Informist, Tuesday, Jan 16, 2024
By Anshul Choudhary
MUMBAI – Benchmark indices snapped a five-session winning streak as investors booked profits in information technology stocks and shares of index-heavyweight Reliance Industries. Banking stocks were volatile, with the Nifty Bank ending largely unchanged as investors were cautious of betting on banks before HDFC Bank’s Oct-Dec earnings, which came post market hours today.
“We saw some profit taking today,” said Ajit Mishra, senior vice-president of technical research at Religare Broking. He pointed out that stock selection is getting difficult as several stocks remain at high level post the recent rally in the market.
The Nifty 50 ended 65 points lower at 22032.30 points today. The index witnessed weakness after hitting a record high of 22124.15 points at around 1100 IST. The Sensex ended nearly 200 points lower at 73128.77 points. At one point in the session, the broader market saw sharper losses compared to large-caps, but mid-cap and small-cap indices came off lows in the last leg of the session. The Nifty Midcap 150 and Nifty Smallcap 250 was down 0.3% each.
Information technology stocks along with select heavyweights took indices to lifetime highs in the past two sessions. Today, profit booking in these stocks brought the Nifty 50 lower to near 22000 points.
Shares of HCLTech and Wipro fell 2% each, while those of Tech Mahindra, LTIMindtree, and Infosys fell 1.2% each. As a result, Nifty IT, which had gained over 7% in the previous two sessions, ended 1.3% lower today.
IT stocks have “run up too fast” after the December quarter earnings, Sumit Pokharna, vice-president at Kotak Securities, said. Most IT companies are struggling to recover discretionary spending, which is not good for large-caps, Pokharna added.
Shares of Reliance Industries, which had risen over 8% in the previous four sessions, also witnessed profit booking. The stock ended 1.4% lower at 2,749.25 rupees.
On the upside, shares of Bharat Petroleum Corp extended gains from Monday and ended 2.8% higher at 472.85 rupees. The government trimmed the windfall tax on crude oil produced domestically to 1,700 rupees per tn from 2,300 rupees per tn, which likely aided gains in the stock. Apart from this, media reports said the company has struck a deal with Trinity Cleantech to deploy fast charging points for two-wheelers and three-wheelers across major cities in Uttar Pradesh.
Shares of Angel One fell 14.1% today after the company reported Oct-Dec earnings post market hours on Monday. Motilal Oswal said in a note today that the company’s net profit during Oct-Dec came in below its expectations, which was affected due to higher expenses. The company’s consolidated net profit rose 14.2% on year to 2.6 bln rupees. Sequentially, the net profit declined 14.5%.
When a stock has performed well, mixed results could take the stock price down as the markets have discounted all the good news, an analyst with a domestic brokerage firm said, while talking about Angel One.
Shares of Jio Financial Services snapped three-day gains and fell 6.7% to 248.85 rupees. The fall in the stock came after the company reported a sequential decline in its Oct-Dec consolidated net profit and revenue, reported after market hours on Monday.
The financial services company’s Oct-Dec consolidated net profit fell 56% on quarter to 2.94 bln rupees. Its consolidated revenue from operations in Oct-Dec fell 32% on quarter to 4.14 bln rupees.
Shares of Capri Global Capital ended 17.8% higher after the company said it plans to develop an insurance platform. In December, the company had received a corporate agency licence from the Insurance Regulatory and Development Authority of India for setting up an insurance business.
* Of the Nifty 50 stocks, 16 rose and 34 fell
* Of the Sensex stocks, 10 rose and 20 fell
* On the BSE, 1,287 stocks rose, 2,570 fell, and 72 were unchanged
* Nifty IT: Down 1.3%; Nifty Pharma: Down 1.1%; Nifty Metal: Up 1%
BSE NSE
Sensex: 73128.77, down 199.17 pts, or 0.3% Nifty 50: 22032.30, down 65.15 pts, or 0.3%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 73427.59 (Jan 16, 2024) : Lifetime High: 22124.15 (Jan 16, 2024)
Record Close High: 73327.94 (Jan 15, 2024) : Record Close High: 22097.45 (Jan 15, 2024)
2024 1st day close: 72271.94 (Jan 1) : 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 73327.94 (Jan 15) : 2024 Closing High: 22097.45 (Jan 15)
2024 Closing Low: 71355.22 (Jan 8) : 2024 Closing Low: 21448.65 (Jan 10)
2024 High (intraday): 73427.59 (Jan 16) : 2024 High (intraday): 22124.15 (Jan 16)
2024 Low (intraday): 71110.95 (Jan 10) : 2024 Low (intraday): 21448.65 (Jan 10)
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 Aditya Sakorkar
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