Informist, Wednesday, Jul 27, 2022
By Vaibhavi
NEW DELHI – After falling for two days, the benchmark share indices ended higher today on gains in frontline sectors like banks, consumer goods, and information technology.
Bargain buying in information technology stocks and a recovery in banks and consumer goods saw the Nifty 50 index close above 16600 points.
The Nifty 50 index opened marginally lower due to subdued global cues and tested a low of 16438.75 points. However, gains in frontline stocks quickly lifted the index and it tested a high of 16653.45 points, before it closed at 16641.80 points, up 1% from Tuesday.
Similarly, the Sensex fell to a low of 55157.99 points but recovered to hit a high of 55853.09 points. The 30-share index ended the day 1% higher at 55816.32 points.
Caution ahead of the outcome of the US Federal Reserve’s monetary policy meeting later today prompted investors to keep positions light and refrain from placing aggressive bets.
The Fed’s rate-setting committee is widely expected to raise interest rates by 75 basis points to check inflation that remains at multi-decade highs.
Market participants have factored in a rate hike of 75 bps along with a hawkish commentary from the US central bank, said Motilal Oswal Financial Services in a report.
However, if the Fed goes for a 100 bps rate hike, it could lead to further strengthening of the dollar, the brokerage said.
If the dollar strengthens further against the Indian currency, it will make returns unattractive for foreign investors and will have an adverse impact on flows into the domestic market.
GAINERS AND LAGGARDS
Rise in financial stocks helped the Nifty Bank index rebound from the low hit earlier in the day. Most large-cap banks rose 1-3%, which lifted the index up over 1%.
Bajaj Finance rose over 2% buoyed by its strong set of earnings for the June quarter and was a major gainer on the Nifty 50. The stock hit a one-month-high of 6,429.40 rupees intraday as the company’s consolidated net profit jumped threefold on year and revenue rose nearly 38%.
Larsen & Toubro rose nearly 3% after it reported robust earnings for Apr-Jun and reiterated its aim to achieve the higher end of its revenue growth guidance for 2022-23 (Apr-Mar).
Earnings dictated action in the broader market as well, with shares of V-Guard Industries, Latent View Analytics, Laurus Labs, Teamlease Services, CG Power and Industrial Solutions, Clean Science and Technology and Coromandel International reacting positively to their strong quarterly earnings.
On the other hand, Colgate-Palmolive and Gujarat Fluorochemcials reacted negatively to their Apr-Jun earnings. Tanla Platforms, EPL and Sanofi India tanked 4-20% due to their disappointing quarterly performances.
Buying at lower levels after a sharp fall in the previous session also lifted shares of information technology companies higher. The Nifty IT index ended 1.7% higher and was a major sectoral gainer.
Shares of Zomato rebounded and ended 5.5% higher after the sharp sell-off in the past two sessions.
* Among Nifty 50 stocks, 46 rose and 4 fell
* Among Sensex stocks, 25 rose and 5 fell
* On the BSE, 1,755 stocks rose, 1,565 fell, and 145 were unchanged
* Nifty IT: Up 1.7%; Nifty Realty: Down 1.1%; Nifty PSU Bank: Up 2%
BSE National Stock Exchange
Sensex: 55816.32 points, up 547.83 pts (1%) Nifty 50: 16641.80, up 157.95 pts (1%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19, 2021) : Lifetime High: 18604.45 (Oct 19, 2021)
Record Close High: 61765.59 (Oct 18, 2021) : Record Close High: 18477.05 (Oct 18, 2021)
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: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
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 Ashish Shirke
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