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Markets gain amid bargain hunting; Sensex ends 592 points higher

Markets gain amid bargain hunting; Sensex ends 592 points higher

by | Oct 14, 2024 | Share Market


2 min read Last Updated : Oct 14 2024 | 8:45 PM IST


India’s benchmark indices gained on Monday led by heavyweights HDFC Bank, Infosys, and Larsen and Toubro following back-to-back weekly losses.


The Sensex ended the session at 81,9735, with a gain of 592 points or 0.7 per cent. Nifty rose 164 points to end the session at 25,128, a 0.6 per cent gain.

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The indices fell in the last two weeks amid escalating tensions in the West Asia and sharp selloff by foreign portfolio investors.


Top weight HDFC Bank accounted for over 40 per cent of the index gains on Monday. Shares of the private sector lender rose 2.3 per cent, lifting the Sensex by 250 points. Analysts termed the gains in HDFC Bank as a case of bargain hunting. HDFC Bank had declined about 6 per cent in the last two weeks.

 


FPIs continued to be net sellers, selling shares worth Rs 3,732 crore and domestic institutions were net buyers to the tune of Rs 2,278 crore.


“The positive impact of the Chinese stimulus package seems to be diminishing. Meanwhile, the Indian market is demonstrating resilience, with subdued earnings growth expectations seemingly priced in and oil prices declining. The IT and financial sectors are attracting buying interest after recent corrections,” said Vinod Nair, head of research of Geojit Financial Services.


Going forward, corporate earnings results in India’s macro data from across the globe will give clues about the market’s trajectory. Market breadth was mixed, with 2,044 stocks advancing and 2,011 declining. Realty stocks gained the most, and its index on BSE rose by 1.5 per cent.

First Published: Oct 14 2024 | 8:45 PM IST



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FPIs pull out of debt in October, marking first net sell since April

FPIs pull out of debt in October, marking first net sell since April

by | Oct 14, 2024 | Share Market


2 min read Last Updated : Oct 14 2024 | 8:18 PM IST


Foreign portfolio investors’ (FPIs’) investment in the Indian debt market saw a reversal in trend with the first net outflow since April. Foreign investors sold a net total of Rs 2,798 crore so far in October due to a rise in crude oil prices and geopolitical tensions.


Additionally, a net total of Rs 1,680 crore in government securities designated under the Fully Accessible Route (FAR) was sold in the previous week, Clearing Corporation of India (CCIL) data showed.

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In September, foreign investors had net bought Rs 1,278 crore worth of debt.


“Foreign investors are mirroring what domestic participants are doing. Essentially, while the stance changed, the commentary was very hawkish,” said Vikas Goel, managing director and chief executive officer, PNB Gilts. “Other triggers also seem negative, with oil prices rising. Geopolitical tensions, and the potential for war breaking out in the Middle East, have contributed to the market drifting slowly downwards towards 6.80 per cent (yield on the benchmark 10-year bond),” he added.

 


The yield on the benchmark bond settled at 6.78 per cent on Monday, against 6.79 per cent on Friday. Foreign investors had sold Rs 1,016 crore worth of debt on Friday.


Since the official inclusion of domestic bonds in the JP Morgan indices on June 28 of the current year, foreign investors recorded their first instance of net selling.


FTSE Russell announced last week that it will include India’s sovereign bonds in its Emerging Markets Government Bond Index (EMGBI) starting September 2025. The inclusion of India’s debt in the $4.7 trillion EMGBI will take place over a six-month period.


According to FTSE, India’s bonds will constitute 9.35 per cent of the index on a market-value weighted basis, making it the second-largest component after China.


“The FTSE Russell bond inclusion did lead to some positivity the day it was announced, but the inclusion will take place in 2025, which is too far for the market,” said a dealer at a state-owned bank.


The debt market has witnessed Rs 2,234 crore worth of net inflows since June 28. A net total of Rs 62,974 crore was infused in government securities designated under the Fully Accessible Route (FAR) during the same period, CCIL data showed.

First Published: Oct 14 2024 | 7:46 PM IST



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Demand-supply mismatch a sign of imbalance: Sebi WTM Ananth Narayan

Demand-supply mismatch a sign of imbalance: Sebi WTM Ananth Narayan

by | Oct 14, 2024 | Share Market


Ananth Narayan

Ananth Narayan, Whole-time member, Sebi

2 min read Last Updated : Oct 14 2024 | 8:47 PM IST


The Securities and Exchange Board of India’s (Sebi’s) wholetime member Ananth Narayan on Monday sounded an alarm on an “imbalance” in the market, citing a mismatch between demand and supply of securities. Speaking at the National Stock Exchange’s (NSE’s) bell ringing ceremony for World Investor Week, Narayan cautioned investors about risks in the equity market — technology-related scams, cybersecurity threats and financial influencers with ulterior motives.


