Tag: benchmark equity indices

Benchmark equity indices are likely to extend their gains next week as investor optimism for the ongoing economic recovery strengthens on the back of the government's move to cut excise duty on retail fuel according to the market analysts. The Nifty50 and BSE Sensex rose over 1 percent this week despite closing lower in two out of the four sessions. Analysts suggested that a major part of the recent correction for the market seems behind us as focus shifts to a sharp recovery in the economy in the October quarter. The government on Wednesday cut excise duty on retail fuel, which analysts believe could reduce concerns over high inflation and provide impetus to the domestic consumer economy. The move is also likely to provide some relief to sectors like logistics where high fuel costs have eaten into margins. Read more

Tata Motors, IndusInd Bank, Eicher Motors, ICICI Bank, SBI Life Insurance, and Reliance Industries were among other gainers.ONGC was the top loser in the pack, down 2.17 percent. Divi’s Labs and Britannia Industries were among those that traded in the red. FACTORS DRIVING MARKETS: Crude oil cools off: Oil prices dropped back from multi-year highs hit a day earlier, having been a major contributor to this week's equities sell-off. Gas prices also fell, a day after Russian leaders indicated that supply to Europe could increase. Read more

In today's(18th June 2021) intra-day session Indian benchmark equity indices slumped over 1 percent but made a sharp V-shaped recovery to end the day with little change. Financials and metals exerted pressure on the bourses, even as gains in Reliance Industries, FMCG, and select private bank stocks tried to limit the losses. The S&P BSE Sensex fell 722 points intra-day but recovered to close 21 points, or 0.04 percent, higher at 52,344 levels. The broader Nifty50 index, meanwhile, bounced back from the day's low of 15,451 to end at 15,683 levels, down 8 points or 0.05 percent. The correction was deeper in the broader markets where the BSE MidCap and SmallCap indices closed 0.70 percent and 0.89 percent down, respectively. Read more