Informist, Thursday, Sep 30, 2021
By Joe Milton
MUMBAI – The domestic benchmark indices ended lower amid high volatility induced by expiry related activities in the September derivative contracts. However, in the broader market investors continued to pour their money into small-cap and mid-cap stocks.
Despite the fall in heavyweight stocks, the overall market breadth was slightly positive as investors continued to accumulate quality mid-cap and small-cap stocks.
The small-cap and mid-cap indices in the NSE ended 0.2-1.0% higher, and within that, small-cap stocks have fared better than the mid-cap ones.
“The buoyancy in mid-cap and small-cap space is offering ample trading opportunities, so traders should plan their positions accordingly,” said Ajit Mishra, vice president-research, Religare Broking.
The fall in information technology and bank stocks dragged the benchmark indices lower. However, the Nifty 50 index managed to recoup some losses and closed above the support level of 17600 points.
The 50-stock index ended 0.5% lower at 17618.15 points, after touching an intraday low of 17585.35 points. In September, the index gained 2.8%.
The Nifty 50 is expected to consolidate within the range of 17300-18000 points and either side breakout will decide the final direction, said Rohit Singre, senior technical analyst at LKP Securities.
Correspondingly, the BSE-Sensex closed 0.5% lower at 59126.36 points, after touching the day’s low of 59019.28 points.
On the sector-specific front, the Nifty Pharma was the sole gainer among sectoral indices as they closed 0.4% higher. The shares of Laurus Labs, Sun Pharmaceutical Industries, and Cadila Healthcare ended 0.5-3.0% higher as investors preferred to make defensive bets.
Apart from this, strong buying was witnessed in real estate companies on better sales during the September quarter and a strong outlook for the December quarter on the back of the festival season.
Today, the Nifty Realty index gained 1.5%, and was among the top performers in September. The shares of Oberoi Realty, Brigade Enterprises, Indiabulls Real Estate, and Prestige Estate Projects ended 2-5% higher.
The biggest laggards on the headline indices were the bank stocks as they continued to weaken. The Nifty Bank index fell 0.8% and closed at 37425.10 points, and on the downside the index is expected to find support at 37000-36800 levels, analysts said.
In September, the Nifty Bank index gained 2.8% as it witnessed break-outs twice, but currently it is in consolidation mode.
Today, within bank stock, state-owned banks fared better than the private sector banks as the Nifty PSB Bank index ended 0.8% higher.
Among the Nifty 50 constituents, Coal India, NTPC Ltd, and Oil and Natural Gas Corp were the top performers in September as they gained 20-27%. A favourable risk-reward ratio led to strong buying in these public sector units.
On the other hand, metal stocks took a hit as demand from China was seen subdued. The shares of Tata Steel ended September about 11% lower, and Nifty Metal was the worst hit among sectoral indices during the month.
* Among Nifty 50 stocks, 10 rose and 40 fell
* Among Sensex stocks, 8 rose and 22 fell
* On the NSE, 1,026 stocks rose, 934 fell and 86 were unchanged
* On the BSE, 1,842 stocks rose, 1,432 fell and 150 were unchanged
* Nifty IT: Down 0.7%; Nifty Auto: Down 0.54%; Nifty Metal: Down 0.88%
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BSE National Stock Exchange
Sensex: 59126.36, down 286.91 pts (0.48%) Nifty 50: 17618.15, down 93.15 pts (0.53%)
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S&P BSE Sensitive Index Nifty 50
Lifetime High: 60412.32 (Sep 27) : Lifetime High: 17947.65 (Sep 24)
Record Close High: 60077.88 (Sep 27) : Record Close High: 17855.10 (Sep 27)
2021 1st day close: 47868.98 (Jan 1) : 2021 1st day close: 14018.5 (Jan 1)
2021 Closing High: 60077.88 (Sep 27) : 2021 Closing High: 17855.10 (Sep 27)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 60412.32 (Sep 27) : 2021 High (intraday): 17947.65 (Sep 24)
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 Michael Correya
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