130 lots.

(PTI)

15:11 (IST)13 Jan 2020
Coriander futures jump nearly 2 pc on robust demand

Coriander prices on Monday climbed Rs 116 to Rs 6,510 per quintal in futures trade on firm domestic demand and restricted supplies from producing belts.

On the National Commodity and Derivatives Exchange, coriander for January delivery shot up by Rs 116, or 1.81 per cent, to Rs 6,510 per quintal with an open interest of 5,330 lots. Similarly, the spice for April delivery traded higher by Rs 131, or 1.87 per cent, at Rs 7,120 per quintal in 9,240 lots.

A firm trend in spot market and restricted supplies from producing regions pushed up coriander prices here, market analysts said.

(PTI)

15:09 (IST)13 Jan 2020
Zinc futures gain marginally on spot demand

Zinc prices on Monday rose 0.03 per cent to Rs 185.05 per kg in futures market as traders built up fresh positions amid increase in spot demand.

On the Multi Commodity Exchange, zinc for delivery in May traded higher by 5 paise, or 0.03 per cent, to Rs 185.05 per kg in a business turnover of 4 lots.

Market analysts said fresh positions created by participants on the back of rise in demand from consuming industries mainly attributed to gain in zinc prices.

(PTI)

15:08 (IST)13 Jan 2020
Copper futures up on positive demand

Copper prices on Monday traded up 0.09 per cent at Rs 447.80 per kg in futures market on the back of pick-up in spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in January traded higher by 40 paise, or 0.09 per cent, at Rs 447.80 per kg in a business turnover of 2,057 lots. Similarly, the metal for delivery in February edged up by 25 paise, or 0.06 per cent, to Rs 450 per kg in 85 lots.

Analysts attributed the rise in copper prices to raising of bets by participants driven by a pick-up in spot demand.

(PTI)

15:07 (IST)13 Jan 2020
Rising demand lifts nickel futures

Nickel prices on Monday edged up by Rs 5.40 to Rs 1,048 per kg in futures trade as speculators built positions owing to rising demand from alloy-makers in domestic market.

On the Multi Commodity Exchange, nickel contracts for January delivery gained Rs 5.40, or 0.52 per cent, to Rs 1,048 per kg in a business turnover of 2,404 lots. The metal for delivery in February gained Rs 6.10, or 0.59 per cent, to Rs 1,041.20 per kg in a business turnover of 23 lots.

Rising demand in spot market from alloy-makers mainly supported price rise in nickel futures, analysts said.

(PTI)

14:08 (IST)13 Jan 2020
Income tax saving schemes: Top financial instruments that will help you save tax

To save tax under the Income Tax Act, 1961, salaried individuals whose income is taxable have to submit their actual investment proofs to their employers in the last quarter of the financial year (April-March).

The period of January-March is considered to be the quarter of tax saving as a lot of income tax-paying individuals make their investments for the purpose of saving taxes. Click here to read more

14:03 (IST)13 Jan 2020
MARKET QUOTE | Sujan Hajra, Chief Economist at Anand Rathi Shares and Stock Brokers on IIP data

"After three months of contraction, industry is back on the growth path. Funding crunch impacting
cap goods, infra and durables. With the best PMI of the G-20, Indian industry on a slow recovery path"

-> After three successive months of contraction, industry grew 1.8% in Nov’19. The turnaround was mainly in manufacturing (2.7%). Mining also reverted to the growth path (1.7%) while with 5% contraction, electricity recorded the second worst performance under the new series, only marginally better than the record fall in Oct’19.

-> The more than halved credit growth in the past one year (from 15% to 7%) is impacting industrial activities. In line with this, capital goods, infra and durables – activities which require funding the most – remained in the contraction zone. Primary goods contracted too. By contrast, intermediate goods recorded the second-best growth performance under the current IIP series and staples recorded growth from a decline in Oct’19.

-> The low-base effect of last year coupled with the asynchronous festival season helped to a modest revival in industrial growth in Nov’19. The broad-based nature of the recovery in Nov’19 and favourable bases for the remainder of FY20 suggest that industrial and manufacturing sector growth for FY20 is likely to be around 1.5-2%.

-> While there is no sign of a V-shaped recovery, the worst seems to be behind us. India now ranks 4th in industrial growth among G-20 countries. The latest PMI (manufacturing, market) reading, however, puts India at the number one spot.

-> Better-than-expected IIP growth is a relief as also the strong PMI. Yet, we expect recovery to be protracted and the RBI to continue its pause mode. A 25bp cut in the reverse repo to deter banks from parking large sums with the RBI is possible.

13:35 (IST)13 Jan 2020
Gold futures fall Rs 171 to Rs 39,700 per 10 gm

Gold prices on Monday fell by Rs 171 to Rs 39,700 per 10 gram in futures trade as participants cut down their bets amid a weak global trend.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 171, or 0.43 per cent, to Rs 39,700 per 10 gram in a business turnover of 2,145 lots. The yellow metal for April delivery fell by Rs 232, or 0.58 per cent, to Rs 39,822 per 10 gram in 441 lots.

Analysts attributed the fall in prices to trimming of positions by investors tracking a weak trend in global market.

Globally, gold was trading 0.30 per cent lower at USD 1,555.40 an ounce in New York.

