Informist, Thursday, Oct 12, 2023

By Neeshita Beura

MUMBAI – The benchmark indices ended lower after a choppy session because of fall in information technology stocks. For most of the session, the indices swung between negative and positive territories and only started declining in the last hour of trade. The volatility was due to weekly derivatives expiry, caution before Jul-Sep earnings of Infosys and HCLTech, and September CPI data of India and the US due today.

"Major domestic indices struggled for direction, erased their early gains, and ended in the red as concerns over IT sector earnings offset an otherwise positive mood in global markets," Avdhut Bagkar, technical and derivatives analyst at StoxBox, said in a note.

The lower-than-expected September quarter earnings of IT major Tata Consultancy Services, released on Wednesday, dampened sentiment for the entire sector. The Nifty IT index, which had opened lower, extended losses in the last hour of trade, pulling the benchmark indices down with it.

Following the weak results, some broking firms such as ICICI Securities and IDBI Capital downgraded their ratings for TCS. On the other hand, Motilal Oswal Financial Services and Jefferies remained positive.

"TCS is a heavyweight company and the market is slightly disappointed by the buyback price and the quantum of the buyback, which is creating pressure in the market," said Chirag Kachhadiya, research analyst with Ashika Stock Broking.

The Nifty 50 and the Sensex ended lower by 0.1% at 19794 points and 66408.39 points, respectively. "The entire session was sluggish as the (Nifty 50) index grappled to hold the 19800 mark," said Bagkar.

After a muted opening, Nifty 50 witnessed a rangebound activity near the 20-day simple moving average, said Shrikant Chouhan, the head of retail research at Kotak Securities.

Infosys, TCS, and HCLTech were the biggest laggards on the Nifty 50. Meanwhile, HDFC Bank, ITC, and Maruti Suzuki India pulled the benchmarks higher.

Among the sectoral indices, Nifty Media was an outperformer led by gains in PVR Inox, Network18 Media and Investments, and TV18 Broadcast. The index closed over 3% higher.

The broader market was steady throughout the session. The Nifty mid- and small-cap indices closed 0.2-0.8% higher, outperforming the benchmarks.

Investors are now waiting for September CPI data of both India and the US, which could give further cues on likely monetary policy actions of the central banks of the countries.

India's CPI inflation is expected to fall to a three-month low of 5.4% in September because of a sharp decline in tomato prices and a favourable base effect, according to an Informist poll.

* Of the Nifty 50 stocks, 28 rose, 20 fell, and 2 were unchanged

* Of the Sensex stocks, 16 rose and 14 fell

* On the BSE, 2,168 stocks rose, 1,501 fell, and 123 were unchanged

* Nifty Media: up 3%; Nifty Oil & Gas: up 1.1%, Nifty IT: down 1.7%

BSE                                                NSE
Sensex: 66408.39, down 64.66 pts or 0.1%           Nifty 50: 19794, down 17.35 pts or 0.1%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023)          :  Lifetime High: 20222.45 (Sep 15, 2023)
Record Close High: 67838.63 (Sep 15, 2023)      :  Record Close High: 20192.35 (Sep 15, 2023)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023)      :  2023 Closing High: 20192.35 (Sep 15)

2023 Closing Low: 59288.35 (Feb 27)             :  2023 Closing Low: 17311.80 (Oct 17)

2023 High (intraday): 67927.23 (Sep 15)         :  2023 High (intraday): 20222.45 (Sep 15)

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)

End

Edited by Ashish Shirke

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