Informist, Monday, Jul 31, 2023
By Anshul Choudhary
MUMBAI – Starting the week on a positive note, domestic benchmark indices closed higher today on gains in energy, metal and information technology stocks. Indices also took cues from global markets which were trading in positive territory after data showed that inflation in the US slowed down.
According to the data, the US personal consumption expenditures price index rose 3% on year in June, lower than the 3.8% rise in May. Market players believe this could likely push the Federal Reserve to end its interest rate hiking cycle.
Apart from this, a sharp rise in Reliance Industries in the last half an hour of trade pushed the Nifty 50 and Sensex to close nearly 0.6% higher each. Nifty 50 closed at 19753.80 points and Sensex closed at 66527.67 points.
Broader indices had an even better session, with mid-cap indices gaining 1-1.3% and small-cap indices rising 0.9-1.2%.
Companies from the power sector were the top gainers. NTPC closed nearly 4% higher at 218.35 rupees after it got the board’s approval to hive-off its coal mining business to subsidiary NTPC Mining. The company’s shares rose to their highest level of 218.95 rupees in over 14 years. Power Grid Corp of India rose over 3% to a lifetime high of 267 rupees intraday. Both these stocks were up since the session began, aiding gains in the benchmark indices.
Oil and Natural Gas Corp started rising from the middle of the session and closed 3.1% higher at 177.05 rupees, giving indices another push.
The stock of NTPC rose for the 10th straight session. Antique Stock Broking Research Analyst Rohit Natarajan said NTPC has risen in the past sessions as it is in a good position to benefit from the recent rise in green hydrogen-related projects. “Hydro-related pacts are tricky to execute and NTPC is among the few companies which can handle it well,” he said.
He said the rise in green hydrogen-related projects has also helped other companies such as Power Grid Corp, which has risen over 10% in the past 10 sessions.
Informational technology stocks, which were down for past two weeks because of poor Apr-Jun earnings, rebounded partially. Tech Mahindra snapped a six-day losing streak and closed 2.2% higher at 1,115.50 rupees. In the previous six sessions, the stock had lost nearly 13% of its gains. Shares of Tata Consultancy Services were up 2% at 3,421.45 rupees. This is the stock’s steepest single-day rise in 10 sessions. Owing to this, the Nifty IT rose 1.5% to 29928.45 points.
Metal companies continued their strong upward movement. Among the major companies in the sector, Hindalco Industries closed 2.5% higher at 462.60 rupees, and hit its highest level in over five months of 463.25 rupees. Tata Steel rose 2.1% to 123.15 rupees. Nifty Metal closed higher for the fifth straight month today and during this period, it gained over 28%. The sectoral index today hit its highest level in over six months at 6767.85 points.
There were a number of stocks that reacted on their Apr-Jun earnings. Five-Star Business Finance today hit an all-time high of 819.70 rupees on the NSE as soon as the market opened today after strong Apr-Jun earnings and later came off highs, ending 1% higher at 732.55 rupees. The company’s net profit in Apr-Jun rose 32% on year to 1.84 bln rupees due to a sharp rise in its disbursements. At the same time, revenue stood at 4.8 bln rupees, compared with 3.38 bln rupees in the year ago period.
Coromandel International closed 5% higher at 1,029.45 rupees after the company recorded a consolidated net profit of 4.94 bln rupees as against the Street’s expectations of 4.30 bln rupees.
* Of the Nifty 50 stocks, 36 rose and 14 fell
* Of the Sensex stocks, 24 rose and 6 fell
* On the BSE, 2,209 stocks rose, 1,470 fell, and 199 were unchanged
* Nifty PSE: up 2.1%; Nifty Metal: up 1.8%; Nifty FMCG: down 0.6%
BSE NSE
Sensex: 66527.67, up 367.47 pts or 0.6% Nifty 50: 19753.80, up 107.75 pts or 0.6%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67619.17 (Jul 20, 2023) : Lifetime High: 19991.85 (Jul 20, 2023)
Record Close High: 67571.90 (Jul 20, 2023) : Record Close High: 19979.15 (Jul 20, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67571.90 (Jul 20) : 2023 Closing High: 19979.15 (Jul 20)
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 Maheswaran Parameswaran
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