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Nifty, Bank Nifty gain for 5th straight week

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The NSE Nifty along with the broader market gained for the fifth week in a row and even the Bank Nifty recorded gains for the fifth straight week — surpassing the 30,000-level.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation. The overall accommodative stance of the RBI to support economic growth boosted sentiments. Nifty Auto and Metal also posted best week since June 7.

The Indian equity market touched another new high, led by gains in banking stocks after RBI`s policy outcome. Nifty rallied 125 points (+1.0 per cent) to close at 13,259 while Sensex surged 447 points higher (+1.0 per cent) at 45,080.

The broader market also ended in green with both Nifty Midcap 100 and Nifty Smallcap 100 up +0.4 per cent each. All the sectors closed in green except energy which ended with marginal loss of -0.1 per cent. Banks were the biggest gainers, up 2.1 per cent, following positive commentaries from the RBI. It was followed by FMCG, financials, metals, pharma, realty and infra which were up in the range 1-1.4 per cent.

“On the domestic side, Nifty along with the broader market gained for the fifth week in a row. Even Bank Nifty recorded gains for the fifth straight week – surpassing the 30,000-level, after the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation,” Khemka said.

Deepak Jasani, Head – Retail Research, HDFC Securities, said that Indian benchmark equity indices rallied and closed at another record high after the RBI kept rates on hold and did not announce steps to withdraw liquidity in the system. It raised the growth forecasts as well as inflation forecasts. At close, the Nifty was up 124.60 points or 0.95 per cent at 13,258.50. The Nifty rose for the fifth consecutive week, rising 2.23 per cent for the week.

Volumes on the NSE were higher than recent average. Among sectors, banks, metals, infra, realty, pharma and FMCG indices rose the most, while energy index ended in the negative.

“Nifty closed the week up for the fifth consecutive week. While the trigger of RBI policy is out of the way, markets globally now look forward to rising chances of an early US economic stimulus package. Post a good weekly close, we may see some more upside in the early part of next week,” Jasani said.

Vinod Nair, Head of Research at Geojit Financial Services, said that during the week, the markets have been testing new highs each day supported by better-than-expected GDP data, advancements in vaccine and RBI`s decision to keep its rates unchanged and maintain an accommodative stance. The banking and finance sector remained the focal point during the week due to major events like moratorium hearing, MPC meet and RBI`s curb on HDFC Bank.

The market has also witnessed a shift in investor preference to broader markets led by rally in mid and smallcap stocks.

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From today India to export COVID-19 vaccines to these countries.

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The Ministry of External Affairs said India will supply COVID-19 vaccines to partner countries over the coming weeks and months in a phased manner keeping in view the domestic requirements.

India, one of the world’s leading drug makers, will start exporting vaccines for the novel coronavirus from today. The country will provide supplies of Covid-19 vaccines to Bhutan, Maldives, Bangladesh, Nepal, Myanmar and Seychelles under grant assistance. Shipments will be sent to Sri Lanka, Afghanistan and Mauritius as well on receipt of necessary regulatory clearances.

In a tweet, Prime Minister Narendra Modi said India is deeply honored to be a “long-trusted” partner in meeting the healthcare needs of the global community and that supplies of the vaccines to several countries will commence on Wednesday, and more will follow in the days ahead.

“In response to these requests, and in keeping with India’s stated commitment to using India’s vaccine production and delivery capacity to help all of the humanity fight the COVID pandemic, supplies under grant assistance to Bhutan, Maldives, Bangladesh, Nepal, Myanmar and Seychelles will begin from January 20,” it said.

The Bangladesh foreign ministry said it expected to receive a gift of two million doses on Thursday. The country of 160 million, which has yet to start its vaccination programme, has ordered a further 30 million doses, officials said.

The Oxford/AstraZeneca vaccine is widely viewed as their best option because the other two, manufactured by Pfizer/BioNTech and by Moderna, need to be stored at very low temperatures. WHO emergency authorization for the Astra-Oxford vaccine would additionally allow SII to begin supplying it to the WHO-backed COVAX initiative aimed at fairly distributing COVID-19 shots across the world.

India has already rolled out a massive coronavirus vaccination drive under which two vaccines, Covishield and Covaxin, are being administered to frontline health workers across the country. While Oxford-AstraZeneca’s Covishield is being manufactured by the Serum Institute, Covaxin is being produced by Bharat Biotech.

“In an ongoing effort, India will continue to supply countries all over the world with vaccines. This will be calibrated against domestic requirements and international demand and obligations, including under GAVI’s Covax facility to developing countries,” the MEA added. GAVI is a global vaccine alliance.

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