(PTI)

13:26 (IST)13 Jan 2020
Crude oil futures slip Rs 12 to Rs 4,190 per barrel

Crude oil futures on Monday fell by Rs 12 to Rs 4,190 per barrel after participants reduced positions despite the oil gaining overseas.

On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 12, or 0.29 per cent, to Rs 4,190 per barrel with a business volume of 27,124 lots. Crude oil for February delivery was quoting lower by Rs 11, or 0.26 per cent, at Rs 4,199 per barrel with an open interest of 1,135 lots.

Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand.

Globally, West Texas Intermediate crude oil was trading 0.22 per cent higher at USD 59.17 per barrel. Meanwhile, Brent Crude, the international benchmark, gained 0.11 per cent to trade at USD 65.05 per barrel in New York.

(PTI)

13:23 (IST)13 Jan 2020
Silver futures slump on weak global cues

Silver futures on Monday slumped by Rs 261 to Rs 46,650 per kg as participants cut down their bets on low spot demand.

On the Multi Commodity Exchange, silver contracts for March delivery tumbled Rs 261, or 0.56 per cent, to Rs 46,650 per kg in a business turnover of 2,807 lots. Besides, the white metal to be delivered in May fell by Rs 229, to Rs 47,218 per kg in 14 lots.

In the international market, silver prices traded 0.33 per cent lower at USD 18.05 an ounce in New York.

(PTI)

12:44 (IST)13 Jan 2020
Oil steady on easing US-Iran tensions, eyes on China trade deal

Oil prices held steady on Monday as fears of conflict between the United States and Iran eased, with investors shifting their focus to this week’s scheduled signing of an initial US-China trade deal, which could boost economic growth and demand.

Brent crude was down 2 cents at $64.96 per barrel at 0438 GMT, while West Texas Intermediate (WTI) was up 3 cents at $59.07 a barrel from the previous session. Click here to read the report

12:25 (IST)13 Jan 2020
Global market update

Asian shares shook off a quiet start to reach new 19-month highs on Monday ahead of the expected signing of a Phase 1 China-US trade deal, although markets have yet to see the details of the agreement.

On Monday afternoon in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.61 per cent higher, touching its highest point since June 2018. South Korea's trade-sensitive Kospi added 1.01 per cent and Hong Kong's Hang Seng was up 0.95 per cent, while Taiwan shares added 0.74 per cent in the first trading day after Taiwan re-elected President Tsai Ing-wen by a landslide on Saturday.

Mainland Chinese shares lagged the regional index after China's major equity indexes logged their sixth consecutive weekly rise last week, the longest such streak since the first quarter of 2019. The benchmark Shanghai Composite Index was up 0.19 per cent in the afternoon, turning around from losses earlier in the session.

(Reuters)

12:17 (IST)13 Jan 2020
Infosys shares jumps over 5% as company’s Q3 net profit rises 23.7%

Shares of information technology (IT) heavyweight Infosys climbed over 5 per cent on the BSE and National Stock Exchange (NSE) during the morning trade on Monday after the company on Friday reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter (Q3).

The stock of the IT giant climbed as much as 5.33 per cent to Rs 777.50 apiece on the NSE, while on the BSE, it surged 5.32 per cent to Rs 777.55 in the late morning deals on Monday. In terms of trade volumes, over 6.68 lakh shares were traded on the BSE so far in the intraday trade while on NSE, over 2.24 crore shares exchanged hands. Click here to read the report

11:19 (IST)13 Jan 2020
Irdai penalises brokers for cheating Tata AIG

The Insurance Regulatory and Development Authority of India (Irdai) has slapped curbs and penalised brokers and agents for their involvement in the Rs 300-crore fraudulent crop reinsurance deal in which Tata AIG General Insurance was cheated by multiple intermediaries including Unison lnsurance Broking Services, an Indian composite insurance broker, Confiance, a Malaysia-based broker, and its Jaipur-based agents in India, Global Master Consultant (GMC).

In an order issued last week, Sujay Banarji, Member (Distribution), Irdai, barred Steven Chetty, MD, Confiance, from doing insurance/reinsurance business in lndia and lndian insurers and their offices overseas, as he had played an active and primary role in the fraudulent deal. Click here to read the report

10:49 (IST)13 Jan 2020
Bank credit growth hits 2-year low on weak demand in key sectors

Festive season and the announcement on cut in corporate tax rates notwithstanding, the gross bank credit growth declined to a two-year low of 7.3 per cent in November 2019, driven by weak credit demand by the industrial and services sector. The weakness in economic activity this fiscal has, in fact, resulted in a contraction in credit outstanding for the industrial and services sector for the period between April and November 2019.

Data released by the Reserve Bank of India shows that both these sectors have not witnessed any credit expansion in the last eight months. While the credit outstanding for the industry contracted 3.9 per cent from Rs 28.85 lakh crore in March 2019 to 27.72 lakh crore in November 2019, that for the services sector contracted by 2.2 per cent from Rs 24.15 lakh crore to Rs 23.62 lakh crore in the same period. Click here to read the complete story

On Friday, after rallying 323 points during the day, the 30-share BSE Sensex pared some gains to end 147.37 points, or 0.36 per cent, higher at 41,599.72.

The broader Nifty scaled a fresh intra-day record of 12,311.20, before ending 40.90 points, or 0.33 per cent, up at 12,256.80.