Informist, Tuesday, Nov 7, 2023
By Neeshita Beura
MUMBAI–1713 IST–After gaining for three straight days, benchmark equity indices ended flat today due to weak cues from both Asian and European markets, analysts said. Major equity indices in Asia fell today following mixed trade data from China, while European markets traded mixed as investors assessed the sentiment in Asian markets and economic data from the UK.
In China, exports, a key driver of the world’s second-largest economy, dropped 6.4% on year in October, compared with a 3.5% fall expected by economists polled by The Wall Street Journal. The steeper-than-expected fall signalled continued economic headwinds and lower appetite for the country’s goods. Meanwhile, imports rose 3% on year, compared with the estimated 5% fall.
In the UK, retail sales rose 2.5% in October, higher than 1.6% in the year-ago period, but lower than the three-month and 12-month averages of 3.1% and 4.2%, respectively.
The 10-year benchmark Treasury yield in the US rose to 4.67% on Monday from 4.57% on Friday, which also exerted pressure on domestic indices.
On domestic indices, automobile and real estate stocks fell the most today, but a surge in banking, pharmaceutical, and healthcare stocks limited the overall downfall.
The Nifty Pharma index extended gains for the fifth straight session and ended 1.3% higher to emerge as the top gainer amongst its sectoral peers. The gains come amid optimism for pharmaceutical companies, which have reported good earnings in the September quarter.
Most pharmaceutical companies, including Nifty 50 majors Cipla and Dr Reddy’s Laboratories, have reported strong earnings for the September quarter, boosting the overall sentiment for all these companies, said Mehul Kothari, assistant vice president of technical research at Anand Rathi Shares and Stock Brokers.
Crude oil prices fell today, erasing most of Monday’s gains, as the impact of output cut extensions by Saudi Arabia and Russia was countered by mixed economic data from China, the world’s second-largest oil consumer, and concerns about winter demand, pointed out Avdhut Bagkar, technical and derivatives analyst at StoxBox. Brent crude futures were down nearly 2% from Monday’s settement, at $83.53 a barrel.
After a flat start, the Nifty 50 and Sensex oscillated in a narrow range throughout the day, and both indices ended flat at 19406.70 points and 64942.40 points, respectively.
Deven Mehta, equity research analyst at Choice Broking said that the benchmark indices saw some profit booking in early trade after having risen for the past three days due to a bounce-back in banking stocks.
The broader markets outperformed the benchmarks as the Nifty mid- and small-cap indices ended 0.2-0.8% higher.
Investors now await US Federal Reserve Chair Jerome Powell’s commentary on Thursday for future direction of interest rates. China’s inflation data, due this week, will also be closely watched.
* Of the Nifty 50 stocks, 27 rose, 22 fell and 1 was unchanged
* Of the Sensex stocks, 15 rose, 13 fell and 2 were unchanged
* On the BSE, 1,929 stocks rose, 1,760 fell, and 124 were unchanged
* Nifty Pharma: Up 1.3%; Nifty Bank: Up 0.3%; Nifty Realty: Down 1.3%
BSE NSE
Sensex: 64942.40, down 16.29 pts Nifty 50: 19406.70, down 5.05 pts
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023) : Lifetime High: 20222.45 (Sep 15, 2023)
Record Close High: 67838.63 (Sep 15, 2023) : Record Close High: 20192.35 (Sep 15, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023) : 2023 Closing High: 20192.35 (Sep 15)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 67927.23 (Sep 15) : 2023 High (intraday): 20222.45 (Sep 15)
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 Tanima Banerjee
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