Informist, Friday, Apr 1, 2022
By Vivek Kumar
MUMBAI – A fall in prices of crude oil and positive business updates by several companies helped benchmark indices close at their highest level in around two months today.
After the initial hiccup, the indices were firm through most of the session today. The buying intensified during the last hour of the trade, which helped indices register around 3% gains for the week.
Both, the Nifty 50 and Sensex closed 1.2% higher at 17670.45 points and 59276.69 points, respectively, today.
In the near term, sustaining above 17000 points is critical for the recovery move for Nifty 50, while resistance on the upside is seen at 17800 points level, said Viraj Vyas, technical and derivatives analyst- institutional equities at Ashika Group.
The Brent crude futures fell 2.3% today to $102.35 per barrel as the US announced it will release 1 mln barrels of oil from its strategic reserves every day for six months to ease supply pressures and bring down the prices.
Back home, India’s Goods and Services Tax collection in March rose 15% on year to a record 1.42 trln rupees, which also lifted the sentiment.
Bank stocks led the gainers pack as hopes of strong earnings and high rollovers to April series lifted the sentiment towards the sector. The Nifty Bank index ended 2.1% higher at 37148.5 points.
Among specific stocks in the banking space, HDFC Bank, State Bank of India, IndusInd Bank, Punjab National Bank, Bank of Baroda and Bandhan Bank rose 2-5%. Other financial services companies like Bajaj Finance, HDFC Life Insurance Co, SBI Cards and Payments and Housing Development Finance Corp also rose 2-3%.
Credit growth for banks has started showing signs of recovery during the last financial year, led by the retail segment, said ICICIdirect in its report. The corporate sector is now in a better position in terms of a revival in the capital expenditure cycle, and bank credit growth is expected to pick up further as the impact of pandemic-led disruptions recedes, it added.
Further, shares of Bharat Electronics, Hindustan Aeronautics, Karur Vysya Bank, Mishra Dhatu Nigam and NTPC rose 2-6% as the companies gave positive business updates.
Among laggards, Hero MotoCorp ended 2.4% lower at 2,240.15 rupees after income tax department said a Delhi-based automobile company siphoned off 8 bln rupees. The department did not name any company but news reports suggested the auto company under scanner was Hero MotoCorp.
The gains today were more prominent in the broader market and the market breadth too was sharply positive, which helped small-cap and mid-cap indices on National Stock Exchange end 1-2% higher.
* Among Nifty 50 stocks, 39 rose and 11 fell
* Among Sensex stocks, 45 rose and 5 fell
* On the NSE, 1,750 stocks rose, 335 fell and 29 were unchanged
* On the BSE, 2,721 stocks rose, 624 fell and 106 were unchanged
* Nifty PSU Bank: Up 4%; Nifty FMCG: Up 1.2%; Nifty IT: Up 0.1%
BSE National Stock Exchange
Sensex: 59276.69 points, up 708.18 pts (1.2%) Nifty 50: 17670.45 points, up 205.70 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 Arshad Hussain
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