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New Delhi, Jun 21 () Geopolitical developments and trend in COVID-19 cases will set the tone for equity markets this week, analysts said, adding that with no major events scheduled, indices may consolidate. "Going ahead, we expect the market momentum to continue in near term on back of changed sentiments and improved liquidity. "Apart from global cues and development around geo-political tensions, the monthly F&amp;O expiry would be some of the key monitarables," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd. According to analysts, besides stock-specific action, trend in global markets and foreign fund movement would also dictate sentiments. Rupee-dollar dynamics and crude oil movement would also be key factors to watch, they added. "Given that there are no major scheduled events both locally as well as globally, indices are expected to consolidate and move sideways. Across the world, markets are trying to decode how the easing of lockdown restrictions will help revive economic demand. "However, the current response seems to be a mixed bag across the world and foresight remains blurry as to how quickly the revival in economies pan out. It insinuates a long drawn journey which ultimately will be reflected in the stock prices," said Jimeet Modi, founder and CEO, SAMCO Securities &amp; StockNote. During the past week, the Sensex rallied 950.85 points or 2.81 per cent. Eight days after recording three lakh COVID-19 cases, India went past the 4,00,000-mark on Sunday with the biggest single-day spike of 15,413 new infections, while the death toll rose to 13,254, according to Union Health Ministry data. SUM BAL ABM ABM

Investors to monitor geopolitical developments, trend in COVID-19 cases: Analysts

New Delhi, Feb 16 () With no key events due in a holiday-shortened week, markets would take cues from global trends and would also track developments related to coronavirus that has dampened investor sentiment, say analysts. Equity markets would remain closed on Friday for Mahashivratri. "Going forward, markets may remain range-bound due to lack of trigger or major event domestically. It would closely watch the developments with regards to the coronavirus and may remain under pressure in the near term," Siddhartha Khemka, head (retail research), Motilal Oswal Financial Services Ltd, said. Santosh Meena, senior analyst, TradingBells, said, "Coronavirus is still dominating as a key factor in the global market and it will continue to remain a dominant factor for this week as well. Third quarter earnings season has almost end where the movement of the global market will have a major impact on the Indian market." From the global front, the Federal Open Market Committee (FOMC) minutes on Thursday would also be eyed. Last week, the Sensex climbed 115.89 points or 0.28 per cent. Markets had spiralled lower on Friday mainly dragged by banking shares which slumped after the Supreme Court took a strong note of telecom companies not complying with its order to pay Rs 1.47 lakh crore in statutory dues. "With the fag-end of the result season and no key events in the near future, markets would largely take cues from the domino effect of forthcoming challenges due to coronavirus," Jimeet Modi, founder &amp; CEO, SAMCO Securities &amp; StockNote, said. Markets would also track movement in the rupee and crude oil. SUM HRS

Global trends to dictate markets in holiday-shortened week: Analysts

New Delhi, Nov 24 () Developments surrounding the US-China trade deal, foreign capital inflows and expiry of November series derivative contracts will set the tone for the equity markets this week, analysts said.
 Participants will also be tracking the unfolding political situation in Maharashtra, they added.
 "Markets are likely to remain lackluster this week. Movements will occur based on news and events that are likely to transpire from the government in terms of economic policies, disinvestment and international geo-political events," said Jimeet Modi, Founder and CEO, SAMCO Securities &amp; StockNote.
 Geojit Financial Services' Head of Research Vinod Nair said, "Going ahead, market focus will be on Q2 GDP data."
 GDP growth data for the second quarter is scheduled to be released post market hours on Friday.
 Various rating agencies have forecasted further deterioration in economic growth due to issues like weak consumption and global headwinds. The Indian economy had expanded by 5 per cent in the first quarter of this fiscal.
 Markets would also be influenced by factors such as rupee-dollar trend, oil prices and investment pattern by overseas investors
 Indices may also see a bout of volatility when the November series futures and options (F&amp;O) contracts expire on Thursday, analysts said.
 "Next week, focus will be on second quarter GDP numbers," said Gaurang Somaiyaa, Analyst, Motilal Oswal Financial Services Private Ltd.
 On the global front, fresh cues on the US-China trade negotiations would influence trading sentiment.
 During the last week, the Sensex inched up just 2.72 points to close at 40,359.41. SUM 
ABM

