Informist, Monday, Mar 28, 2022
By Vivek Kumar
MUMBAI – Benchmark indices managed to recover their intraday losses after witnessing selling pressure in the last three sessions. However, some analysts believe the indices are not out of the woods yet as concerns around elevated crude oil prices and a rise in 10-year US bond yield persisted.
Selling pressure was visible in the market even today as the indices oscillated between gains and losses before ending in the green.
Both the Nifty 50 and the Sensex ended 0.4% higher at 17222 points and 57593.49 points, respectively. Intraday, the indices fell close to 1%, after which the 50-stock index drew support around 17000 points level.
European markets opened higher today and futures contracts of the US benchmark indices also came off lows, supporting the recovery in headline indices. The gains came amid Ukraine President's reiteration that the country is willing to be neutral and is ready to compromise over the status of the eastern Donbass region as part of the peace deal with Russia.
Even though Brent Crude futures fell nearly 4% today, they remained at elevated levels of around $116-per barrel. The yield on the benchmark US treasury rose to 2.5% as investors anticipated more aggressive steps from US Federal Reserve to tame the soaring inflation.
Analysts said the movement in crude oil prices and US benchmark bond yield will remain key variables to monitor going ahead.
Given concerns regarding elevated commodity prices and their consequent impact on earnings, Vinod Nair, head of research at Geojit Financial Services, said one cannot expect too much from the Indian stock markets currently from a near-to-medium term perspective.
Among specific sectors, banks recovered their early losses with the Nifty Bank index ending 0.9% higher at 35710.50 points.
Ahead of the earnings, some upmove could be seen in bank stocks as analysts expect strong results amid a pick-up in credit growth. Further, attractive valuations may also trigger some buying in the stocks.
Among other stocks, tourism-related sectors and companies saw strong buying interest today as resumption of regular international flights boosted sentiments. Chalet Hotels, Thomas Cook (India), TAJGVK Hotels & Resorts, EIH Associated Hotels, Royal Orchid Hotels, Lemon Tree Hotels and Asian Hotels (East) jumped 3-17%.
Shares of INOX Leisure and PVR also surged as the companies agreed on a merger deal to form India's largest film exhibition company. The merger is seen as a value accretive for shareholders as it will improve bargaining power of the companies with advertisers, consumers, film producers, ticketing players, and others.
Shares of Inox Leisure hit a lifetime high of 563.60 rupees during the day before closing 11.3% higher, while those of PVR also hit an over two-year high of 2,003.80 rupees before closing with 3.4% gains.
While benchmark indices ended higher, the broader market indices ended in the red and the overall market breadth was also negative. The mid-cap and small-cap indices on National Stock Exchange fell 0.1-0.8%.
* Among Nifty 50 stocks, 32 rose, 17 fell and 1 was unchanged
* Among Sensex stocks, 20 rose and 10 fell
* On the NSE, 658 stocks rose, 1,449 fell and 50 were unchanged
* On the BSE, 1,173 stocks rose, 2,334 fell and 157 were unchanged
* Nifty Metal: Up 0.9%; Nifty IT: Down 0.4%; Nifty Auto: Up 0.7%
BSE National Stock Exchange
Sensex: 57593.49 points, up 231.29 pts (0.4%) Nifty 50: 17222 points, up 69 pts (0.4%)
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: 52842.75 (Mar 7) : 2022 Closing Low: 15863.15 (Mar 7)
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)
End
Edited by Vidhi Verma
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