India Stocks Review: Indices end lower; Nifty 50 falls below 18,100

Informist, Wednesday, May 3, 2023

By Pradeep Suresh V

MUMBAI – Domestic benchmark indices ended lower today, tracking weakness in global equity markets as investors refrained from placing aggressive bets ahead of the US Federal Reserve’s policy decision, due later today.

Today, the Nifty 50 and Sensex closed 0.3% lower at 18089.85 points and 61193.30 points, respectively.

“The eight-day rally came to a halt ahead of the all-important Fed’s rate cut decision amid profit-taking in IT (information technology) and metal stocks. The US Federal Reserve is widely expected to raise its policy rate by 25 bps to the range of 5-5.25%… technically, Nifty has support at 17971-17811 range, while the index faces resistance at 18201-18551 zone,” said Prashanth Tapse, senior vice-president at Mehta Equities.

It didn’t help that indices across Asia fell today.

Stock of Adani Enterprises Ltd emerged as the top loser among Nifty 50 shares, ending 4.2% lower. Shares of Oil and Natural Gas Corp Ltd ended 1.9% down after posting gains yesterday.

Adani Ports and Special Economic Zone Ltd ended 1.7% lower.

Shares of Adani Wilmar ended 4.3% lower today after the company said its net profit for Jan-Mar declined to 936.1 mln rupees from 2.3 bln rupees in the year-ago period.

Shares of tech giants Tech Mahindra Ltd, Wipro Ltd, Tata Consultancy Services Ltd and Infosys Ltd, too, ended in the red with all three closing the session 1.3%, 0.8%, 1.2% and 0.7%, respectively.

Shares of Manappuram Finance Ltd fell over 12% to a one-month low after it was reported that the Enforcement Directorate conducted searches at multiple locations on the company’s Kerala premises.

However, today’s setback is unlikely to affect the long-term gains of the indices.

“The rally has been continuous and fatigue was bound to happen …the Nifty has formed a small bearish candle and as long as the index is trading above 18050, the uptrend formation is likely to continue. Above the same, the index could move up till 18200-18250. On the other hand, a quick short-term correction is possible if the index slips below 18050 and below the same, it could retest the level of 17950-17925,” said Shrikant Chouhan, equity research head at Kotak Securities.

Hindustan Unilever Ltd was the top gainer among Nifty 50 constituents. The stock ended 1.4% higher. Shares of Asian Paints closed 1% up as a fall in crude oil prices is expected to lower input costs for paints.

Shares of MRF Ltd hit a near-four-month high of 94,390.00 rupees and the stock closed 5.6% up after the company posted strong earnings for the March quarter.

Shares of aviation companies Jet Airways (India) Ltd and InterGlobe Aviation Ltd, the operator of IndiGo airline, ended in the green after their competitor Go First filed for voluntary insolvency resolution proceedings.

* Among Nifty 50 stocks, 19 rose, 31 fell

* Among Sensex stocks,11 rose, 19 fell

* On the BSE, 2,179 stocks rose, 1,314 fell, and 136 were unchanged

* Nifty FMCG: Up 0.78%; Nifty Realty: Up 0.28%; Nifty IT: Down 1%

BSE NSE
Sensex: 61193.30, down 161.41 pts or 0.26% Nifty 50: 18089.85, down 57.80 pts or 0.32%

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

Edited by Deepshikha Bhardwaj

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