Informist, Friday, Sep 22, 2023

By Akshata Gorde

MUMBAI – After a volatile session today, benchmark equity indices closed in the red for the fourth consecutive session, dragged down by losses in heavyweights HDFC Bank and ICICI Bank. This was despite early gains in the indices following JPMorgan's decision to include Indian government bonds in its Global Bond Index – Emerging Markets suite.

Today, the Nifty 50 and the 30-stock Sensex closed 0.3% lower each at 19674.25 points and 66009.15 points. While shares of HDFC Bank contributed 40.8 points, those of ICICI Bank accounted for 11.98 points of the drop of 68.10 points in the Nifty 50 index. 

The Nifty 50 hit the day's high of 19798.65 points as the market was "oversold", said Anshul Jain, senior technical analyst at Lakshmishree Investment and Securities Ltd. He added that a similar bounce-back might be seen on Monday, amid expectations of a weak market next week.

Next week, losses are likely to be limited as most index heavyweights saw healthy corrections today, said Osho Krishan, technical and derivative analyst at Angel One Ltd. The Nifty 50 index is expected to find support at 19400-19500 points and face resistance at 19800 points next week. 

While most bank stocks rose after the inclusion of Indian government bonds on JPMorgan's Global Bond Index – Emerging Markets Suite from Jun 28 over a 10-month period, some saw profit-booking towards the end, dragging the indices lower. Shares of IndusInd Bank, State Bank of India, Punjab National Bank, Axis Bank, and Bank of Baroda were some of the top gainers today. 

Analysts expect the bond inclusion to lead to inflows in bond markets and banks' holdings. "This move is expected to garner approximately $25 bln of inflows into Indian government bond markets," said Churchil Bhatt, executive vice-president and debt fund manager at Kotak Mahindra Life Insurance Co Ltd, said in a note. 

Shares of pharmaceutical companies also recorded some losses today due to profit-booking in heavyweights such as Sun Pharmaceutical Industries, Dr Reddy's Laboratories, and Cipla. The Nifty Pharma index closed 1.6% lower at 15069.10 points today. Analysts expect the index to fall further up to 14800 points. 

Meanwhile, stability in broader indices eased some pressure today, as small-cap indices closed higher and mid-cap indices closed almost flat. 

* Of the Nifty 50 stocks, 20 rose, and 30 fell

* Of the Sensex stocks, 17 fell, and 13 rose

* On the BSE, 1,777 stocks rose, 1,857 fell, and 147 were unchanged

* Nifty PSU Bank: up 3.5%; Nifty Pharma: down 1.6%; Nifty Healthcare: down 1.6%

BSE                                                NSE
Sensex: 66009.15, down 221.09 pts or 0.33%         Nifty 50: 19674.25, down 68.10 pts or 0.34%

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 Avishek Dutta

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