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India Stocks Review:Indices hit 4-mo high as oil price, inflation ease

Informist, Tuesday, Aug 16, 2022

 

By Joe Milton

 

MUMBAI – Domestic benchmark indices touched four-month highs today, with the Nifty 50 surpassing the crucial resistance of 17800 points, on account of moderation in domestic inflation and a fall in prices of Brent crude oil. 

 

The consumer price index released on Friday, and the wholesale price index released earlier today, showed that inflation has moderated in July compared to a month ago.

 

“The recent softening of global commodity prices, easing of some global supply chain problems and absence of demand pressures seem to indicate retail inflation is past the peak,” said Anand Rathi Share and Stock Brokers. 

 

Today, the headline indices opened sharply higher tracking positive global cues and managed to sustain most of the gains through the day. 

 

The Nifty 50 rose 0.7% to close at 17825.25 points after touching an intraday high of 17839.10 points. Correspondingly, the BSE Sensex closed at 59842.21 points, up 0.6%, after hitting the day’s high of 59923.03 points. 

 

Technical analysis suggests “the momentum readings are highly overbought and hence, the risk for forming fresh longs have increased significantly,” said Ruchit Jain, lead research analyst, 5paisa.com. 

The fall in Brent crude oil prices aided market sentiment. Prices of the commodity fell to $92.78 a barrel, the lowest in nearly six months, on Monday after weak economic data from the US and China dented demand outlook. Today, Brent crude oil managed to remain below $95 a bbl. 

 

Lower crude oil prices and improved outlook for automobile sales helped the Nifty Auto rise 2.5%, making the index the top sectoral gainer today. 

 

Shares of Eicher Motors, Maruti Suzuki India, TVS Motor Co, and Bajaj Auro rose 1-4% today. Shares of Mahindra & Mahindra were up over 2% after the company signed a pact with Germany-based Volkswagen Group to source components for its electric vehicles. 

 

Apart from automobile companies, gains in financial services stocks also aided the headline indices. The Nifty Bank gained 0.5% and closed at 39239.65 points. 

 

On specific stocks, UTI Asset Management Co closed about 15% higher on reports that Tata Asset Management Co is considering buying 45% stake in the company. 

 

Shares of HDFC Asset Management Co ended 11.5% higher after a large deal was executed on the BSE. The parties involved in the transaction could not be immediately ascertained. 

 

Large deals were executed in Max Healthcare Institute where private equity firm Kohlberg Kravis Roberts & Co has likely offloaded their entire stake today. The stock closed nearly 10% higher at 396.85 rupees. 

 

Among laggards were Grasim Industries and Muthoot Finance as they fell on weak Apr-Jun earnings.

 

The broader market outperformed the benchmark indices with all the small- and mid-cap indices on NSE closing about 1% higher. 

 

* Among Nifty 50 stocks, 42 rose and 8 fell 

* Among Sensex stocks, 25 rose and 5 fell

* On the BSE, 1,990 stocks rose, 1,554 fell, and 161 were unchanged

* Nifty FMCG: Up 1.19%; Nifty Metal: Up 0.68%; Nifty Media: Down 0.30%

BSE                                                 National Stock Exchange
Sensex: 59842.21 points, up 379.43 pts (0.64%)      Nifty 50: 17825.25, up 127.10 pts (0.72%) 

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

 

US$1 = 79.66 rupees

 

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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