Indian equities end higher for second consecutive week
The Indian equity markets ended higher for the second consecutive week, with the S&P BSE Sensex and the Nifty 50 indices rising by 1.85% and 1.97%, respectively, on Friday. The gains were supported by positive domestic macroeconomic data, sustained buying by domestic investors, and expectations of a rate pause by the US Federal Reserve in its upcoming meeting.
The BSE Midcap index gained 4%, led by gains in Power Finance Corporation, IDBI Bank, Petronet LNG, Schaeffler India, REC, Adani Power, JSW Energy, Bayer CropScience, and Tube Investments of India. The BSE Smallcap index rose 2.2%, led by gains in MMTC, GTL Infrastructure, National Peroxide, Cochin Shipyard, Bombay Burmah Trading Corporation, Magadh Sugar & Energy, GMR Power, SpiceJet, Vikas WSP, Ashapura Minechem, Transformers and Rectifiers India, and Sadhana Nitrochem.
The BSE Largecap index rose 2%, led by gains in Coal India, FSN E-Commerce Ventures (Nykaa), Shree Cements, Larsen & Toubro, DLF, and HCL Technologies. In terms of market capitalization, HDFC Bank added the most in terms of market capitalization among Sensex stocks, followed by Larsen & Toubro, Reliance Industries, and Tata Consultancy Services. On the other hand, Axis Bank, Mahindra and Mahindra, and Asian Paints saw the biggest drop in market capitalization.
All sectoral indices ended in the green, with the BSE Realty index surging 5%, Capital Goods 5%, Energy 4.7%, and the BSE Power index rising 4.7%.
Foreign institutional investors (FIIs) continued their selling spree for the seventh consecutive week, offloading equities worth Rs 9,321.41 crore, while domestic institutional investors (DIIs) bought shares worth Rs 4,572.14 crore during the week.
The Indian rupee remained under pressure but showed some recovery on September 8. It ended 22 paise lower at 82.94 against the dollar on September 8, compared to its September 1 closing of 82.72.
- The Indian equity markets ended higher for the second consecutive week.
- The gains were supported by positive domestic macroeconomic data, sustained buying by domestic investors, and expectations of a rate pause by the US Federal Reserve in its upcoming meeting.
- The BSE Midcap and Smallcap indices also rose significantly.
- Foreign institutional investors continued to sell Indian equities, but domestic institutional investors bought in.
- The Indian rupee remained under pressure but showed some recovery.
- 22 Sep
Technical Analysis Report for Nifty and Three Buy Calls
The Nifty index has been on a strong uptrend in the past three weeks, but it has recently retraced some of those gains. It is now expected to oscillate within the 19,605 to 19,878 range over the next few sessions. Three stocks that look good for buying over the next 2-3 weeks are Havells India, KSB, and Gujarat Ambuja Exports. All three stocks have strong bullish momentum and are trading above their key moving averages.
- 22 Sep
Maruti Suzuki Stock Gains on Bullish Stance from Global Brokerages
Maruti Suzuki stock gains on bullish stance from global brokerages Shares of Maruti Suzuki India surged on Friday after global brokerages Citi and Morgan Stanley maintained bullish stance on the counter. Both brokerages cited the company's improving product mix and attractive valuation as key reasons for their optimism. In addition, Maruti Suzuki reported strong sales performance in August 2023, with total domestic sales jumping 14 percent year-on-year and sale of utility vehicles jumping 118 percent year-on-year. Overall, the bullish stance from global brokerages and the company's strong sales performance are providing a boost to Maruti Suzuki stock.
- 22 Sep
PNB Gilts Hits Upper Circuit on Inclusion of Indian Bonds in JPMorgan Index
Shares of PNB Gilts hit upper circuit on September 22, 2023, following news that India's inclusion in JPMorgan's bond index is seen driving billions of dollars of inflows. The index provider will add Indian bonds to its widely-tracked emerging market index starting June 28, 2024. PNB Gilts is a primary dealer in government securities and other fixed-income instruments. The inclusion of Indian bonds in JPMorgan's index is expected to attract significant foreign inflows, which is likely to benefit PNB Gilts and other primary dealers in government securities.
- 22 Sep
Indian Bond Markets to Remain Stable in Near Term After JPMorgan Inclusion
Indian bond markets are expected to remain stable in the near term after JPMorgan's inclusion of India in its widely tracked emerging market debt index, according to BlackRock's head of Asia Pacific fixed income, Neeraj Seth. Seth expects inflows of around $20 billion to $25 billion into India after the maximum weight threshold is achieved on the GBI-EM index. Given the size of the global government bond market, this is relatively small and is unlikely to have a significant impact on volatility.
- 22 Sep
Indian market drops on September 22 despite inclusion of Indian bonds in JP Morgan index
Indian benchmark indices Sensex and Nifty fell for the fourth consecutive day on September 22, despite the inclusion of Indian bonds in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) global index suite from June 2024. The market is expected to remain volatile in the near term, with key support at 19,600 for Nifty.