Global cues, F&O expiry to set market trend: Analysts

Mumbai, May 11 () Equity benchmark Sensex surged over 500 points in opening session on Monday as strong gains in index-heavyweights Reliance Industries, HDFC, Infosys and positive cues from global markets boosted market sentiment. After touching a high of 32,182.36, the 30-share index was trading 531.55 points or 1.68 per cent higher at 32,174.25. Similarly, NSE Nifty surged 148.65 points, or 1.61 per cent, to 9,400.15. Reliance Industries was the top gainer in the Sensex pack, soaring over 3 per cent, followed by UltraTech Cement, Maruti, Bajaj Auto, IndusInd Bank and ITC. In the midst of all the coronavirus-driven chaos, Reliance Industries seems to have created its own bull market territory through a V-Shaped recovery by concerted efforts to bring quality investors, reduce its net debt and streamline its balance sheet, said Jimeet Modi, Founder and CEO, Samco Securities. "RIL having the highest weight in Nifty50 is also keeping markets on a better footing which in a way is helping to neutralise negative sentiments and is good for the current pandemic-stricken economy," he added. Meanwhile, Nestle India and ICICI Bank were trading in the red. In the previous session, the BSE barometer settled 199.32 points or 0.63 per cent higher at 31,642.70, while the broader Nifty rose 52.45 points, or 0.57 per cent, to finish at 9,251.50. Foreign portfolio investors purchased equities worth Rs 1,724.71 crore in the capital market on Friday, provisional exchange data showed. Besides stock-specific action, foreign fund inflow and firm cues from global markets supported the positive sentiment in the domestic market, traders said. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains. International oil benchmark Brent crude futures were trading 1.16 per cent lower at USD 30.61 per barrel. In India, the death toll due to COVID-19 rose to 2,206 and the number of cases climbed to 67,152, according to the health ministry. Globally, the number of cases linked to the disease has crossed 41 lakh and the death toll has topped 2.82 lakh. ANS DRRDRR

Sensex rallies over 500 pts; Reliance jumps 3 pc

<ul><li>Delhi Assembly election results likely to give market cues this week, accrording to analysts.</li><li>Developments surrounding <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> outbreak will also have an impact.</li><li>"We expect the markets to stay narrow until emergence of greater evidence of growth recovery," Siddartha Khemka from Motital Oswal Financial Services.</li></ul>Indian bourses would track macroeconomic data announcements, developments surrounding the coronavirus outbreak as well as the Delhi poll results for further cues this week, according to analysts. Industrial production and retail inflation data is due on Wednesday, while WPI inflation numbers will be released on Friday. Voting for the 70-member Delhi Assembly was held on February 8 and results will be declared on Tuesday (February 11). "We expect the markets to stay narrow until emergence of greater evidence of growth recovery. Further, it would continue to watch out development over coronavirus. Thus, meanwhile, select sectors with better earnings visibility will continue enjoying valuation premium over the broader markets," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Investors would also track global market cues amid the coronavirus outbreak. "Now since the budget, RBI policy and major corporate results are behind us, Indian bourses will henceforth try to adjust and assimilate the reality. Before making any meaningful strides, markets will absorb how these policy decisions have impacted corporates' underlying performance. "Going ahead, the overhang of coronavirus will largely drive the mood of the stocks in the short term," said Jimeet Modi, Founder &amp; CEO, SAMCO Securities &amp; StockNote. Last week, the Sensex surged 1,406.32 points or 3.53 per cent. "While the domestic sentiments are buoyant post an encouraging monetary policy, the threat to the global economic growth due to coronavirus spread may weigh on the sentiments," Ajit Mishra, VP - Research, Religare Broking Ltd said. Besides, key factors such as global crude oil movement and Indian rupee-US dollar trend would also influence trading. See also: <a href="https://www.businessinsider.in/finance/news/exclusive-a-top-public-sector-bank-told-employees-to-restrict-the-circulation-of-2000-notes/articleshow/74004756.cms">Exclusive: A top public sector bank told employees to restrict the circulation of ₹2,000 notes</a> <a href="https://www.businessinsider.in/tech/news/apple-extends-store-closures-in-china-due-to-coronavirus/articleshow/74024088.cms">Apple extends store closures in China amid coronavirus outbreak</a> <a href="https://www.businessinsider.in/politics/elections/news/cash-drugs-and-liquor-worth-57-crore-seized-by-ec-during-delhi-election/articleshow/74031354.cms">Cash, drugs and liquor worth ₹57 crore seized by EC during Delhi Election</a>

