Informist, Thursday, May 4, 2023
By Pradeep Suresh V.
MUMBAI – Domestic benchmark indices recovered initial setbacks and ended higher today largely due to gains in the banking and financial services stocks. Investor confidence was also boosted by the belief that the US Federal Reserve was likely headed towards pausing its policy tightening cycle.
The Nifty 50 and Sensex closed 1% higher at 18255.80 points and 61749.25 points, respectively. Both indices closed at their highest level in over four months.
“The US Federal Reserve softening its stance over future rate hike prospects cheered investors’ mood which triggered a fresh bout of buying in banking stocks. With India’s growth indicators showing good signs of revival and crude oil prices staying lower, investors are betting big on local equities even as haze over global economic growth persists,” said Shrikant Chouhan, equity research head at Kotak Securities.
Shares of Adani Enterprises were the top gainer among Nifty 50 companies, ending 3.9% higher. The shares traded in the green ahead of the Jan-Mar results and gained further on strong results for the March quarter.
The list of top gainers among Nifty 50 companies were led by banking and financial services stocks with Nifty Financial Services and Nifty PSU Bank ending as top gainer among sectoral indices, ending 1.6% and 1.2% higher, respectively.
Shares of Bajaj Finance Ltd ended 3.4% higher, and those of SBI Life Insurance and Bajaj Finserv closed 2.7% and 2.0% higher, respectively.
Housing Development Finance Corp shares ended 2.7% higher after reporting a higher-than-expected net profit for the March quarter.
Shares of HDFC Bank and State Bank of India ended 2% and 1.7% higher, respectively.
“The surge in the index shows more leg to the prevailing upmove before it settles for some consolidation. Apart from consistent buying in banking and financial majors, the rotational participation from other sectors is fuelling the recovery now,” said Ajit Mishra, the vice-president at Religare Broking.
On a day when a majority of sectoral indices ended in the green, Nifty FMCG ended 0.1% lower, and was the only sectoral index to fall.
Shares of UPL were the top loser among Nifty 50 and ended 1.1% lower due to expectations for a weak Jan-Mar result.
Other key stocks were IndusInd Bank and Nestle India that ended 1% down.
Shares of Dabur India extended losses and ended 1.4% lower after the company’s consolidated operating margins fell in Jan-Mar, and its consolidated net profit came in below analysts’ estimates.
* Among Nifty 50 stocks, 36 rose, 13 fell, and 1 was unchanged
* Among Sensex stocks,21 rose, 8 fell, and 1 was unchanged
* On the BSE, 2,211 stocks rose, 1,309 fell, and 120 were unchanged
* Nifty Financial Services: Up 1.55%; Nifty PSU Bank: Up 1.23%; Nifty FMCG: Down 0.13%
BSE NSE
Sensex: 61749.25, up 555.95 pts or 0.91% Nifty 50: 18255.80, up 165.95 pts or 0.92%
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 Akul Nishant Akhoury
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