Informist, Tuesday, Feb 28, 2023
By Neeshita Beura
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MUMBAI – The benchmark share indices ended down for the eighth trading session today, after giving up early gains. The Nifty 50 failed to remain above its support level of 17350 and ended 0.5% lower at 17303.95 points. The Sensex ended 0.6% lower at 58962.12 points.
However, the broader market outperformed the benchmark indices.
In a surprise move, shares of Adani Enterprises, which fell more than 7% early in the day, ended 14.3% higher. The shares had fallen persistently for seven sessions. Reports that some lenders led by State Bank of India have retained their credit limits despite the Hindenburg episode lifted the shares. Shares of Adani Power and Adani Wilmar also bounced back.
The Nifty Media Index ended 2.5% higher, snapping a seven-day losing streak, led by Zee Entertainment which closed nearly 7% higher after the exchanges withdrew their decision to exclude shares of the company from the futures and options segment and said the May derivatives contracts would be available for trading from today. Earlier, only March and April derivatives contracts of the stock were available for trading.
The gains in Nifty Auto, Nifty Realty indices were offset by fall in Nifty Oil & Gas, Nifty Pharma, and Nifty Healthcare indices.
Shares of pharmaceutical company Cipla ended 4.6% lower and were the worst-hit in the Nifty 50 index after CNBC-TV18 said the company has not taken corrective measures highlighted in the Form 483 issued to the company’s Pithampur plant by the US Food and Drug Administration on Feb 20.
Shares of Vedanta closed 6.6% lower after S&P Global Ratings sounded caution on the company’s $2-bln sale of international zinc assets to Hindustan Zinc.
“The market is already in an oversold position, but India’s high valuation compared to other markets seems to have caught up with the investors, who are steadily cutting their long positions,” said Shrikant Chouhan, head of equity research at Kotak Securities, in a statement. Chouhan believes 17350 is the immediate trigger level for Nifty 50. As long as the index is below 17350 points, the correction wave is likely to continue, and the index could slip to 17250–17200 points.
The mayhem seen in the domestic market since past few sessions can be attributed to the relentless selling by foreign institutional investors. “Nifty is seen heading towards its psychological 17000 mark and any recovery could be seen if Nifty closes above the 17597 mark,” said Prashanth Tapse, vice president of research at Mehta Equities.
* Among Nifty 50 stocks, 16 rose and 34 fell
* Among Sensex stocks, 9 rose and 21 fell
* On the BSE, 1,727 stocks rose, 1,725 fell, and 138 unchanged
* On the NSE, 1,153 stocks rose, 1,114 fell, and 466 unchanged
* Nifty Oil & Gas: Down 1.3%; Nifty Pharma: Down 1.3%; Nifty Media: Up 2.5%
BSE NSE
Sensex: 58962.12, down 326.23 pts or 0.55% Nifty 50: 17303.95, down 88.75 pts or 0.51%
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: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 61222.79 (Jan 2) : 2023 High (intraday): 18215.15 (Jan 2)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Oct 17)
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 Ashish Shirke
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