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India Stocks Review:Nifty 50 at 8-mo high as weak dollar drives flows

Informist, Tuesday, Sep 13, 2022

 

By Vidya Sreedhar

 

MUMBAI – Benchmark equity indices rose for the fourth straight session today as firm global cues and a weak dollar drove foreign capital flows, helping the Nifty 50 achieve the 18000-point milestone and even sustain above it throughout the session. 

 

The 50-stock index ended at its highest level since Jan 18, while the Sensex closed at its highest since Apr 4.

 

The dollar fell for the fifth straight session and, at 1600 IST, the dollar index was down 0.4% at 107.90 points.  

 

After crossing the milestone, the Nifty 50 hit a high of 18088.30 points during the day, but struggled to touch 18100 points. This was likely due to caution among foreign investors who await inflation data for the US for August, due later today.

 

According to reports, inflation in the US is likely to have cooled off last month, and if the reading is on expected lines, it could suggest that prices may have peaked. If inflation cools off and drives gains in equities globally, analysts see chances for the Nifty 50 to cross 18100 points on Wednesday. 

 

Today, the Nifty 50 and the Sensex ended 0.8% higher each at 18070.05 points and 60571.08 points, respectively.  

 

“Nifty (50) has touched 18000 (points) because the undercurrent in the market is robust,” said Sunil Damania, chief investment officer at MarketsMojo, which offers portfolio advisory services.

 

The strong undercurrent is reflected in the major addition of dematerialised accounts that India has seen, analysts said. The total number of demat accounts in the country crossed 100 mln for the first time. 

 

Moreover, foreign institutional investors have made a strong comeback. 

“…We are confident the market will continue to do well, as levers for growth continue,” Damania said. 

 

Stocks that contributed to the gains in the Nifty 50 were ITC, Reliance Industries, HDFC Bank, Housing Development Finance Corp, Larsen & Toubro, Bajaj Finserv, and Bharti Airtel. These contributed more than 83 percentage points to the rise in the Nifty 50. 

 

Shares of Bajaj Finserv were the top gainers on the Nifty 50, as the stock split and bonus share issue improved investor appetite. The stock traded ex-split and bonus today. 

 

Fast moving consumer goods and consumer discretionary stocks were in demand today, with shares of Titan Co rising to a nearly six-month high. 

 

The overall market breadth was positive, but some stocks in the mid-cap space succumbed to profit booking. Nevertheless, the gainers outnumbered the laggards in this space.   

 

* Among Nifty 50 stocks, 33 rose, 16 fell, and one was unchanged

* Among Sensex stocks, 24 rose, and six fell

* On the BSE, 1,865 stocks rose, 1,632 fell, and 103 were unchanged

* Nifty Metal: Up 1.3%; Nifty Financial Services: Up 0.9%; Nifty FMCG: Up 0.8%

BSE                                                 National Stock Exchange
Sensex: 60571.08, up 455.95 pts (0.8%)              Nifty 50: 18070.05, up 133.70 pts (0.8%) 

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 Avishek Dutta

 

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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