Delhi election results and coronavirus impact will be key drivers for markets this week, according to analysts

New Delhi, Mar 1 () After posting their worst week since the 2008 financial crisis, Indian equity benchmarks will take further cues from global markets in the coming sessions as investors assess the impact of the coronavirus outbreak, analysts said. The BSE Sensex logged its second-biggest one-day fall in history on Friday, mirroring a carnage in world equities amid fears that the virus epidemic may turn out to be a bigger threat to the global economy than initially anticipated. More than 85,000 people have been infected in over 50 countries and over 2,900 have died. According to Vinod Nair, Head of Research at Geojit Financial Services, the risk to markets will increase if the infection lasts longer and continues to spread at a fast pace. "The numbers, regarding the spread of the disease, and how far it can be contained, will drive the markets next week. Measures by governments to boost respective economies will also be watched out for, post the Chinese government's support to bolster the economy," he said. Stocks are also expected to react to the GDP growth numbers released after market hours on Friday. India's gross domestic product (GDP) growth slipped to a nearly 7-year low of 4.7 per cent in October-December 2019, weighed by a contraction in manufacturing sector output. "Markets may have fallen on the coronavirus scare, but it may be worthwhile to ponder on the direct relationship between GDP growth and earnings growth to understand whether the markets have run ahead of the earnings trajectory, at least for some time now," said Joseph Thomas, Head of Research - Emkay Wealth Management. In the forthcoming week, investors will also track SBI Cards IPO and RITES OFS by the government, said Jimeet Modi, Founder and CEO, SAMCO Securities &amp; StockNote. "However, no matter the outcome, markets would broadly be driven by the virus and global sentiment," he added. Fundamentally, Indian bourses have been trading at higher valuations and hence a correction was needed to align the markets as per the mean reversion theory, he pointed out. "Hence, this week's fall is a valuation play with coronavirus as the scapegoat. The frothy valuations needed the markets to correct," he said. The BSE Sensex crashed 1,448.37 points, or 3.64 per cent, to close at 38,297.29 on Friday. During the week, the Sensex plunged 2,872.83 points or 6.97 per cent, and the NSE Nifty tumbled 879.10 or 7.27 per cent. ANS ABM

Coronavirus updates to dictate market trend next week: Analysts

New Delhi, May 22 () Bank and NBFC stocks on Friday tumbled up to 8 per cent after the Reserve Bank of India (RBI) extended moratorium on loan repayments. "The markets have initially reacted negatively to the RBI announcement. The Street keeps expecting more and more reliefs without knowing as to how each of these will be helpful. Shareholders of banks are worried by the current economic conditions and the pain that is postponed due to the moratorium being extended," said HDFC Securities MD &amp; CEO Dhiraj Relli. Shares of Axis Bank plunged 6.78 per cent, ICICI Bank dropped 6.12 per cent, RBL Bank 5.71 per cent, IndusInd Bank 4.59 per cent, Federal Bank 4.32 per cent, Kotak Mahindra Bank 2.85 per cent, HDFC Bank 2.71 per cent and SBI 1.57 per cent on the BSE. The BSE BANKEX was trading lower by 2.64 per cent. Among non-banking financial companies (NBFCs), Ujjivan Financial Services tumbled 8.25 per cent, Shriram Transport Finance Company tanked 8 per cent, Mahindra &amp; Mahindra Financial Services 6.20 per cent and Bajaj Finance 5.66 per cent. The RBI has announced further extension in moratorium period to end-borrowers from May 31 till August 31. We read this as major negative for all NBFCs (including the ones with strong liability franchises) as this would further delay the overall collection and recovery procedure, and stretch the total liquidity cycle for all. In addition, this would further damage financial discipline, especially for small-ticket borrowers and MFIs (microfinance institutions)," Emkay Global Financial Services said in a note. Jimeet Modi, founder and CEO of SAMCO Securities &amp; StockNote said, "Extension of moratorium is good for the economy but in substance, it will negatively impact banks and NBFCs. As a whole, the RBI has taken a calibrated approach to save the economy rather than favouring banks." The RBI on Friday slashed interest rates, extended moratorium on loan repayments and allowed banks to lend more to corporates in an effort to support the economy which is likely to contract for the first time in over four decades. The benchmark repurchase (repo) rate was cut by 40 basis points to 4 per cent, RBI Governor Shaktikanta Das said announcing the decisions taken by the central bank's Monetary Policy Committee (MPC) that met ahead of its scheduled meeting in early June. The RBI supplemented the interest rate cut by extending by three months the permission given to all banks to give a three-month moratorium on payment of monthly instalments on all outstanding loans, providing relief to home and auto buyers as well as the real estate sector where construction activities are already at a standstill. The moratorium on interest on working capital was also extended by three months. SUM HRS

