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India Stocks Review: Banks, metal cos help indices pare most losses

Informist, Monday, May 2, 2022

 

By Abhishek Saini

 

MUMBAI – Benchmark equity indices pared most of their intra-day losses today on the back of a recovery in the financial services pack and gains in the metal sector. While sentiment remains dented amid weak global cues, upbeat earnings by select industry majors helped cheer investors to some extent.

 

The headline indices had opened over 1% lower today as investors remained cautious ahead of the US Federal Reserve’s meeting later this week. 

 

Several comments by members of the US central bank in the run-up to this week’s meet have led to expectations of a 50-basis-point hike in interest rates by the bank, thereby leading to a rise in the US Treasury yields. 

 

As a result, shares of information technology companies slipped today, dragging the Nifty 50 index below the 17000-point level. Further, shares of Wipro fell nearly 3% today following the company’s softer growth guidance with its Jan-Mar results. A fall in other frontline constituents ensured the Nifty IT index ended 1.5% lower

 

However, robust earnings among the financial sector stocks such as IndusInd Bank and Housing Development Finance Corp helped the index regain the 17000-point level and end sharply off lows. 

 

Today, the Nifty 50 index dropped to an intra-day low of 16917.25 points, but a recovery helped the index come off lows and end only 0.2% lower at 17069.10 points. 

 

Correspondingly, the Sensex also hit an intra-day low of 56412.62 points but ended sharply off lows at 56975.99 points, or 0.2% lower. 

 

“Early losses were mostly in reaction to the slump seen on Wall Street on Friday, but markets recovered most of its early weakness as investors covered some shorts ahead of the trading holiday on Tuesday,” said Shrikant Chouhan, head of equity research (Retail), Kotak Securities.

 

“The robust GST collections for April also calmed the nerves of investors, who are already facing the brunt of the ongoing war and volatile oil prices,” he added. 

 

Equity market is closed on Tuesday for Eid-ul-Fitr.

 

Among the banking pack, shares of IndusInd Bank surged 4% on the back of a strong Jan-Mar performance. This, along with gains in HDFC Bank helped the Nifty Bank index end 0.2% higher. 

 

Along with financials, shares of metal companies also gained and aided the recovery in the market. Shares of Hindalco Industries, JSW Steel and Tata Steel ended 0.3-2.0% higher. 

 

The sector that weighed on the indices today was information technology. Shares of Wipro fell nearly 3% today following the company’s softer growth guidance with its Jan-Mar results. Fall in other frontline constituents ensured the Nifty IT index ended 1.5% lower. 

 

The broader market fared worse in comparison to the headline indices today as small-cap and mid-cap indices on the NSE ended 0.6-1.5% lower. 

 

In stock-specific action, shares of Coal India rose more than 2% today after the company recorded a 27% on year jump in its provisional output during April. 

 

Among laggards, shares of Maruti Suzuki India ended 1% lower after a fall in the automobile major’s dispatches in April.

 

On the earnings front, while robust quarterly results saw the shares of Can Fin Homes gain sharply, those of CG Power, Thyrocare Technologies and Just Dial tanked due to poor results. 

 

* Among Nifty 50 stocks, 19 rose, 1 was unchanged and 30 fell

* Among Sensex stocks, 11 rose and 19 fell

* On the NSE, 678 stocks rose, 1,407 fell and 70 were unchanged

* On the BSE, 1,235 stocks rose, 2,228 fell and 181 were unchanged

* Nifty IT: down 1.53%; Nifty Bank: up 0.21%; Nifty Metal: up 0.57%

BSE                                                National Stock Exchange
Sensex: 56975.99 points, down 84.88 pts (0.2%)     Nifty 50: 17069.10 points, down 33.45 pts (0.2%) 

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: 52842.75 (Mar 7)               : 2022 Closing Low: 15863.15 (Mar 7)
2022 High (intraday): 61385.48 (Jan 17)          : 2022 High (intraday): 18321.55 (Jan 17)

2022 Low (intraday): 52260.82 (Mar 8)            : 2022 Low (intraday): 15671.45 (Mar 8)
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 Arshad Hussain

 

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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Send comments to [email protected]

 

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Source: Cogencis

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