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India Stocks Review: Momentum weakens, but indices outperform peers

Informist, Tuesday, Aug 2, 2022

 

By Vidya Sreedhar

 

MUMBAI – The momentum seen in domestic equities in the last four sessions somewhat fizzled out today as investors resorted to profit booking. However, Indian equities fared far better than their peers in the developed and emerging markets. 

 

Major markets in Asia ended more than 1-2% down, while benchmark indices in Europe fell around 1% each. However,

the Nifty 50 and Sensex ended flat. 

 

The Nifty 50 settled at 17345.45 points after touching a low of 17215.85 points and high of 17390.15 points during

the day. Sensex settled at 58136.36 points after touching a low of 57744.70 points and a high of 58328.41 points.

 

“Although there was some selling today, the strong undercurrent prevails in the market,” a derivative analyst at a domestic brokerage said. “We believe the momentum in the market remains intact even though bouts of selling can be

seen after the recent rally.” 

 

Gains in select frontline majors helped limit the downside in domestic benchmark indices. Shares of Mahindra & Mahindra recouped the day’s losses and closed 1.4% higher as investors used the dip to buy the stock, given the

strong outlook for the company’s automotive business. 

 

Shares of fast moving consumer goods companies rose after being laggards in the previous session.  

 

Today, the prominent movers were in the mid-cap space. These included Zomato, Nazara Technologies, Kansai Nerolac

Paints, YES Bank, and SpiceJet.

 

Shares of Nazara Technologies hit a nearly three-month high of 729.50 rupees as strong quarterly earnings triggered an earnings, as well rating upgrade for the gaming company. 

 

Shares of Kansai Nerolac Paints clocked 22% gains in two sessions as the company reported strong numbers for

Apr-Jun despite input cost pressures. 

 

Meanwhile, shares of YES Bank surged over 12% on reports that former HDFC Bank chief Aditya Puri, who is now an advisor to global private equity firm Carlyle Group, may get a board seat in YES Bank.  

 

Last week, YES Bank signed a deal with Carlyle Group and Advent for $1 bln of capital infusion. 

 

Among the laggards were Oil and Natural Gas Corp, which fell over 1% due to a sharp fall in crude oil prices. UPL shares succumbed to profit booking after sharp gains in the previous session. 

 

* Among Nifty 50 stocks, 27 rose and 23 fell 

* Among Sensex stocks, 16 rose and 14 fell

* On the BSE, 1,892 stocks rose, 1,479 fell, and 123 were unchanged

* Nifty Realty: Down 1.7%; Nifty IT: Down 0.7%; Nifty PSU Bank: Up 2.7%

BSE                                                 National Stock Exchange
Sensex: 58136.36 points, up 20.86 pts               Nifty 50: 17345.45, up 5.40 pts 

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 Namrata Rao

 

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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