Bank, NBFC stocks tumble after RBI decision

New Delhi, Dec 22 () Equity markets may witness consolidation in the holiday-shortened week ahead amid lack of major triggers, though some stock-specific action can be expected due to a rejig in Sensex constituents, analysts said.
 Tata Motors, Tata Motors DVR, Yes Bank and Vedanta will be dropped from the BSE's benchmark Sensex from December 23. They will be replaced by UltraTech Cement, Titan and Nestle India.
 The reshuffle can lead to some price movements as fund managers adjust their portfolios, experts added.
 Additionally, December series futures and options (F&amp;O) contracts will expire on Thursday.
 Markets would remain closed on Wednesday for Christmas.
 "A short term consolidation cannot be ruled out as investors may slide to a holiday mood, last two weeks we had a solid Santa clause rally," said Vinod Nair, Head of Research, Geojit Financial Services.
 Going ahead, the Union Budget is likely to be crucial for the market on account of new steps to attract investments, he added.
 "The year end is likely to witness extremely stock specific movement with only a few pockets showing strength," said Jimeet Modi, Founder &amp; CEO, SAMCO Securities &amp; StockNote.
 The domestic market would track factors such as crude oil prices, rupee-dollar movement and investment trend by foreign investors.
 Participants will also track RBI's special OMO on Monday.
 The Reserve Bank of India (RBI) will simultaneously purchase and sell government securities worth Rs 10,000 crore under a special Open Market Operation (OMO).
 Such exercises are done by the central bank when the proceeds from sale of short-term securities are used to buy long-term government securities or bonds in a bid to bring down interest rates on long-term securities.
 Religare Broking, VP - Research, Ajit Mishra said, "Given the sharp run up, we remain cautious on the markets and expect some consolidation in the near term. Meanwhile investors would continue to track global markets."
 Equity benchmarks rose marginally to close at record highs for the fourth straight session on Friday, buoyed by bank, finance and IT shares.
 The 30-share BSE Sensex closed at 41,681.54. while the NSE Nifty finished at 12,271.80
 During the last week, the Sensex rose 671.83 points or 1.63 per cent and the Nifty advanced 185.10 points or 1.53 per cent. SUM
ABM

Markets may witness consolidation in holiday-shortened week ahead: Analysts

New Delhi, Jan 12 () Quarterly earnings, inflation data and the much-awaited US-China trade deal signing would drive the equity markets this week, according to analysts.
 "Market wants to look forward where Q3 earnings and pre-Budget movement will be the theme of this week. In terms of earnings, Wipro, IndusInd Bank, Reliance Industries, HCL Technologies and HDFC Bank will be key companies that will post their Q3 results this week," said Santosh Meena, Senior Research Analyst, TradingBells.
 He added that Infosys shares may react positively on Monday after the company's audit committee gave a clean chit to the management on allegations of misconduct.
 Infosys on Friday said the board's audit committee has completed the independent probe into the anonymous whistleblower allegations and found "no evidence" of financial impropriety or executive misconduct.
 The IT services major reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter. The earnings were announced after market hours on Friday.
 "Markets will first react to IT major Infosys results in the early trade on Monday. Meanwhile, volatility would remain high on the stock-specific front due to prevailing earnings season and global uncertainty," said Ajit Mishra, VP - Research, Religare Broking Ltd.
 Among macroeconomic data announcements, retail and WPI inflation numbers will be released on Monday and Tuesday, respectively.
 On the global front, with US-Iran tensions cooling off, focus will largely shift to the upcoming US-China trade deal signing.
 Kotak Mahindra Asset Management Company, Senior VP and Head of Equity Research, Shibani Kurian said, "From here on, the equity markets would focus on the upcoming Union Budget and also RBI policy at the start of February. Markets would also take cues from the Q3 FY20 earnings season with key focus being on management commentary on business outlook."
 Markets would on Monday may also react to industrial production data which was announced post market hours on Friday.
 The country's industrial output grew 1.8 per cent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.
 "Markets are heading for testing times given that the result season has set in and Budget parleys too will have to be digested in weeks to come. Volatility is expected to increase, although prices are not expected to move much till Budget. However, sector specific rallies are likely to continue," Jimeet Modi, Founder &amp; CEO, SAMCO Securities &amp; StockNote said.
 During the last week, the Sensex advanced 135.11 points or 0.32 per cent. SUM ABM
ABM

