Indian markets made a strong comeback on Tuesday a day after the Israel-Gaza conflict resulted in panic selling that wiped out about Rs 3.68 trillion of investor wealth. The benchmark indices bounced back following the rally in global markets after the dollar and treasury yields dipped on the back of dovish comments by the US Federal Reserve.
The S&P BSE Sensex climbed about 567 points, or 0.87%, to close at 66,079.36, while Nifty50 rose 177 points, or 0.91%, to end at 19,689.85. On an intraday basis, both the benchmarks climbed over 1%.
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Sentiments were lifted after US Federal Reserve officials said that the recent yield surge could justify the caution on interest rates, said experts. Meanwhile, China considering fresh stimulus also drove optimism. The positive takeaway from today’s markets, according to experts, was Nifty recouping all of its losses in the last two days and ending at the day’s high as bulls joined the positive global cues. The ongoing Israel-Hamas conflict may not have a cascading effect on the world economy and the focus will again shift towards global macroeconomics concerns.
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Sluggish demand from key economies will refrain the crude oil prices to stay elevated for long, experts added. Brent crude was trading at $87.36 per barrel as of 8.30 pm IST, 0.93% lower from Monday’s close of $88.15 per barrel.
“The key factor driving the Indian markets is that the geopolitical tensions between Israel and Gaza will be contained within that region only. Strong expectations for the upcoming results will aid the sentiments,” said Ashutosh Mishra, head of research- Institutional Equities at Ashika Stock Broking. The performance of global markets and the commentary by Iran, Turkey, who backed off after US extended support to Israel, have led to the realisation that markets are far better placed than what people were expecting, he added.
Realty stocks lifted the market sentiments on the back of good sales performance in the second quarter ended September. Nifty Realty and BSE Realty, both surged to their 15-year high values, closing up 4.01% at 606.20 and 4.08% at 4,842.12, respectively. This was followed by metals and telecom stocks, with BSE Telecom rising 2.24%, while BSE Metal index climbed 2.59% on Tuesday.
China considering a fiscal stimulus has led to metal stocks and the BSE Metals index rally today, said Mishra. Meanwhile, there is a lot of buzz regarding recent presentation by telecom minister on technology development and telecom infrastructure expansion plans next year, which stirred up telecom stocks today, he added.
The midcap and smallcap gauges outperformed the benchmarks. BSE Midcap surged 1.14% to 32,047.51, while BSE smallcap gained 1.26% to 37,678.75.
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The banking indices also outperformed the benchmarks, with BSE Bankex rising 1.24% and Bank Nifty gaining 1.08%.
The investor wealth rose by Rs 3.53 trillion to Rs 319.71 trillion on Tuesday.
FPIs sold shares worth Rs 1,005.49 crore while DIIs bought equities worth Rs 1,963.34 crore on Tuesday, according to the provisional data by exchanges.
While Bharti Airtel, Kotak Mahindra Bank and Tata Motors were the top Sensex gainers, IndusInd Bank, Tata Consultancy Services and Titan Company were the top losers.
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Brent crude registered a fall to a level of $80.6 per barrel despite the recent decision of the Organisation of Petroleum Exporting Countries (OPEC) and its allies to extend output cut of 1.7 million barrels a day to 2024. Analysts see crude prices to remain in the range of $80-85 per barrel going ahead.
“Oil prices immediately sunk after the announcement, reversing gains from earlier in the day, suggesting the market was disappointed by the outcome,” said Jorge Leon, senior vice president at Rystad Energy. “As a result, we expect prices to hover between $80 and $85 per barrel in the coming months.”
The benign outlook for Brent crude prices augurs well for India, which meets 85% of its crude oil requirement via imports. The import bill has reduced in recent months, as crude prices softened and the supply for diversified, with Russian Ural accounting for a major share of imports.
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Though Nifty rose to a new record peak, and Nifty Bank has yet to do so, all eyes will be on Nifty Bank after Axis bank fuelled gave the index a strong momentum in the second half of last week. While more than 20% of Nifty 50 constituents already above 70 RSI, indicating an overbought situation, only Axis Bank from the Nifty Bank index is in a similar situation, giving an edge for Nifty Bank in terms of potential for further upmove. But, that said, constituents of Nifty Bank weighing around 60%, have seen delivery volume as high as 60% or more, in the last five days, signaling that a follow through buying in the index may be delayed. Meanwhile, Nifty has already broken the record peak, while Nifty Bank is still more than 3% below its record peak. This suggests more room for upside, which it will certainly catch up, but our bets are on Nifty 50 to move faster, as it finds new leaders, being a more diverse index.
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The Rs 151 crore Initial Public Offer (IPO) of Motisons Jewellers received 14.88 times subscription on the first day of bidding on Monday.
The IPO of the Jaipur-based retail jeweller company received bids for 31,05,38,000 shares against 2,08,71,000 shares on offer, according to NSE data.
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The category for Retail Individual Investors (RIIs) received 22.01 times subscription while the portion for non-institutional investors got subscribed 13.74 times. The Qualified Institutional Buyers (QIBs) part got subscribed 8 per cent.
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Shares of RailTel Corporation rallied 7.6% to an intraday high of Rs 507.45. The surge in stock price came a day after the company received an order worth Rs 52.66 crore from the Uttar Pradesh government.
“…RailTel Corporation of India Ltd. (“the Company”) has received the work order from Uttar Pradesh Police Recruitment And Promotion Board for Service amounting to Rs. 52,66,30,075 (Excluding Tax),” read an exchange filing.
Also, in Q1 FY25, RailTel reported a net profit of Rs 49 crore, up 25% on year in comparison to Rs 39 crore it posted in the same period a year ago.
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The Nifty PSU Bank index surged up to 4.4% in intra-day trading, extending gains for the second consecutive session. This follows a 2.5% jump on June 5, after confirmation that the BJP-led NDA would form the government at the Centre.
This follows a decline of over 15% on June 4, after the Modi-led NDA experienced a tighter-than-expected election race and failed to secure as many seats as predicted by exit polls.
All PSU Bank constituents experienced gains in intra-day trading today, with Indian Overseas Bank, CBI, Union Bank of India, and Bank of Maharashtra rising over 5% each. Meanwhile, Indian Bank, SBI, Bank of Baroda, Punjab and Sind Bank, and UCO Bank saw gains between 4-5% each.
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Rupee steadily gained against the US dollar following sustained inflows in the debt segment, weakness in the dollar index, India’s inclusion in the Bloomberg bond index all of it has been supportive for the currency.
Volatility could remain elevated on back the RBI’s sell-buy swap which is maturing today. Expectation is that the central bank could take delivery of the $5billion swap in the wake of adequate dollar inflows and rupee liquidity staying on the tighter side.
Inflows into the debt market have aided dollar liquidity, with foreigners pouring in over $3 billion into bonds in February. On India’s inclusion in the Bloomberg bond index, the agency said that it will include India Fully Accessible Route (FAR) bond in its EM local Currency government index starting January 2025.
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