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India Stocks Review:Bears win volatile trading day, indices end down

Informist, Friday, Mar 24, 2023

 

By Anshul Choudhary

 

MUMBAI – Bears won a volatile day of trading, which saw benchmark indices entering positive territory multiple times but also failing to sustain the gains. The indices declined sharply in the final few hours of the session and ended lower, dragged by metal, financial, and energy stocks.

 

Today, the Nifty 50 closed 0.8% lower at 16945.05 points and the Sensex closed 0.7% lower at 57527.10 points.

 

Metal companies were the major laggards on the benchmark indices as investors were cautious on these stocks due to fears of an economic slowdown, led by rising interest rates. Due to these fears, metal companies face selling pressure as soon as they post any significant gains.

 

“Rising interest rates in the developed world like the US and Europe and the risk of an economic slowdown could affect markets globally,” said Narendra Solanki, head of equity research with Anand Rathi Share and Stock Brokers. “The metal sector globally has been feeling the heat due to these reasons,” said Solanki.

 

Among metal companies, shares of Adani Enterprises were the worst hit, down 3%. Shares of Tata Steel fell 2.7%, and those of Hindalco Industries fell 2.6%.

 

Selling in financial stocks also pushed benchmark indices lower. They fell after the government passed the Finance Bill for 2023-24 (Apr-Mar). One amendment was that the capital gains of mutual funds which have invested up to 35% of their assets under management in equity shares of Indian companies will be deemed short-term capital gains.

 

“The amendment in the finance bill will have significant structural changes to the way we invest. For mutual funds to get investor interest, it will now have to purely be on their ability to add extra risk adjusted returns and not because of any tax arbitrage,” said Srikanth Subramanian, CEO, Kotak Cherry in a note.

 

Financial stocks fell since the session began today but declined further after the Lok Sabha passed the Finance Bill. Shares of Bajaj Finserv were down 3.8% and those of Bajaj Finance were 3.2% lower. Among others, shares of State Bank of India were down 1.4%, and those of HDFC Life Insurance Co were down 1.3%.

 

Stocks of information technology companies had an eventful day. Initially, these stocks helped indices limit losses on the back of gains in Infosys, Tech Mahindra, and Wipro. However, as the session passed, IT stocks could not negate the impact of other sectors.

 

Along with IT, pharmaceutical stocks were among the few gainers today. These stocks aided the bouts of gains seen in the benchmark indices during the majority of the trading session. Shares of Cipla rose 0.9%, those of Dr Reddy’s Laboratories rose 0.4%, and those of Apollo Hospitals Enterprises rose 0.2%.

 

Among other stocks, shares of Campus Activewear fell 8.7% today and hit an eight-month low of 335.10 rupees after two large block deals aggregating to 23.7 mln shares on the National Stocks Exchange.

 

* Among Nifty 50 stocks, 10 rose and 40 fell

* Among Sensex stocks, 4 rose, 25 fell, and 1 unchanged

* On the BSE, 1,037 stocks rose, 2,454 fell, and 139 unchanged

* On the NSE, 582 stocks rose, 1,739 fell, and 422 unchanged

* Nifty Metal: Down 2.3%; Nifty Oil & Gas: Down 1.4%

BSE                                                NSE
Sensex: 57527.10, down 398.18 pts or 0.7%          Nifty 50: 16945.05, down 131.85 pts or 0.8%

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)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2)             :  2023 Closing High: 18197.45 (Jan 2)

2023 Closing Low: 59288.35(Feb 27)              :  2023 Closing Low: 17311.80 (Oct 17)

2023 High (intraday): 61222.79 (Jan 2)          :  2023 High (intraday): 18215.15 (Jan 2)

2023 Low (intraday): 58699.20 (Jan 30)          :  2023 Low (intraday): 17098.55 (Oct 17)

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

 

With inputs from Neeshita Beura

Edited by Vidhi Verma

 

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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