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Tuesday, January 31, 2023

India Stocks Review: End lacklustre session flat on lack of triggers

Informist, Wednesday, Dec 28, 2022

 

By Vaibhavi

 

NEW DELHI – The domestic market witnessed a lacklustre session today which saw benchmark indices move in a narrow range amid lack of major triggers and lesser participation by foreign players.

 

Key indices struggled for direction through the session as they swung between gains and losses. The Nifty 50 and the BSE Sensex moved in a narrow range of around 200 points and 600 points, respectively.

 

Today, the benchmark indices opened lower tracking global markets. However, a lack of clarity among market participants soon turned benchmark indices choppy. Eventually, the Nifty 50 and the 30-stock Sensex ended largely flat at 18122.50 points and 60910.28 points, respectively.

 

Lack of major triggers, weak participation from foreign institutional investors due to year-end holidays and caution ahead of the expiry of the December derivatives series on Thursday were the reasons attributed by most analysts for the muted trade today.

 

“Overall, the market is cautious and expensive valuations are another major concern,” said Narendra Solanki, head of equity research at Anand Rathi Share and Stock Brokers. 

 

Titan Co along with select automobile stocks were the major Nifty 50 gainers and offset much of the losses in few banks and metal stocks.

 

Shares of Titan Co surged over 3% supported by strong volumes. Select automobile stocks like Maruti Suzuki India and Mahindra & Mahindra also rose over 1% each.

 

However, profit booking trickled in the shares of select banks and metal companies, especially after their sharp gains in the past two sessions. JSW Steel, Tata Steel and Hindalco Industries ended in the red, but analysts do not foresee any sharp correction in these counters. This is because the reopening of China–the world’s largest metal importer–boosted demand outlook for the sector.

 

Private as well and public sector undertaking banks also witnessed a bout of profit booking but the outlook for the sector remained positive primarily due to their strong fundamentals. The Nifty Bank and the Nifty PSU Bank indices ended marginally lower.

 

Within the broader market, mid-cap indices on the National Stock Exchange fared better than their large and small-cap peers. All mid-cap indices on the NSE ended in the green.

 

On the stock specific front, Hariom Pipe Industries hit a record high after the company announced plans to acquire some assets of RP Metal for 550 mln rupees. The stock eventually ended sharply off its highs, up 7%.

 

Shares of Rail Vikas Nigam surged 5% after the company got an order worth 15.4 bln rupees from the Ministry of External Affairs to develop a harbour in the Maldives. 

 

* Among Nifty 50 stocks, 19 rose, and 31 fell

* Among Sensex stocks, 13 rose and 17 fell   

* On the BSE, 2,080 stocks rose, 1,398 fell, and 151 were unchanged

* Nifty Financial Services: Down 0.2%; Nifty Pharma: Down 0.6%; Nifty Media: Up 0.6%

BSE                                              National Stock Exchange
Sensex: 60910.28, down 17.15 pts (0.03%)         Nifty 50: 18122.50, down 9.80 pts (0.1%)

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 Akul Nishant Akhoury

 

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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