Informist, Tuesday, Mar 22, 2022
By Abhishek Saini
MUMBAI – Benchmark equity indices witnessed a strong rebound today and ended with more than 1% gains on the back of buying in the shares of index heavyweight Reliance Industries and information technology companies.
The Nifty 50 and the Sensex ended 1.2% higher at 17315.50 points and 57989.30 points, respectively. Earlier, the indices had hit the day’s low of 17006.30 points and 56930.30 points, respectively.
The indices had opened in the red as US Federal Reserve Chairman Jerome Powell said the central bank would hike rates by 50 basis points, if required, to bring down inflation. Sentiment was also hit by elevated crude oil prices as it stoked inflation fears. However, prices of crude oil eased during the day amid hope of progress in peace talks between Russia and Ukraine.
According to reports, Ukrainian President Volodymyr Zelensky is prepared to discuss a commitment to not join the North Atlantic Treaty Organization in exchange for a ceasefire, withdrawal of Russian troops, and a guarantee of Ukraine’s security.
STOCKS & SECTORS
Shares of Reliance Industries ended 2.6% higher as a rise in gross refining margins boosted the prospects of the oil-to-telecom conglomerate’s earnings.
Shares of oil marketing companies were among the few gainers in early trade, as they hiked petrol and diesel prices for the first time in over four months. Prices were unchanged for most part due to state assembly elections.
AShares of Indian Oil Corp and Bharat Petroleum Corp held their gains to end 2.3% and 3.1% higher, respectively.
Oil exploration companies and metal stocks continued their ascent on the back of rising global commodity prices. On the other hand, high commodity prices impacted the fast moving consumer goods pack, which faces a threat to margins due to high input costs.
While the Nifty Metal index ended 0.8% higher, the Nifty FMCG index fell 0.7% today.
Among the information technology pack, shares of Tech Mahindra, Tata Consultancy Services and Infosys gained 1-4%, and these led the gains in headline indices as well. Consequently, the Nifty IT index also ended nearly 2% higher.
The recovery in the indices prompted fresh bets in banks. The Nifty Bank index had fallen nearly 2% today, but was able to end around 1% higher, aided by frontline stocks such as ICICI Bank and Kotak Mahindra Bank.
The broader market underperformed benchmark indices today. The small-cap and mid-cap indices on the NSE rose 0.2-0.4%.
Among the laggards, shares of Future Retail slumped nearly 15%, continuing their losing streak and hitting a fresh all-time low as the company’s legal tussle with Amazon lingers on, creating uncertainty among investors.
* Among Nifty 50 stocks, 41 rose, 7 fell and 2 were unchanged
* Among Sensex stocks, 26 rose and 4 fell
* On the NSE, 962 stocks rose, 1,080 fell and 67 were unchanged
* On the BSE, 1,629 stocks rose, 1,780 fell and 104 were unchanged
* Nifty IT: Up 2%; Nifty Bank: Up 0.9%; Nifty FMCG: Down 0.7%
BSE National Stock Exchange
Sensex: 57989.30 points, up 696.81 pts (1.2%) Nifty 50: 17315.50 points, up 197.90 pts (1.2%)
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: 52842.75 (Mar 7) : 2022 Closing Low: 15863.15 (Mar 7)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
2022 Low (intraday): 52260.82 (Mar 8) : 2022 Low (intraday): 15671.45 (Mar 8)
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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