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India Stocks Review: Indices rise further on gains in financial cos

Informist, Tuesday, Sep 20, 2022

 

By Joe Milton

 

MUMBAI – Benchmark indices extended Monday’s gains on account of positive cues from the global markets. Further, strong buying in financial stocks helped indices sustain most of the gains. 

 

All constituents of the Nifty Bank rose today, which helped the index close well above 41000 points, on strong credit growth outlook. Shares of IndusInd Bank, ICICI Bank, Axis Bank, and HDFC Bank gained 1-4%. 

 

“Bank deposit rates are likely to go up further as credit growth is outpacing deposit growth by a wide margin,” said Mitul Shah, head of research at Reliance Securities.

 

Financial stocks contributed the majority of the gains in headline indices today. The Nifty 50 ended 1.1% higher at 17816.25 points after surpassing 17900 points briefly during the day. 

 

Correspondingly, Sensex closed 1% higher at 59719.74 points after touching an intraday high of 60105.79 points. 

 

“Markets gained for the second consecutive day amid supportive global cues. The benchmark witnessed a gap-up start and continued to trade with positive bias throughout the day,” said Ajit Mishra, vice president-research, Religare Broking. 

 

However, caution ahead of the US Federal Reserve’s policy outcome on Wednesday led to profit booking which pulled headline indices sharply off highs in the final hour of trading. 

 

Market participants believe that a likely 75 basis points rate hike from the Fed is already factored in but uncertainty over commentary from Chair Jerome Powell kept investors at bay. 

 

Gains were across sectors and the Nifty Pharma was the top gainer among sectoral indices. 

 

Shares of Tata Motors and Hero MotoCorp rose as strong momentum prompted traders to cover their short positions which pushed the stock even higher. Both the stocks closed with more than 2% gains. 

 

Some bargain buying was witnessed in the information technology pack too. Shares of HCL Technologies, Wipro, and Tech Mahindra gained 0.7-2%. 

 

The non-retail portion of the offer-for-sale in Butterfly Gandhimathi Appliances was fully subscribed. In the spot market, the stock recovered and closed 2.1% higher at 1,526.7 rupees on strong buying interest among investors. 

 

The broader market relatively outperformed the Nifty 50 today with all the small-cap and mid-cap indices on NSE ending over 1% higher.

 

* Among Nifty 50 stocks, 44 rose, 6 declined

* Among Sensex stocks, 26 rose, 4 declined

* On the BSE, 2,109 stocks rose, 1,364 declined, and 129 were unchanged

* Nifty Energy: Up 0.66%; Nifty Auto: Up 1.66%; Nifty Metal: Up 1.56%

BSE                                                 National Stock Exchange
Sensex: 59719.74, up 578.51 pts (0.98%)             Nifty 50: 17816.25, up 194 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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