Informist, Tuesday, Jan 9, 2024
By Anjana Therese Antony
MUMBAI – It was yet another day for investors to take home some profits as the Indian equity market rose amid optimism seen in global markets. However, the momentum was soon lost, leading the market to close only marginally higher. The rise in the 10-year US Treasury note during European trade and crude oil prices likely dented sentiment towards equities, a technical analyst at a domestic broking firm said. The 10-year US Treasury note rose to 4.04% during European trade from 4.01%.
While a rise in the information technology pack supported the market, a fall in financial stocks capped gains. Today, the Nifty 50 closed 31.85 points higher at 21544.85 points and the BSE Sensex ended 30.99 points higher at 71386.21 points. For Wednesday, the support for the 50-stock index is seen in the range 21500-21450 points and resistance at 21700 points. Analysts said the market is likely to move in thin range until it surpasses this resistance level. For the near term, support is pegged at 21200 points.
The broader market also came off highs. Nifty Smallcap indices outperformed benchmark indices and closed 0.4% higher. Nifty Midcap indices closed on a mixed note.
Shares of information technology companies, which plunged in the previous session, rose today on optimism from global markets but came off highs later. Gains in IT stocks contributed to nearly 0.1% gains on Nifty 50. All constituents of Nifty IT, except Mphasis, closed in the green. An analyst tracking IT companies said these stocks are expected to be subdued in the near term. Meanwhile, investors eye earnings of giants such as Tata Consultancy Services and Infosys, due Thursday. Some analysts do not expect IT companies to post good earnings for the December quarter.
Some insurance stocks also rose after data showed that first-year premiums of life insurance companies rose sharply by 43.8% on year to 385.8 bln rupees in December. Shares of SBI Life Insurance Co and Life Insurance Corp of India closed higher. Some analysts said they expect shares in the sector to perform better during the current quarter. Meanwhile, ICICI Prudential Life Insurance Co closed marginally lower after seeing some gains post the premium data. The first-year premium of the insurer grew 2.9% on year to 15.0 bln rupees.
Pharma and healthcare stocks also inched higher. There is positive momentum in pharma stocks, Omkar Patil, technical, quant and derivatives analyst at Ashika Stock Broking said. These stocks look good on charts and index heavyweights in the sector are around their all-time highs, Patil added. Nifty Pharma and Nifty Healthcare closed around 1% higher each, with most of their constituents in the green.
On the other hand, Nifty Media snapped a nine-day winning run and was the worst-hit sectoral index, weighed down by losses in Zee Entertainment Enterprises. The stock closed nearly 8% down after a Bloomberg report said Sony Group Corp is planning to call off the merger of its India unit, Culver Max Entertainment, with the company. Emkay Global said in a note that the failure of the merger will be negative news for the company, especially at a time when they are facing competition from a possible merger of Reliance Industries and Disney India. However, the stock came off lows after Zee Entertainment called the media report “baseless” and “factually incorrect”.
Among specific stocks, Bajaj Auto hit an all-time high of 7,399 rupees on the company’s share buyback announcement. The company will spend up to 40 bln rupees to buy back up to 1.41% equity. The share buyback will be at nearly 41% premium to today’s closing price of 7,093.90 rupees on the National Stock Exchange.
Adani Ports and Special Economic Zone’s stock closed 2.4% higher at 1,197.10 rupees. Motilal Oswal Financial Services raised the target price for the stock to 1,410 rupees. The broking firm said the private port operator is well positioned to surpass the revised volume guidance of 400 mln tn for the current fiscal year, supported by strong volume growth in Oct-Dec, the report said. The company on Jan 2 reported a 42% on-year growth in its total cargo volume in December to 35.65 mln tn and raised the volume guidance from 370-390 mln tn.
* Of the Nifty 50 stocks, 27 rose and 23 fell
* Of the Sensex stocks, 14 rose, 15 fell, and 1 was unchanged
* On the BSE, 2,241 stocks rose, 1,606 fell, and 97 were unchanged
* Nifty Realty: Up 2.52%; Nifty Healthcare: Up 1.07%; Nifty Media: Down 3.32%
BSE NSE
Sensex: 71386.21, up 30.99 pts, or 0.04% Nifty 50: 21544.85, up 31.85 pts, or 0.15%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 72561.91 (Jan 1, 2024) : Lifetime High: 21834.35 (Jan 1, 2024)
Record Close High: 72410.38 (Dec 28, 2023) : Record Close High: 21778.70 (Dec 28, 2023)
2024 1st day close: 72271.94 (Jan 1) : 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 72271.94 (Jan 1) : 2024 Closing High: 21741.90 (Jan 1)
2024 Closing Low: 71355.22 (Jan 8) : 2024 Closing Low: 21513.00 (Jan 8)
2024 High (intraday): 72561.91 (Jan 1) : 2024 High (intraday): 21834.35 (Jan 1)
2024 Low (intraday): 71301.04 (Jan 8) : 2024 Low (intraday): 21492.90 (Jan 8)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 72410.38 (Dec 28) : 2023 Closing High: 21778.70 (Dec 28)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 72484.34 (Dec 28) : 2023 High (intraday): 21801.45 (Dec 28)
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 Deepshikha Bhardwaj
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