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India Stocks Review: Indices dn 5% this wk, rate hikes dent sentiment

Informist, Friday, Jun 17, 2022

 

By Ankika Biswas

 

MUMBAI – Benchmark indices today ended in the red after a choppy session, as investors were averse to risk and continued to sell at every rise.

 

The spiralling inflation globally has left central banks with no choice but to resort to rate hikes, which kept risky asset classes across the globe under pressure.

 

Just a day after the US Federal Reserve’s 75-basis point rate hike, central banks of the UK and Switzerland also opted for rate hikes, further aggravating economic growth concerns.

 

With today’s losses, the headline indices have closed at their lowest levels in 13 months.

 

The Nifty 50 closed 0.4% lower at 15293.50 points, after rising to 15400.40 points and then falling to 15183.40 points. The Sensex closed 0.3% lower at 51360.42 points, moving in between its intra-day low and high of 50921.22 points and 51652.83 points.

 

The headline indices have lost over 5% this week, marking their second straight weekly decline. The losses were largely in line with their peers in other Asian countries such as Japan, South Korea and Taiwan. Benchmark indices in these markets have fallen 5-7% this week.

 

On Thursday, the indices had slumped 2% as recession fears haunted investors following the aggressive stance taken by the US Federal Reserve to tame soaring inflation.

 

“The weak business cycle due to higher inflation and slump in demand may continue for longer,” said Vinit Bolinjkar, head of research at Ventura Securities, “So we would recommend accumulating fundamentally sound stocks in instalments.”

 

Today, the selling was most prominent among stocks of automobiles, information technology and pharmaceutical companies. Even the broader market witnessed pressure, with most mid- and small-cap indices on the NSE falling 0.5-1.2%.

 

Among stock-specific action, INOX Leisure and PVR Ltd fell today as the Competition Commission of India has started a probe into allegations of movie ticket company BookMyShow creating a cartel with theatres and multiplexes.

 

Shares of Vodafone Idea closed nearly 4% lower as the telecom operator continued to lose subscribers for the 13th straight month in April.

 

Delta Corp surged over 12% after the company announced plans to sell shares worth 2.5 bln rupees in the initial public offering of its arm, Deltatech Gaming.

 

* Among Nifty 50 stocks, 15 rose and 35 fell

* Among Sensex stocks, 9 rose and 21 fell

* On the NSE, 676 stocks rose, 1,406 fell and 52 were unchanged

* On the BSE, 1,076 stocks rose, 2,252 fell and 93 were unchanged

* Nifty Bank: Up 0.4%; Nifty IT: Down 1.5%; Nifty Pharma: Down 2.2%

BSE                                                National Stock Exchange
Sensex: 51360.42 points, down 135.37 pts (0.3%)    Nifty 50: 15293.50 points, down 67.10 pts (0.4%)

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: 51360.42 (Jun 17)              : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 61385.48 (Jan 17)          : 2022 High (intraday): 18321.55 (Jan 17)

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)

 

Edited by Maheswaran Parameswaran

 

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]

 

© Informist Media Pvt. Ltd. 2022. All rights reserved.

Source: Cogencis

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