Informist, Tuesday, Feb 8, 2022
By Vaibhavi
MUMBAI – Domestic equities witnessed volatility today, with benchmark indices moving between gains and losses, as investors continued to exhibit a somewhat risk-off sentiment in the run-up to the outcome of the Reserve Bank of India’s Monetary Policy Committee meeting on Thursday.
While volatility has been the theme for domestic equities for quite some time now, domestic indices managed to finally snap a three-day losing streak today due to bargain buying in frontline stocks, including heavyweight Reliance Industries.
The Nifty 50 ended 0.3% higher at 17266.75 points after hitting a high of 17306.45 points and a low of 17043.65 points. Similarly, the 30-stock Sensex closed 0.3% higher after moving within the range of 57925.82 points and 57058.77 points.
Shares of Reliance Industries rose 1.7%, snapping a three-day losing streak.
Bulls managed to help the Nifty 50 hold onto the psychologically-important 17000-point level after a fight with the bears, owing to buying at lower levels, said Rupak De, senior technical analyst at LKP Securities.
Investors are closely eyeing the central bank’s policy stance. While many anticipate a hike in the reverse repo rate, some expect slightly hawkish comments from Governor Shaktikanta Das, even if policy rates are left unchanged.
Such expectations come at a time when persisting inflation has triggered central banks in major developed economies to pull back their accommodative stance and move ahead with interest rate hikes.
With global cues not portraying any favourable picture, some market participants recommend trading cautiously and limiting leveraged positions.
OTHER MOVERS
Bargain buying at lower levels saw select financial services companies such as Bajaj Finance, Bajaj Finserv, Axis Bank and ICICI Bank clock in 1-2% gains.
Shares of Tata Steel extended gains from the previous session and rose 3.1% today, as the outlook improved following robust Oct-Dec earnings and reduction in the company’s overall debt.
Among other stocks, TVS Motor Co, TCPL Packaging, Suven Pharmaceuticals and Gujarat Alkalies & Chemicals gained following strong Oct-Dec earnings while Morepean Laboratories, GlaxoSmithKline Pharmaceuticals, Sansera Engineering and Texmaco Rail and Engineering slumped on dismal quarterly earnings.
Shares of Adani Wilmar made a muted debut on bourses today, listing at a discount of 1.3% to their issue price of 230 rupees on the National Stock Exchange. However, the stock managed to shrug off losses and surged nearly 17%, possibly due to buying at lower levels, given the company’s strong fundamentals and reasonable valuation.
The broader market bore the brunt of the risk aversion by investors, with all small- and mid-cap indices on the NSE down 1-2%.
The overall market breadth remained negative, with more than two stocks down for each one that rose.
* Among Nifty 50 stocks, 28 rose, 22 fell
* Among Sensex stocks, 19 rose and 11 fell
* On the NSE, 53 stocks rose, 1,484 fell and 43 were unchanged
* On the BSE, 1,095 stocks rose, 2,238 fell and 78 were unchanged
* Nifty Energy: Down 1.3%; Nifty IT: Down 0.3%; Nifty Metal: Up 0.8%
BSE National Stock Exchange
Sensex: 57808.58, up 187.39 pts (0.33%) Nifty 50: 17266.75, up 53.15 pts (0.31%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19) : Lifetime High: 18604.45 (Oct 19)
Record Close High: 61765.59 (Oct 18) : Record Close High: 18477.05 (Oct 18)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 61308.91 (Jan 17) : 2022 Closing High: 18308.10 (Jan 17)
2022 Closing Low: 57200.23 (Jan 28) : 2022 Closing Low: 17101.95 (Jan 28)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
2022 Low (intraday): 56409.63 (Jan 25) : 2022 Low (intraday): 16836.80 (Jan 25)
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 Avishek Dutta
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Source: Cogencis