Informist, Friday, May 12, 2023
By Pradeep Suresh V
MUMBAI – Benchmark equity indices erased their initial losses and ended higher today, led by gains in automobile and banking sector stocks. The indices closed higher despite global index provider MSCI removing or reducing weightage of several stocks in its quarterly index rejig.
Today, the Nifty 50 ended 0.1% up at 18314.80 points and the Sensex ended 0.2% higher at 62027.90 points.
“Markets logged modest gains, but strong follow-through buying was missing due to lack of positive global cues. Despite a jittery start, bulls regrouped and the positive takeaway was that the benchmarks ended the day above the dotted lines,” said Prashanth Tapse, senior vice president at Mehta Equities.
Eicher Motors was the top gainer among Nifty 50 stocks, ending 6.5% higher on the back of strong Jan-Mar earnings. Shares of the company surged to 3,647.50 rupees, their highest level in six months. Mahindra & Mahindra ended 2% higher to be the second-highest gainer among Nifty 50 constituents.
Other key automobile stocks Tata Motors, Hero MotoCorp and Maruti Suzuki ended up 0.9%, 0.8% and 0.4%, respectively.
Key banking sector stocks ended in the green with IndusInd Bank, Axis Bank, HDFC Bank and State Bank of India closing 1.8%, 1.7%, 0.9% and 0.8%, higher respectively.
Shares of BSE ended 1.8% higher, hitting a fresh four-month high of 559.95 rupees after the company’s consolidated net profit for the March quarter rose 22.4% on year to 911.8 mln rupees.
Shares of South Indian Bank ended up 8.3% and hit a two-month high of 18.2 rupees after it posted a 22.7% on year increase in net profit for the March quarter at 3.34 bln rupees, led by a rise in net interest income and improved asset quality.
Shares of Polycab India hit an all-time high today, ending 4.8% higher after the company reported a 32% on-year rise in consolidated net profit to 4.25 bln rupees in Jan-Mar.
Hindalco Industries was the top loser among Nifty 50 stocks, hitting a one-month low of 403.80 rupees and ending 3.8% lower after the global index provider MSCI reduced the weightage of the stock. Bharat Petroleum Corp too ended 2.9% down and hit an intraday low after MSCI reduced weightage.
Tata Consultancy Services and Infosys ended in the red after MSCI reduced their weightage in its May index review.
Shares of Vodafone Idea ended 2.1% lower after the company reported a significant fall in the number of subscribers. Shares of Indus Towers ended 2.2% down after MSCI excluded the stock from its India Domestic Index.
Key Adani Group stocks–Adani Transmission and Adani Total Gas–too ended in the red after MSCI said it has excluded the stocks from its Global Standard Index.
“Markets underwent a choppy intra-day session on weak Asian cues, but selective buying in banking and automobile stocks helped recovery at close. The market is in an overbought zone now and there is a lot of scepticism over interest rate movement, especially when concerns over demand slowdown in China and recession fears in the US continue to weigh,” said Amol Athawale, technical analyst at Kotak Securities.
Among sectoral indices, Nifty Auto and Nifty Bank were the top gainers, while Nifty Metal and Nifty Energy were the key losers.
* Among Nifty 50 stocks, 23 rose 27 fell
* Among Sensex stocks, 19 rose 11 fell
* On the BSE, 1,653 stocks rose, 1,865 fell, and 120 were unchanged
* Nifty Auto: Up 0.77%; Nifty Bank: Up 0.73%; Nifty Metal: Down 1.84%
BSE NSE
Sensex: 62027.90, up 123.38 pts or 0.20% Nifty 50: 18314.80, up 17.80 pts or 0.10%
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 Maheswaran Parameswaran
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 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
