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India Stocks Review: End choppy session lower on global slowdown fear

Informist, Thursday, Jun 30, 2022

 

By Abhishek Saini

 

MUMBAI – Benchmark indices closed a choppy session lower today as persistent concerns over slowdown in global economy owing to hawkish bets by central banks continued to weigh on investor sentiment. 

 

The Nifty settled a marginal 0.1% lower at 15780.25 points, while the Sensex closed nearly unchanged at 53018.94 points. Intraday, the indices hit highs of 15890.00 points and 53377.54 points, respectively and lows of 15728.25 points and 52883.25 points, respectively.

 

While expectations of an upcoming recession have been impacting sentiment lately, fears were fanned on Wednesday after US Federal Reserve Chair Jerome Powell said the central bank was determined to bring inflation lower, even at the cost of a slowdown in economic growth.

 

Back home, the focus was also on derivatives market as investors rolled over positions to July series amid expiry of futures and options contracts of June series today.

 

The Nifty 50 fell over 2% during the June derivatives series where sentiment was largely hit by aggressive policy tightening by central banks and recession fears. The index was down over 5% during the June series at one point as it hit a low of 15293.5 points. However, buying at lower levels helped the index pare losses.

 

Though market participants cautioned investors of weak global sentiment, the rebound seen last week and earlier this week brought some momentum and could help Nifty 50 gain more.

 

“The Nifty 50 has decent support around 15700 followed by 15600 levels and till these supports are intact, there’s a higher probability of a resumption of the positive momentum in the near term,” said Ruchit Jain, lead research, 5paisa.com. 

 

Today, among frontline sectors, banks bucked the trend and Nifty Bank rose 0.5%. This helped limit the losses for benchmark indices. 

 

Accompanying banks in supporting the headline indices was heavyweight Reliance Industries, which gained more than 1% intraday before closing 0.6% higher at 2,595.65 rupees apiece. 

 

Among sectoral indices, shares of metal, automobile and information technology companies witnessed aggressive selling. While the Nifty IT and Nifty Auto indices slipped around 1%, the Nifty Metal index fell 2% and was among the worst hit. 

 

The broader market opened with gains today, but eventually slipped into the red. The small- and mid-cap indices on NSE closed the day 0.3-0.9% lower. 

 

In stock-specific action, shares of TTK Prestige closed 3% higher after the company finalised a long-term pact on increased benefits with workmen at its Uttarakhand unit. 

 

Among laggards, shares of Bajaj Auto fell 4% and were the worst hit on the Nifty 50 as they traded ex-date for a dividend payout. 

 

* Among Nifty 50 stocks, 15 rose and 35 fell

* Among Sensex stocks, 11 rose and 19 fell 

* On the NSE, 763 stocks rose, 1,295 fell and 69 were unchanged

* On the BSE, 1,369 stocks rose, 1,907 fell and 144 were unchanged

* Nifty Auto: Down 1.26%; Nifty IT: Down 1.05%; Nifty Bank: Up 0.47%

BSE                                                National Stock Exchange
Sensex: 53018.94 points, down 8.03 pts (0.02%)      Nifty 50: 15780.25 points, down 18.85 pts (0.1%)

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

End 

 

Edited by Deepshikha Bhardwaj

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. 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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