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India Stocks Review: Hit fresh high but broader mkt underperforms

Informist, Tuesday, Nov 29, 2022

 

By Vivek Kumar

 

MUMBAI – Benchmark indices hit fresh lifetime highs today led by heavyweights like Hindustan Unilever, but all major small-cap and mid-cap indices on National Stock Exchange ended lower.

 

The benchmark Nifty 50 and Sensex rose for the sixth consecutive session today, gaining 0.3% each to settle at fresh lifetime high levels of 18618.05 points and 62681.84 points, respectively. This was the fourth consecutive session when both the indices have closed at lifetime highs.

 

Intraday, the Nifty 50 logged a high of 18678.10 points and the Sensex hit a new high of 62887.40 points.

 

Hopes of easing inflationary pressures and improvement in global sentiment following reports of Chinese authorities encouraging vaccination among elders boosted the domestic equities today.

 

“Markets have been maintaining a positive tone, thanks to rotational buying in index majors. However, mixed global cues and the existence of a hurdle around 18700 in Nifty 50 may cap the upside and trigger some consolidation,” said Ajit Mishra, vice-president – technical research at Religare Broking.

 

Hindustan Unilever was the top gainer as it jumped 4.3%, its biggest single-day gain in seven months, and hit a one-month-high. Gains were also seen in other fast-moving consumer goods companies like Britannia Industries, Nestle India, Marico, Emami and Dabur India. The hopes of easing inflationary pressure on raw material prices and better profit margins aided sentiment for these stocks, according to analysts.

 

Globally, focus was on China as its efforts to ramp-up vaccination among elderly is seen as a step towards re-opening of the economy, which is struggling from COVID-19 restrictions. 

 

The move from Chinese authorities comes amid rare protests in several cities against President Xi Jinping and the zero-COVID policy.

 

Shares of metal companies were among the top gainers as hopes of China re-opening its economy buoyed the sentiment. The Nifty Metal rose 1% with Hindalco Industries, Tata Steel, Jindal Steel & Power and JSW Steel rising 1-3%. However, some analysts were cautious on the sector given the weak global macroeconomic conditions, which could hit demand for metals.

 

The Nifty PSU Bank ended a tad lower today and snapped 10-day winning streak on likely profit booking. The sectoral index had jumped 8.5% in the past 10 sessions on hopes of better asset quality, balance sheet and earnings from public sector banks.

 

Among other stocks, Paytm’s parent company One97 Communications jumped nearly 5% after brokerage firm CLSA Asia-Pacific Markets upgraded its rating on the stock to “buy” from “sell” amid favourable risk-reward ratio.

 

BROADER MARKET

The broader market underperformed the benchmark indices today, a trend witnessed this year. Some analysts were hoping for this trend to reverse after the broader market showed strength in the past couple of sessions.

 

The Nifty Midcap 100 and Nifty Smallcap 100 indices fell 0.5% and 0.6%, respectively, today. 

 

While the benchmark indices have been hitting fresh lifetime highs, the Nifty Midcap 100 and Nifty Smallcap 100 indices are down nearly 5% and 18% from the record high levels.

 

* Among Nifty 50 stocks, 25 rose, 25 fell 

* Among Sensex stocks, 15 rose, 15 fell 

* On the BSE, 1,716 stocks rose, 1,763 fell, and 148 were unchanged

* On the NSE, 1,032 stocks rose, 1,158 fell, and 452 were unchanged

* Nifty FMCG: Up 1.9%; Nifty Realty: Down 0.3%; Nifty Pharma: Up 0.7%

BSE                                                 National Stock Exchange
Sensex: 62681.84, up 177.04 pts (0.3%)              Nifty 50: 18618.05, up 55.30 pts (0.3%) 

S&P BSE Sensitive Index                             Nifty 50
Lifetime High: 62887.40 (Nov 29, 2022)           :  Lifetime High: 18678.10 (Nov 29, 2022)
Record Close High: 62681.84 (Nov 29, 2022)       :  Record Close High: 18618.05 (Nov 29, 2022)

2022 1st day close: 59183.22 (Jan 3)             :  2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 62681.84 (Nov 29)             :  2022 Closing High: 18618.05 (Nov 29) 
2022 Closing Low: 51360.42 (Jun 17)              :  2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 62887.40 (Nov 29)          :  2022 High (intraday): 18678.10 (Nov 29)

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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