Informist, Thursday, Jul 13, 2023
By Anjana Therese Antony
MUMBAI – Information technology and financial services stocks, the main laggards in Wednesday’s session, were the top performers today. During the day, the benchmark indices hit their all-time highs after IT and financial services stocks gained momentum. The market also got a boost from lower-than-expected US inflation data.
The US inflation print for June came in at 3%, lower than the expected 3.1%, raising hopes that the Federal Reserve’s monetary policy tightening cycle may be near its end. Some officials of the US central bank had recently hinted at an end to the current rate-hike cycle.
Earlier this week, investor sentiment was dampened by the resilience of the US labour market amid high inflation. The strong labour market had reignited fears of a hike in interest rates by the Federal Reserve at its next policy meeting later this month.
Following the overall optimism, global equities, including India, were in the green today. During the day, the Nifty 50 index hit its lifetime high of 19567.00 points and the Sensex also reached its lifetime high of 66064.21 points.
The Nifty 50 closed 0.2% higher at 19413.75 points and the Sensex ended 0.3% higher at 65558.89 points. On Friday, immediate support for the Nifty 50 is seen in the range of 19300-19375 points and resistance at 19500.
The broader market fell today after gaining in the initial part of the session. The Nifty Midcap and Nifty Smallcap indices were down 0.6-1.4%.
IT stocks contributed to almost 0.3% gain in the Nifty 50 and made Nifty IT the best performing sectoral index, closing 1.8% higher. Nine of the 10 constituents of the index ended in the green.
LTIMindtree closed 1.6% higher after the scrip was added to the Nifty 50, replacing Housing Development Finance Corp, which has merged with HDFC Bank.
HDFC Bank led the gains in the financial services pack, pushing the Nifty 50 higher by 0.1%. Overall, financial services stocks also contributed to a gain of nearly 0.3% in the index.
Among other sectoral indices, Nifty Auto slipped into losses after hitting a new all-time high of 15761.20 points. Bajaj Auto, one of its constituents, also hit a historical high of 4,990 rupees.
Bucking the trend, most media and PSU bank stocks closed lower. Nifty Media and Nifty PSU Bank were the worst hit sectoral indices, closing 1.9% and 2.4% lower, respectively.
On Friday, the market is likely to be range-bound. Some analysts, however, said the overall bias is positive. “The prevailing buoyancy in the global markets, especially in the US, would help keep the tone positive,” Ajit Mishra, senior vice-president of technical research at Religare Broking, said in a post-market note today. Investors will also take cues from the corporate earnings for the Apr-Jun quarter.
* Of the Nifty 50 stocks, 18 rose and 32 fell
* Of the Sensex stocks, 12 rose, 17 fell, and 1 was unchanged
* On the BSE, 1,328 stocks rose, 2,120 fell, and 141 were unchanged
* Nifty IT: Up 1.75%; Nifty Financial Services: Up 0.49%; Nifty PSU Bank: Down 2.38%
BSE NSE
Sensex: 65558.89, up 164.99 pts or 0.25% Nifty 50: 19413.75, up 29.45 pts or 0.15%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 66064.21 (Jul 13, 2023) : Lifetime High: 19567.00 (Jul 13, 2023)
Record Close High: 65785.64 (Jul 06, 2023) : Record Close High: 19497.30 (Jul 06, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 65785.64 (Jul 06) : 2023 Closing High: 19497.30 (Jul 06)
2023 Closing Low: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 66064.21 (Jul 13) : 2023 High (intraday): 19567.00 (Jul 13)
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 Rajeev Pai
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