Informist, Friday, Feb 2, 2024
By Padmini Dhruvaraj
MUMBAI – Indian equity indices ended higher today on the back of gains in shares of oil and gas and information technology companies. Further, gains in shares of heavyweight Reliance Industries helped the Nifty 50 hit an all-time high of 22126.80 points.
The market opened on a positive note today, tracking gains in the global equity markets and as investors picked shares of public sector companies after the government announced its Interim Budget on Thursday. Further, benchmark indices rose more on the back of buying across sectors.
However, due to selling pressure in banking and fast-moving consumer goods stocks, the benchmarks fell off their intraday highs. Eventually, the Nifty 50 ended 156.35 points or 0.7% higher at 21853.80 points and the 30-stock Sensex closed 440.33 points or 0.6% higher at 72085.63 points.
"The benchmark index witnessed a gap-up opening after consolidating enough near its overhead resistance zone of 21800," Avdhut Bagkar, technical and derivatives analyst at StoxBox said. "It trended strongly in the first half of the trading session and scaled to new life highs of 22216. However, it faced rejection immediately and pared 273 points, failing to reclaim the previous ATH (all-time high) pivot or the gap-down area," he added.
Shares of Reliance Industries hit an all-time high of 2,930.60 rupees, extending gains for the third straight session. The stock has recently broken out from a two-year-long consolidation, Deven Mehata, an equity research analyst with Choice Broking said.
Additionally, public sector stocks emerged as the best-performers on the Nifty 50 today, with Bharat Petroleum Corp closing 10% higher, and Power Grid Corp of India, Oil and Natural Gas Corp, Coal India, and NTPC closing 3-4% higher. The BPCL stock also hit an all-time high of 572.40 rupees after experiencing a weekly and monthly breakout. The stock experienced a technical breakout after consolidating in December 2023, Jigar Patel, senior equity manager at Anand Rathi Stock and Share Brokers said.
Meanwhile, seven sectoral indices – Nifty Oil and Gas, Nifty Energy, Nifty Metal, Nifty PSU Bank, Nifty Infrastructure, Nifty Auto, and Nifty Pharma – hit their respective lifetime highs today. IT companies such as Tata Consultancy Services, Wipro, LTIMindtree, and Infosys also closed 2-3% higher, in line with broad-based buying in the market.
The broader indices also rose today, mirroring the overall bullish momentum in the market. All the midcap and smallcap indices on the National Stock Exchange rose 0.4-1%. While NBCC (India) and SJVN emerged as the top gainers in the broader market, while One97 Communications, HFCL, and Bikaji Foods International were the worst hit.
Paytm's parent company One97 Communications' stock was locked in the 20% lower circuit for the second straight day after the Reserve Bank of India directed Paytm Payments Bank not to take further deposits after Feb 29. However, the company's founder Vijay Shekhar Sharma assured investors via a post on X, formerly Twitter, that mobile application Paytm will continue to work beyond Feb 29.
"To every Paytmer, your favourite app is working, will keep working beyond 29 February as usual. I with every Paytm team member salute you for your relentless support. For every challenge, there is a solution and we are sincerely committed to serve our nation in full compliance. India will keep winning global accolades in payment innovation and inclusion in financial services - with PaytmKaro as the biggest champion of it," the post read.
Further, shares of NBCC (India) hit a life-time high of 169.95 rupees today after the government's plans to launch a housing plan with an outlay of 806.71 bln rupees under the Pradhan Mantri Awas Yojana scheme announced during the Interim Budget aided positive sentiments in the stock.
The Nifty 50 gained nearly 2.4% this week, snapping a two-week losing streak. Going forward, analysts expect the 50-stock index to remain range-bound with a positive bias. The index is expected to find support at 21700-21800 points and face resistance at 22100-22300 points.
"Nifty 50 has retested its record high after consolidating for two weeks but we feel it is early to assume that we are set for the next leg of the up move," Ajit Mishra, senior vice president of technical research at Religare Broking said. "It (Nifty 50) needs sustainability above 22,150 to march towards 22,500+. Besides, consistency in the participation from the banking majors is also critical for a steady trend else the range-bound trend would continue," he added.
* Of the Nifty 50 stocks, 40 rose and 10 fell
* Of the Sensex stocks, 21 rose and 9 fell
* On the BSE, 2,036 stocks rose, 1,811 fell, and 96 were unchanged
* Nifty Oil & Gas: up 3.58%; Nifty Energy: up 3.16%; Nifty Private Bank: down 0.72%
BSE NSE
Sensex: 72085.63, up 440.33 pts, or 0.61% Nifty 50: 21853.80, up 156.35 pts, or 0.72%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 72720.96 (Jan 12, 2024) : Lifetime High: 22126.80 (Feb 2, 2024)
Record Close High: 72568.45 (Jan 12, 2024) : Record Close High: 22097.45 (Jan 15, 2024)
2024 1st day close: 72271.94 (Jan 1) : 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 72568.45 (Jan 12) : 2024 Closing High: 21894.55 (Jan 12)
2024 Closing Low: 70370.55 (Jan 23) : 2024 Closing Low: 21238.80 (Jan 23)
2024 High (intraday): 72720.96 (Jan 12) : 2024 High (intraday): 21928.25 (Jan 12)
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)
End
Edited by Vidhi Verma
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