Informist, Tuesday, Dec 28, 2021
By Abhishek Saini
MUMBAI – Gains in frontline information technology and automobile stocks helped benchmark domestic equity indices to sustain their opening gains and end higher for the second straight session with the Nifty 50 ending above 17200 points.
Share indices had opened higher today tracking positive global cues. However, market participants had said that the indices need to sustain the opening gains to prevent any consolidation, as seen in earlier sessions.
The Nifty 50 had faced resistance around 17200-point level and corrected after nearing the level, said Osho Krishan, a technical and derivatives analyst at Angel One Broking. Since the index closed above this level, the analyst expects it to inch higher towards 17500 points.
Today, the Nifty 50 index climbed 147 points, or 0.9%, to end at 17233.25 points, slightly off its intraday high of 17250.25 points. The 30-stock Sensex ended at 57897.48 points, rising 0.8% or 477.24 points, having seen an intraday high of 57952.48 points.
With the December derivatives expiring this week, analysts expect squaring off of short positions, which may propel the index further higher.
The information technology pack continued supporting the headline indices with heavyweight stocks Infosys and HCL Technologies gaining more than 1% today. The Nifty IT index ended in the green for the sixth consecutive session, and has gained nearly 7% over the period.
The Nifty Bank index also closed in the green for the second straight session but underperformed the headline indices. The Nifty Bank remained weak below its 200-day moving average and ended at 35183.80 points, or 0.4% higher.
“While all the sectors are contributing to the move, the underperformance of the banking pack is still hurting the sentiment,” said Ajit Mishra, vice president – research, Religare Broking.
Among other frontline stocks, shares of pharmaceutical and automobile companies were among the top gainers on the Nifty 50 index. The Nifty Auto index gained 1.4% led by gains in Mahindra & Mahindra and Tata Motors while the Nifty Pharma index ended 0.9% higher owing to over 2% gains in Sun Pharmaceuticals.
The buying momentum also came to the aid of small-cap and mid-cap segment with all major indices on the NSE outperforming the benchmark indices and closing 1-1.5% higher.
In stock-specific action, Dynacon Systems and Solutions closed 11% higher at 166.10 rupees after bagging a 570-mln-rupee contract from Punjab National Bank to offer information technology security solutions.
Shares of BSE Ltd also surged 11% during the day as the company announced that it will consider issuing bonus shares at its board meeting to be held on Feb 8. The stock closed 5% higher at 1934 rupees.
Supriya Lifescience witnessed a strong debut on the exchanges after getting listed at a premium of 46% to its issue price of 274 rupees.
Among laggards were shares of multiplex companies, which plunged towards the end of today’s session after the Delhi government announced the closure of theatres in the region to curb the spread of the new Omicron variant.
Shares of Inox Leisure erased the day’s gains and closed 0.3% lower, while those of PVR extended their losses and ended 4% lower.
* Among Nifty 50 stocks, 48 rose and 2 fell
* Among Sensex stocks, 28 rose and 2 fell
* On the NSE, 1570 stocks rose, 456 fell and 42 were unchanged
* On the BSE, 2612 stocks rose, 772 fell and 94 were unchanged
* Nifty IT: Up 0.97%; Nifty Bank: Up 0.36%; Nifty Auto: Up 1.34%
——————————————————————————————
BSE National Stock Exchange
Sensex: 57897.48, up 477.24 pts (0.83%) Nifty 50: 17233.25, up 147 pts (0.86%)
——————————————————————————————
S&P BSE Sensitive Index Nifty 50
Lifetime High: 61353.25 (Oct 14) : Lifetime High: 18350.75 (Oct 14)
Record Close High: 61305.95 (Oct 14) : Record Close High: 18338.55 (Oct 14)
2021 1st day close: 47868.98 (Jan 1) : 2021 1st day close: 14018.5 (Jan 1)
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 Maheswaran Parameswaran
Cogencis news is now Informist. 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.
Informist Media Tel +91 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2021. All rights reserved.
Source: Cogencis
