Informist, Thursday, Mar 23, 2023

By Ananya Grover

MUMBAI – The benchmark indices ended lower today due to fall in shares of index heavyweight Reliance Industries, and technology and financial services companies. Market sentiment was affected after the US Federal Reserve raised interest rates by another 25 basis points and said it will continue with its monetary tightening.

The Nifty 50 ended 0.4% lower at 17076.90 points and Sensex fell 0.5% to end at 57925.28 points.

"The market factored in the possibility of further rate hikes (by the Fed)," said Rajesh Palviya, head of technical and derivatives research at Axis Securities, adding that bears are taking control over the market.

Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, said, "The Fed did very little to provide a concrete direction to the market. Their resolve to control inflation remains strong despite the ongoing banking turmoil."

The Nifty 50 fell after crossing the crucial level of 17200 at 1250 IST and hitting a high of 17205.40 points.

Palviya said the market was also cautious after Hindenburg Research tweeted that it would disclose "another big" report soon. He also said that longs are out of the market and investors can expect another round of selling on Friday.

Shares of Reliance Industries ended 1.3% lower, HDFC Bank fell 0.8%, Kotak Mahindra Bank and State Bank of India were down more than 1% each, contributing the most to the fall in the Nifty 50.

Among the sectoral indices, Nifty PSU Bank fell the most, with Bank of Baroda down over 2.7%. Other banking indices including, Nifty Bank, Nifty Private Bank, and Nifty Financial Services, slipped in the last hour of trade.

The Nifty IT index hit a fresh five-month low of 27483.25 points due to concerns over further policy tightening by the Fed. Revenues of several IT companies in India depend on exports to the US and Europe and any crisis or recessionary fears can impact the sector. The index ended down 0.8% at 27999.25 points. Analysts expect another round of selling pressure in the sector.

On the other hand, a rise of 0.8% in heavyweight ITC and over 1% increase in Hindalco Industries, Maruti Suzuki India, and Nestle India cushioned the Nifty 50.

The Nifty FMCG index rose over 0.4% to end at 45267.45 points with shares of Colgate-Palmolive and Nestle India leading the gains.

ITC has already corrected and is currently trading at an attractive valuation, said Palviya, adding that shares of Nestle and Godrej Consumer are also looking good.

Among healthcare stocks, Palviya said Aurobindo Pharma, Glenmark Pharmaceuticals, and Zydus Lifesciences might do well in the near-term, but overall the sector is expected to be weak.

* Among Nifty 50 stocks, 20 rose and 30 fell

* Among Sensex stocks, 13 rose and 17 fell

* On the BSE, 1,452 stocks rose, 2,053 fell, and 129 unchanged

* On the NSE, 867 stocks rose, 1,395 fell, and 481 unchanged

* Nifty FMCG: Up 0.35%; Nifty Pharma: Up 0.22%; Nifty PSU Bank: Down 1.74%

BSE                                                NSE
Sensex: 57925.28, down 289.31 pts or 0.50%         Nifty 50: 17076.90, down 75 pts or 0.44%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2)             :  2023 Closing High: 18197.45 (Jan 2)

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

2023 High (intraday): 61222.79 (Jan 2)          :  2023 High (intraday): 18215.15 (Jan 2)

2023 Low (intraday): 58699.20 (Jan 30)          :  2023 Low (intraday): 17098.55 (Oct 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

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.

Informist, Thursday, Mar 23, 2023

By Ananya Grover

MUMBAI – The benchmark indices ended lower today due to fall in shares of index heavyweight Reliance Industries, and technology and financial services companies. Market sentiment was affected after the US Federal Reserve raised interest rates by another 25 basis points and said it will continue with its monetary tightening.

The Nifty 50 ended 0.4% lower at 17076.90 points and Sensex fell 0.5% to end at 57925.28 points.

"The market factored in the possibility of further rate hikes (by the Fed)," said Rajesh Palviya, head of technical and derivatives research at Axis Securities, adding that bears are taking control over the market.

Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, said, "The Fed did very little to provide a concrete direction to the market. Their resolve to control inflation remains strong despite the ongoing banking turmoil."

The Nifty 50 fell after crossing the crucial level of 17200 at 1250 IST and hitting a high of 17205.40 points.

Palviya said the market was also cautious after Hindenburg Research tweeted that it would disclose "another big" report soon. He also said that longs are out of the market and investors can expect another round of selling on Friday.

Shares of Reliance Industries ended 1.3% lower, HDFC Bank fell 0.8%, Kotak Mahindra Bank and State Bank of India were down more than 1% each, contributing the most to the fall in the Nifty 50.

Among the sectoral indices, Nifty PSU Bank fell the most, with Bank of Baroda down over 2.7%. Other banking indices including, Nifty Bank, Nifty Private Bank, and Nifty Financial Services, slipped in the last hour of trade.

The Nifty IT index hit a fresh five-month low of 27483.25 points due to concerns over further policy tightening by the Fed. Revenues of several IT companies in India depend on exports to the US and Europe and any crisis or recessionary fears can impact the sector. The index ended down 0.8% at 27999.25 points. Analysts expect another round of selling pressure in the sector.

On the other hand, a rise of 0.8% in heavyweight ITC and over 1% increase in Hindalco Industries, Maruti Suzuki India, and Nestle India cushioned the Nifty 50.

The Nifty FMCG index rose over 0.4% to end at 45267.45 points with shares of Colgate-Palmolive and Nestle India leading the gains.

ITC has already corrected and is currently trading at an attractive valuation, said Palviya, adding that shares of Nestle and Godrej Consumer are also looking good.

Among healthcare stocks, Palviya said Aurobindo Pharma, Glenmark Pharmaceuticals, and Zydus Lifesciences might do well in the near-term, but overall the sector is expected to be weak.

* Among Nifty 50 stocks, 20 rose and 30 fell

* Among Sensex stocks, 13 rose and 17 fell

* On the BSE, 1,452 stocks rose, 2,053 fell, and 129 unchanged

* On the NSE, 867 stocks rose, 1,395 fell, and 481 unchanged

* Nifty FMCG: Up 0.35%; Nifty Pharma: Up 0.22%; Nifty PSU Bank: Down 1.74%

BSE                                                NSE
Sensex: 57925.28, down 289.31 pts or 0.50%         Nifty 50: 17076.90, down 75 pts or 0.44%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2)             :  2023 Closing High: 18197.45 (Jan 2)

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

2023 High (intraday): 61222.79 (Jan 2)          :  2023 High (intraday): 18215.15 (Jan 2)

2023 Low (intraday): 58699.20 (Jan 30)          :  2023 Low (intraday): 17098.55 (Oct 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

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.