Midday Review News

Midday Review

Date Heading Details
03-Aug-2021   14:50 Hrs IST Benchmarks continue upward rally in late afternoon session <p align="justify">&nbsp;Indian equity benchmarks continued their upward rally in late afternoon session, with the Sensex and Nifty gaining above 750 and 200 points, respectively. Among heavy-weights Titan Company, HDFC and Indusind Bank exhibited a smart performance. Traders remained optimistic after Finance Minister Nirmala Sitharaman has said the total cess and surcharge collection under indirect taxes (GST+non-GST) increased 53 per cent to over Rs 4.39 lakh crore in 2020-21 as compared to the previous year. In 2018-19 and 2017-18, the cess collection under indirect taxes was Rs 2.67 lakh crore and Rs 2.17 lakh crore, respectively. Besides, Union Minister of State for Finance Bhagwat Kisanrao Karad has said that the Government and the Reserve Bank of India (RBI) have taken major initiatives to mitigate the hardship being faced by farmers due to COVID-19. The Minister further stated the efforts made/being made by the Government for the remedy of the problems regarding agriculture loan being faced by the farmers in the country.</p><p align="justify">On the global front, Asian markets were trading mixed as the impact of the fast-spreading Delta coronavirus variant on the global recovery fuelled concerns the outlook might not be as rosy as initially hoped. European markets were trading higher even as concerns lingered over rising Delta variant cases and China's regulatory moves.<br></p><p align="justify"></p><p align="justify">The BSE Sensex is currently trading at 53,732.75, up by 782.12 points or 1.48% after trading in a range of 53088.35 and 53557.93. There were 25 stocks advancing against 5 stocks declining on the index.<br></p><p align="justify">The broader indices were trading in green and red; the BSE Mid cap index declined 0.02%, while Small cap index was up by 0.26%.<br></p><p align="justify">The top gaining sectoral indices on the BSE were Telecom up by 1.33%, FMCG up by 1.23%, Auto up by 1.10%, TECK up by 0.98% and Industrials was up by 0.98%, while Realty down by 0.34% and Metal was down by 0.04% were the only losing indices on BSE.<br></p><p align="justify">The top gainers on the Sensex were Titan Company up by 3.23%, HDFC up by 3.10%, Indusind Bank up by 2.77%, Sun Pharma up by 2.59% and Ultratech Cement up by 2.40%. On the flip side, NTPC down by 0.72%, Bajaj Auto down by 0.60%, ICICI Bank down by 0.10%, Tata Steel down by 0.08% and HCL Tech down by 0.03% were the top losers.<br></p><p align="justify">Meanwhile, Union Minister of State for Finance Bhagwat Kisanrao Karad has said that the Government and the Reserve Bank of India (RBI) have taken major initiatives to mitigate the hardship being faced by farmers due to COVID-19. The Minister further stated the efforts made/being made by the Government for the remedy of the problems regarding agriculture loan being faced by the farmers in the country.<br></p><p align="justify">To meet the credit needs for post-harvest and kharif sowing requirements of farmers including small and marginal farmers, a front-loaded Special Liquidity Facility (SLF) of Rs. 55,000 crore under SLF-I and SLF-II has been extended by NABARD during COVID-19 pandemic for Regional Rural Banks, Cooperative Banks and Non Banking Financial Company (NBFCs)-Micro Finance Institutions (mFIs). This additional special liquidity facility to the rural financial institutions at concessional rate of interest will ensure enhanced credit flow to the agriculture and the allied sector.<br></p><p align="justify">Further, RBI's extant directions on relief measures to be provided by respective lending institutions in areas affected by natural calamities, such as flood, cyclone, drought, hailstorm, cold wave/frost, etc., inter alia, include, restructuring/rescheduling of existing crop loans and term loans, extending fresh loans, relaxed security and margin norms, moratorium, etc. These directions have been so designed that the moment calamity is declared by the concerned State Governments/District Authorities they are automatically set in motion without any intervention, thus saving precious time. The benchmark for initiating relief measures by banks has also been reduced to 33% crop loss in line with the National Disaster Management Framework.<br></p><p align="justify">The CNX Nifty is currently trading at 16,095.35, up by 210.20 points or 1.32% after trading in a range of 15914.35 and 16048.15. There were 39 stocks advancing against 11 stocks declining on the index.<br></p><p align="justify">The top gainers on Nifty were Titan Company up by 3.20%, HDFC up by 3.02%, Indusind Bank up by 2.77%, Sun Pharma up by 2.34% and Ultratech Cement up by 2.24%. On the flip side, Grasim Industries down by 1.28%, JSW Steel down by 1.08%, Shree Cement down by 1.00%, NTPC down by 0.64% and UPL down by 0.57% were the top losers.<br></p><p align="justify">Asian markets were trading mixed, Nikkei 225 slipped 139.19 points or 0.5% to 27,641.83, Hang Seng decreased 40.98 points or 0.16% to 26,194.82, Shanghai Composite declined 16.30 points or 0.47% to 3,447.99 and Straits Times was down by 14.30 points or 0.45% to 3,146.92. On the flip side, KOSPI rose 14.10 points or 0.44% to 3,237.14, Jakarta Composite soared 34.03 points or 0.56% to 6,130.57 and Taiwan Weighted was up by 50.48 points or 0.29% to 17,553.76.<br></p><p align="justify">European markets were trading higher, UK's FTSE 100 increased 23.45 points or 0.33% to 7,105.17, France's CAC increased 53.10 points or 0.8% to 6,729.00 and Germany's DAX was up by 16.59 points or 0.11% to 15,585.32.<br><br></p>
