Informist, Monday, Oct 16, 2023
By Anshul Choudhary
MUMBAI – Indices moved in a tight range of 19691-19781, about 90 points, as investors stayed cautious due to tensions in West Asia. Investors also looked towards global markets, which were largely weak or moved in a small range, for direction.
“There is indecisiveness in markets as we are not seeing any direction from the global markets,” said Jay Vora, senior technical and derivatives analyst at Indiacharts.
Kotak Securities’ head of research – retail, Shrikant Chouhan said in a note, “Investors are trading cautiously in an uncertain global environment as ongoing Israel-Palestine conflict coupled with weak overseas fundamentals and persistent FII (foreign institutional investors) selling have dampened sentiment.”
According to National Securities Depository Ltd, Foreign Portfolio Investors have sold equities worth 94.03 bln rupees in October till today–touching over 60% of outflows witnessed in September already.
Today, Nifty 50 closed 0.1% lower at 19731.75 points and Sensex closed 0.2% lower at 66166.93 points.
Global markets remained weak today as geopolitical tensions in West Asia continued to impact market sentiment, with indices in US largely falling on Friday and those in Asia ending lower today. European markets showed slight gains at open, but later fell under selling pressure.
Banking stocks were range-bound and moved little as HDFC Bank’s Jul-Sep earnings, which were expected during market hours, did not come. Shares of HDFC Bank fell as much as 1% intraday and later came off lows to end 0.4% lower. Shares of ICICI Bank were range-bound and closed flat.
Nifty Bank moved in a range of 44000-44350 points before closing 0.1% lower at 44225.90 points.
HDFC Bank Jul-Sep earnings were released after market hours today. The bank’s net profit came in at 159.76 bln rupees for Jul-Sep, better than expectations of 150 bln rupees as per average of eight brokerage houses.
Shares of several automobile companies rose ahead of the upcoming festival season, with gains led by Hero MotoCorp, Tata Motors, and Bajaj Auto. The Financial Express reported today that the inventory has risen to a five-year high before the upcoming festival season with automakers pouring out steep discounts to buyers.
Information technology was mixed with LTIMindtree, HCLTech, Infosys rising and Tata Consultancy Services, Tech Mahindra, and Wipro ending lower. Owing to this, Nifty IT ended with slight losses and closed 0.2% lower at 31750.35 points.
Shares of fertiliser companies were in focus today with Fertilizers and Chemical Travancore, and Gujarat State Fertilisers and Chemical leading the gains in the sector. Both stocks hit their lifetime highs today and witnessed 200% surge in share volume as compared to Friday.
“The sector gave a technical breakout,” said Ruchit Jain, lead research analyst at 5paisa.com.
The Fertilizers and Chemical Travancore surged 20% to 657.80 rupees and hit its upper limit while Gujarat State Fertilisers and Chemicals ended 9.7% higher at 204.95 rupees.
Apart from this, there were several stock-specific alerts. Delta Corp closed 8.6% lower after the company’s subsidiary Deltatech Gaming received a notice for payment of a tax shortfall of 63.84 bln rupees.
Shares of SpiceJet closed 8.5% lower after reports claimed that Indigo co-founder Rakesh Gangwal is not interested in buying a stake in SpiceJet. “He (Gangwal) still owns 25% in IndiGo. It doesn’t make the remotest sense for him to invest in SpiceJet,” said a banker close to Rakesh Gangwal as quoted by the Economic Times.
Shares of SpiceJet had risen 20% on Friday on reports that Gangwal was in advanced talks to buy a sizeable stake in the airline.
* Of the Nifty 50 stocks, 25 rose and 25 fell
* Of the Sensex stocks, 11 rose and 19 fell
* On the BSE, 2,032 stocks rose, 1,748 fell, and 173 were unchanged
* Nifty Pharma: down 0.5%; Nifty FMCG: down 0.2%; Nifty Metal: up 0.9%
BSE NSE
Sensex: 66166.93, down 115.81 pts or 0.20% Nifty 50: 19731.75, down 19.30 pts or 0.10%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023) : Lifetime High: 20222.45 (Sep 15, 2023)
Record Close High: 67838.63 (Sep 15, 2023) : Record Close High: 20192.35 (Sep 15, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023) : 2023 Closing High: 20192.35 (Sep 15)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 67927.23 (Sep 15) : 2023 High (intraday): 20222.45 (Sep 15)
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 Deepshikha Bhardwaj
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