Informist, Wednesday, Feb 7, 2024
By Padmini Dhruvaraj
MUMBAI – Benchmark indices ended a volatile session flat today as losses in shares of information technology companies offset gains in those of some financial services companies and Reliance Industries. Meanwhile, the broader market managed to outperform the benchmark indices for the third straight session.
The Nifty 50 opened higher tracking positive cues from global markets, rising above the 22000-mark, and sustained the gains in the initial two hours of trade, aided by an upmove in banking heavyweights such as State Bank of India and Axis Bank. However, the index fell later due to profit booking in information technology stocks and turned volatile, before turning choppy in the last hour of trade.
Eventually, the 50-stock index ended 1.10 points higher at 21930.50 points. As many as 28 stocks on the Nifty 50 ended higher. Meanwhile, the 30-stock Sensex fell 34.09 points to close at 72152 points. The VIX India, also known as the fear gauge index, fell 1.8% to 15.50 points.
“Despite the Nifty 50 opening on a strong note, with a gap-up of over 100 points, the price action failed to persist over the sentimental threshold of 22000,” Avdhut Bagkar, technical and derivatives analyst at StoxBox, said in a note. “Benchmark indices slipped into the negative zone owing to profit-taking in IT and select financial shares in intra-day trades,” he added.
Most sectoral indices on the NSE ended higher today with eight of them–Nifty PSU Bank, Nifty Oil & Gas, Nifty Pharma, Nifty Metal, Nifty Infrastructure, Nifty Energy, Nifty Auto, and Nifty Healthcare–recording fresh lifetime highs.
The Nifty PSU Bank was the top gainer among the sectoral indices, with 2.9% gains and 11 of its 12 constituents closing in the green. A research analyst with a domestic brokerage firm said that public sector banks are not seeing pressures on net interest margin, unlike lenders in the private sector. The analyst said post-earnings clarity is also aiding the constituents in the index.
Further, Nifty Realty, Nifty Media, and Nifty Energy were among the other top-sectoral gainers. The Nifty Bank index, whose weekly options contracts expired today, snapped a three-day losing streak and ended its volatile session in the green at 45818.50 points, up 0.3%.
Bucking the trend, the Nifty IT index fell, after hitting a fresh two-year high of 38373.45 in the morning due to profit booking, to close 1.3% lower. The losses in the index were led by Tech Mahindra, Infosys, and Tata Consultancy Services. The Nifty Private Bank index was the other sector that ended lower with 0.1% losses.
Meanwhile, shares of insurance companies extended gains from Tuesday’s session after various media outlets reported that the parliamentary committee headed by former minister of state for finance Jayant Sinha has recommended that there is a need to rationalise the goods and services tax on insurance products, currently at 18% and that the GST on health insurance may be reduced. According to a research analyst, if the news of GST reduction is confirmed, insurance company stocks are expected to gain more.
The broader market outperformed benchmark indices today as they closed 0.5-0.8% higher. EIH, the flagship company of the Oberoi Group, was the top gainer in the broader market as it closed nearly 20% higher after the company reported an over 50% jump in its consolidated net profit in the December quarter. Shares of NLC India and Syrma SGS Technology were the worst-hit with 9.6% and 8.1% losses, respectively.
On Thursday, analysts expect the Nifty 50 to be range-bound with a positive bias amid the Reserve Bank of India’s Monetary Policy Committee meeting outcome and the weekly options expiry. The index is seen to find support at 21800 points and face resistance at 22100 points.
“We are of the view that, on intraday and daily charts the market is still holding higher bottom formation, which supports further uptrend from the current levels,” Shrikant Chouhan, head of equity research at Kotak Securities. said.
* Of the Nifty 50 stocks, 28 rose and 22 fell
* Of the Sensex stocks, 15 rose and 15 fell
* On the BSE, 2,262 stocks rose, 1,609 fell, and 88 were unchanged
* Nifty PSU Bank: up 2.86%; Nifty Realty: up 1.84%; Nifty IT: down 1.25%
BSE NSE
Sensex: 72152.00, down 34.09 pts, or 0.05% Nifty 50: 21930.50, up 1.10 pts, or 0.01%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 72720.96 (Jan 12, 2024) : Lifetime High: 22126.80 (Feb 2, 2024)
Record Close High: 72568.45 (Jan 12, 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: 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
Edited by Aditya Sakorkar and Manisha Baxla
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