Informist, Wednesday, Aug 30, 2023
By Ananya Grover
MUMBAI – Benchmark equity indices closed flat today, off their highs, as the impact of gains in information technology stocks and Jio Financial Services was offset by a fall in bank stocks ahead of the monthly expiry of derivatives contract on Thursday.
However, analysts believe that bank stocks are expected to rally after the expiry as they have been underperforming the market.
Bank stocks fell today as writing was seen at call options of 44500-point strike of the Nifty Bank Index, said Brijesh Ail, head of technical and derivatives at IDBI Capital Markets and Securities. Post expiry, shares of Axis Bank, Bank of Baroda, and IDFC First Bank are expected to lead the gains in the index, according to Ail.
Today, both the Nifty 50 and Sensex closed flat at 19347.45 and 65087.25 points, respectively. “The Nifty has been stuck in the range of 19,350–19,550 and is lacking direction (down 0.5% over the last five trading sessions),” Jaykrishna Gandhi, head of business development of institutional equities at Emkay Global Financial Services, said in a note.
Ajit Mishra, senior vice president of technical research at Religare Broking, said “Nifty has failed again to reclaim short-term moving average despite positive global cues and this indicates bears are not in the mood to loosen their grip.”
Broader market outperformed the benchmark indices with Nifty Mid-Cap and Small-Cap indices closing 0.7-1.4% higher indicating strength in the market. Gains in the broader market were led by defence, hotel, and information technology stocks.
“Mid/Small caps have continued to rally and valuations are now getting expensive adding to the discomfort of institutional investors,” Gandhi noted.
Shares of information technology stocks rose today tracking the positive sentiment in the US after the release of job openings and consumer confidence data. The Nifty IT index rose for the second consecutive session today with all its constituents, except Tech Mahindra and Wipro, gaining.
Nifty Realty gained for the third consecutive session and closed 1.42% higher at 554.80 points followed by Nifty Metal that ended 0.9% higher. On the other hand, Nifty Bank, Nifty Financial Services, and Nifty Private Bank lost the most.
The Nifty Auto index ended 0.64% higher at 15678.10 points. Ail said among automobile stocks, only Mahindra & Mahindra is performing and there are expectations of profit booking in other stocks.
“Traders are unsure how things will pan out in the near term given the mounting challenges like further rate hikes, higher inflation levels and slackening demand growth in China. So a mix of subdued trend to extreme volatility could be the theme for some more time,” according to Shrikant Chouhan, head of research at Kotak Securities.
* Of the Nifty 50 stocks, 29 rose and 21 fell
* Of the Sensex stocks, 15 rose and 15 fell
* On the BSE, 2,302 stocks rose, 1,343 fell, and 145 were unchanged
* Nifty Realty: up 1.42%; Nifty Metal: up 0.92%; Nifty Bank: down 0.59%
BSE NSE
Sensex: 65087.25, up 11.43 pts or 0.02% Nifty 50: 119347.45, up 4.80 pts or 0.02%
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 Vandana Hingorani
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