Informist, Monday, Jan 30, 2023
MUMBAI – Domestic benchmark equity indices ended on a positive note after an overall choppy session today. Stock-specific gains pulled the indices back from the red, offsetting worries over the highly critical report by Hindenburg against the Adani group.
The full-paced earnings seasons further stimulated stock movements, ushering indices into the green amid caution ahead of the Union Budget.
Analysts said that the market was also in a “wait and watch” mode ahead of the Union Budget today. Two big events – a decision on interest rates by the US Federal Reserve, and the Union Budget – are keeping investors nervous and will continue to do so, they said.
The market opened 0.7% lower and soon turned choppy. The indices bounced back in the last hour of trade, with both the Nifty 50 and the Sensex closing 0.3% higher. The Nifty 50 moved in the range of 17400-17700 points today and closed at 17648.95 points, while the 30-stock Sensex closed at 59500.41 points.
“Technically, the Nifty found support near 17400 and bounced back sharply. However, the short-term texture of the market is still on the downside,” said Shrikant Chouhan, head of research at Kotak Securities.
The gains were largely led by index-heavy stocks like Reliance Industries and Adani Enterprises. Shares of Reliance Industries rose nearly 1%, while Adani Enterprises surged 5% today. Adani group’s recent announcement about keeping its follow-on public offering unchanged aided sentiment for the stock. However, the stock continued to trade at a significant discount to its FPO price.
Nifty 50 stocks such as Bajaj Finance also shone, following strong earnings for Oct-Dec. The stock closed 4.5% higher after the company reported a 40% jump in its consolidated net profit for Oct-Dec. Shares of NTPC rose nearly 3%, as the company’s net profit exceeded analysts’ expectations.
Almost all sectoral indices ended in the red except for the information technology index – the Nifty IT index closed 1.1% higher today. This was primarily due to positive cues from US markets, which closed higher on Friday on the back of optimistic economic data releases. The data showed real consumer spending in the US fell for the second consecutive month in December, down 0.2% from November. US GDP expanded at its slowest pace in the fourth quarter to 2.9%, which boosted sentiment.
Analysts believe that the IT sector is witnessing a bounce-back after a streak of consolidation, besides the Oct-Dec earnings of several technology companies bringing gains.
Despite closing on a positive note, caution around the critical Hindenburg report was still evident throughout the trading session. Among the major laggards was the oil and gas and energy sectors, which were driven by losses in Adani Group stocks. The Nifty Energy and Oil and Gas closed 3.6% lower, with shares of constituents like Adani Total Gas, Adani Green Energy, and Adani Transmission falling 18-20% today.
Adani Total Gas and Adani Transmission hit the lower circuit at 20%, followed by Adani Wilmar and Adani Power, which also touched the circuit after falling 5%.
However, the broader market was relatively weak, with all broader indices closing marginally lower today.
So far today, companies like Laurus Labs, Punjab National Bank, SRF, Tech Mahindra, and Larsen and Toubro have reported their Oct-Dec earnings. Larsen and Toubro reported a net profit of 25.5 bln rupees, while Tech Mahindra reported a consolidated net profit of 13 bln rupees, both in line with analysts’ estimates.
* Among Nifty 50 stocks, 29 rose, 21 fell, and 0 unchanged
* Among Sensex stocks, 17 rose, 13 fell, and 0 unchanged
* On the BSE, 1,449 stocks rose, 2,156 fell, and 158 were unchanged
* On the NSE, 983 stocks rose, 1,310 fell, and 457 were unchanged
* Nifty Oil and Gas: Down 3.6%; Nifty Energy: Down 3.6%; Nifty IT: Up 1.1%
BSE NSE
Sensex: 59500.41, up 169.51 pts 0.3% Nifty 50: 17648.95, up 44.60 pts 0.3%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022) : Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022) : Record Close High: 18812.50 (Dec 1, 2022)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2) : 2023 Closing High: 18197.45 (Jan 2)
2023 Closing Low: 59900.37 (Jan 6) : 2023 Closing Low: 17859.45 (Jan 6)
2023 High (intraday): 61222.79 (Jan 2) : 2023 High (intraday): 18215.15 (Jan 2)
2023 Low (intraday): 59669.91 (Jan 6) : 2023 Low (intraday): 17795.55 (Jan 6)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
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 Avishek Dutta
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