Informist, Thursday, Feb 22, 2024
By Akshata Gorde
MUMBAI – After continuing Wednesday’s bout of selling for profit, the benchmark indices marched higher in the final hour of trade today, led by gains in technology stocks and heavyweights Reliance Industries and ITC. The Nifty 50 index hit a new lifetime high for the fourth consecutive session and closed at a record high.
After opening marginally higher, indices continued to witness profit-taking for most of the session before picking up pace towards the end. The 50-stock index closed 162.40 points, or 0.7%, higher at 22217.45 points, after hitting a lifetime high of 22252.50 points. Only 14 constituents of the Nifty 50 ended lower. The 30-stock Sensex closed 535.15 points, or 0.7%, higher at 73158.24 points.
“Markets oscillated sharply on both sides and finally ended the session with a gain of nearly a percent,” Ajit Mishra, senior vice-president of technical research at Religare Broking Ltd, said in a note. “The move shows that bulls are in control, thus participants should continue with a ‘buy on dips’ approach until the Nifty decisively breaks the 21800 level.”
Analysts expect the recent rally to continue for a few more sessions, especially if the Nifty 50 index stays above 21800 points. They now await a “decisive move” from the indices next week to map a clearer trend in the market. Support for the Nifty 50 index is pegged at 21800-22000 points and resistance at 22500 points.
Most sectoral indices on the National Stock Exchange ended higher, except for the banking, financial services, and private bank indices. Nifty IT topped all sectoral indices, led by shares of HCLTech, Tech Mahindra and Tata Consultancy Services. Nifty IT closed nearly 2%, or 724.25 points, higher at 38130.15 points. Technology stocks got a boost from better-than-expected quarterly earnings from Nvidia and strong revenue guidance.
Nifty Bank was the worst hit of the sectoral indices after its recent rally, closing nearly 100 points, or 0.2%, lower at 46919.80 points. The index was dragged down by losses in shares of IndusInd Bank, Kotak Mahindra Bank, and HDFC Bank. Nifty Financial Services closed over 20 points, or 0.1%, lower at 20665.90 points. Nifty Private Bank closed more than 15 points, or 0.1%, lower at 23430.50 points.
“As long as Bank Nifty holds above the 46000 mark, the rally in (the index) is likely to continue, and it can test the next resistance level of 47300 (points) on an immediate basis,” Tejas Shah, technical research analyst at JM Financial and BlinkX, said in a note. “Eventually it (the Nifty Bank index) is likely to test the psychological resistance of 48000 (points) on the higher side.”
The broader indices also closed higher, with the mid-cap indices outperforming the benchmark indices. The Nifty mid-cap indices closed 0.8-1.1% higher, and the small-cap indices closed 0.6-0.8% higher.
Sugar stocks slumped after the government decided to raise the fair and remunerative price for sugarcane for the upcoming sugar season starting in October. Shares of sugar companies such as Dalmia Bharat Sugar and Industries, EID Parry India, Shree Renuka Sugars, Rana Sugars, and Bajaj Hindustan Sugar closed 0.8-3.1% lower today.
* Of the Nifty 50 stocks, 36 rose and 14 fell
* Of the Sensex stocks, 21 rose and 9 fell
* On the BSE, 2,076 stocks rose, 1,743 fell, and 114 were unchanged
* Nifty IT: up 1.94%; Nifty Auto: up 1.64%; Nifty Bank: down 0.21%
BSE NSE
Sensex: 73158.24, up 535.15 pts, or 0.74% Nifty 50: 22217.45, up 162.40 pts, or 0.74%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 73427.59 (Jan 16, 2024) : Lifetime High: 22252.50 (Feb 22, 2024)
Record Close High: 73327.94 (Jan 15, 2024) : Record Close High: 22217.45 (Feb 22, 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: 22217.45 (Feb 22)
2024 Closing Low: 70370.55 (Jan 23) : 2024 Closing Low: 21238.80 (Jan 23)
2024 High (intraday): 73427.59 (Jan 16) : 2024 High (intraday): 22252.50 (Feb 22)
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 Rajeev Pai
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