Informist, Monday, Apr 3, 2023
By Padmini Dhruvaraj
MUMBAI – Benchmark equity indices ended the first trading session of the new financial year in the green, owing to gains in automobile companies. The listless session gained slight momentum during the last hour of trade as investors bought stocks in the financial services along with shares of automobile companies.
As a result, the Nifty 50 and the Sensex ended with gains of 0.2% each at 17398.05 points and 59106.44 points, respectively. The broader markets outperformed the benchmark indices, with all mid-cap and small-cap indices on the National Stock Exchange closing 0.4-0.8% higher.
“Upbeat global cues, combined with bargain hunting in index majors, are helping the index to inch higher,” said Ajit Mishra vice president of technical research at Religare Broking. The positive momentum in India’s manufacturing activity too helped the indices close higher, said analysts.
India’s Manufacturing Purchasing Managers’ Index, compiled by S&P Global, rose to a three-month high of 56.4 in March from 55.3 in February. There was an uptick in the index because of growth in factory orders on the back of strong underlying demand. The print for March pointed to the rise in production for the 21st consecutive month.
A PMI reading above 50 denotes an expansion in activity, while a print below 50 indicates a contraction.
The announcement by the Organization of the Petroleum Exporting Countries and its allies to cut crude output gave rise to inflationary fears, which kept indices in the red for the better part of the session.
In an unexpected move, Saudi Arabia and other OPEC+ oil-producing allies said they will cut around 1.2 mln bbl of crude a day starting from May till the end of 2023, in an effort to stabilise prices. As a result, oil prices rose, with Brent Crude futures jumping over 5% to $83.95 a bbl.
A sharp rise in crude oil prices helped upstream oil companies such as Oil and Natural Gas Corp and Oil India gain 4-6%. Shares of refining companies such as Bharat Petroleum Corp and Hindustan Petroleum Corp fell 4-7% today as these companies will now have to purchase crude at higher prices.
However, shares of automobile companies gained after a better than expected sales numbers in March, which helped the indices stay in the green. The Nifty Auto index gained 1.5%, with Hero MotoCorp closing 3.6% higher to become the top-gainer among the Nifty 50 stocks as the company’s total sales in March rose 15.3% on year to 519,342 units.
Buying in financial service stocks also helped the indices close in the green. The Nifty Bank gained 0.5% and the Nifty PSU Bank closed 1.1% higher after provisional data by a few banks indicated a decent performance in the Jan-Mar quarter, said an analyst.
Among individual stocks, KPIT Technologies fell close to 18% today to hit a fresh two-month low of 760 rupees after brokerage firm JPMorgan initiated coverage on the stock with an “underweight” rating and said it sees over 40% downside in the stock. Shares of SML Isuzu closed 20% higher as the company reported a 59% on-year jump in its total sales in March, led by an over twofold rise in the sales of passenger vehicles.
“Technically, the Nifty 50 is holding a bullish pattern on daily charts, and it is continuously producing a higher bottom shape on intraday charts, which is mostly favourable,” said Shrikant Chouhan, head of equity research at Kotak Securities.
Mishra from Religare Broking said, “We expect the prevailing tone to continue, however, caution ahead of the Reserve Bank of India’s MPC (monetary policy committee) meeting may result in some consolidation.”
* Among Nifty 50 stocks, 32 rose, 17 fell, and 1 unchanged
* Among Sensex stocks, 19 rose, 7 fell, and 4 unchanged
* On the BSE, 2,773 stocks rose, 856 fell, and 132 unchanged
* On the NSE 3.28 stocks advanced for every 1 stock that declined
* Nifty Auto: Up 1.49%; Nifty PSU Bank: Up 1.06%; Nifty Oil & Gas: Down 0.44%
BSE NSE
Sensex: 59106.44, up 114.92 pts or 0.19% Nifty 50: 17398.05, up 38.30 pts or 0.22%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022) : Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022) : Record Close High: 18812.50 (Dec 1, 2022)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2) : 2023 Closing High: 18197.45 (Jan 2)
2023 Closing Low: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 61222.79 (Jan 2) : 2023 High (intraday): 18215.15 (Jan 2)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Oct 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
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Maheswaran Parameswaran
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