Informist, Thursday, Oct 13, 2022
NEW DELHI – Benchmark indices ended lower today as investors chose to remain on the sidelines ahead of the crucial US inflation data for September, due later today.
The Nifty 50 struggled to sustain above the key psychological level of 17000 points through the session on account of a decline in select information technology and financial stocks.
However, the Nifty 50 ended at 17014.35 points, 0.6% lower, while the BSE Sensex closed down 0.7% at 57235.33 points. Both indices slipped to lows of 16956.95 points and 57055.75 points, respectively, earlier in the day.
Cues from global markets also remained unsupportive, with benchmark indices across Asia ending lower and those in Europe starting off on a subdued note.
Global equity investors grappled with caution ahead of the US inflation data for September as it will set the tone for the Federal Reserve’s upcoming policy meeting in November.
Retail inflation in the US is widely expected to come in at 8.1% in September, slightly lower than 8.3% in August.
The nervousness among investors intensified after the minutes of the Fed’s latest monetary policy meeting, released on Wednesday, suggested that the central bank will not shy away from keeping up with supersized rate hikes until inflation shows substantial signs of abating.
Further, the higher-than-anticipated domestic inflation print and US producer prices for September also affected sentiment.
The rout in the global financial markets due to underlying worries around inflation and growth in the US and Europe, and its impact on policy tightening by central banks is prompting investors to sit on cash until further clarity, said Yash Panwar, equity research analyst at ICICI Securities.
Corporate earnings guided stock-specific action in the market today. While shares of Wipro tanked over 7% following disappointing Jul-Sep earnings and a cautious outlook, those of HCL Technologies notched over 3% gains on robust quarterly numbers and strong growth guidance by the company.
Brokerage firm Morgan Stanley upgraded HCL Technologies to “overweight” as it believes the stock’s valuation sits at a steep discount as compared to its peers, making its risk-reward favourable.
Profit booking trickled into financial stocks due to likely selling by foreign institutional investors as they own large stake in shares of banks.
Some major movers included SBI Life Insurance Co, State Bank of India and ICICI Bank, which fell around 2% each.
Shares of select pharmaceutical companies found favour as investors shifted bets to sectors that are less prone to recessionary risks. The Nifty Pharma rose 0.2%, with Sun Pharmaceutical Industries, Lupin and Laurus Labs being the top gainers.
Marksans Pharma also jumped over 3% buoyed by the company’s capacity expansion plan worth 2 bln rupees and foray into wellness products such as creams and ointments.
Selling was widespread in the broader market as well, with all small- and mid-cap indices on the National Stock Exchange ending 0.5-0.9% lower.
* Among Nifty 50 stocks, 12 rose, 36 declined and 2 were unchanged
* Among Sensex stocks, 7 rose, 22 declined
* On the BSE, 1,294 stocks rose, 2,137 declined, and 131 were unchanged
* Nifty Media: Up 0.3%; Nifty Bank: Down 1.3%; Nifty Realty: Down 1%
BSE National Stock Exchange
Sensex: 57235.33, down 390.58 pts (0.7%) Nifty 50: 17014.35, down 109.25 pts (0.6%)
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)
Edited by Aditya Sakorkar
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