Midday Review News

Midday Review

Date Heading Details
26-Feb-2021   14:51 Hrs IST Equity benchmarks trim some losses <p align="justify">The Indian equity benchmarks trimmed some of their losses in late afternoon session, but continued to trade sluggish. There were no gainers on sectoral indices on the BSE. A level of pressure was seen on frontline stocks, especially Kotak Mahindra Bank, Mahindra &amp; Mahindra and Axis Bank. Markets remained under pressure even after Reserve Bank of India (RBI) in its latest data has showed that bank credit growth on a year-on-year basis improved to 6.2 percent in the December quarter (Q3FY21) from 5.8 percent in the previous three-month period. However, credit growth in Q3FY21 was lower when compared to 7.4 percent growth recorded a year ago. Meanwhile, Prime Minister Narendra Modi on Friday stressed on increasing credit flow to businesses to meet the needs of a fast reflating economy and said financial products will have to be tailor-made for fintech and startups. He said that although the government's endeavour is to promote the private sector, public sector presence in banking and insurance is also required. <p align="justify">On the global front, all Asian markets were trading lower, as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets. European markets were trading lower, joining a global selloff on fears that this year's expected economic recovery will fuel inflation and spark interest rate hikes.<p align="justify">The BSE Sensex is currently trading at 49627.59, down by 1411.72 points or 2.77% after trading in a range of 49191.12 and 50400.31. There were 3 stocks advancing against 27 stocks declining on the index.<p align="justify">The broader indices were trading in red; the BSE Mid cap index declined 1.41%, while Small cap index was down by 0.49%.<p align="justify">The top losing sectoral indices on the BSE were Bankex down by 3.94%, Oil &amp; Gas down by 2.16%, Capital Goods down by 2.14%, Auto down by 1.86% and TECK was down by 1.81%.<p align="justify">The top gainers on the Sensex were NTPC up by 1.25%, Maruti Suzuki up by 0.60% and Dr. Reddys Lab up by 0.06%. On the flip side, Kotak Mahindra Bank down by 5.20%, Mahindra &amp; Mahindra down by 5.07%, Axis Bank down by 4.44%, Bajaj Finance down by 4.32% and Bajaj Finserv down by 4.27% were the top losers.<p align="justify">Meanwhile, the government has launched&nbsp;the City Innovation Exchange (CiX) platform. The platform will be a significant addition to the growing innovation ecosystem of India and focuses on fostering innovative practices in cities. CiX, through an ‘open innovation' process, engages with innovators to design-test-deliver on solutions to pressing urban challenges.<p align="justify">This initiative is among the ongoing efforts of the Government to realise Prime Minister's vision of New and AtmaNirbhar Bharat, by making cities more self-reliant and enabled to meet the needs of and provide services to their citizens.Designed on the philosophy of ‘everyone is an innovator', the platform will bring together Citizen Organisations-Academia- Businesses- Government to co-create for the future of Urban India in a transparent and sustainable manner. The Smart Cities Mission will partner and effectively collaborate with Startup India, Atal Innovation Mission, AGNIi and other initiatives in the Indian Innovation ecosystem.<p align="justify">The CNX Nifty is currently trading at 14647.05, down by 450.30 points or 2.98% after trading in a range of 14554.10 and 14919.45. There were 2 stocks advancing against 48 stocks declining on the index.<p align="justify">The top gainers on Nifty were NTPC up by 1.06% and Maruti Suzuki up by 0.16%. On the flip side, Kotak Mahindra Bank down by 5.21%, Mahindra &amp; Mahindra down by 5.02%, ICICI Bank down by 4.60%, Axis Bank down by 4.58% and Bajaj Finserv down by 4.56% were the top losers.<p align="justify">All Asian markets were trading lower, Nikkei 225 slipped 1202.26 points or 3.99% to 28,966.01, Hang Seng decreased 1093.96 points or 3.64% to 28,980.21, Taiwan Weighted dropped 498.38 points or 3.03% to 15,953.80, KOSPI fell 86.74 points or 2.8% to 3,012.95, Shanghai Composite declined 75.97 points or 2.12% to 3,509.08, Jakarta Composite lost 47.85 points or 0.76% to 6,241.80 and Straits Times was down by 28.72 points or 0.97% to 2,944.82.<p align="justify">European markets were trading lower; UK's FTSE 100 decreased 28.67 points or 0.43% to 6,623.29, France's CAC decreased 49.27 points or 0.85% to 5,734.62 and Germany's DAX was down by 70.64 points or 0.51% to 13,808.69.</p>
