Indices open in green: Nifty above 15,700, Sensex up over 200 points

Indices open in green: Nifty above 15,700, Sensex up over 200 points

FPJ Web DeskUpdated: Friday, June 18, 2021, 10:16 AM IST
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BSE | File Photo

The stock markets opened on a positive note as indicated by trends on the SGX Nifty. The benchmark Sensex jumped over 200 points in early trade on Friday, tracking gains in index-heavyweights Infosys, HDFC twins and ICICI Bank amid a largely positive trend in global equities.

The 30-share BSE index was trading 220.53 points or 0.42 per cent higher at 52,543.86 in initial deals. Similarly, the broader NSE Nifty advanced 53.70 points or 0.34 per cent to 15,745.10

The Nifty sectoral indices traded mixed, with Nifty IT index, up 0.8 percent, leading the gainers.

ONGC was the top loser in the Sensex pack, shedding over 2 per cent, followed by PowerGrid, M&M, Maruti, L&T, NTPC and Titan.

On the other hand, Bajaj Finserv, Sun Pharma, HCL Tech, Infosys and Dr Reddy’s were among the gainers.

In the previous session, Sensex ended 178.65 points or 0.34 percent lower at 52,323.33. The broader NSE Nifty declined 76.15 points or 0.48 percent to 15,691.40.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 879.73 crore on Thursday, as per provisional exchange data.

According to Binod Modi Head-Strategy at Reliance Securities, domestic equities look to be modestly good as of now.

Weak global cues led Indian equities to see profit booking in last couple of days, he said, adding that more than 100 percent improvement in advance tax/direct tax collections in 1QFY22 so far indicates sustainable corporate earnings in coming quarters along with strong financial resources for the government to maintain budgeted fiscal deficit.

Further, easing of business curbs by states led by sharp decline in COVID-19 positivity rates and reduction in daily caseload continues to offer comfort to investors, he noted.

Asian markets mixed

On Friday morning trade the Asian markets were mixed following an overnight drop for the Dow Jones Industrial Average on Wall Street. In Japan, the Nikkei 225 gained 0.14 percent while the Topix index slipped 0.55 percent. South Korea's Kospi traded fractionally higher. The S&P/ASX 200 in Australia advanced 0.17 percent.

US technology shares jumped on Thursday on optimism around a speedy economic recovery, although the Federal Reserve's unexpectedly hawish message on monetary poicy kept the S&P 500 subdued. The Dow Jones Industrial Average was down 192.50 points or 0.57 percent at 33,841.17 and the S&P 500 was 2.35 points or 0.06 percent at 4,226.05. The Nasdaq Composite was up 152.87 points or 1.09 percent up at 15,192.55.

Quarterly results today

The following companies will announce their quarterly results today: Ashoka Buildcon, Archidply Industries, Balaji Telefilms, BC Power Controls, Gujarat Fluorochemicals, GMR Infrastructure, Hinduja Global Solutions, HT Media, Insecticides (India), Jubilant Industries, PSP Projects, SMS Lifesciences, Timken India, and Welspun Specialty Solutions.

IT Industry continues to be net-hirer of talent

Indian IT-BPM sector continues to be a net-hirer of skilled talent, clarifies IT industry body NASSCOM, after a report suggested that the sector would face 3 million job losses in 2022. In response, NASSCOM said in a statement, "With the evolution of technology and increasing automation, the nature of industrial IT jobs and roles will evolve overall leading to creation of newer jobs. The industry continues to be a net hirer of skiled talent, adding 138,000 people in FFY2021'.

Adani Ports, BHEL, Canara Bank, Escorts and Punjab National Bank are under the F&O ban for June 18. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

Fuel prices up

Oil marketing companies revised the price of petrol and diesel were revised on Friday. Rates have been hiked 26 times since May 4. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPC) revise fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

Petrol price in Delhi was up 27 paise at Rs 96.93 per litre, while diesel rates were up 28 paise Rs 87.69 per litre today. Petrol costs the most in Mumbai, at Rs 103.08 per litre while diesel retails at Rs 95.14 per litre.

In Chennai, petrol is retailed at Chennai Rs 98.14 and diesel at Rs 92.31 per litre while in Kolkata, petrol costs Rs 96.84 and diesel Rs 90.54 per litre.

Petrol and diesel prices are fixed on the basis of freight charges, local taxes, and VAT. Hence, the differences in rates in different cities.

International oil benchmark Brent crude was trading 0.92 per cent lower at $72.41 per barrel.

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