India Stocks Review: Gains in IT cos, RIL push indices to new highs

Informist, Tuesday, Jul 18, 2023

By Akshata Gorde

Sri Lanka Shares End Higher As Financials It Gain

MUMBAI – The benchmark share indices settled at all-time closing highs today, led by gains in information technology stocks and Reliance Industries.

The Nifty 50 index crossed the 19800 level for the first time, but settled at 19749.25 points, up 37.80 points or 0.2% higher from Monday. Intraday, the index hit a fresh lifetime high of 19819.45 points.

Similarly, the 30-stock Sensex surpassed the 67000 level for the first time to hit a new record high of 67007.02 points. However, it too gave up gains and closed 0.3% higher at 66795.14 points.

Analysts see immediate resistance for the Nifty 50 at 19790-19820 points and strong support at 19600 points. Anshul Jain, senior technical and derivatives analyst at Lakshmishree Investment & Securities, doesn’t expect the Nifty 50 to close above 19800 points even on Wednesday.

Shares of Infosys closed 3.7% higher at 1,475.20 rupees after hitting an over four-month high of 1,477.90 rupees during the day. Analysts expect the stock to rise up to 1,500 rupees in the near-term, with support at 1,440 rupees on the downside.

“Investors are also looking forward to large corporate earning numbers this week from Infosys, Hindustan Unilever and Reliance Industries, which would provide some hint on whether blue chips have managed well to weather the global economic storm or have felt the pinch,” said Prashanth Tapse, senior vice president of research at Mehta Equities, in a note.

Reliance Industries also helped the index move higher as its shares closed nearly 1% higher after hitting a one-year high of 2,837.45 rupees intraday. Analysts said the demerger of its financial arm is a big positive for the company. Shares of Jio Financial Services will begin trading as part of the Nifty 50 and Sensex on Jul 20. For every share held in Reliance Industries, shareholders will get one share in the demerged entity.

Asian Paints and HCL Technologies were also among the top Nifty 50 gainers. On the other hand, LTIMindtree was the biggest loser due to lower-than-expected Apr-Jun earnings.

Shares of banks and financial services traded higher in the first half of the session, but they shed all the gains and closed in the red. Nifty Bank index closed 0.1% lower, and Nifty Financial Services ended down 0.2%. Analysts expect these sectors to underperform in the near-term and may consolidate next session.

Even the broader markets closed in the red due to profit booking as midcap and smallcap stocks hit new record highs on Monday. The Nifty Midcap 50 index closed 0.1% lower, and the Nifty Smallcap 50 ended 1.2% lower.

Shares of Polycab India closed 5.5% higher after hitting an all-time high of 4,148.65 rupees on the back of Apr-Jun earnings. The company’s consolidated net profit for the June quarter surged 82% on year to 3.99 bln rupees, and revenue from operations grew to 38.89 bln rupees from 27.37 bln rupees a year ago.

* Of the Nifty 50 stocks, 17 rose, 28 fell, and 5 were unchanged

* Of the Sensex stocks, 14 rose and 16 fell

* On the BSE, 1,413 stocks rose, 2,011 fell, and 124 were unchanged

* Nifty IT: Up 1.1%; Nifty Energy: Up 0.4%; Nifty Media: Down 1.8%

BSE NSE
Sensex: 66795.14, up 205.21 pts or 0.3% Nifty 50: 19749.25, up 37.80 pts or 0.2%

S&P BSE Sensitive Index Nifty 50
Lifetime High: 67007.02 (Jul 18, 2023) : Lifetime High: 19819.45 (Jul 18, 2023)
Record Close High: 66795.14 (Jul 18, 2023) : Record Close High: 19749.25 (Jul 18, 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 Ashish Shirke

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