26-Feb-2021   12:48 Hrs IST Benchmark indices continue lackluster trade <p align="justify">Indian bourses extended their losses and were trading with cut of over three percent each in&nbsp; afternoon session as selling appeared in Bankex, Oil &amp; Gas and Auto stocks with Sensex and Nifty tumbling by 1662 and 488 points respectively. Sentiments were downbeat with Moody's Investors Service stating that loans to retail customers, especially those to low-income borrowers, will remain most affected due to the shock caused by the coronavirus pandemic. Traders also took note of report that capital markets regulator Sebi chairman Ajay Tyagi acknowledged the systemic risk concerns raised by the RBI and Financial Stability Board over a disconnect between markets and the real economy, but said that this is a global phenomenon also observed in India. On the global front, Asian markets were trading lower as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.<p align="justify">The BSE Sensex is currently trading at 49376.42, down by 1662.89 points or 3.26% after trading in a range of 49280.28 and 50400.31. There were 3 stocks advancing against 27 stocks declining on the index.<p align="justify">The broader indices were trading in red; the BSE Mid cap index lost 2.20%, while Small cap index was down by 1.26%.<p align="justify">The top losing sectoral indices on the BSE were Bankex down by 4.67%, Oil &amp; Gas down by 2.89%, Auto down by 2.83%, Metal down by 2.61% and PSU was down by 2.57%, while there were no gaining sectoral indices on the BSE.<p align="justify">The top gainers on the Sensex were Sun Pharma up by 0.48%, Dr. Reddys Lab up by 0.30% and Nestle was up by 0.23%. On the flip side, Mahindra &amp; Mahindra down by 5.54%, ICICI Bank down by 5.34%, Bajaj Finserv down by 5.30%, HDFC Bank down by 5.04% and Axis Bank was down by 5.01% were the top losers.<p align="justify">Meanwhile, The Reserve Bank of India (RBI) in its latest data has showed that bank credit growth on a year-on-year basis improved to 6.2 percent in the December quarter (Q3FY21) from 5.8 percent in the previous three-month period. However, credit growth in Q3FY21 was lower when compared to 7.4 percent growth recorded a year ago. <p align="justify">According to the data, growth in credit by private sector banks decelerated considerably to 6.7 percent in the quarter ended December 2020 as against 13.1 percent a year ago. Advances growth in public sector banks improved to 6.5 percent in December 2020 quarter as against 3.7 percent in the same period of 2019. Aggregate deposits growth (y-o-y) of scheduled commercial banks increased to 11.1 percent in December 2020 quarter as against 10 percent a year ago. Annual growth in current, savings and term deposits of banks stood at 13 percent, 15.8 per cent and 8.2 percent.<p align="justify">The data further showed that higher growth in current account and savings account (CASA) deposits resulted in their higher share of 42.8 percent in total deposits as against 41.2 percent a year ago. All-India credit-deposit (C-D) ratio improved marginally to 72.5 percent in the reporting quarter from 72 per cent in the previous quarter.<p align="justify">The CNX Nifty is currently trading at 14608.50, down by 488.85 points or 3.24% after trading in a range of 14585.25 and 14919.45. There were 1 stocks advancing against 49 stocks declining on the index.<p align="justify">The top gainers on Nifty were Sun Pharma was up by 0.08%. On the flip side, ICICI Bank down by 5.53%, Mahindra &amp; Mahindra down by 5.47%, HDFC Bank down by 5.09%, Bajaj Finserv down by 5.04% and HDFC was down by 4.91% were the top losers.<p align="justify">Asian markets were trading lower; Nikkei 225 slipped 1,202.26 points or 3.99% to 28,966.01, Hang Seng decreased 890.75 points or 2.96% to 29,183.42, Taiwan Weighted dropped 498.38 points or 3.03% to 15,953.80, Jakarta Composite lost 97.67 points or 1.55% to 6,191.98, KOSPI fell 86.74 points or 2.80% to 3,012.95, Straits Times trembled 27.56 points or 0.93% to 2,945.98 and Shanghai Composite declined 65.49 points or 1.83% 3,519.56.</p>
26-Feb-2021   12:09 Hrs IST Bears hold tight grip over Dalal Street
26-Feb-2021   11:01 Hrs IST Indian bourses enlarge losses in morning deals
26-Feb-2021   10:00 Hrs IST Benchmarks trade lower on global sell-off; GDP data eyed
25-Feb-2021   14:51 Hrs IST Equity markets add gains in late afternoon session
25-Feb-2021   12:50 Hrs IST Markets pare some gain
25-Feb-2021   11:58 Hrs IST Key indices remain positive during late morning deals
25-Feb-2021   11:05 Hrs IST Markets continue to trade higher in morning deals
25-Feb-2021   10:02 Hrs IST Benchmarks trade in high spirit in early deals; Nifty nears 15,150 mark