Markets to eye earnings report card, inflation, global events this week: Analysts

Mumbai, Mar 27 () Equity benchmark index Sensex erased early sharp gains to close lower by 131 points on Friday, snapping its three-day rising streak as concerns over an impending recession heightened after the RBI said the projected annual growth was at risk due to the COVID-19 outbreak. In a bid to support the economy during the pandemic, RBI Governor Shaktikanta Das unveiled a slew of measures, including its steepest interest rate cuts in more than 11 years. The repo has been cut by 75 basis points to 4.4 per cent - the lowest in at least 15 years. Further, the Reserve Bank reduced the cash reserve ratio (CRR) for all banks by 100 basis points to 3 per cent to release Rs 1.37 lakh crore across the banking system. It also allowed banks to put on hold monthly instalment payments on all term loans for three months. After opening significantly higher, the 30-share BSE barometer gave up all the gains to end 131.18 points or 0.44 per cent lower at 29,815.59. It hit a high of 31,126.03 and a low of 29,346.99 in day trade. On the other hand, the broad-based NSE Nifty closed 18.80 points, or 0.22 per cent, higher at 8,660.25. Bajaj Finance was the biggest loser in the Sensex pack, tanking up to 8 per cent, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech. Axis Bank, ITC, NTPC and M&amp;M were among the top gainers. Despite massive rate cuts, domestic market turned negative on concerns over the annual economic growth amid rising uncertainty over the COVID-19 pandemic, traders said. Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Das said that no projection for growth and inflation was being given in view of the uncertainty created by outbreak of the deadly virus. He further said that the growth projection of 4.7 per cent for the fourth quarter of 2019-20 and 5 per cent for the whole fiscal was "at risk." Jimeet Modi, Founder and CEO, Samco Securities said, "In such uncertain times, instead of fresh funds entities want to save their skin, RBI's relaxation of only 3 months instead of 6 months for moratorium on interest on loans and working capital has disappointed many." He added that there is no doubt that the RBI is playing every card in its pocket to prevent a crisis-like situation by giving banks the ability to lend more, but as such no direct helping hand has been given to ailing industries as of now. Meanwhile globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended higher, while benchmarks in Europe were trading in the red. International oil benchmark Brent crude fell 2.20 per cent to USD 25.76 per barrel in futures trade. On the currency front, the rupee depreciated marginally to 75.20 against the US dollar in intra-day trade. The death toll due to COVID-19 rose to 17 in the country on Friday and the number of coronavirus cases climbed to 724, according to the Health Ministry. The number of deaths around the world linked to the new coronavirus has crossed over 24,000. ANS MRMR

