India Stocks Review: Indices hit record highs on gains in IT cos, RIL

Informist, Monday, Jul 17, 2023

By Akshata Gorde

MUMBAI – Gains in information technology stocks and Reliance Industries helped the benchmark indices close at new highs today. The Nifty 50 index finally broke out of the 19700 level and the 30-stock BSE Sensex rose over 500 points.

Both benchmarks hit multiple lifetime highs throughout the session and closed 0.8% higher at 19711.45 and 66589.93 points, respectively.

The Nifty 50 hit a fresh lifetime high of 19731.85 points intraday and the Sensex also hit a new high of 66656.21 points.

Analysts now see immediate resistance for the Nifty 50 index at 19750 points and strong support at 19500 points. Ajit Mishra, senior vice-president of technical research at Religare Broking, expects the Nifty 50 to inch towards the 20000 mark.

Shares of Reliance Industries closed 2% higher after hitting a one-year high at 2,815.05 rupees intraday. Anshul Jain, senior technical and derivatives analyst at Lakshmishree Investment & Securities, expects the stock to head to 3,150 rupees in the next six months. The immediate resistance is seen at 2,856 rupees and support at 2,750 rupees.

The Nifty IT index was up for the third successive session led by gains in shares of Wipro, Mphasis, and Tech Mahindra. The index closed 0.3% higher after hitting a 14-month high of 31658.10 points intraday. Most stocks in the sector have been rising despite the companies posting weak results as the market had already factored in the results. A strong order book and falling attrition rates have lifted sentiment, analysts said.

Shares of HDFC Bank closed 2.1% higher after the bank reported higher consolidated total income and net profit for the quarter ended June, compared to the previous year. The company’s total income in Apr-Jun was 578.17 bln rupees against 415.60 bln rupees for the previous year. Net profit was at 119.52 bln rupees as compared to 91.96 bln rupees the previous year.

Media companies were among the gainers today. The Nifty Media index hit a six-month high of 2004.15 points. Zee Entertainment Enterprises was the biggest gainer among media stocks, closing 6.3% higher at 229.65 rupees.

“Nifty Media will continue to do well over the next two or three weeks and head towards 2250 points,” Jain said. “On the downside, 1920 points will act as support.”

The broader markets moved in step with the benchmark indices and recorded gains ranging from 0.2% to 0.9%. Both the Nifty Midcap 50 and the Nifty Smallcap 50 hit fresh lifetime highs.

Shares of State Bank of India closed 2.9% higher and were a major contributor to the Nifty 50. The stock hit its highest level in five months of 602.85 rupees and is expected to touch 610-615 rupees on Tuesday.

Shares of Bharti Airtel hit a lifetime high of 896.65 rupees early in the day but closed almost 1% lower.

* Of the Nifty 50 stocks, 30 rose, 19 fell, and 1 was unchanged

* Of the Sensex stocks, 18 rose and 12 fell

* On the BSE, 2,068 stocks rose, 1,606 fell, and 182 were unchanged

* Nifty IT: Up 0.3%; Nifty Media: Up 3.1%; Nifty Auto: Down 0.3%

BSE NSE
Sensex: 66589.93, up 529.03 pts or 0.8% Nifty 50: 19711.45, up 146.95 pts or 0.8%

S&P BSE Sensitive Index Nifty 50
Lifetime High: 66656.21 (Jul 17, 2023) : Lifetime High: 19731.85 (Jul 17, 2023)
Record Close High: 66589.93 (Jul 17, 2023) : Record Close High: 19711.45 (Jul 17, 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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