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India Stocks Review: Indices end lower snapping 4-day winning streak

Informist, Wednesday, May 31, 2023

 

By Neeshita Beura

 

MUMBAI – Benchmark indices snapped their four-day winning streak and closed lower as caution set in ahead of a vote in the US Congress on the debt ceiling deal, and due to concerns related to China’s stuttering economy. The indices were dragged down by a decline in the financial services, oil and gas, and power sectors.

 

Meanwhile, telecommunication, consumer durables, and healthcare sectors were the top gainers. In an unexpected turn of events, shares of Bharti Airtel surged 8.6% and hit a lifetime high of 888.75 rupees at 1520 IST on the back of multiple large deals each of above 100,000 shares on the National Stock Exchange. The stock was the top performer on Nifty 50 today as it ended 3.8% higher at 849.90 rupees. 

 

Nifty 50 ended 0.5% lower at 18534.40 points and the Sensex closed 0.6% lower at 62622.24 points.  

 

According to Ajit Mishra, senior vice president of technical research at Religare Broking, the market witnessed profit-taking today. However, a marginal rebound in the final hours of trade trimmed some losses in the indices.

 

An overall caution prevailed in the market throughout the day as investors await the final decision on the interim debt ceiling deal in the Congress. The deal agreed upon would raise the US’s $31.4-trln debt ceiling for two years, until after the next presidential elections in late 2024.   

 

Amid the weakness in the equity market, the broader indices showed considerable strength as they ended 0.4-1.4% higher. Nifty Mid-Cap 50 and Nifty Mid-Cap 150 managed to hit new record highs at 1035 IST and 1100 IST, respectively.

 

The Nifty Metal index was one of the worst-hit sectoral indices as it ended 0.8% lower at 5890.05 points as data from China’s National Bureau of Statistics showed the country’s manufacturing purchasing managers’ index hit a five-month low of 48.8 in May, against market expectations of 49.4. Manufacturing activity shrank for the second month, raising questions over an economic rebound in the one of the largest producers and consumers of metals. The metal index was weighed down by Vedanta, Hindalco Industries, JSW Steel, and Tata Steel. 

 

Shares of Vedanta ended 2.6% lower on reports that the government is expected to withhold funding for the company’s joint venture for chip production with Taiwan-based technology manufacturer Foxconn, as the venture has reportedly failed to meet the government’s specified criteria. 

 

Coming to the financial services sector, Axis Bank, State Bank Of India, Housing Development Finance Corp, HDFC Bank, Bajaj Finserv, and Bajaj Finance were among the worst hit. Axis Bank lost all of its gains accumulated in the previous five sessions. Today, the stock snapped a five-day winning streak and ended 2.4% lower at 914.85 rupees. State Bank of India’s shares closed 2.2% lower at 579.85 rupees as the stock traded without the value of its dividend.    

 

Investors now await India’s Jan-Mar GDP data, to be released this evening. GDP growth is likely to have risen to 5.1% in Jan-Mar from 4.4% a quarter ago, mainly due to buoyancy in services activity and an uptick in private consumption, according to an Informist poll of 21 economists. “This will give direction to the Reserve Bank of India in its upcoming policy meeting from Jun 6-8,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services in a note. GDP had grown 4.0% in Jan-Mar last year.

 

* Of the Nifty 50 stocks, 18 rose and 32 fell

* Of the Sensex stocks, 11 rose and 19 fell

* On the BSE, 1,717 stocks rose, 1,796 fell, and 132 were unchanged

* Nifty Realty: up 0.8%; Nifty Metal: down 0.8%; Nifty Energy: down 1.4%

BSE                                                NSE
Sensex: 62622.24, down 346.89 pts or 0.6%          Nifty 50: 18534.40, down 99.45 pts or 0.5%

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: 62345.71 (May 15)            :  2023 Closing High: 18499.35 (May 26)

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

2023 High (intraday): 62562.67 (May 15)         :  2023 High (intraday): 18508.55 (May 26)

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

 

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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© Informist Media Pvt. Ltd. 2023. All rights reserved.

 

Source: Cogencis

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