03-Aug-2021   12:49 Hrs IST Domestic bourses hits fresh new high <p align="justify">Domestic bourses continued to trade in fine contour on continued buying by funds and retail investors by crossing new record peak of 53,400 (Sensex ) and 16,000 (Nifty) in the noon session. Sentiment perked up as macros were turning very positive with the declining fiscal deficit and rising tax collections. Traders also remain energized India's exports grew by 47.19 per cent to $35.17 billion in July on account of healthy growth in the outbound shipments of petroleum, engineering, and gems and jewellery. Imports during the month also rose by 59.38 per cent to $46.40 billion, leaving a trade deficit of $11.23 billion. On the global front, Asian markets were trading mixed as jitters about the spread of the coronavirus's delta variant dented enthusiasm about strong corporate profits.<p align="justify">Back home, in scrip specific development Infosys joined the elite club of companies with Rs 7 trillion market capitalization (m-cap) on the BSE after its share price hit a new high of Rs 1,646.40 in the intra-day deals. Currently, BSE Sensex is currently trading at 53475.92, up by 525.29 points or 0.99% after trading in a range of 53088.35 and 53476.27. There were 26 stocks advancing against 4 stocks declining on the index.<p align="justify">The broader indices were trading mixed; the BSE Mid cap index lost 0.01%, while Small cap index was up by 0.34%.<p align="justify">The top gaining sectoral indices on the BSE were Telecom up by 1.41%, Consumer Durables up by 1.34%, FMCG up by 1.05%, TECK up by 1.04% and IT was up by 0.98%, while Metal down by 0.74% and Basic Materials was down by 0.16% were the only losing indices on BSE.<p align="justify">The top gainers on the Sensex were Titan Company up by 3.92%, Sun Pharma up by 3.38%, HDFC up by 2.80%, Bharti Airtel up by 2.40% and Indusind Bank was up by 2.13%. On the flip side, Tata Steel down by 0.68%, Bajaj Auto down by 0.67%, NTPC down by 0.47% and ICICI Bank was down by 0.04% were the top losers.<p align="justify">Meanwhile, Minister of State for Finance Bhagwat Karad has said that there is no proposal under consideration to waive loans of farmers, including Scheduled Caste and Scheduled Tribe farmers. He said the Centre has not implemented any farm loan waiver scheme since 'Agriculture Debt Waiver and Debt Relief Scheme (ADWDRS), 2008'.<p align="justify">Karad also listed major initiatives taken by the government and the Reserve Bank of India to reduce the debt burden of farmers and for welfare of the people engaged in agriculture, including those belonging to Scheduled Castes and Scheduled Tribes.<p align="justify">The minister cited schemes like interest subvention for short-term crop loans of up to Rs 3 lakh, RBI's decision to raise the limit for collateral-free agriculture loan from Rs 1 lakh to Rs 1.6 lakh, and direct income support of Rs 6,000 per year to farmers under Pradhan Mantri Kisan Samman Nidhi.<p align="justify">The CNX Nifty is currently trading at 16018.10, up by 132.95 points or 0.84% after trading in a range of 15914.35 and 16025.00. There were 37 stocks advancing against 13 stocks declining on the index.<p align="justify">The top gainers on Nifty were Titan Company up by 3.84%, Sun Pharma up by 3.20%, HDFC up by 2.87%, Bharti Airtel up by 2.37% and Indusind Bank was up by 2.03%. On the flip side, Grasim Industries down by 1.66%, JSW Steel down by 1.56%, Shree Cement down by 0.94%, Bajaj Auto down by 0.72% and Tata Steel was down by 0.67% were the top losers.<p align="justify">Asian markets were trading mixed; Shanghai Composite declined 20.89 points or 0.6% to 3,443.40, Nikkei 225 slipped 139.19 points or 0.5% to 27,641.83, Hang Seng decreased 104.45 points or 0.4% to 26,131.35 and Straits Times was down by 19.12 points or 0.6% to 3,142.10.<p align="justify">On the flip side, Taiwan Weighted strengthened 50.48 points or 0.29% to 17,553.76, KOSPI rose 14.10 points or 0.44% to 3,237.14 and Jakarta Composite was up by 29.08 points or 0.48% to 6,125.62.</p>
03-Aug-2021   12:13 Hrs IST Bulls hold tight grip over dalal Street
03-Aug-2021   11:10 Hrs IST Key indices add some gains in morning deals
03-Aug-2021   09:53 Hrs IST Markets trade higher in early deals
02-Aug-2021   14:47 Hrs IST Bourses trim some gains in late afternoon session
02-Aug-2021   12:48 Hrs IST Indian markets maintain upward momentum
02-Aug-2021   12:09 Hrs IST Sensex, Nifty hold gaining momentum in late morning session
02-Aug-2021   11:06 Hrs IST Benchmarks continue firm trade in morning session
02-Aug-2021   09:56 Hrs IST Domestic indices trade firm in early deals after gap-up opening