Informist, Wednesday, Dec 27, 2023
By Anjana Therese Antony
MUMBAI – The domestic equity market chalked yet another lifetime intra-day as well as closing highs, led by gains in bank, financial services, and automobile stocks.
The decline in India’s current account deficit pushed banking and financial stocks higher, said Anand Dama, head of banking, financial services, and insurance at Emkay Global Financial Services. The country’s current account deficit shrunk substantially to $8.3 bln in Jul-Sep from $30.9 bln recorded a year ago.
Sectoral indices related to the financial space–Nifty Private Bank, Nifty Financial Services, Nifty Bank, and Nifty PSU Bank–all closed 1-2% higher. The Nifty Bank touched its all-time high of 48347.65 points with all its constituents ending in the green.
With financial stocks pushing the market higher, the Nifty 50 closed at 21654.75 points, up 213.40 points or 1%. The BSE Sensex ended the session at 72038.43 points, up 701.63 points or 1%. During the day, the Nifty 50 hit a record high of 21675.75 points, while the Sensex hit a lifetime high of 72119.85 points. The near-term support for the 50-stock index is seen at 21600-21500 points and resistance at 21750-21850 points.
Meanwhile, a Reserve Bank of India report today said that non-banking finance companies remain well capitalised even with more risk weight.
Automobile stocks also rose, with Tata Motors and Bajaj Auto leading gains. Tata Motors hit another record high of 741.85 rupees. At least four analysts said they believe auto stocks will rise more this week. With gains in auto stocks, the Nifty Auto hit an all-time high of 18242.85 points, with 13 out of 15 constituents ending higher.
Most metal stocks, too, rose, driving the Nifty Metal index to a lifetime high of 7863.75 points. The index performed well, tracking the reversal in the dollar index, Dharmesh Shah, technical head at ICICI Securities, said.
“India is expected to benefit from pricing benefits (in the metal sector) given the government is looking to curb imports,” Prabhudas Lilladher said in a research report. It also said that steel prices are expected to firm up in the domestic market as the construction season is about to begin. Shares of Jindal Stainless, Jindal Steel & Power, and Hindalco Industries, are the brokerage firm’s top picks.
Further, some cement stocks also rose. “The cement sector was in the limelight on the expectation of strong volume growth,” Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, said in a post-market report. Shares of UltraTech Cement hit an all-time high of 10,470 rupees today and were among the top gainers on the Nifty 50.
Meanwhile, IDBI Capital Markets & Securities, in a research report, said on-year growth in volume off-take is expected to be nearing double digits in 2023-24 (Apr-Mar). The brokerage firm also said it expects cement take-off to be strong at 8-10% in Oct-Dec.
With respect to new listings, shares of RBZ Jewellers, Credo Brands Marketing, and Happy Forgings debuted on the exchanges. Happy Forgings ended at 1,030.80 rupees, up 180.80 rupees, or 21.3%, compared to the issue price of 850 rupees.
Credo Brands ended the session 32.20 rupees higher, or 11.5%, at 312.20 rupees. RBZ Jewellers shares were locked at the 5% circuit filter it breached within four minutes of listing and stayed locked at 105 rupees, 5 rupees higher than the listing price of 100 rupees.
* Of the Nifty 50 stocks, 40 rose and 10 fell
* Of the Sensex stocks, 28 rose and 2 fell
* On the BSE, 1,993 stocks rose, 1,815 fell, and 106 were unchanged
* Nifty PSU Bank: Up 2.06%; Nifty Auto: Up 1.51%; Nifty Oil & Gas: Down 0.29%
BSE NSE
Sensex: 72038.43, up 701.63 pts, or 0.98% Nifty 50: 21654.75, up 213.40 pts, or 1%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 72119.85 (Dec 27, 2023) : Lifetime High: 21675.75 (Dec 27, 2023)
Record Close High: 72038.43 (Dec 27, 2023) : Record Close High: 21654.75 (Dec 27, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 72038.43 (Dec 27) : 2023 Closing High: 21654.75 (Dec 27)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 72119.85 (Dec 27) : 2023 High (intraday): 21675.75 (Dec 27)
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
With inputs from Team Informist
Edited by Aditya Sakorkar
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