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India Stocks Review:Indices rise for 5th day, broader mkt outperforms

Informist, Thursday, Jul 21, 2022

 

By Joe Milton

 

MUMBAI – Domestic benchmarks ended higher for the fifth consecutive session with the Nifty 50 index closing above its crucial resistance level of 16600 points.

 

A slew of positive earnings from mid-cap and small-cap counters improved the risk appetite among investors. This helped the mid-cap and small-cap indices on the NSE outperform Nifty 50.  

 

Today, the 50-stock index sustained above 16550 points for the most part of the day, and sharp gains in the last hour of trade helped the index to close above 16600 points. 

 

The Nifty 50 ended 0.5% higher at 16605.25 points after touching an intraday high of 16626.95 points. Correspondingly, Sensex ended at 55681.95 points, up 0.5%, after hitting the day’s high of 55738.49 points.

 

Both the indices have gained over 4% in the last five sessions.

 

The Nifty 50 is near the resistance zone and the technical indicators suggest an overbought condition, said Ruchit Jain, lead research analyst at 5paisa.com 

 

On the back of this, Jain advised traders to avoid aggressive bets and book profits on the long positions.

 

In the broader market, Tata Communications was the top gainer among Nifty 500 stocks on strong earnings.

 

During market hours IDBI Bank, CSB Bank, PCBL Ltd, Rajratan Global Wire, PVR Ltd, Ramkrishna Forgings, Hindustan Zinc, and Kajaria Ceramics reported strong June quarter earnings which led to sharp gains in these counters. 

 

Shares of Hindustan Zinc recovered from a low of 275.95 rupees and ended 1.5% higher at 283 rupees after the company reported the highest ever quarterly revenue and net profit in the June quarter. 

 

On the other hand, shares of Elecon Engineering Co and Orient Bell closed 5.4% and 10.3% lower, respectively, as investors booked profit on strong earnings. 

 

Among laggards, shares of Hitachi Energy India fell due to a year-on-year sharp decline in net profit in the June quarter. The stock fell over 4% but came off lows and closed 1.2% lower at 3,377.70 rupees. 

 

Shares of IndusInd Bank gained sharply and closed nearly 8% higher at 948.10 rupees on strong credit growth in the June quarter. Other financial stocks namely Bajaj Finance, Bajaj Finserv, and Axis Bank gained 1-4%. 

 

Gains in financials helped the Nifty Bank index to close above its major resistance of 36000 points. The index ended 0.6% higher at 36201 points. 

 

* Among Nifty 50 stocks, 42 rose and 8 fell

* Among Sensex stocks, 26 rose and 4 fell

* On the BSE, 2,001 stocks rose, 1,337 fell and 161 were unchanged

* Nifty Media: Up 1.19%; Nifty Metal: Up 0.86%; Nifty Pharma: Down 0.47%

BSE                                                 National Stock Exchange
Sensex: 55681.95points, up 284.42 pts (0.51%)       Nifty 50: 16605.25, up 84.40 pts (0.51%)

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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