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Friday, January 27, 2023

India Stocks Review: Indices down sharply; broader mkt in freefall

Informist, Friday, Dec 23, 2022

 

By Maitri Seth and Vaibhavi

 

MUMBAI – Benchmark share indices fell to their lowest in two months today as fears of COVID-19 making a comeback and global recession led to a sell-off. The broader market faced the heat of the selling pressure and small- and mid-cap indices sunk much deeper into losses.

 

The worsening COVID situation in China and several countries has sparked fears that a similar scene is likely in India. In Parliament session on Thursday, union health minister said that the war with COVID-19 “is not over yet” and urged people to follow precautionary measures like social distancing, wearing masks, and taking booster doses.

 

The sell-off was also fuelled by fears of global recession, as the US Federal Reserve is expected to continue with its rate hikes for a longer time after jobless claims for the week ended Dec 17 came in lower than expected and GDP for Jul-Sep was revised upwards to 3.2% from the earlier 2.9%.

 

This dashed hopes of a strong Christmas rally.

 

The positive data reflected a resilient labour market and economy even in the face of the Federal Reserve’s aggressive rate hikes. Concerns that central banks around the globe may have to keep interest rates elevated for a longer period also continued to bog investors down.

 

“Domestic equities witnessed a freefall today as surge in COVID cases around the globe has spooked investors. Going ahead, we expect further weakness in equities given the worry over the potential risk from surging COVID and recessionary fears as central banks globally remain hawkish,” said Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services.

 

Higher volatility in the market was also on account of lack of participation from investors due to the upcoming Christmas and New Year holidays.

 

Indices were weak since open and the losses only deepened with every trading hour. The Nifty 50 briefly fell below 17800 before recouping some losses and end 1.7% lower at 17806.80 points.

 

Similarly, the Sensex plunged to a low of 59765.56 points before it ended 1.6% lower at 59845.29 points.

 

The sell-off in the market was broad based as most frontline sectoral indices extended losses from Thursday. All frontline sectors including banks, information technology, consumer goods, metal, and automobile dragged the indices lower. 

 

Public sector banks nosedived as the recent swift upswing in the sector gave investors a chance to book profits. The Nifty PSU Bank index was the biggest sectoral laggard as it ended more than 6% lower.

 

The steep correction in the broader market also turned the Nifty Mid-cap 150 index negative for 2022. On the other hand, the Nifty Mid-cap 100 index witnessed its steepest single-day fall in three months. All small- and mid-cap indices plummeted 3-5%, with losses being the steepest in pockets like fertilisers, sugar and PSU banks.

 

However, select stocks in sectors like healthcare and pharma managed to hold on to some of their early gains. Their gains were attributed to prospects of improved COVID drug sales.

 

Shares of Abans Holdings and Landmark Cars made a weak debut on the bourses, and the weak market dragged them further down. Abans Holdings ended more than 19% lower and Landmark Cars shed over 9%.

 

* Among Nifty 50 stocks, 3 rose and 47 fell

* Among Sensex stocks, 29 fell and 1 was unchanged   

* On the BSE, 411 stocks rose, 3,181 fell, and 63 were unchanged

* Nifty PSU Bank: Down 6.1%; Nifty Metal: Down 4.5%; Nifty Pharma: Down 0.8%

BSE                                              National Stock Exchange
Sensex: 59485.29, down 980.93 pts (1.6%)         Nifty 50: 17806.80, down 320.55 pts (1.8%)

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2022 1st day close: 59183.22 (Jan 3)            :  2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1)             :  2022 Closing High: 18812.50 (Dec 1) 
2022 Closing Low: 51360.42 (Jun 17)             :  2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1)          :  2022 High (intraday): 18887.60 (Dec 1)

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 Ashish Shirke

 

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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