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India Stocks Review: Extend gains for fourth day led by RIL, IT cos

Informist, Wednesday, Jul 20, 2022

 

By Joe Milton

 

MUMBAI – Domestic benchmarks extended gains for the fourth consecutive session today led by Reliance Industries and information technology stocks. The government’s decision to cut windfall tax on domestic crude and reduce export duty on fuels aided market sentiment. 

 

As the government’s move improved the earnings outlook for oil refiners and producers, shares of these companies gained sharply today. 

 

RIL, ONGC, Vedanta, Hindustan Oil Exploration Co, Mangalore Refinery and Petrochemicals, and Chennai Petrochemical Corp ended about 2-8% higher. 

 

Shares of technology companies like Tech Mahindra, HCL Technologies, Tata Consultancy Services, and Infosys, too, gained 2-4% on positive global cues. 

 

“The Indian markets opened higher on positive global cues, with overnight US markets up more than 2% on the back of strong corporate earnings,” said Naveen Kulkarni, chief investment officer, Axis Securities. 

 

The move by the Indian government to reduce tax on windfall gains for oil companies has helped heavyweights like RIL and ONGC, Kulkarni added. 

 

On the back of strong gains in the above-mentioned sectors, the Nifty 50 index managed to sustain most of its gains and close above 16500 points. 

 

Today, the Nifty 50 index gained 1.1% and closed at 16520.85 points after touching an intraday high of 16588 points. Meanwhile, Sensex ended 1.2% higher at 55397.53 points after hitting the day’s high of 55630.26 points. 

 

Both the benchmarks have gained more than 3% in four sessions so far. 

 

Shares of financial companies like SBI Life Insurance Co, State Bank of India, IndusInd Bank, and HDFC Bank gained 1-2%. The Nifty Bank index crossed 36000 points but came off highs and closed 0.7% higher at 35972.10 points. 

 

Analysts expect the Nifty Bank index to face resistance at the psychological level of 36000 points and 36300 points going forward. 

 

On the earnings front, Century Plyboards India and Menon Bearings surged and closed 3.2% and 10.5% higher respectively on strong Apr-Jun numbers. 

 

On the other hand, shares of Syngene International and Newgen Software Technologies ended lower on weak June quarter earnings.

 

* Among Nifty 50 stocks, 34 rose and 16 fell

* Among Sensex stocks, 22 rose and 8 fell

* On the BSE, 1,930 stocks rose, 1,424 fell and 135 were unchanged

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

BSE                                                 National Stock Exchange
Sensex: 55397.53 points, up 629.91 pts (1.15%)      Nifty 50: 16520.85, up 180.30 pts (1.1%)

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 Michael Correya

 

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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