Informist, Thursday, May 25, 2023
By Anjana Therese Antony
MUMBAI – Benchmark equity indices swung between gains and losses today, before closing marginally higher due to gains in fast-moving consumer goods stocks. While the bleak sentiment in global markets weighed on the indices, investors turned to defensive sectors including FMCG.
“The FMCG sector usually acts as a defensive sector for market participants when the market corrects itself,” said Viraj Vyas, technical and derivatives analyst for institutional equities, Ashika Stock Broking.
Globally, equities were subdued after debt ceiling negotiations between US President Joe Biden and House of Representatives Speaker Kevin McCarthy failed to produce any result. This continued to heighten concern that failure to reach a conclusion could result in a debt default by the US and lead the country into a recession.
Following the trend, most Asian markets also slipped into losses.
During the day, investors in India struggled to get a clear direction. Though weak sentiment in global markets pulled equities into losses at open, FMCG stocks cushioned the losses in benchmark indices. Two Nifty 50 constituents – Britannia Industries and ITC – hit record highs due to defensive buying. ITC was the top gainer in the Nifty FMCG. On the back of gains in the sector, the Nifty FMCG hit its lifetime high of 49825.05 points, before closing 0.6% higher.
Expiry of the monthly derivatives contracts is likely to have added to the volatility today.
Today, the Nifty 50 and the Sensex rose significantly in the last 30 minutes of trade. The indices closed 0.2% higher each after closing lower in the previous session. The 50-stock index closed at 18321.15 points and the 30-stock index at 61872.62 points.
Immediate support for the Nifty 50 is seen at 18200 points and resistance at 18400 points. Analysts said that 18400 would remain a major hurdle for the index.
Nifty 50 constituent Tata Motors slumped 2% during the day after brokerage firm UBS downgraded the stock to ‘sell’ from ‘neutral’. As per reports, the broking firm said the company’s domestic share in the domestic automotive industry is nearly peaking due to intensifying competition.
On the other hand, banking and financial services stocks capped gains in the market. Shares of ICICI Bank, State Bank of India, HDFC Bank, and IndusInd Bank were the major banking laggards in the Nifty 50.
Shares of Adani Enterprises fell 2%, but closed 2% higher. The stock saw profit booking in the previous session after closing higher for three consecutive days. The fall in the stock was after media reports that BSE and the National Stock Exchange had put the securities of Adani Enterprises under the short-term Additional Surveillance Measure framework from today.
The stock had seen significant gains after the Sapre panel’s report on May 19 said it could not find any “regulatory failure” on the part of the Securities and Exchange Board of India, amid allegations of stock price manipulation by the group companies. However, the stock recorded a sharp correction on Wednesday as investors booked profits.
With the corporate earnings season underway, a number of stock-specific reactions were observed. Bharat Dynamics, Ingersoll – Rand India, Suven Pharmaceuticals, Infibeam Avenues, Indian Railway Finance Corp, TTK Prestige, AIA Engineering, and Indian Energy Exchange released financial results for Jan-Mar during market hours.
However, its is likely that global cues will be given more focus in the coming sessions as the Jan-Mar earnings season is about to come to an end next week.
* Of the Nifty 50 stocks, 27 rose, 20 fell, and 3 were unchanged
* Of the Sensex stocks, 15 rose, and 15 fell
* On the BSE, 1,875 stocks rose, 1,615 fell, while 121 were unchanged
* Nifty Realty: up 1.1%; Nifty FMCG: up 0.6%; Nifty PSU Bank: down 0.5%
BSE NSE
Sensex: 61872.62, up 98.84 pts or 0.2% Nifty 50: 18321.15, up 35.75 pts or 0.2%
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: 62345.71 (May 15) : 2023 Closing High: 18398.85 (May 15)
2023 Closing Low: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 62562.67 (May 15) : 2023 High (intraday): 18458.90 (May 15)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 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 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 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
