Informist, Tuesday, Jan 30, 2024
By Padmini Dhruvaraj
MUMBAI – The benchmark indices ended lower today due to profit booking, analysts said. A nearly 3% fall in shares of Reliance Industries, which has a weightage of 9.2% on the Nifty 50, and losses in a few financial services stocks dragged the indices southwards.
The 50-stock index opened slightly higher, tracking positive cues from global markets but fell gradually as the day progressed. Eventually, the index lost 215.50 points, or 1%, to close at 21522.10 points. Meanwhile, the 30-stock Sensex fell 801.67 points, or 1.1%, to end at 71139.90 points. “The benchmark indices witnessed profit booking at higher levels,” Shrikant Chouhan, head of equity research at Kotak Securities said.
“Selling intensified towards the fag end as investors further slashed their positions in key stocks ahead of the Budget while weakness in several Asian indices also contributed to the overall fall,” Prashanth Tapse, senior vice-president of research at Mehta Equities Ltd said.
Shares of RIL fell after the company said it can’t comment on speculation that Walt Disney Co’s India unit was being valued at less than half of what it hoped for in a proposed merger with the company. RIL and Disney are in talks to merge their media businesses in India. Bloomberg on Thursday reported that Disney’s India unit assets were being valued at $5 bln, lower than expectation of $10 bln. The stock closed at 2,815.25 rupees.
Meanwhile, the broader market ended mixed today with all Nifty Smallcap indices gaining 0.1-0.3% and all the Nifty Midcap indices declining 0.4-0.5%. Shares of Tata Investment Corp, which rose over 900 rupees, or 20%, to hit an all-time high of 5,794 rupees was the top gainer in the broader market. The company Monday reported a 62% year-on-year rise in its net profit to 240.8 mln rupees for the December quarter. Its revenue also rose over 20% on year in Oct-Dec to 30.1 mln rupees. IRB Infrastructure Developers and BEML were the other gainers, up 13% and 10%, respectively.
Most sectoral indices moved in tandem with the benchmark indices, wherein Nifty Energy and Nifty Consumer Durables were the top losers, shedding 1.7% and 1.6%, respectively. Nifty Energy snapped a three-day gaining streak due to losses in shares of NTPC, RIL, and Coal India.
Meanwhile, the Nifty Oil and Gas sectoral index hit a fresh record high at 10938.25 points today. However, majorly due to losses in index-heavyweight Reliance Industries, the sectoral index ended 0.5% lower at 10656.35 points. According to Jay Patel, research head at Investmentor Securities, the index is expected to rise for the next seven trading sessions and is seen to hit 11150 points.
Among gainers, the Nifty PSU Bank index rose 1% today, extending gains for the fourth session, on the back of a rise in shares of Indian Bank, UCO Bank, and Bank of India. The Nifty Media, Nifty Realty, and Nifty Metal were the other sectoral gainers.
Further, shares of oil companies were the top gainers on the Nifty 50, with Bharat Petroleum Corp rising over 25 rupees, or 5%, to hit a four-year high of 517.85 rupees. Oil and Natural Gas Corp rose over 10 rupees, or 4%, to hit yet another nine-year high at 263.30 rupees today.
The sentiment is positive for oil marketing companies ahead of the General election as the government is not expected to increase the windfall tax on oil, Patel said. Upstream oil companies are rising on the back of a rise in crude oil prices due to the ongoing geopolitical tensions in West Asia. Brent crude oil hit a 13-month high of $84.80 on Monday.
Among the laggards on Nifty 50, Bajaj Finance fell 5% after brokerage firms Nirmal Bang and Jefferies reduced their target prices and earnings forecasts for the company, factoring in higher credit costs.
Going forward, analysts expect the Nifty 50 to remain volatile until the interim budget announcement on Thursday. The 50-stock index is expected to find support at 21400 points and face resistance at 21600 points.
“The recent price action shows indecisiveness among participants, despite the favourable global cues and we feel the prevailing tone may continue,” Ajit Mishra, senior vice-president of technical research at Religare Broking said. “Meanwhile, traders should focus on stock selection and maintain positions on both sides,” he added.
* Of the Nifty 50 stocks, 14 rose, 36 fell
* Of the Sensex stocks, 5 rose and 25 fell
* On the BSE, 1,953 stocks rose, 1,861 fell, and 93 were unchanged
* Nifty Energy: Down 1.7%; Nifty Consumer Durables: Down 1.6%; Nifty PSU Bank: Up 1%
BSE NSE
Sensex: 71139.90, down 801.67 pts, or 1.1% Nifty 50: 21522.10, down 215.50 pts, or 1%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 72720.96 (Jan 12, 2024) : Lifetime High: 21928.25 (Jan 12, 2024)
Record Close High: 72568.45 (Jan 12, 2024) : Record Close High: 21894.55 (Jan 12, 2024)
2024 1st day close: 72271.94 (Jan 1) : 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 72568.45 (Jan 12) : 2024 Closing High: 21894.55 (Jan 12)
2024 Closing Low: 70370.55 (Jan 23) : 2024 Closing Low: 21238.80 (Jan 23)
2024 High (intraday): 72720.96 (Jan 12) : 2024 High (intraday): 21928.25 (Jan 12)
2024 Low (intraday): 70001.60 (Jan 24) : 2024 Low (intraday): 21137.20 (Jan 24)
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
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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