Informist, Thursday, Oct 27, 2022
By Apoorva Choubey
MUMBAI – Domestic equities ended with gains on a day that marked the expiry of the October derivatives series as global markets rose and strong rollovers were seen in sectors such as real estate, metals and banks, said market participants.
The Nifty 50 closed 80.60 points, or 0.5%, higher at 17736.95 points and the Sensex up 212.88 points, or 0.4%, at 59756.84 points.
The Indian economy is seen resilient at a time when a slowdown is expected in Western economies such as the US and the UK. This expectation has led to investors carrying forward long positions in some domestic-driven companies such as banks, realty and consumer-focussed companies and metal producers, said the head of sales trading at a local brokerage.
However, rollover of short positions in index futures, on a net basis, hindered the Nifty 50’s rise above 17800 points, which remains a crucial resistance for the index, analysts said.
In fact, the overall rollovers in the market seem to be lower than the three-month average because investors are maintaining caution rather than taking aggressive bets. Some market participants are expected to add positions closer to the US Federal Reserve’s policy meeting at the beginning of November.
The pace of future interest rate hikes in the world’s largest economy is extremely crucial for global financial markets, as an aggressive tightening of liquidity will mean further outflows from risky assets, such as emerging markets like India.
Concerns regarding rate hikes, economic slowdown, and an energy crisis in Europe have prompted foreign investors to sell domestic shares worth over $24 bln so far this year.
In the past few days though, a section of participants in global financial markets have started hoping that the pace of rate hikes by central banks would lessen in coming months as they seek to stem the impending economic slowdown, reports said. Such hopes aided gains in Asian and European equities today.
STOCK MOVES
Banks, public sector ones in particular, saw traction today as did metal and real estate companies. Rise in international prices of metals, due to a fall in the dollar this week, also aided gains in shares of producers in India.
Bharti Airtel continued its upmove for the eighth straight session and hit a lifetime high of 822.20 rupees today, as investors expect the company to report stellar earnings for the September quarter on Monday.
On the other hand, information technology companies were weak on concerns of client spending on such services being cut as a result of the slowdown in Western economies.
Gland Pharma fell 15% as several analysts have cut earnings estimates for the current financial year following a disappointing set of numbers for Jul-Sep and a bleak commentary from the management.
* Among Nifty 50 stocks, 37 rose and 13 fell
* Among Sensex stocks, 10 fell, 20 rose
* On the BSE, 1,832 stocks rose, 1,586 fell, and 131 were unchanged
* Nifty Realty: Up 3%; Nifty Metal: Up 2.7%; Nifty IT: Down 0.5%
BSE National Stock Exchange
Sensex: 59756.84, up 212.80 pts (0.4%) Nifty 50: 17736.95, up 80.60 pts (0.5%)
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 Deepshikha Bhardwaj
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