Informist, Tuesday, Oct 17, 2023
By Anshul Choudhary
MUMBAI – Nifty 50 snapped its three-day losing streak today and managed to close above 19800 points, where it struggled in recent sessions. Indices recouped all the losses witnessed in the previous three sessions.
"There are sentimental cues from global markets, but any significant gains will depend on Nifty 50 being able hold these gains," said Brijesh Ail, technical and derivatives analyst at IDBI Capital.
Other analysts agreed that part of the reason for today's gains are positive cues from global equity markets. However, they continue to believe in domestic businesses. "Rise in US indices might be a reason for the gains today, but Indian stocks are also showing strength on good domestic macroeconomic factors," said Ameya Ranadive, an equity research analyst with Choice Equity Broking.
Today, Nifty 50 and Sensex closed 0.4% higher at 19811.50 points and 66428.09 points, respectively, with gains seen across sectors.
Banks and Financial stocks witnessed gains. However, analysts refrained from calling today's move a positive trend.
Analysts had expected a strong upward movement in banks after HDFC Bank's earnings, which did not materialise due to mixed reactions. HDFC Bank's Jul-Sep net profit came in better than expected at 159.76 bln rupees; however, there was a steep decline in core net margin by 45 basis points to 3.65%.
Shares of HDFC Bank rose 0.8% to 1,541.20 rupees. Among others, Kotak Mahindra Bank and ICICI Bank rose 0.3-1.3%.
Financial stocks performed better than banks with SBI Life Insurance and HDFC Life Insurance rising nearly 2% each. Both Ranadive and Ail said these stocks looked strong on technical charts.
HDFC Life Insurance released its Jul-Sep earnings on Friday, during market hours. Analysts were bullish after HDFC Life's wallet share in HDFC Bank rose despite value of new business margin and annualised premium equivalent growth missing estimates. Nuvama Group said that HDFC Life Insurance's distribution strength in Tier-II and Tier-III cities, and strong support from HDFC Bank should help it regain momentum in Oct-Mar.
Several stock-specific reactions were observed. Bharat Petroleum Corp and Power Grid Corp ended over 2% higher.
Maruti Suzuki shares fell sharply after it announced plans to issue 12.32 mln shares to parent company Suzuki Motor Corp at 10,420.85 rupees, which was at a discount of 2.7% of Maruti Suzuki's closing price on Monday. Later, shares of the company rose from the day's low and ended 0.4% higher at 10,750.80 rupees.
On the downside, Tata Motors ended 1.6% lower and Larsen & Toubro closed 1.2% lower.
* Of the Nifty 50 stocks, 38 rose and 12 fell
* Of the Sensex stocks, 21 rose and 8 fell
* On the BSE, 2,184 stocks rose, 1,506 fell, and 135 were unchanged
* Nifty Energy: up 0.9%; Nifty Oil & Gas: up 0.7%; Nifty Financial Services: up 0.65%
BSE NSE
Sensex: 66428.09, up 261.15 pts or 0.39% Nifty 50: 19811.50, up 79.75 pts or 0.40%
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 Akul Nishant Akhoury
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