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India Stocks Review: Erase early gains on selling in banks

Informist, Friday, Jan 28, 2022

 

By Vaibhavi

 

MUMBAI – It was a volatile session for stocks today as selling in banks in the last hour of trade erased almost all the early gains chalked up by the benchmark indices.

 

The Nifty 50 erased its more than 250-points jump intraday to end flat. Caution prevailed among investors as they wait for the Union Budget for 2022-23 (Apr-Mar), due on Tuesday, for cues on reform measures, policy changes and allocations.

 

Investors are exhibiting pre-Budget jitters and this risk-off sentiment is expected to continue Monday with the Nifty 50 seen in the range of 16800-17300 points, said Miraj Vora, senior manager, IDBI Capital Markets & Securities.

 

Normalisation of liquidity and likely hike in key policy rate in the US accelerated the fall in the US and Europe markets, and the same was reflected in emerging markets too, said Joseph Thomas, head of research at Emkay Wealth Management.

 

Overseas investors were big sellers in the domestic market, which dampened the sentiment to a large extent, Thomas added.

 

Both the Nifty 50 and Sensex have shed around 3% this week.

 

The Nifty 50 ended 0.1% lower at 17101.95 points, sharply off the day’s high of 17373.50 points. The 30-stock Sensex closed at 57200.23 points, down 0.1% after hitting an intraday high of 58084.33 points.

 

The initial recovery in the market was led by information technology and fast moving consumer goods companies.

 

The information technology pack bounced back after several sessions of sharp correction as investors accumulated stocks at lower levels. This led to the Nifty IT index ending 1.1% higher after having shed nearly 14% during the last eight sessions.

  

Coforge was the biggest gainer within the sector as it rose 7.1% on the back of its robust quarterly earnings.

 

Defensive buying in the run-up to quarterly earnings by industry majors saw the Nifty FMCG index end 0.6% higher. Shares of Marico, Emami, Tata Consumer Products, United Spirits, United Breweries and Varun Beverages rose 2-3%.

 

However, weakness in select banks and automobile stocks, after gains in the recent sessions, weighed on the indices.

 

Selling pressure triggered by profit booking in some banks saw the Nifty Bank index end 0.8% lower after gaining 1.2% intraday.

 

The broader market performed better than the headline indices as all major small- and mid-cap indices on the National Stock Exchange ended 0.5-1.4% higher.

 

Earnings announcement for Oct-Dec also led to stock-specific action. Shares of LIC Housing Finance, Route Mobile, Coforge and Atul Ltd ended higher, while Mahindra Logistics, Chambal Fertilizers & Chemical, C.E. Info Systems and Motila Oswal Financial Services fell.

 

* Among Nifty 50 stocks, 31 rose and 19 fell

* Among Sensex stocks, 14 rose and 16 fell

* On the NSE, 1,241 stocks rose, 805 fell and 53 were unchanged

* On the BSE, 1,988 stocks rose, 1,365 fell and 105 were unchanged

* Nifty Bank: Down 0.7%; Nifty Auto: Down 0.6%; Nifty IT: Up 1.1%

BSE                                              National Stock Exchange
Sensex: 57200.23, down 76.71 pts (0.13%)        Nifty 50: 17101.95, down 8.20 pts (0.05%) 

S&P BSE Sensitive Index                          Nifty 50
Lifetime High: 62245.43 (Oct 19)                : Lifetime High: 18604.45 (Oct 19)
Record Close High: 61765.59 (Oct 18)            : Record Close High: 18477.05 (Oct 18)

2022 1st day close: 59183.22 (Jan 3)            : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 61308.91 (Jan 17)            : 2022 Closing High: 18308.10 (Jan 17) 
2022 Closing Low: 57200.23 (Jan 28)             : 2022 Closing Low: 17101.95 (Jan 28)
2022 High (intraday): 61385.48 (Jan 17)         : 2022 High (intraday): 18321.55 (Jan 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 Ashish Shirke

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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