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Monday, September 26, 2022

India Stocks Review: Indices end at 3-mo highs, auto cos ride high

Informist, Monday, Aug 1, 2022

 

By Vidya Sreedhar

 

MUMBAI – Benchmark indices ended at their highest levels in more than three months today, buoyed by the good set of quarterly earnings and passenger vehicle sales data of companies. 

 

In the automobile pack, four-wheeler makers stole the show as companies reported strong growth in passenger vehicles sales for July. Mahindra & Mahindra not only reported high double-digit growth in wholesale sales of sports utility vehicles, but it also received overwhelming response for the new SUV model Scorpio-N. 

 

This drove shares of the company more than 7% higher to a record high of 1,248.70 rupees. 

 

Peer Tata Motors also notched gains of nearly 7% and scaled a five-month high of 481 rupees on reporting strong growth in passenger vehicle and commercial vehicle sales for July.          

The gains in these two stocks, alongside other frontline majors, helped the Nifty 50 move past the key resistance of 17300 points and Sensex end comfortably above 58000 points. 

 

Today’s upmove further indicates the strong undertone, and has created room for a further upside, market participants said. 

 

The 50-stock index ended 1.1% higher at 17340.05 points after touching a high of 17356.25 points during the day. The 30-stock index settled at 58115.50 points with 1% gain after rising to a high of 58170.67 points in the day.

 

The bond and currency markets also joined the party, as yield on the 10-year benchmark treasury note ended at its lowest level since May 11, while the rupee settled at 79.02 against the dollar compared with 79.25 in the previous session.   

 

The rise in bond prices aided the banking pack and helped Nifty Bank notch gains for the fourth straight session. The index ended 1.1% higher at 37903.20 points after scaling an over three-month high of 37939.60 points during the day.

 

Besides automobile and banks, other stocks that made to the gainers’ list were Reliance Industries, Oil and Natural Gas Corp, Cipla, and UPL, and a bunch of stocks in the mid-cap space. 

 

Shares of RIL and ONGC rose to one-month highs due to optimism that the government will further reduce windfall gains tax on crude output in its next review. 

 

Strong earnings for the June quarter lifted shares of Cipla, Alkyl Amines Chemical, IDFC First Bank, Kansai Nerolac Paints, Metro Brands, and Nazara Technologies by 3-20%. Shares of UPL rose 5% and hit a one-month high after the company reported better-than-expected Apr-Jun earnings and also raised the growth guidance for the current financial year. 

 

Although the overall market breadth was positive, few prominent names remained unfavoured in trade today. These include fast-moving consumer goods majors such as Britannia Industries, Hindustan Unilever and Nestle India, besides drug major Sun Pharmaceutical Industries. These stocks ended 0.5-2.6% lower.        

 

* Among Nifty 50 stocks, 38 rose and 12 fell 

* Among Sensex stocks, 24 rose and six fell

* On the BSE, 2,308 stocks rose, 1,157 fell, and 191 were unchanged

* Nifty Auto: Up 3.3%; Nifty Energy: Up 2.8%; Nifty Pharma: Down 0.1%

BSE                                                 National Stock Exchange
Sensex: 58115.50 points, up 545.25 pts (0.9%)       Nifty 50: 17340.05, up 181.8 pts (1.1%)

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 62245.43 (Oct 19, 2021)           : Lifetime High: 18604.45 (Oct 19, 2021)
Record Close High: 61765.59 (Oct 18, 2021)       : Record Close High: 18477.05 (Oct 18, 2021)

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 Aditya Sakorkar

 

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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