2021-03-31 11:45:00
INDIA'S INDEXES DOWN ANEW
REUTERS - MARCH 31, 2021 - Indian shares fell on Wednesday, dragged by financial stocks, as rising U.S. Treasury yields renewed concerns of foreign fund outflows.
The blue-chip NSE Nifty 50 index fell 0.9% to 14,713 and the benchmark S&P BSE Sensex dropped 1% to 49,631, as of 0511 GMT.
The indexes had gained more than 2% in the previous session and were on track to post their second straight monthly gains.
“Every time we go high, we are seeing some profit booking also coming in,” said Rusmik Oza, senior vice president at Kotak Securities in Mumbai.
“The valuations are quite high and rising global bond yields will lead to outflow in emerging markets.”
The 10-year U.S. Treasury yield rose to 1.776% on Tuesday, its highest since January 2020.
Refinitiv data showed foreign investors purchased $1.51 billion worth of Indian equities in March as of Tuesday, down from $3.54 billion in February, due to higher U.S. bond yields and rising domestic coronavirus cases.
Analysts expect high volatility in stocks due to several portfolio reallocations, with Wednesday being the last trading day of the financial year.
“We had a frenzied rally and some fatigue will also come in. A lot of retail investors were just riding on an upmove. With that phase gone now some of them might move out,” Oza said.
The Nifty bank index fell 1.7% and the Nifty financial index dropped 1.9, a day after they surged nearly 2% as a steel conglomerate completed an insolvency process, allowing lenders to recover some bad loans.
HDFC Bank and Housing Development Finance Corp fell about 3% and were top drags to the bluechip Nifty 50 index.
Shares of Spicejet Ltd rose 2.1% after the company signed an agreement with Avenue Capital Group for the financing, acquisition, sale and leaseback of up to 50 aircraft.
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Earlier:
2021, March, 29, 13:05:00
INDIA'S ENERGY CHANGES
The institutional framework in India attracts investments for its growing energy needs - private sector investments are allowed in coal mining, open up oil and gas retail markets.
2021, March, 22, 09:05:00
INDIA'S INDEXES DOWN
The blue-chip NSE Nifty 50 index fell 0.4% to 14,687 and the benchmark S&P BSE Sensex dropped 0.6% to 49,579.75
2021, February, 24, 10:45:00
INDIA'S INDEXES UP
The NSE Nifty 50 index was up 0.77% at 14,820.45 by 0450 GMT, while the S&P BSE Sensex gained 0.63% to 50,061.21.
2021, February, 9, 15:50:00
INDIA: GLOBAL ENERGY DRIVER
An expanding economy, population, urbanisation and industrialisation mean that India sees the largest increase in energy demand of any country, across all of our scenarios to 2040.
2021, February, 2, 12:15:00
INDIA'S INDEXES UP ANEW
The benchmark S&P BSE Sensex was up 2.17% at 49,656.93 by 0457 GMT after rising as much as 3.2% to 50,154.48. The NSE Nifty 50 index climbed 2.1% to 14,581.10.
2021, January, 29, 14:20:00
INDIA WILL UP BY 11%
India’s government forecast a robust economic recovery of 11% for fiscal 2021-22 in its annual economic statement
2021, January, 20, 14:40:00
INDIA INDEXES UP
The blue-chip NSE Nifty 50 index rose 0.4% to 14,574 and the benchmark S&P BSE Sensex was up 0.3% at 49,544.75
