Informist, Friday, Jun 30, 2023
By Anjana Therese Antony
MUMBAI – Benchmark equity indices settled at lifetime closing highs today, led by gains in information technology, automobile, and financial stocks. With the Nifty 50 crossing the psychologically important 19000 points, investors placed aggressive bets despite the absence of other major triggers, analysts said.
All sectoral indices closed in the green and several stocks hit lifetime highs during the day.
“There is a clear picture emerging that India has been showing strong resilience in all the growth parameters and are poised to do well going ahead,” penned Amol Athawale, a technical analyst at Kotak Securities, in a post-market note. He said that India has emerged as a green shot in a bleak scenario, with most global economies, including China, witnessing de-growth. Hence, investors are reposing strong faith in local stocks.
The Nifty 50 closed 1.1% higher at 19189.05 points and the Sensex closed 1.3% higher at 64718.56 points. For Monday, immediate support for the 50-stock index is seen at 19000 points and resistance at 19300 points.
“Participants are taking comfort from stability in global markets amid mixed cues, and we expect the prevailing tone to continue,” Ajit Mishra, senior vice-president of technical research at Religare Broking, said in a post-market note.
Benchmark indices outperformed the broader market. The Nifty Smallcap and Nifty Midcap indices closed 0.5-0.9% higher.
Amid optimism in the market, IT stocks contributed to 0.3% gains in the Nifty 50. Gains in IT stocks also made the Nifty IT the top gainer among sectoral indices today. The index closed 2.5% higher, with all the 10 constituents in the green.
Ahead of the monthly sales data of automobile companies on Saturday, auto stocks also supported the market. Shares of Tata Motors, Maruti Suzuki India, and Mahindra & Mahindra were the major gainers in the Nifty 50, contributing to 0.1% gains in the 50-stock index.
In a research report, Motilal Oswal Financial Services said the demand momentum seen by automobile companies in the last few months was expected to continue in June. This would be led by strong growth in sales of tractors and two-wheelers, the broking firm said.
Among banking and financial services stocks, Bajaj Finance, Axis Bank, IndusInd Bank, Housing Development Finance Corp, and HDFC Bank together pushed the Nifty 50 0.3% higher.
Meanwhile, Nifty Infrastructure hit a record high of 5746.30 points during the day and closed 0.7% higher at 5738.70 points. Shares of Larsen & Toubro pushed the index 0.3% higher. In Sensex, 21 out of 30 constituents closed higher, with Tata Power, Hindustan Petroleum Corp, Power Grid Corp of India, and Larsen & Toubro closing 1.7-2.2% higher.
On stock-specific front, Nifty 50 stocks such as Titan Co, Larsen & Toubro, Mahindra & Mahindra, and Power Grid Corp of India hit all-time highs amid the optimism in the market.
Meanwhile, the Nifty 500-constituent CreditAccess Grameen closed nearly 6% lower after two block deals aggregating to 8.78 mln shares and worth about 22.2 bln rupees took place on the NSE. However, the buyers and sellers of these deals could not be identified.
Next week, the bias is expected to remain positive in the market and the Nifty 50 is seen trading above 19000 points.
* Of the Nifty 50 stocks, 40 rose, 9 fell, and 1 was unchanged
* Of the Sensex stocks, 28 rose and 2 fell
* On the BSE, 1,956 stocks rose, 1,553 fell, and 139 were unchanged
* Nifty IT: Up 2.5%; Nifty Auto: Up 2.07%; Nifty PSU Bank: Up 2.06%
BSE NSE
Sensex: 64718.56, up 803.14 pts or 1.26% Nifty 50: 19189.05, up 216.95 pts or 1.14%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 64768.58 (Jun 30, 2023) : Lifetime High: 19201.70 (Jun 30, 2023)
Record Close High: 64718.56 (Jun 30, 2023) : Record Close High: 19189.05 (Jun 30, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 63384.58 (Jun 16) : 2023 Closing High: 18826 (Jun 16)
2023 Closing Low: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 64768.58 (Jun 30) : 2023 High (intraday): 19201.70 (Jun 30)
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
Edited by Manisha Baxla
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