Informist, Friday, Jul 8, 2022
NEW DELHI – Despite sustaining gains and ending higher for the third straight day, the Nifty 50 struggled throughout the session to stay above 16200 points, and just about managed to end above that level.
Sustained buying in frontline banks and consumer goods stocks in the last hour of trade helped the index end above 16200 points.
Traders were active at the 16200 strike price call option, as the contract held the highest concentration of open interest, hinting at a strong hurdle from that level.
Trade in the market was devoid of any sharp moves today as some caution persisted ahead of key US monthly jobs data for June, scheduled to be released later today. A strong reading from the labour market would give the US Federal Reserve leeway to go ahead with more aggressive policy tightening.
The rather subdued sentiment in the market was also evident in the broader market as all small- and mid-cap indices on the National Stock Exchange ended with marginal gains.
Today, the Nifty 50 opened higher to and hit a high of 16275.50 points but was quick to retreat from those levels and ended with 0.5% gains at 16220.60 points. The BSE Sensex also saw a higher opening and rose to a high of 54627.14 points, before closing 0.6% higher at 54481.84 points.
Both the indices ended with net gains for the third straight week.
If sustained buying helps the Nifty 50 hold above 16200 points, the index could test 16300 points and even 16500 points next week, said Kavita Jain, senior equity research, Arihant Capital Markets.
Overall, the view for the index will remain bullish as long as it floats above 15900 points, Jain said, while recommending that investors use any intraday declines as a “buying-on-dips” opportunity.
Today, gains were prominent among banks and consumer goods companies, as they offset losses in select automobile and metal stocks.
The positive sentiment for banks due to hope of strong earnings continued to fuel buying in the sector. ICICI Bank, IndusInd Bank, and State Bank of India gained 0.5-1.8%, which lifted the Nifty Bank to end above its crucial resistance of 35000 points. The index closed 0.6% higher at 35124.05 points.
Most metal companies, however, fell prey to profit booking following sharp gains in the previous session. As a result, the Nifty Metal index lost nearly 1%.
Among major automobile companies, Maruti Suzuki was one of the worst hit, shedding 1.5% as sharp appreciation in the Japanese yen led to concern about a rise in royalty cost for the company towards its parent Suzuki Motor Corp.
Among specific stocks, Vakrangee slipped over 5% following a sharp fall in the company’s consolidated net profit for Apr-Jun.
* Among Nifty 50 stocks, 32 rose, 12 fell and 1 was unchanged
* Among Sensex stocks, 21 rose and 9 fell
* On the NSE, 1,132 stocks rose, 937 fell and 80 were unchanged
* On the BSE, 1,897 stocks rose, 1,378 fell and 165 were unchanged
* Nifty Metal: Down 0.9%; Nifty FMCG: Up 0.5%; Nifty Bank: Up 0.6%
BSE National Stock Exchange
Sensex: 54481.84 points, up 303.38 pts (0.6%) Nifty 50: 16220.60, up 87.70 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)
US$1 = 79.25 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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