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India Stocks Review: Nifty 50 ends above 16300 led by financial cos

Informist, Tuesday, Jul 19, 2022

 

By Joe Milton

 

MUMBAI – Domestic benchmark indices shrugged off early choppiness and gained steadily in the final hour of trade led by financial stocks, which helped the Nifty 50 to close well above 16300 points. 

 

After decisively closing above its crucial resistance level of 16200 points on Monday, the Nifty 50 index extended gains today on strong follow-up buying despite subdued global cues. 

 

On the global front, most Asian indices ended lower and major European benchmarks were choppy as fear of economic slowdown due to monetary policy tightening continued to dent investors’ risk appetite. 

 

Buying interest was more pronounced in the broader market with all the small-cap and mid-cap indices on NSE closing 0.5-1% higher. 

 

The 50-stock index closed 0.4% higher at 16340.55 points after touching an intraday high and low of 16359.50 and 16187.05 points, respectively. Correspondingly, Sensex ended 0.5% higher at 54767.62 points after traversing between 54817.52 and 54232.82 points intraday.

 

“Markets are taking comfort from buoyancy in the banking pack, which holds considerable weight, further adding to the positivity,” said Ajit Mishra, vice president-research, Religare Broking.

 

The recent pullback in laggards like information technology and metal stocks has further eased the pressure, he added. 

 

The majority of today’s gains in headline indices were contributed by the financial stocks. Shares of Axis Bank, IndusInd Bank, Bajaj Finserv, State Bank of India, and ICICI Bank gained 1-3%. 

 

The Nifty Bank index gained 1% and closed at 35720.35 points. Analysts see 36000 points as the next target for the index. 

 

Shares of automobile companies too gained on the hope that the worst is over with regard to semiconductor shortages and weak demand. 

 

The Nifty Auto index was the top performer among sectoral indices with over 1% gains. Shares of Bharat Forge, Mahindra & Mahindra, and Eicher Motors closed 1-2% higher. 

 

On stock-specific front, Polycab India gained about 5% on best-ever June quarter revenue and impressive margin expansion aided by price hikes and demand recovery. The stock ended 4.5% higher at 2,250.80 rupees. 

 

Shares of DCM Shriram and HDFC Life Insurance Co gained following the declaration of strong earnings but failed to sustain gains and both closed about 1.3% lower. 

 

* Among Nifty 50 stocks, 32 rose and 18 fell

* Among Sensex stocks, 19 rose and 11 fell

* On the BSE, 2,033 stocks rose, 1,275 fell and 146 were unchanged

* Nifty Metal: Up 0.81%; Nifty Pharma: Down 0.25%; Nifty Energy: Up 0.37%

BSE                                                 National Stock Exchange
Sensex: 54767.62 points, up 246.47 pts (0.45%)      Nifty 50: 16340.55, up 62.05 pts (0.38%)

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 Maheswaran Parameswaran

 

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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