Informist, Wednesday, Feb 16, 2022
By Joe Milton
MUMBAI – Headline indices struggled for direction throughout the day as investors remained watchful for further clarity on Russia’s withdrawal of troops from the Ukrainian border.
On Tuesday, Russia’s defence ministry said some troops will return to their bases. However, the statement from The North Atlantic Treaty Organization General Secretary Jens Stoltenberg today that Russia appears to be continuing their military build-up around Ukraine kept the markets jittery.
Apart from this, market participants were cautious as the minutes of the US Federal Reserve’s January policy meeting are due to be released later today. Investors will closely watch for cues for how steep the rate hike will be.
“Markets are currently dancing to the global tunes, and we don’t see this changing anytime soon,” said Ajit Mishra, vice president – research, Religare Broking. “We reiterate our cautious stance and suggest waiting for further clarity.”
The Nifty 50 index oscillated between an intraday high and low of 17490.60 and 17257.70 points respectively. The sell-off in the European markets towards the end had a spillover effect on the domestic markets as well, with Nifty 50 closing 0.2% lower at 17322.20 points.
Correspondingly, BSE-Sensex closed 0.3% lower at 57996.68 points, after touching the day’s high and low of 58569.22 and 57780.28 points respectively.
Analysts believe that the 50-stock index will trade in a broad range of 17000-17600 points, and follow up buying in coming sessions will help the index gain strength and head towards the upper band of the range.
Shares of bank stocks were also weak amid a lack of clarity over geopolitical developments. The Nifty Bank index gave up all its intraday gains and closed 0.6% lower at 37953.80 points. At the day’s high the index was up 0.7%.
Investors booked profits in information technology stocks with Mindtree, Larsen & Toubro Infotech, and L&T Technology Services closing 1-2% lower.
On the stock-specific front, Burger King India surged 8% after the company said that it has raised 14.02 bln rupees through qualified institutional investors. Some prominent investors were BNP Paribas Arbitrage, Fidelity Investment Trust: Fidelity Emerging Markets Fund, and Bofa Securities Europe SA.
The stock closed 6.2% higher at 139.90 rupees.
Shares of Vedant Fashions made their debut on the stock exchange today, at an 8% premium to the issue price of 866 rupees. Investors accumulated the stock owing to strong fundamentals, and it closed 7.8% higher at 933.50 rupees.
However, analysts believe that the current valuation of the stock is expensive and advised that investors wait for a correction to accumulate the stock.
In the broader market, small-cap stocks fared well compared to mid-cap stocks, with Nifty Smallcap 100 index closing 0.7% higher.
* Among Nifty 50 stocks, 17 rose and 33 fell
* Among Sensex stocks, 8 rose and 22 fell
* On the NSE, 1,197 stocks rose, 850 fell and 55 were unchanged
* On the BSE, 2,028 stocks rose, 1,325 fell and 100 were unchanged
* Nifty PSE: Up 0.18%; Nifty Pharma: Up 0.5%; Nifty IT: Down 0.3%
BSE National Stock Exchange
Sensex: 57996.68, down 145.37 pts (0.25%) Nifty 50: 17322.20, down 30.25 pts (0.17%)
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: 56405.84 (Feb 14) : 2022 Closing Low: 16842.80 (Feb 14)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
2022 Low (intraday): 56295.70 (Feb 14) : 2022 Low (intraday): 16809.65 (Feb 14)
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 Pranav S. Joshi
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