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The Stock markets ahead:” It’s in Bull Phase”
The Indian market opens higher on Monday on strong global cues. The trend on SGX Nifty indicates a positive start for the broader index in India. The Nifty futures were trading 94.50 points or 0.63 percent higher at the 15,037.00 level on the Singaporean Exchange at 7:55 am.
- 1. Wall Street| US stocks extended their recent rally on Friday and the S&P 500 and Nasdaq indexes scored their biggest weekly percentage gains since the U.S. elections in early November, boosted by optimism over earnings, stimulus talks and progress on vaccine rollouts. The Dow Jones Industrial Average rose 92.38 points, or 0.3 percent, to 31,148.24, the S&P 500 gained 15.09 points, or 0.39 percent, at 3,886.83 and the Nasdaq Composite added 78.55 points, or 0.57 percent, at 13,856.30.
- 2. Asian stocks| Asian shares hovered near record highs on Monday while oil edged closer to $60 a barrel on hopes a $1.9 trillion COVID-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally. MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.2 percent at 717.2, not far from last week’s record high of 730.6. Japan’s Nikkei climbed 0.3 percent while Australian shares advanced 0.5 percent led by technology and mining shares. E-mini futures for the S&P 500 rose 0.3 percent in early Asian trading.
- 3. Indian market on Friday| The Indian equity benchmark indices ended higher on Friday, extending their gaining streak for the fourth straight day, led by PSU banks after the RBI kept repo rates unchanged. The Sensex ended 117.34 points, or 0.23 percent higher at 50,731.63, while the Nifty gained 28.60 points or 0.19 percent, to settle at 14,924.25. The Sensex hit an all-time high of above 51,000 intraday and Nifty tested above the 15,000-level mark for the first time. Broader markets ended mixed as Nifty Midcap100 ended over 1 percent lower, while Nifty Smallcap100 closed higher.
- Crude Oil| Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures to boost demand. Brent crude for April touched a high of $59.95 a barrel and was at $59.85, up 51 cents, or 0.9 percent. Front-month prices last hit $60 on February 20, 2020. US West Texas Intermediate crude futures advanced 54 cents, or 1 percent, to $57.39 a barrel, the highest since January last year.
- 5. Rupee| The rupee gained 3 paise to settle at 72.93 against the US dollar on Friday after the Reserve Bank kept the policy rate unchanged but maintained its accommodative stance to spur growth. At the interbank forex market, the local unit opened at 72.98 against the greenback and witnessed an intra-day high of 72.80 and a low of 72.99. It finally ended at 72.93 against the American currency, registering a rise of 3 paise from its previous close.
- Indian bond yields surge| Indian bond yields spiked to their highest in over five months on Friday after the Reserve Bank of India did not announcing a concrete bond buyback calendar to absorb additional market borrowing, analysts said. The benchmark 10-year bond yield rose as high as 6.19 percent, its highest level since end-August but ended the session at 6.15 percent, up 5 basis points on the day.
7.. M-cap | The top 10 valued domestic companies together added a whopping Rs 5,13,532.5 crore to their market valuation last week, with banking stocks stealing the limelight. In a remarkable trading week, the BSE benchmark Sensex rallied 4,445.86 points or 9.60 percent. On Friday, the 30-share BSE benchmark briefly crossed the 51,000-level during the day.
- MFs | Continuing the selling spree for the eighth consecutive month, mutual funds pulled out Rs 12,980 crore from equities in January as the surge in markets provided an opportunity to book profits. This has taken the outflow to over Rs 94,800 crore since June. Overall, mutual funds withdrew a net of over Rs 56,400 crore in 2020.
- 9. Finance Minister Nirmala Sitharaman on divestment | The government’s massive divestment program as part of which it plans to privatize at least two state-owned banks besides other public sector firms, should not be seen as “selling the family silver”, FM Sitharaman said. “An effort is being made by the authorities to prime public sector assets so they meet the aspirations of growing India,” she said. “The government wants to make it clear through its budget policy that it intends to have a bare minimum presence in strategic areas,” Sitharaman added.
- FPI inflows| Foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 12,266 crore in the Indian market in the first five trading sessions of February, as positive sentiment post-Union Budget 2021 sparked a rally in investment. As per FPI statistics available with depositories, overseas investors pumped in a net Rs 10,793 crore into equities and Rs 1,473 crore in the debt segment between February 1-5. During the period under review, the total net investment stood at Rs 12,266 crore.
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