Informist, Thursday, Sep 8, 2022
By Joe Milton
MUMBAI – Bulls took control of the market today, with strong buying in financial counters helping helped the Nifty 50 close in on 17800 points.
Most bank stocks continued their upward trajectory due to attractive valuations and strong earnings growth, which helped the Nifty Bank index close above its crucial resistance of 40000 points, the first time since October.
BNP Paribas Securities India maintained an 'overweight' rating on the banking sector due to improving credit growth and stronger and cleaner balance sheets.
If the Nifty Bank index decisively surpasses 40500 points, it could hit a new lifetime high in the coming sessions, analysts said. The index had touched its all-time high of 41829.60 points in October.
Today, the Nifty Bank index ended nearly 2% higher at 40208.95 points amid gains in heavyweight stocks, namely ICICI Bank, HDFC Bank, State Bank of India, Axis Bank, and IndusInd Bank.
Financial counters contributed to most of the gains in the headline indices. Today, the Nifty 50 closed 1% higher at 17798.75 points after surpassing 17800 points briefly, while the Sensex ended at 59688.22 points, up 1.1%.
The Nifty 50 has again reached the upper band of the prevailing consolidation range of 17300-17800 points and a decisive breakout would fuel the next leg of the upmove towards 18100 points, said Ajit Mishra, vice president-research, Religare Broking.
Apart from banks, shares of information technology stocks also gained due to bargain buying. Infosys, Tech Mahindra, and Wipro gained 1-4%, which pushed the Nifty IT index 1% higher.
Among specific stocks, InterGlobe Aviation fell about 5% intraday, following several large deals on the NSE. Media reports said co-founder Rakesh Gangwal and his family planned to sell stake.
The airline stock ended nearly 2% lower at 1,940.65 rupees.
Brent crude oil prices fell below $90 per barrel due to weak demand outlook amid a looming recession in Europe and COVID lockdowns in China.
Shares of Oil and Natural Gas Corp, Oil India, and Hindustan Oil Exploration Co fell 0.5-3% as the fall in crude prices may lower their profitability.
On the other hand, since lower crude prices would improve margins of oil marketing companies, shares of Bharat Petroleum Corp, Hindustan Petroleum Corp, and Indian Oil corp ended 2-4% higher.
Metal companies witnessed selling pressure due to fear of a global economic downturn amid a high-interest rate regime. The Nifty Metal index fell nearly 1% today and was the worst hit among sectoral indices.
In the broader market, strong gains were witnessed in small-cap stocks compared to mid-caps. The Nifty Smallcap 100 index closed 1% higher, while the Nifty Midcap 100 index ended 0.2% higher.
* Among Nifty 50 stocks, 27 rose, 13 fell, and 1 was unchanged
* Among Sensex stocks, 24 rose, 6 fell
* On the BSE, 2,062 stocks rose, 1,402 fell, and 125 were unchanged
* Nifty Auto: Up 0.60%; Nifty FMCG: Up 0.40%; Nifty Media: Down 0.45%
BSE National Stock Exchange
Sensex: 59688.22, up 659.31 pts (1.12%) Nifty 50: 17798.75, up 174.35 pts (1%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19, 2021) : Lifetime High: 18604.45 (Oct 19, 2021)
Record Close High: 61765.59 (Oct 18, 2021) : Record Close High: 18477.05 (Oct 18, 2021)
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: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
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
US$1 = 79.71 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Informist, Thursday, Sep 8, 2022
By Joe Milton
MUMBAI – Bulls took control of the market today, with strong buying in financial counters helping helped the Nifty 50 close in on 17800 points.
Most bank stocks continued their upward trajectory due to attractive valuations and strong earnings growth, which helped the Nifty Bank index close above its crucial resistance of 40000 points, the first time since October.
BNP Paribas Securities India maintained an 'overweight' rating on the banking sector due to improving credit growth and stronger and cleaner balance sheets.
If the Nifty Bank index decisively surpasses 40500 points, it could hit a new lifetime high in the coming sessions, analysts said. The index had touched its all-time high of 41829.60 points in October.
Today, the Nifty Bank index ended nearly 2% higher at 40208.95 points amid gains in heavyweight stocks, namely ICICI Bank, HDFC Bank, State Bank of India, Axis Bank, and IndusInd Bank.
Financial counters contributed to most of the gains in the headline indices. Today, the Nifty 50 closed 1% higher at 17798.75 points after surpassing 17800 points briefly, while the Sensex ended at 59688.22 points, up 1.1%.
The Nifty 50 has again reached the upper band of the prevailing consolidation range of 17300-17800 points and a decisive breakout would fuel the next leg of the upmove towards 18100 points, said Ajit Mishra, vice president-research, Religare Broking.
Apart from banks, shares of information technology stocks also gained due to bargain buying. Infosys, Tech Mahindra, and Wipro gained 1-4%, which pushed the Nifty IT index 1% higher.
Among specific stocks, InterGlobe Aviation fell about 5% intraday, following several large deals on the NSE. Media reports said co-founder Rakesh Gangwal and his family planned to sell stake.
The airline stock ended nearly 2% lower at 1,940.65 rupees.
Brent crude oil prices fell below $90 per barrel due to weak demand outlook amid a looming recession in Europe and COVID lockdowns in China.
Shares of Oil and Natural Gas Corp, Oil India, and Hindustan Oil Exploration Co fell 0.5-3% as the fall in crude prices may lower their profitability.
On the other hand, since lower crude prices would improve margins of oil marketing companies, shares of Bharat Petroleum Corp, Hindustan Petroleum Corp, and Indian Oil corp ended 2-4% higher.
Metal companies witnessed selling pressure due to fear of a global economic downturn amid a high-interest rate regime. The Nifty Metal index fell nearly 1% today and was the worst hit among sectoral indices.
In the broader market, strong gains were witnessed in small-cap stocks compared to mid-caps. The Nifty Smallcap 100 index closed 1% higher, while the Nifty Midcap 100 index ended 0.2% higher.
* Among Nifty 50 stocks, 27 rose, 13 fell, and 1 was unchanged
* Among Sensex stocks, 24 rose, 6 fell
* On the BSE, 2,062 stocks rose, 1,402 fell, and 125 were unchanged
* Nifty Auto: Up 0.60%; Nifty FMCG: Up 0.40%; Nifty Media: Down 0.45%
BSE National Stock Exchange
Sensex: 59688.22, up 659.31 pts (1.12%) Nifty 50: 17798.75, up 174.35 pts (1%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19, 2021) : Lifetime High: 18604.45 (Oct 19, 2021)
Record Close High: 61765.59 (Oct 18, 2021) : Record Close High: 18477.05 (Oct 18, 2021)
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: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
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
US$1 = 79.71 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2022. All rights reserved.
