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India Stocks Review: Indices at 1-mo high as Fed rate hike fear eases

Informist, Monday, Jul 18, 2022

 

By Joe Milton

 

MUMBAI – Domestic benchmark indices closed at a one-month high today tracking other Asian markets and gains in Europe as expectation of a steep interest rate hike by the US Federal Reserve later this month eased.

 

A recent survey by the University of Michigan showed that near-term inflation expectation has fallen to 2.8% from 3.1%. On the back of this, market participants now widely expect a 75 basis point rate hike by the Fed compared to a 100 bps hike earlier.

 

The Nifty 50 stayed above its crucial resistance level of 16200 points for most part of the day and managed to close decisively above that.

 

“Markets are largely mirroring their global counterparts, especially the US while domestic factors like macroeconomic data and earnings are causing volatile swings in between,” said Ajit Mishra, vice president-research, Religare Broking.

 

The Nifty 50 and Sensex closed 1.4% higher each at 16278.50 and 54521.15 points, respectively. Analysts now expect the Nifty 50 to inch higher towards the 16300-16500 points zone.

 

On the downside, the 50-stock index may find support at 16200 points as huge addition of open interest was seen at this strike price in the weekly options of Nifty 50.

 

Gains in shares of information technology and financial companies contributed the most to the rise of the benchmark indices. The Nifty IT index was the top gainer among sectoral indices as shares of Infosys, Tech Mahindra, and Wipro gained 2-5%.

 

Shares of financial stocks like IndusInd Bank, Bajaj Finserv, Axis Bank, Kotak Mahindra Bank, ICICI Bank, Bajaj Finance, and State Bank of India gained 2-5%.

 

Following this, the Nifty Bank index gained nearly 2% and closed at 35358.70 points. Analysts expect 35500 and 35800 points as the next target levels for the index.

 

On the stock-specific front, Ami Organics gained over 3% and closed at 1,065.25 rupees after Haitong Securities initiated coverage on the company with an ‘outperform’ rating and a target price of 1,330 rupees.

 

Shares of Bank of Maharashtra gained 3.4% and closed at 16.65 rupees after the lender’s net profit more than doubled on year in the June quarter.

 

Shares of Bhansali Engineering Polymers fell 4.6% and ended at 107.15 rupees after the company reported a 38% year-on-year fall in consolidated net profit in Apr-Jun to 477.3 mln rupees.

 

* Among Nifty 50 stocks, 41 rose and 9 fell

* Among Sensex stocks, 23 rose and 7 fell

* On the BSE, 2,350 stocks rose, 1,095 fell and 167 were unchanged

* Nifty Pharma: Down 0.2%; Nifty Realty: Up 1.2%; Nifty Auto: Up 0.4%

BSE                                                 National Stock Exchange
Sensex: 54521.15 points, up 760.37 pts (1.41%)      Nifty 50: 16278.50, up 229.30 pts (1.4%)

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)

 

End

 

Edited by Ashish Shirke

 

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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