“If you look at all the amount of money that came into stock markets through individual investors, mutual funds, insurance companies, pension funds, and foreign portfolio investors (FPIs) during FY24, it was Rs 3.6 trillion. Against that, the supply of fresh paper through initial public offerings (IPOs), rights issues, qualified institutional placements (QIPs), and so on was only Rs 1.95 trillion. So, the demand-supply mismatch is a clear sign that there is a bit of an imbalance building in — which by itself leads to short-term growth in markets but you also worry whether it is becoming a little too much,” said Narayan.

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He emphasised the need for investor awareness initiatives, warning that consistent returns with lower volatility in Indian markets over the past few years may have created complacency among investors.


“It is like the best of all worlds — low risk and very high return. That unfortunately has a negative side-effect. It can build complacencies. We see a lot of young people opening accounts now; they seem to be convinced that this is a one-way street with very high returns and no risks at all. That is not the case. Just because one year had low risk does not mean there will not be risks, going forward,” he warned.


Narayan noted that Indian markets have delivered around 15 per cent compound annual growth rate (CAGR) over the last five years, outperforming Chinese markets.

First Published: Oct 14 2024 | 7:43 PM IST



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JSW Infrastructure receives LoI for proposed Murbe port

JSW Infrastructure receives LoI for proposed Murbe port

by | Oct 14, 2024 | Share Market


Last Updated : Oct 14 2024 | 7:31 PM IST

From Maharashtra Maritime Board

JSW Infrastructure has received Letter of Intent from Maharashtra Maritime Board (MMB) for “Development, Operation, Management and Maintenance of an All Weather and Multipurpose Port at village Murbe in Palghar District of Maharashtra” on Public Private Partnership (PPP) basis – Design, Built, Own, Operate and Transfer (DBOOT) Model.

The proposed Murbe port is designed to be an all-weather, multi-cargo commercial port. The proposed port is located near major highways such as the National Highway 8 & the State Highway (Boisar Road)
and Rail Corridors such as the Delhi-Mumbai trunk rail route and the Dedicated Western Freight Corridor.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Oct 14 2024 | 7:09 PM IST



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JSW Infrastructure receives LoI for proposed Murbe port

ideaForge Technology allots 1,450 equity shares under ESOP

by | Oct 14, 2024 | Share Market


Last Updated : Oct 14 2024 | 7:16 PM IST

ideaForge Technology has allotted 1,450 equity shares under ESOP on 14 October 2024. Post allotment, the paid up equity share capital has increased from 43,02,88,360/- comprising of 4,30,28,836 equity shares of Rs. 10/- each fully paid-up to Rs. 43,03,02,860/- comprising of 4,30,30,286 equity shares of Rs. 10/- each fully paid – up.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Oct 14 2024 | 7:06 PM IST



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Sebi unveils framework to monitor shareholding in market infra institutions

Sebi unveils framework to monitor shareholding in market infra institutions

by | Oct 14, 2024 | Share Market


SEBI

The framework will come into effect on January 12, 2025, 90 days after the circular’s issuance. (Photo: Shutterstock)

2 min read Last Updated : Oct 14 2024 | 7:04 PM IST


Markets regulator Sebi on Monday introduced a framework to monitor shareholding limits, public shareholding requirements, and the “fit & proper” criteria for Market Infrastructure Institutions (MIIs), which include stock exchanges, clearing corporations, and depositories.


This framework applies to both listed and unlisted MIIs, requiring them to disclose their shareholding patterns quarterly on their websites as per Sebi’s Listing Obligations (LODR) norms, the regulator said in a circular.

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Each MII must appoint a non-associated Designated Depository (DD) to monitor compliance with shareholding limits. For depositories, the other depository will act as their DD.

 


The DD will monitor breaches of the threshold limit of 5 per cent or 15 per cent as applicable under SECC Regulations, 2018 and D&P Regulations 2018, respectively, and take necessary actions.


Additionally, “the DD shall monitor and inform the MII and stock exchange on which its shares are listed (in case of listed MII), as and when threshold limit of combined holding of 49 per cent of all persons’ resident outside India (directly or indirectly, either individually or together with persons acting in concert) in the paid-up equity share capital of an MII is breached and take consequential actions”.


Sebi asked stock exchanges to ensure that Trading Members (TMs), their associates, and agents do not collectively hold more than 49 per cent equity. Holdings exceeding 45 per require prior approval for further purchases.


Also, Sebi directed clearing corporations to maintain at least 51 per cent ownership by stock exchanges, with no exchange holding over 15 per cent in multiple CCs.


All shareholders with 2 per cent or more equity must meet the fit & proper criteria, with MIIs notifying shareholders and reporting non-compliance to Sebi quarterly. In case of breaches, the DD will freeze excess shares, disable voting rights, and transfer dividends from excess holdings to Investor Protection Funds (IPF) or Settlement Guarantee Funds (SGF).


The divestment of any excess shareholding in a listed MII beyond the specified limit would be through a special window provided by the stock exchange where the shares of MII are listed. However, any excess shareholding in an unlisted MII will be divested as per the directions given by Sebi on case to case basis.


The framework will come into effect on January 12, 2025, 90 days after the circular’s issuance.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 14 2024 | 7:04 PM IST



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