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Sensex hits 6-month high; surges over 260 points to reclaim 38,000-mark

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Mumbai | Extending its winning run to the fifth session, BSE benchmark Sensex climbed 269 points to hit a six-month high of 38,024 led by rally in banking stocks amid soaring foreign fund inflows, strengthening rupee and positive global cues.

After rallying nearly 500 points in afternoon trade, the Sensex settled 269.43 points, or 0.71 percent, higher at 38,024.32. The NSE Nifty closed 83.60 points, or 0.74 percent, up at 11,426.85. The 30-share index breached the 38,000-mark for the first time in six months. It had ended at 38,090.64 on September 14, 2018.

Broader indices, however, ended on a mixed note, with BSE midcap ending 0.55 percent higher and BSE smallcap slipping 0.34 percent.

Kotak Bank was the top gainer in the Sensex pack, ending 4.31 percent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 percent. On the other hand, HUL, Yes Bank, ITC, Bharti Airtel, RIL, Sun Pharma and Axis Bank fell up to 2.16 percent.

Sectorally, the BSE power, bankex, tech, oil and gas, IT and finance indices gained the most, rising up to 1.94 percent; while BSE telecom, FMCG and energy indices fell up to 1.79 percent.

“Benchmark indices outperformed with IT index leading from the front amid positive global cues, BREXIT & Trade-deal deadline has been extended. Besides, PSU banks are moving out of PCA frame and global liquidity is increasing supported by dovish FOMC which is positive for India. Strengthening rupee and drop in yield is positive for rate sensitive stocks,” Vinod Nair, Head of Research, Geojit Financial Services, said.

During the week, Sensex surged 1352.89 points or 3.68 percent; while Nifty climbed 391.89 points or, 3.54 percent. The BSE-30 index gained by around 3.5 percent in the past week. Rally in the Indian markets was led by strong foreign institutional investors (FII), buying on account of reduction in geopolitical risks and opinion polls suggesting a likely return of the NDA government in the upcoming general elections, said Sanjeev Zarbade, Vice President- PCG Research, Kotak Securities.

On a net basis, FIIs bought shares worth a net of Rs 1,482.99 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with the BSE showed.

“The flows from overseas from the FIIs have helped the markets, and a stable to stronger Rupee has been facilitated by likely year-end repatriations too, said Joseph Thomas, Head Research – Emkay Wealth Management. Strengthening gains, the rupee appreciated 5 paise to 69.09 against the US dollar intra-day.

Elsewhere in Asia, Hong Kong’s Hang Seng rose 0.56 percent, Korea’s Kospi was up 0.95 percent, Shanghai Composite Index rallied 1.04 percent, and Japan’s Nikkei ended 0.77 percent higher.

Similarly, in the Eurozone, Frankfurt’s DAX gained 0.27 percent. Paris CAC 40 rose 0.44 percent. London’s FTSE was up 0.54 percent in early deals. Global crude benchmark Brent crude futures rose 0.43 percent to USD 67.52 per barrel.

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Sensex snaps 8-day winning run, dives 222 points on profit booking

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Mumbai | Snapping its eight-day winning streak, the BSE benchmark Sensex declined by over 222 points on Friday to end at 38,164.61 as investors booked profits after Fitch Ratings cut India’s growth forecast.

The 30-share index opened on a positive note at 38,452.47, but soon succumbed to heavy selling pressure, touching an intra-day low of 38,089.36. It finally closed at 38,164.61, down by 222.14 points, or 0.58 percent.

On similar lines, the NSE Nifty shed 64.15 points, or 0.56 percent, to finish at 11,456.90. Fitch Ratings Friday cut India’s GDP growth forecast for the next fiscal to 6.8 percent from 7 percent estimated earlier on weaker than expected economic momentum.

Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 percent, followed by Reliance Industries (2.44 percent), Maruti (1.84 percent), SBI (1.76 percent) and Bajaj Finance (1.23 percent). NTPC emerged as the biggest gainer in the index, spurting 3.67 percent.

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Sensex rises for 8th session, ends marginally higher

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Mumbai | Continuing its upward journey for the eighth consecutive session, market benchmark BSE Sensex ended marginally higher on Wednesday, following gains in Infosys, HDFC twins and L&T amid uninterrupted capital inflows by foreign funds.

However, gains were capped tracking weakness in Asian shares that slipped from six-month highs after a lackluster session as investors took profits ahead of a policy decision by the US Federal Reserve amid a report of US concerns that China is pushing back against American demands in trade talks.

The 30-share index began the session on a firm note at 38,433.86 and rallied to hit the session’s high of 38,489.81 on steady inflow of buying by foreign funds as well as retail investors.

However, emergence of profit-booking and losses in select heavyweight stocks on expiry of March series derivative contracts, the index turned negative and hit a low of 38,316.21 before returning in positive terrain to close the day higher by 23.28 points, or 0.06 percent, to 38,386.75. The barometer had rallied about 1,500 points in the previous seven sessions.

The broader NSE Nifty, however, ended 11.35 points, or 0.10 percent lower at 11,521.05 after shuttling between 11,556.10 and 11,503.10 during the session. Markets will remain closed Thursday on account of Holi.

Stocks of software exporters were centre of brisk activity after the rupee slipped below the 69 mark against the dollar. Software exporters’ majority of revenues come in dollar.

On a net basis, foreign institutional investors (FIIs) bought shares worth Rs 2,132.36 crore Tuesday, while domestic institutional investors (DIIs) sold shares worth Rs 1,253.67 crore, provisional data showed.

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Brookfield Asset Management bets big on India

Ali Azar

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Brookfield Asset Management – A Canadian firm with $ 350 billion of assets under management and a 120 year heritage, seems to be favouring India, and is on a deal making spree in the country with acquisition of hotels, real estate and a massive gas pipeline.

Just last week, an investment trust led by Brookfield bought Reliance Industries’ East West Pipeline – a 1,400 km pipeline that transports natural gas and connects Kakinada on the eastern Andhra coast to Bharuch in Gujarat on the west coast for an acquisition price of ₹ 13,000 crore.

Previously, Brookfield had invested around $ 7 billion in India, which includes the acquisition of office and retail assets of Hiranandani Developers in Mumbai, purchase of Equinox Business Park from Essar Group, which is a commercial property in Mumbai’s business district of Bandra Kurla Complex and has also invested in roads and renewable energy.

However, its latest acquisition on Monday, of hospitality chain, Hotel Leela Ventures is the one that’s making waves. At a transaction value of ₹ 3,950 crore, Brookfield marked its entry into the Indian hospitality sector and the promoters of the Leela brand, led by C.P. Krishnan Nair, who founded the group in 1986, will transfer assets, properties, management and other contracts of Leela Hotels at Delhi, Bengaluru, Chennai and Udaipur; which collectively contributed 88% of the net worth in F.Y. 2018.

However, Brookfield is not alone in its bullishness on India; almost all sovereign funds from West Asia, Singapore as well as Canadian Pension Funds are recognising India as a key destination and purchasing assets here.

 

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