Sensex snaps 3-day rally, ends 131 pts lower on recession fears

Mumbai, Jul 3 () Equity indices advanced for the third straight day to close near four-month highs on Friday, propelled by Reliance Industries which announced another stake sale in its digital unit. Buoyancy in global markets and a strengthening rupee further propped up sentiment, traders said. Investors also cheered regulatory approval for human trials of another potential COVID-19 vaccine. After touching a high of 36,110.21, the 30-share BSE Sensex settled 177.72 points, or 0.50 per cent, higher at 36,021.42. The NSE Nifty rose 55.65 points, or 0.53 per cent, to end at 10,607.35. This is the highest closing for both the benchmarks since March 6. During the week, the Sensex advanced 850.15 points or 2.41 per cent, while Nifty gained 224.35 points or 2.16 per cent. Bharti Airtel was the top gainer in the Sensex pack on Friday, rallying 4.05 per cent, followed by Bajaj Auto, TCS, Titan and HCL Tech. Index heavyweight Reliance Industries spurted 1.53 per cent after the company said Intel Capital will buy 0.39 per cent stake in Jio Platforms for Rs 1,894.50 crore. Intel Capital is 12th company to join the list of marquee firms who have picked up stake in Jio Platforms, taking the total investment amount to Rs 1,17,588.45 crore. On the other hand, IndusInd Bank, Tata Steel, HDFC Bank and Bajaj Finance were among the laggards, shedding up to 1.50 per cent. Zydus, part of the Cadila Healthcare group, on Friday said its indigenously developed COVID-19 vaccine candidate -- ZyCoV-D -- has successfully completed pre-clinical phase and has received permission from Indian authorities to conduct human trials. This comes just a day after Germany's BioNTech and US pharmaceutical giant Pfizer reported positive preliminary results from a joint project for a potential COVID-19 vaccine. Domestic indices also took cues from Asian peers that followed overnight gains on Wall Street after positive jobs data release in the US, traders said. "Markets during the week moved higher on hopes of a COVID-19 vaccine coming to everyone's rescue earlier than expected. Bourses across the world are also riding on early availability of a vaccine inspite of unstable economic growth. "Another round of shutdowns in a few countries is frightening but hopes of a drug/ vaccine are keeping markets upbeat. A peculiar historic trend during bull market tops is observed currently," said Jimeet Modi, Founder and CEO, SAMCO Securities &amp; StockNote. BSE telecom, power, capital goods, teck, energy and industrials indices rallied up to 3.45 per cent, while metal, bankex, finance and basic materials slipped in the red. Broader BSE mid-cap and small-cap indices rose up to 0.56 per cent. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note, while those in Europe opened in the red. Meanwhile, international oil benchmark Brent crude futures fell 1.69 per cent to USD 42.41 per barrel. On the currency front, the rupee appreciated 38 paise to settle at 74.66 against the US dollar. The number of COVID-19 cases around the world has crossed 1.08 crore and the death toll has topped 5.20 lakh. In India, the number of infections has touched 6.25 lakh, with over 18,000 fatalities. ANS ABM ANS ABM ABM

Sensex logs gains for third day; RIL spurts post Intel deal

Mumbai, Jun 5 () Equity indices resumed their upward march on Friday as investors piled into banking and infrastructure stocks amid robust foreign fund inflows and a firm trend in global markets. Reversing the previous session's decline, the BSE Sensex zoomed 306.54 points or 0.90 per cent to end at a three-month high of 34,287.24. The broader NSE Nifty rose 113.05 points or 1.13 per cent to 10,142.15. State Bank of India (SBI) was the top gainer in the Sensex pack, surging 7.90 per cent, after the country's largest lender reported an over four-fold jump in standalone net profit for the March quarter at Rs 3,580.81 crore. Tata Steel, Bajaj Finance, HDFC Bank, NTPC, Axis Bank and ICICI Bank also ended with gains of up to 6 per cent. On the other hand, TCS, HUL, Bajaj Auto and Infosys were among the laggards, skidding up to 2.19 per cent. Reliance Industries (RIL) succumbed to profit-booking, ending flat after touching its one-year high in intra-day trade. Continuing its deal-making streak, the company announced sale of 1.85 per cent stake in its digital unit Jio Platforms to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore. During the week, Sensex surged 1,863.14 points or 5.74 per cent, while Nifty advanced 561.85 points or 5.86 per cent. According to traders, besides stock-specific action, persistent foreign fund inflows and positive cues from global markets led to bullish sentiment here. On a net basis, foreign portfolio investors bought equities worth Rs 2,905.04 crore on Thursday, provisional exchange data showed. "The current week has been a good one for the global markets as major frontline markets posted a strong rally," said Sanjeev Zarbade, VP PCG Research, Kotak Securities. The rally has been driven by positive sentiment generated from gradual lifting of lockdown across economies, despite weak economic readings and civil unrest in the US, he said. "Markets during the week surprised everyone by moving higher. The only justifiable reason to the current momentum is the liquidity. "The investable universe is gradually narrowing with shortage of top-graded stocks whereas the abundant monies available for purchasing them are increasing thus pushing frontline stocks higher which gets reflected in the Indices," said Jimeet Modi, Founder and CEO, SAMCO Securities &amp; StockNote. BSE metal, telecom, basic materials, industrials, bankex and power indices jumped up to 3.86 per cent, while IT and FMCG ended up to 0.75 per cent lower. Broader BSE mid-cap and small-cap indices outperformed the benchmarks, rallying up to 2.51 per cent. World equities extended their bull run as more stimulus from the ECB and reopening of countries fuelled economic recovery hopes. Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with significant gains. Stock exchanges in Europe too opened up to 2 per cent higher. International oil benchmark Brent crude futures rose 2.73 per cent to USD 41.08 per barrel. On the currency front, the rupee closed flat at 75.58 against the US dollar. Meanwhile, India saw a record single-day jump of 9,851 coronavirus cases and 273 deaths on Friday, pushing the nationwide infection tally to 2,26,770 and the death toll to 6,348, according to the union health ministry. ANS ABM ABM

