Informist, Tuesday, Mar 28, 2023
By Anshul Choudhary
MUMBAI – Benchmark indices failed to post gains today, even as indices made multiple upward movements throughout the trading session. The indices remained range-bound in the negative territory for the majority of trade before ending the session lower, with losses in information technology and automobile stocks.
Today, the Nifty 50 ended 0.2% lower at 16951.70 points and the Sensex ended 0.1% lower 57613.72 points, respectively.
Shares of information technology companies witnessed selling pressure initially, which worsened in the later half of trade. Shares of Tech Mahindra were down nearly 3% and those of Wipro and HCL technologies were down 1.5% and 1.1%, respectively.
Investors’ sentiments were impacted after IT stocks in the US witnessed losses amid concerns of high interest rates impacting companies’ quarterly performances. The Nasdaq Composite index ended 0.5% lower on Monday.
Automobile companies were the major laggards, with shares of Hero MotoCorp declining 2.6%. Further, shares of Tata Motors were 2.5% lower and those of Eicher Motors were down 1.2%.
Banking and financial services sectors were the only gainers today. However, these remained volatile throughout the session. During the trade, the Nifty Bank index declined as much as 0.3% and rose as much as 0.5% today, before closing 0.4% higher.
Banks and financial stocks have added to market volatility, as a high interest rate environment has hit the confidence of investors in these sectors. Analysts say the rising rates might lead to slower credit growth in public sector banks.
Despite the volatility, banks and financial stocks performed better today as investors’ sentiments improved after gains in global markets. Most Asian indices closed higher today, with gains in banking stocks, after US’ regional bank First Citizens BancShares said it would acquire the failed Silicon Valley Bank.
Among stocks, shares of IndusInd Bank rose 2.3% and those of HDFC Bank and ICICI Bank were up 0.8% and 0.7%, respectively.
Among other sectors, the Nifty Media fell for the fifth straight session and hit its lowest level in 18 months. The sectoral index closed 1.7% lower at 1649.10 points.
The real estate sector was among another loser today. The Nifty Realty fell for the seventh straight session and closed 1.2% lower at 372.00 points.
Stocks of Adani Group were the major losers today, with all stocks declining between 3-7%. Shares of Adani Enterprises and Adani Ports and Special Economic Zone were the worst hit, and fell 7.1% and 5.7% respectively, each.
Meanwhile, shares of other stocks of the conglomerate including Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Power were locked in their 5% lower circuit filters.
According to media reports, publication The Ken raised questions on whether the group has repaid the debt amounting to $2.15 bln. The report stated that despite the conglomerate’s claim of complete repayment, “filings show that banks have not released a significant portion of the promoters’ shares held as collateral, indicating that the debt has not been fully paid off.”
Among others, shares of Kalyan Jewellers closed nearly 10% lower after two block deals took place on the NSE, aggregating to 25.3 mln shares. According to reports, the company’s public shareholder Highdell Investment had planned to sell 2.5% stake through a block deal at a floor price of 110 rupees per share.
* Among Nifty 50 stocks, 18 rose, 32 fell
* Among Sensex stocks, 11 rose, 19 fell
* On the BSE, 1,042 stocks rose, 2,502 fell, and 100 unchanged
* On the NSE, 627 stocks rose, 1,671 fell, and 441 unchanged
* Nifty Bank: Up 0.4%; Nifty Financial Services: Up 0.3%; Nifty Media: Down 1.7%
BSE NSE
Sensex: 57613.72, down 40.14 pts or 0.1% Nifty 50: 16951.70, down 34 pts or 0.2%
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 Vidhi Verma
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