Informist, Friday, Jun 3, 2022

By Abhishek Saini

MUMBAI – Domestic equities ended the week on a subdued note, as investors refrained from taking aggressive bets ahead of the weekend and in the run-up to the policy meeting of the Reserve Bank of India's Monetary Policy Committee next week.

The absence of any significant cues from the global front also kept investors at bay.

Although market participants believe another rate hike by the central bank has already been priced in, investors avoided aggressive bets and maintained a sell-on-rise approach. 

All frontline sectors, barring information technology, gave up their early gains, slipped deep into the red, and pulled the indices lower.  

Today, the Nifty 50 index ended 0.3% lower at 16584.30 points, sharply off its day's high of 16793.85 points.

The gains in Sensex, too, were wiped out. The 30-stock index had hit an intraday high of 54432.65 points, but could not sustain the gains and ended 0.1% lower at 55769.23 points. 

The Nifty 50's move close to the upper limit of it range of 15800-16800 points is likely to have prompted foreign institutional investors to sell more aggressively, leading to the fall today, said V.K. Vijayakumar, chief investment strategist, Geojit Financial Services. 

The sectors that weighed the most on the indices were banks and automobile. Their indices, the Nifty Bank and the Nifty Auto, had risen during early trade. However, gains in these indices fizzled out, and they ended lower. 

The Nifty Bank index ended 1% lower while the Nifty Auto slipped nearly 2%. 

Information technology stocks continued outperforming the headline indices today. The Nifty IT index had risen nearly 2% during early trade. Even when other sectors gave up gains, the IT index held the fort and cushioned the fall in headline indices. 

But towards the closing minutes of the session, the IT pack gave up most of its gains and ended just 0.4% higher. 

Elsewhere, shares of Reliance Industries also contributed to the gains in the Nifty 50. The stock continued its momentum and rose 4% today. The rise in the index heavyweight, however, was outweighed by the decline in other key contributors. 

The broader market faced an aggressive sell-off today. Though the small-cap and mid-cap indices managed to open higher, they were gripped by selling pressure and ended 0.7-1.6% lower. 

Among specific stocks, shares of Ultratech Cement tumbled 5% as the company's capital expenditure plans failed to impress the Street. Analysts see the plan disrupting demand-supply dynamics and impacting the cement maker's near-term profitability. 

Among the gainers, shares of Eicher Motors surged 6% today after the company reported a rise in total sales during May. However, amid a weak market, the stock gave up some gains and ended 3% higher. 

Shares of Aether Industries had a bumper outing today. After making a positive debut on bourses and listing at a premium of 10% to the issue price, the stock extended its listing gains and rose 20%. The shares ended the day at 774.40 rupees. 

* Among Nifty 50 stocks, 12 rose and 38 fell 

* Among Sensex stocks, 12 rose and 18 fell

* On the NSE, 731 stocks rose, 1,337 fell and 75 were unchanged

* On the BSE, 1,367 stocks rose, 1,969 fell and 130 were unchanged

* Nifty Bank: Down 0.95%; Nifty IT: Up 0.37%; Nifty Auto: Down 1.82%

BSE                                                National Stock Exchange
Sensex: 55769.23 points, down 48.88 pts (0.1%)    Nifty 50: 16584.30 points, down 43.70 pts (0.3%)

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 62245.43 (Oct 19)                 : Lifetime High: 18604.45 (Oct 19)
Record Close High: 61765.59 (Oct 18)             : Record Close High: 18477.05 (Oct 18)

2022 1st day close: 59183.22 (Jan 3)             : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 61308.91 (Jan 17)             : 2022 Closing High: 18308.10 (Jan 17) 
2022 Closing Low: 52792.23 (May 19)              : 2022 Closing Low: 15782.15 (May 13)
2022 High (intraday): 61385.48 (Jan 17)          : 2022 High (intraday): 18321.55 (Jan 17)

2022 Low (intraday): 52260.82 (Mar 8)            : 2022 Low (intraday): 15671.45 (Mar 8)
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)

Edited by Avishek Dutta

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