A sharp drop in Covid-19 cases lifted benchmark indices nearly 2 per cent higher on Monday as investors cheered sooner-than-expected peaking of the second virus wave. The frontline S&P BSE Sensex zoomed 848 points to settle the day at 49,581 levels, lifted largely by financial counters. Eight of the top 10 index contributors included names like HDFC Bank, ICICI Bank, HDFC, SBI, Axis Bank, and Kotak Mahindra Bank. Reliance Industries and Infosys, meanwhile, were the remaining two contributors. Analysts attribute this sudden investor interest to the sector s recent underperformance and the resultant sectoral rotation. Over the past two weeks, only three bank stocks AU Small Finance Bank, RBL Bank, and SBI outperformed at the bourses, rising between 2.5 per cent and 3.5 per cent on the NSE as against a 1.25 per cent rise in the frontline Nifty50 index.
IndiaIndian shares flat, Asian Paints soars after strong results
Chris Thomas
2 minute read
A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India October 4, 2018. REUTERS/Francis Mascarenhas
Indiaâs benchmark Nifty 50 stock index was flat in volatile trading on Friday as losses in heavyweight IT and financial shares offset a surge in Asian Paints following strong quarterly results.
The NSE Nifty 50 index (.NSEI) edged down 0.09% to 14,683.2 by 0459 GMT, while the S&P BSE Sensex (.BSESN) was 0.03% higher at 48,702.98. Both indexes are set to finish the holiday-shortened week about 1% lower after losses earlier in the week on U.S. inflation worries.
India's benchmark Nifty 50 stock index ended lower in a volatile session on Friday, as domestic coronavirus infections climbed past 24 million, with losses in heavyweight IT and metal shares eclipsing sharp gains in Asian Paints and consumer goods majors.
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https://mybs.in/2ZeLjhX Overall, the top-5 sectoral holdings of DIIs in the Nifty500 account for 66 per cent of the total allocations Stalling their eight-month selling spree, domestic institutional investors (DIIs) have turned net buyers in March and April 2021 to counter offloading of shares by foreign investors amid the second wave of Covid-19. While DIIs sold equities worth Rs 1.42 trillion between July 2020 and February 2021, they bought shares worth Rs 18,248.85 crore between March and May 10, 2021, BSE data shows. In comparison, FIIs bought shares worth Rs 1.82 trillion between October 2020 and March 2021 but have sold shares worth Rs 17,647.99 crore in April and May (so far).
Domestic indices traded in a range with losses in mid-afternoon trade. The Nifty continued trading above the 14,800 mark.
At 14:27 IST, the barometer index, the S&P BSE Sensex, declined 412.83 points or 0.83% to 49,090.36. The Nifty 50 index fell 106.35 points or 0.71% at 14,836.10.
The broader market traded higher. The S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index added 0.8%.
Buyers outpaced sellers. On the BSE, 1,732 shares rose and 1,021 shares fell. A total of 177 shares were unchanged.
Investors locked profits after the Sensex rose 2.59% and the Nifty climbed 3.08% in the past four consecutive sessions.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 15,89,57,229 with 33,03,877 deaths. India reported 37,15,221 active cases of COVID-19 infection and 2,49,992 deaths while 1,90,27,304 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.