GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 111.50 points or 0.49% at 22,895 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 43.35 points or 0.19% to settle at 22,648.20 while the BSE gained 128.33 points or 0.17% to 74,611.11.
“Benchmark indices saw moderate gains, mirroring global trends after the FED decided to maintain its interest rate, as widely accepted. The US central bank hinted at potential rate cuts while remaining cautious about sustaining the high inflation trend,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark domestic indices ended the week’s first trading session in red territory amidst the negative global cues. The NSE Nifty 50 fell 0.72% to settle at 19,512.35, while the BSE Sensex tanked 483.24 points to 65,512.39. The broader indices settled in negative territory, with Smallcap and Midcap stocks leading the losses. The Bank Nifty index shed as much as 474.10 points to 43,886.50. Among the other sectoral indices, the PSU Bank and Media stocks faced the highest corrections of 3.26% and 2.41%, respectively. Financial Services, Auto, Metal, and Private Bank stocks each tumbled by over 1%.
The volatility in the market remained high as the volatility index (India Vix) closed up 12.11%.
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India’s import of edible oils – palm, soybean and sunflower is projected at a record 17 million tonne (MT) in the current oil year (November 2022-October 2023), trade body Solvent Extractors Association of India (SEA) said on Friday.
Last year, exports amounted to 14 MT. The volume of cooking oil imports is expected to be the highest since 2016-17 when the country imported 15.1 MT of oil, SEA stated. The SEA attributed the decline in global prices to rising domestic demand and lower import duty has pushed up imports. During November-September in the current oil year, edible oil imports have surged by 20% to 15.46 MT compared to the same period last year.
India’s palm oil imports from Indonesia, Malaysia, and Thailand have risen by more than 29% to 9.8 MT in the November-September period of the current oil year compared to the previous year. The share of palm oil in total edible oil imports has increased to 59% in the current oil year so far,…
GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 112 points or 0.50% at 22,693 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 172.35 points or 0.76% to settle at 22,475.85 while the BSE plunged 732.96 points or 0.98% to 73,878.15.
“Profit booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside,” said Vinod Nair, Head of Research, Geojit Financial Services.
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As many as 104 companies are trading at a price to earnings (P/E) of over 50 while nine companies trade above 100 times, a report by Kotak Institutional Equities (KIE) said. A company with a 100 times PE would need 83,000 times earnings in the 100th year to justify its current multiple. Many of these high PE stocks belong to traditional sectors and could face significant disruption risks, the report said.
Cautioning investors on the “unsustainable” valuations of Indian stocks, KIE has pointed out that valuation methodologies have little or no correlation to fundamentals. Stock prices, strategists at the brokerage said, have been driven up to stratospheric levels thanks to a sense of complacency and an obsession with narratives.
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The IPO lane is getting busy with three entities — Rashi Peripherals, Jana Small Finance Bank and Capital Small Finance Bank– set to float their maiden public issues on Wednesday to collectively mobilise around Rs 1,700 crore. Additionally, Entero Healthcare Solutions will launch its Rs 1,600-crore initial share-sale on February 9. Further, the Rs 920-crore IPO of Apeejay Surrendra Park, which runs hotels under the “The Park” brand, is currently under subscription.
Last month, five firms tapped the primary market and garnered around Rs 3,266 crore. Market experts maintain a strong bullish outlook on the IPO (initial public offering) market for 2024. Companies are expecting to benefit from an equity market which is flush with liquidity and has seen a sharp increase in new retail investors.
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Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries. Brent crude rose 23 cents to $86.98 a barrel by 0118 GMT. U.S. crude futures climbed 28 cents to $82.23. Crude oil gained on supply side issues and continued Middle East tensions, according to a note from ANZ analysts.
Both contracts settled $1.32 higher in the previous trading session. Russia told its oil companies to reduce output to meet an Organization of Petroleum Exporting Countries (OPEC) target of 9 million barrels per day (bpd). In late February, Russia had been producing about 9.5 million barrels per day.
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GIFT Nifty traded up 68 points or 0.36% at 19,096, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously on Friday, the NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80.
“Ongoing unrest in West Asia and concerns over the potential impacts of higher interest rates on future economic growth have resulted in a decline in investor confidence. FIIs selling is affecting the domestic market invariably to heavy buying by DIIs. Domestic indices have displayed some recovery in the last trading day of the week, due to favourable US Q3 GDP growth and moderating US inflation leading to moderation in bond yield. Decent Q2 results in India, which were in line with optimistic estimates, may also support the market’s rebound. However, the volatility of the global market is expected to delay the recovery trend of the domestic market, since the gl…