Informist, Monday, Apr 11, 2022
By Abhishek Saini
MUMBAI – Benchmark equity indices failed to recover from their opening losses and ended lower today, as fears across global markets over aggressive policy tightening by the US Federal Reserve ensured that investors remained cautious in the domestic market as well.
After Friday's respite, when indices rose following the Reserve Bank of India's decision to continue with an accommodative stance, benchmark indices opened lower today tracking the Asian markets, which were mostly weighed down by a higher-than-expected rise in consumer inflation in China in March.
Further, continued concerns of aggressive policy tightening, after the minutes of the US Federal Reserve's meeting hinted at 50 basis points hike and balance sheet trimming by $95 bln from May, ensured that the markets found it difficult to break out from the risk-off sentiment.
Frontline banks and information technology companies dragged down the headline indices during early trade. Though the indices managed to recoup some losses and come off lows amid bargain buying, the recovery was short-lived.
"After a muted opening, the benchmark (indices) continued to trade in a range however the bias was on the negative side," said Ajit Mishra, vice president – research, Religare Broking.
Today, the Nifty 50 managed to see and intra-day high of 17779.05 points but ended 0.6% lower at 17674.95 points, just off its intra-day low of 17650.95 points.
Correspondingly, the Sensex recovered to hit its intra-day high at 59355.76 points but closed 0.8% lower at 58964.57 points. It ended slightly above its intra-day low of 58894.40 points.
"The immediate supports for Nifty are placed around 17600 and 17500 while 17750 and 17840 will be seen as intraday hurdles," said Ruchit Jain, lead strategist, 5paisa.com.
Among frontline sectors, the information technology pack was the worst hit and weighed on the indices. Shares of HCL Technologies, Wipro and Infosys fell more than 2% and dragged the Nifty IT index 1.4% lower.
But shares of Tata Consultancy Services gained marginally to end 0.3% higher ahead of the company's quarterly results, to be declared later in the day.
Elsewhere, shares of banks helped the recovery in the indices with large-cap stocks like State Bank of India, IndusInd Bank, Kotak Mahindra Bank and ICICI Bank gaining 1% each.
However, as selling pressure returned, most of them gave up their gains and ended lower. Overall, the Nifty Bank index fell 0.4% to 37613.80 points.
The momentum largely remained intact in metal companies as well, as the Nifty Metal index rose 0.3%, but some major stocks like National Aluminium Co, Tata Steel and Hindalco Industries fell 1-2%.
In stock specific action, shares of Adani Green and Adani Transmission extended Friday's gains and ended 14% and 8% higher, respectively, as Abu Dhabi-based International Holding Co's plan to invest in the companies boosted their outlook and prompted fresh buying in the stock.
Shares of Veranda Learning Solutions made their debut on the bourses today albeit in an unusual fashion. The listing prices of the scrip on the NSE and the BSE were different. While the stock listed at 125 rupees per share on the NSE, is got listed at 157 rupees per share on BSE. The stock ended 5% higher at 131.25 rupees on the National Stock Exchange.
The buying was, however, prominent in the broader market as the mid-cap indices on NSE ended with 0.3-0.6% gains. The small-cap indices were ended flat.
* Among Nifty 50 stocks, 18 rose, 2 were unchanged and 30 fell
* Among Sensex stocks, 7 rose and 23 fell
* On the NSE, 1,195 stocks rose, 922 fell and 54 were unchanged
* On the BSE, 2,099 stocks rose, 1,456 fell and 130 were unchanged
* Nifty Metal: Up 0.29%; Nifty Bank: Down 0.37%; Nifty IT: Down 1.41%
BSE National Stock Exchange
Sensex: 58964.57 points, down 482.61 pts (0.81%) Nifty 50: 17674.95 points, down 109.40 pts (0.62%)
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)
Edited by Pranav S. Joshi
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