Benchmarks surge as RIL, IT stocks shine
时间:2024-06-26 15:26:55 阅读(143)
Equity indices extended their winning streak to a third straight session on Monday, tracking firm cues from global markets. Both Sensex and Nifty surged nearly 2% on Monday, propelled by buying in heavyweight Reliance Industries and IT stocks. Analysts said that the bounce-back in the Indian markets was due after its underperformance since April 2022. Since April 1, both Sensex and Nifty have declined about 5% each.
After rallying 1,198 points intra-day, the Sensex settled 1,041 points or 1.9% higher at 55,925.74, and the broader Nifty-50 ended higher by 308.95 points or 1.9% at 16,661.40.
“While fears of global recession and further rise in oil prices lurk, investors are currently engaged in buying after the recent free fall. Technically, in the last three days, the Nifty has rallied nearly 800 points and cleared the 16400 resistance level, which is broadly positive. For traders, 16500 would be the trend decider level, above which the positive momentum is likely to continue till 16750-16800,” Shrikant Chouhan, head of equity research (retail) at Kotak Securities, said.
A decline in the dollar index and the US 10-year bond yields, too, remain key positives for all emerging markets, including India, analysts added. While the dollar index slipped to 101 levels after hitting 104.85 on May 12, the yield on benchmark treasury yield cooled off to 2.74%.
Foreign portfolio investors turned net buyers on Monday after a long selling spree. According to provisional data available on the exchanges, FPIs bought shares worth $64.75 million, while local institutional investors bought shares worth $196.6 million. So far this month, FPIs have sold shares worth about $5 billion, the highest single-month selling since February 2022, Bloomberg data show.
Elsewhere in Asia, too, markets in Shanghai, Japan, and Hong Kong ended higher after China eased some of the Covid-19 restrictions on business activity. Hang Seng and Nikkei 222 ended higher by 2% each on Monday.
Back home, all 15 sectoral gauges compiled by the NSE ended in the green, with the Nifty Realty, IT and Consumer Durables being the top performers, gaining about 4% each. Among the Sensex stocks, Titan, M&M, and Infosys were the top gainers, up over 4.5% each. Overall, out of the 3,615 stocks traded on the BSE, 2,332 advanced.
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- tioned itself as a premium retailer of brands.
The move had also prompted the country’s largest organised retailer Reliance Retail to step into the value retail segment with Yousta, which was announced on Thursday. Like Intune, Yousta began its operations in Hyderabad, with plans to expand across the country. Intune has three stores – two in Hyderabad and one in Dombivli, near Mumbai, with plans to add another three more outlets in the coming months.
Nair had admitted on a recent earnings call that the apparel segment in general was witnessing moderation and that the value retail foray by Shoppers Stop could help the company tap into the growing trend for affordable fashion and lifestyle products, aiding sales growth.
That was an important statement for Shoppers Stop, which reported a nearly 37% year-on-year drop in net profit to Rs 14.5 crore in the June quarter of FY24, even as revenue grew only 4.8% versus the previous year to nearly Rs 994 crore.
On a yearly basis, the company had last reported a net profit of nearly Rs 114 crore in FY23 after three consecutive years of loss between FY20 and FY22 due to the Covid-19 pandemic. FY23 topline also jumped nearly 60% year-on-year to Rs 4,022 crore, the highest in six years, its results showed.
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