Informist, Wednesday, Sep 7, 2022

By Joe Milton

MUMBAI – Headline equity indices managed to recoup most losses, with the Nifty 50 closing above 17600 points amid a recovery in information technology and select financial services companies. The broader market continued to gather momentum due to stock-specific buying. 

All small- and mid-cap indices on the National Stock Exchange gained about 0.7% today, continuing their outperformance. While domestic benchmarks have gained only 0.5% so far this week, small- and mid-cap indices have gained 1.5-3%. 

Domestic indices opened sharply lower, tracking weakness in global markets, but defied the trend and managed to recoup most of the early losses. The Nifty 50 slipped below the 17500-point mark briefly in early trade but managed to almost recover and touch the day's high of 17650.75 points. 

The 50-stock index closed 0.2% lower at 17624.40 points, while the Sensex ended at 59028.91 points, down 0.3%, after moving between the day's high and low of 59166.46 and 58722.89 points, respectively. 

Domestic markets were relatively resilient compared to most Asian peers, which fell about 1% today.  

"Markets have been maintaining a positive tone amid consolidation while the global indices are reeling under pressure. And, we feel the scenario may extend further. Participants should focus more on buying opportunities till the Nifty 50 holds 17400 points," said Ajit Mishra, vice president-research, Religare Broking.

Today, sectoral rotation and expectations of strong earnings in the coming quarters led to traction in cement stocks. Shares of Shree Cement, UltraTech Cement, ACC Ltd, Ambuja Cements, JK Lakshmi Cement, and JK Cement gained 2-7%. 

On the other hand, investors booked profits in the automobile space, with Tata Motors, Mahindra & Mahindra, and Maruti Suzuki India closing 1-3% lower. The Nifty Auto was the worst hit among sectoral indices. 

Information technology stocks fell initially due to fear of an economic downturn in the US amid a high interest rate regime, but buying interest at lower levels helped the stocks recover. Most of the stocks part of the Nifty 50 index ended in the green. Infosys, Tata Consultancy Services, and Wipro closed 0.2-0.8% higher.

A recovery in financial stocks, namely Axis Bank, Bajaj Finance, Bajaj Finserv, and SBI Life Insurance Co, also helped the Nifty 50 remain resilient. 

Shares of Bajaj Auto fell over 2% after CLSA India reportedly downgraded the stock to 'outperform' from 'buy' and lowered the target price to 4,343 from 4,677 rupees in view of headwinds to exports. 

Shares of Container Corp of India surged 15% and touched a lifetime high of 766.70 rupees after the government lowered the land licence fee to 1.5% of the market value, which would lead to strong earnings growth for the company. The stock closed 8.6% higher at 726.55 rupees. 

Shares of Max Ventures and Industries gained over 5% and touched about an eight-month high of 133.80 rupees as the company will acquire Acerage Builders for 2.9 bln rupees.

* Among Nifty 50 stocks, 27 rose and 23 fell

* Among Sensex stocks, 9 rose, 20 fell, and 1 was unchanged

* On the BSE, 2,133 stocks rose, 1,322 fell, and 125 were unchanged

* Nifty Bank: Down 0.53%; Nifty Pharma: Up 0.79%; Nifty PSE: Up 0.74%

BSE                                                 National Stock Exchange
Sensex: 59028.91, down 168.08 pts (0.28%)           Nifty 50: 17624.40, down 31.20 pts (0.18%) 

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

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, Wednesday, Sep 7, 2022

By Joe Milton

MUMBAI – Headline equity indices managed to recoup most losses, with the Nifty 50 closing above 17600 points amid a recovery in information technology and select financial services companies. The broader market continued to gather momentum due to stock-specific buying. 

All small- and mid-cap indices on the National Stock Exchange gained about 0.7% today, continuing their outperformance. While domestic benchmarks have gained only 0.5% so far this week, small- and mid-cap indices have gained 1.5-3%. 

Domestic indices opened sharply lower, tracking weakness in global markets, but defied the trend and managed to recoup most of the early losses. The Nifty 50 slipped below the 17500-point mark briefly in early trade but managed to almost recover and touch the day's high of 17650.75 points. 

The 50-stock index closed 0.2% lower at 17624.40 points, while the Sensex ended at 59028.91 points, down 0.3%, after moving between the day's high and low of 59166.46 and 58722.89 points, respectively. 

Domestic markets were relatively resilient compared to most Asian peers, which fell about 1% today.  

"Markets have been maintaining a positive tone amid consolidation while the global indices are reeling under pressure. And, we feel the scenario may extend further. Participants should focus more on buying opportunities till the Nifty 50 holds 17400 points," said Ajit Mishra, vice president-research, Religare Broking.

Today, sectoral rotation and expectations of strong earnings in the coming quarters led to traction in cement stocks. Shares of Shree Cement, UltraTech Cement, ACC Ltd, Ambuja Cements, JK Lakshmi Cement, and JK Cement gained 2-7%. 

On the other hand, investors booked profits in the automobile space, with Tata Motors, Mahindra & Mahindra, and Maruti Suzuki India closing 1-3% lower. The Nifty Auto was the worst hit among sectoral indices. 

Information technology stocks fell initially due to fear of an economic downturn in the US amid a high interest rate regime, but buying interest at lower levels helped the stocks recover. Most of the stocks part of the Nifty 50 index ended in the green. Infosys, Tata Consultancy Services, and Wipro closed 0.2-0.8% higher.

A recovery in financial stocks, namely Axis Bank, Bajaj Finance, Bajaj Finserv, and SBI Life Insurance Co, also helped the Nifty 50 remain resilient. 

Shares of Bajaj Auto fell over 2% after CLSA India reportedly downgraded the stock to 'outperform' from 'buy' and lowered the target price to 4,343 from 4,677 rupees in view of headwinds to exports. 

Shares of Container Corp of India surged 15% and touched a lifetime high of 766.70 rupees after the government lowered the land licence fee to 1.5% of the market value, which would lead to strong earnings growth for the company. The stock closed 8.6% higher at 726.55 rupees. 

Shares of Max Ventures and Industries gained over 5% and touched about an eight-month high of 133.80 rupees as the company will acquire Acerage Builders for 2.9 bln rupees.

* Among Nifty 50 stocks, 27 rose and 23 fell

* Among Sensex stocks, 9 rose, 20 fell, and 1 was unchanged

* On the BSE, 2,133 stocks rose, 1,322 fell, and 125 were unchanged

* Nifty Bank: Down 0.53%; Nifty Pharma: Up 0.79%; Nifty PSE: Up 0.74%

BSE                                                 National Stock Exchange
Sensex: 59028.91, down 168.08 pts (0.28%)           Nifty 50: 17624.40, down 31.20 pts (0.18%) 

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

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.