Informist, Thursday, Nov 16, 2023
By Neeshita Beura
MUMBAI – The benchmark share indices ended higher today, despite the session being volatile due to the expiry of the weekly options contracts. After opening flat due to mixed global cues, the Nifty 50 and Sensex rose intraday, but came off highs in the last hour of trade due to the weekly expiry.
Both Nifty 50 and Sensex closed 0.5% higher at 19765.20 points and 65982.48 points, respectively. The indices rose on hopes that the US Federal Reserve may be done hiking interest rates, said analysts.
However, an equity research analyst with Choice Broking said the Nifty 50 saw some profit booking at higher levels as there was weekly expiry.
The Nifty IT index outshined other sectoral indices, led by gains in Tata Consultancy Services, Infosys, and Coforge.
The analyst at Choice Broking attributed the gains in TCS to shareholders approving the buyback of 40.96 mln shares for 170 bln rupees. TCS has set Nov 25 as the record date for the buyback.
The positive sentiment for TCS led to gains in almost all IT stocks. Tech Mahindra hit a one-month high of 1,214.95 rupees and HCLTech extended gains for the fourth session and hit the highest level of 1,317.95 rupees in two months.
A 0.5% fall in US producer prices in October, the sharpest decline in the last 3.5 years, and a 0.1% fall in retail sales in October raised investor hopes that the US Federal Reserve might not opt for any further rate hikes.
Moderating inflation in the US could be a signal that the Fed may be done with rate hikes, which is good for global markets, said Prashanth Tapse, senior vice president of research at Mehta Equities.
Among stocks, Oil and Natural Gas Corp and Bharat Petroleum Corp ended over 1% higher as the government announced a reduction in the windfall profit tax on domestically produced crude oil and diesel exports, aligning with the downward trend in global oil prices.
The tax, imposed as special additional excise duty on crude oil, has been lowered to 6,300 rupees per tn from 9,800 rupees per tn.
On the other hand, analysts expressed concern about banking stocks. In the case of Nifty Bank, an equity research analyst with Choice Broking said the index was down as it is moving towards 44000 levels. If the index falls below 43900 points, it will be difficult for it to move up, he added. Today, the index closed 0.1% lower at 44161.55 points.
Banking is not performing on the expected lines, said Ajit Mishra, vice president of technical research at Religare Broking.
* Of the Nifty 50 stocks, 31 rose, 18 fell, and 1 was unchanged
* Of the Sensex stocks, 20 rose, 8 fell, and 2 were unchanged
* On the BSE, 2,268 stocks rose, 1,477 fell, and 139 were unchanged
* Nifty IT: Up 2.7%; Nifty Realty: Up 0.9%; Nifty Bank: Down 0.1%
BSE NSE
Sensex: 65982.48, up 306.55 pts or 0.5% Nifty 50: 19765.20, up 89.75 pts or 0.5%
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 Ashish Shirke
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