Markets resume rally as bank stocks spurt; log weekly gains

Mumbai, Mar 27 () Market benchmark BSE Sensex closed lower by 131 points or 0.44 per cent in volatile trade on Friday, cutting short its three-day winning run due to deepening growth concerns and a less-than-expected moratorium on loans announced by the RBI in its monetary policy. Stock markets had rallied around 4 per cent in opening trade in line with firm global markets and ahead of the RBI governor's address. However, stocks lost steam after the policy announcement with the benchmark indices paring sharp gains. The 30-share Sensex ended 131.18 points or 0.44 per cent lower at 29,815.59. It hit a high of 31,126.03 and a low of 29,346.99 in day trade. The broad-based NSE Nifty managed to end with gains, closing higher by 18.80 points or 0.22 per cent at 8,660.25 as energy, FMCG and select banking stocks advanced. On a weekly basis, both the indices closed in the red, marking their sixth week of losses due to heavy selling after lockdowns in major economies to contain coronavirus spread. "In such uncertain times, instead of fresh funds entities want to save their skin, RBI's relaxation of only 3 months instead of 6 months for a moratorium on interest on loans and working capital has disappointed many," Jimeet Modi, Founder and CEO, Samco Securities said. In a bid to support the economy during the pandemic, RBI Governor Shaktikanta Das unveiled a slew of measures, including its steepest interest rate cuts in more than 11 years. The repo has been cut by 75 basis points to 4.4 per cent - the lowest in at least 15 years. Further, the Reserve Bank reduced the cash reserve ratio (CRR) for all banks by 100 basis points to 3 per cent to release Rs 1.37 lakh crore across the banking system. It also allowed banks to put on hold monthly instalment payments on all term loans for three months. The RBI is playing every card in its pocket to prevent a crisis-like situation by giving banks the ability to lend more, but as such no direct helping hand has been given to ailing industries as of now, Modi observed. "Indices ended almost flat following the RBI measures. The markets were up in the last two sessions on expectations of these announcements from the government and the RBI. Now, focus comes back on the spread of the virus and its damage on the already reeling economy," Vinod Nair, Head of Research at Geojit Financial Services said. Bajaj Finance was the biggest loser in the Sensex pack, tanking up to 8 per cent, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech. Axis Bank, ITC, NTPC and M&amp;M were among the top gainers. Sector-wise, BSE bankex, metal, power, IT and healthcare indices ended on a positive note while BSE telecom, auto, oil and gas, basic materials and realty indices ended in the red. Broader BSE midcap closed 0.29 per cent lower, while smallcap rose by 0.28 per cent. Despite massive rate cuts, the domestic market turned negative on concerns over the annual economic growth amid rising uncertainty over the COVID-19 pandemic, traders said. Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Das said that no projection for growth and inflation was being given in view of the uncertainty created by the outbreak of the deadly virus. He further said that the growth projection of 4.7 per cent for the fourth quarter of 2019-20 and 5 per cent for the whole fiscal was "at risk." Rating agency ICRA said that despite the RBI's mega push, the GDP is likely to contract by 4.5 per cent in April-June and would rise by just 2 per cent in 2020-21 on the coronavirus impact. Joseph Thomas, Head of Research - Emkay Wealth Management said that at the current juncture the growth variables are solely dependent on how quickly a cure for COVID-19 is found and the world is able to control the pandemic. Meanwhile globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended higher, while benchmarks in Europe were trading in the red. International oil benchmark Brent crude fell 2.20 per cent to USD 25.76 per barrel in futures trade. On the currency front, the rupee depreciated marginally to 75.20 against the US dollar in intra-day trade. The death toll due to COVID-19 rose to 17 in the country on Friday and the number of coronavirus cases climbed to 724, according to the Health Ministry. The number of deaths around the world linked to the new coronavirus has crossed over 24,000. ANS MRMR

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