Informist, Wednesday, Nov 29, 2023

By Maitri Seth

MUMBAI – The benchmark indices ended higher today because of heavy buying interest in large-cap stocks. Banks and financial services companies were the top gainers, followed by automobile and information technology stocks. Barring real estate, all the sectoral indices closed in the green.

The indices hit their highest levels in over two months, with the Nifty 50 crossing the psychological resistance of 20000 points to touch a high of 20104.65 points. The Sensex hit a high of 66946.28 points.

There was heavy buying interest in the large-cap space, likely due to short-covering by foreign institutional investors, said Ruchit Jain, lead research analyst at 5paisa.

"Market optimism was fuelled by better-than-expected US consumer confidence data and dovish comments from US Fed official Christopher Waller, suggesting rate cut in 2024," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

The Nifty 50 closed a little over 1% higher at 20096.60 points, and the Sensex rose 1.1% to settle at 66901.91 points. The broader market also showed a positive momentum, with all mid- and small-cap indices ending 0.6-1.1% higher.

However, market's fear gauge, India VIX, also hit an eight-month high of 14.46 points.

Banks and financial services were the top gainers. Shares of Axis Bank closed 3.8% higher after Deputy Managing Director Rajiv Anand said there will be no impact of the new risk weight measures on the bank's net interest margin.

Analysts said after a bout of weakness following an increase in risk weights on consumer loans by the Reserve Bank of India, most bank stocks are showing a "good momentum" now.

Automobile and information technology stocks were the other big movers. The gains in IT stocks were more due to an ongoing sectoral rotation and less due to positive cues from US, added Jain.

Hero MotoCorp was the top gainer among automobile companies, with its shares rising 3.5%. Analysts are of the view that recent comments by the company's Chief Executive Officer Niranjan Gupta have boosted investor confidence for the whole sector.

Gupta said the company saw growth in rural sales during the festival season. "Our secondary network, which is primarily based in tier-II and -III cities and rural areas, witnessed 26% growth" during the festive season that ended on Nov 15, Gupta told The Economic Times. Mahindra & Mahindra and Tata Motors were the other top gainers, closing 3.4% and 2.1% higher, respectively.

Real estate was the only sector that fell prey to the bears, with the Nifty Realty index closing 0.5% lower.

The MSCI rejig, announced earlier in November, is scheduled for Thursday, which might lead to some inflows into Indian markets. Nuvama Alternative Research said in a note that India will likely receive passive inflows of around $1.5 bln. "Most of the price impact is priced in and tomorrow (Thursday) it will be more of volume impact day," the note added.

Among specific stocks, Aster DM Healthcare was the top gainer in the Nifty 500 index. The stock rose 20% during the day. The stock surged after the company's arm decided to sell its stake in subsidiary Aster DM Healthcare FZC to Alpha GCC Holdings for around $1 bln.

Shares of Aether Industries fell 8.4% to an 11-month low of 829.10 rupees intraday after the company reported a fire at its manufacturing site in Surat, Gujarat, in which 25 people were injured.

For Thursday, analysts expect the Nifty 50 to move in a range of 20000-20200 points, with monthly expiry of derivatives contracts in focus.

* Of the Nifty 50 stocks, 40 rose and 10 fell

* Of the Sensex stocks, 26 rose and 4 fell

* On the BSE, 1,893 stocks rose, 1,821 fell, and 127 were unchanged

* Nifty Auto: Up 1.63%; Nifty Bank: Up 1.56%; Nifty Realty: Down 0.5%

BSE                                                NSE
Sensex: 66901.91, up 727.71 pts or 1.1%            Nifty 50: 20096.60, up 206.90 pts or 1.04%

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 Ashish Shirke

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