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India Stocks Review: Banks, FMCG cos pull mkt up after early jitters

Informist, Monday, Jul 4, 2022

 

By Vivek Kumar

 

MUMBAI – Gains in the shares of banks and fast-moving consumer goods companies helped benchmark equity indices overcome initial jitters today and snap a three-day losing streak.

 

The Nifty 50 ended 0.5% higher at 15835.35 points, and the Sensex closed 0.6% higher at 53234.77 points. The gains today come after the indices struggled for direction in the past three sessions, with the Nifty 50 facing resistance at around 15800 points.

 

Investors will closely watch whether the 50-stock index manages to hold on to these gains, and move towards 16000 points, which analysts say could trigger some upmove, led by short-covering.

 

Shares of fast-moving consumer goods companies were the frontrunners today, with ITC, Britannia Industries, and Hindustan Unilever ending 2-5% higher. The gains came on the back of a sharp fall in global palm oil prices, which is likely to ease input cost pressure for the sector and improve profitability. 

 

The Nifty FMCG index was the top sectoral gainer, ending 2.7% higher. Shares of Emami, Dabur India and Godrej Consumer Products rose 2-4%, and aided the gains for sectoral index.

 

The biggest contributors to the gains in the benchmark indices today were banks and financial services companies, as strong quarterly business updates by lenders boosted sentiment.

 

Shares of IndusInd Bank rose 3% as the lender said its advances were up 18% year-on-year as of Jun 30 at 2.5 trln rupees. The bank’s current account, savings account ratio rose to 43.2%.

 

The Nifty Bank index ended over 1% higher, with State Bank of India, Axis Bank, Federal Bank, Punjab National Bank, ICICI Bank, and IDFC First Bank rising 1-6%.

 

The gains in banks and FMCG companies more than offset the losses in information technology and metal companies.

 

Shares of metal companies fell today as Jefferies India cut its earnings estimates for several companies, saying that earnings growth visibility for the sector was currently poor.

 

The Nifty Metal index fell 1%, with Tata Steel and JSW Steel being the major laggards. JSW Steel ended nearly 5% lower as it was trading ex-date for dividend. The sectoral index, however, ended sharply off lows, as it had fallen close to 3% intraday.

 

Among information technology companies, Tata Consultancy Services ended 2.4% lower as the company is scheduled to detail its earnings on Friday. Investors are concerned that some signs of a slowdown in demand for IT services could be visible in the earnings for Apr-Jun.

 

Meanwhile, shares of upstream oil companies extended losses from Friday, with Oil and Natural Gas hitting a nine-month low, as concerns over the impact of windfall tax on earnings growth weighed on sentiment.

 

The broader market fared little better than headline indices, with the small-cap and mid-cap indices on the National Stock Exchange ending 0.5-1.0% higher.

 

* Among Nifty 50 stocks, 36 rose and 14 fell

* Among Sensex stocks, 24 rose and 6 fell 

* On the NSE, 1,304 stocks rose, 794 fell and 88 were unchanged

* On the BSE, 2,020 stocks rose, 1,365 fell and 181 were unchanged

* Nifty Pharma: Down 0.4%; Nifty IT: Down 0.6%; Nifty Realty: Up 0.3%

BSE                                                National Stock Exchange
Sensex: 53234.77 points, up 326.84 pts (0.6%)      Nifty 50: 15835.35 points, up 83.30 pts (0.5%)

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 Avishek Dutta

 

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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