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Informist, Monday, Dec. 30, 2024

 

By Anjana Therese Antony

 

MUMBAI – Benchmark indices ended down on Monday as shares of banking and financial services companies, which were the top gainers intra-day, nosedived with investors rushing to book profits. Analysts echoed that valuations of Indian stocks are still expensive despite the recent correction and that foreign investors may not make fresh buys in the market unless valuations reach a reasonable level. Some analysts said foreign investors were likely sellers in Monday's session too, continuing the offloading for the 10th consecutive session.

 

While most analysts and fund managers believe that valuations remain expensive, a few others believe otherwise. "We are constructive on markets and believe the recent correction offers good entry point to start accumulation for long-term wealth generation. We see healthy double-digit upside in broader markets in CY25 (2025)," ICICI Direct Research said in an intra-day note. 

 

Foreign investors net sold shares worth INR 221.52 billion in the last nine sessions, according to data from the stock exchanges. So far in 2024, foreign portfolio investors net purchased shares worth only $1.03 billion, which is just 4% of the $24.07 billion worth of equities they bought in 2023. 

 

The Nifty 50 ended 0.7% lower at 23644.90 points and the BSE Sensex closed 0.6% down at 78248.13 points. The near-term support for the Nifty 50 is pegged at 23590-23500 points and resistance at 23700-23800 points. The rise in the fear gauge, India VIX, also hinted at some near-term nervousness in the market. The volatility index closed 5.6% higher at 13.9725. The derivatives segment also hinted at bearishness as traders added more short positions in the futures and options chain. More than 60% of stocks listed on the National Stock Exchange as well as the BSE closed lower Monday.  

 

Analysts also said there might have been some portfolio adjustments by investors ahead of the quarterly rejig of the Nifty indices effective Tuesday. Nuvama Alternative & Quantitative Research expects outflows for banks such as State Bank of India, HDFC Bank, and Kotak Mahindra Bank as their weights in Nifty Bank are expected to fall. The weight of some stocks in the Nifty 50, such as Adani Enterprises, HDFC Bank, ICICI Bank, and HCL Technologies, are expected to increase in the rejig. 

 

The expectation of soft monthly vehicle sales growth pulled down prices of automobile companies. Auto players are scheduled to release monthly sales data on Wednesday. Among the major laggards were Tata Motors, Bajaj Auto and Mahindra & Mahindra, which ended 1.5-2.3% lower. 

 

Among specific stocks, Adani Enterprises skyrocketed and closed 7.6% higher at INR 2,592.35, a sharp but rare movement seen in a Nifty 50 constituent. The stock surged after media reports, quoting Ventura Securities, said the company's operating profit is expected to grow at a compound annual growth rate of 37.5% to INR 285.63 billion by FY27. The broking firm has a target price of INR 3,801 for Adani Enterprises, nearly 47% higher from the current level. 

 

Gujarat Fluorochemicals closed over 6% lower at INR 4,131.50 after a gas leak in the company's Dahej unit claimed four lives and temporarily disrupted operations. The company said all its assets are adequately covered under the insurance policy and that it would provide the family of the deceased with an ex-gratia amount of INR 3 million each, along with the settlement of statutory dues, insurance benefits, and pending salaries.  

 

Among the new listings, two out of the three stocks that debuted on Monday closed higher. Ventive Hospitality ended 9.5% higher at INR 704.35 after listing at INR 716 and Senores Pharmaceuticals closed 42.5% up at INR 557.05 after debuting at INR 600. On the other hand, Carraro India ended 9.6% lower at INR 636.20 after listing at INR 651. 

 

* Of the Nifty 50 stocks, 11 rose and 39 fell

* Of the Sensex stocks, 7 rose and 23 fell

* On the NSE, 947 stocks rose, 1,913 fell, and 82 were unchanged

* On the BSE, 1,492 stocks rose, 2,627 fell, and 148 were unchanged

* Nifty Auto: down 1.4%; Nifty Metal: down 1.3%; Nifty Healthcare: up 1.3%

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BSE                                               NSE

Sensex: 78248.13, down 450.94 points or 0.57%     Nifty 50: 23644.90, down 168.50 points or 0.71%

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S&P BSE Sensitive Index	Nifty 50
Lifetime High: 85978.25 (Sep 27, 2024)	: Lifetime High: 26277.35 (Sep 27, 2024)
Record Close High: 85836.12 (Sep 26, 2024)	: Record Close High: 26216.05 (Sep 26, 2024)
2024 1st day close: 72271.94 (Jan 1)	: 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 85836.12 (Sep 26)	: 2024 Closing High: 26216.05 (Sep 26)
2024 Closing Low: 70370.55 (Jan 23)	: 2024 Closing Low: 21238.80 (Jan 23)
2024 High (intraday): 85978.25 (Sep 27)	: 2024 High (intraday): 26277.35 (Sep 27)
2024 Low (intraday): 70001.60 (Jan 24)	: 2024 Low (intraday): 21137.20 (Jan 24)
2023 1st day close: 61167.79 (Jan 2)	: 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 72410.38 (Dec 28)	: 2023 Closing High: 21778.70 (Dec 28)
2023 Closing Low: 59288.35 (Feb 27)	: 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 72484.34 (Dec 28)	: 2023 High (intraday): 21801.45 (Dec 28)
2023 Low (intraday): 58699.20 (Jan 30)	: 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3)	: 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1)	: 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17)	: 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1)	: 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17)	: 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14)	: 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29)	: 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14)	: 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29)	: 2021 Low (intraday): 13596.75 (Jan 29)
2020 Closing High: 47751.33 (Dec 31)	: 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23)	: 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31)	: 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24)	: 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20)	: 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19)	: 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28))	: 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23)	: 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26)	: 2017 High(intraday): 10515.10 (Dec 26)

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End

 

US$1 = INR 85.53

 

Edited by Saji George Titus

 

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