India Stocks Review: Indices end up, analysts say too early to cheer

Informist, Wednesday, Mar 29, 2023

By Anshul Choudhary

Stock Markets Diverge As Oil Prices Cool

MUMBAI – Benchmark indices, which recovered from the sell-off in the middle of the session, closed higher due to gains in shares of automobile companies and banks. However, analysts believe it is too early to expect further gains and advised investors to book profits.

“There are losses happening across sectors and right now, sell-on-rise should be the only right tactic,” said Nirav Harish Chheda, technical analyst with Nirmal Bang Institutional Equities, while also mentioning that there were no significant upwards movements seen in the market.

The indices rose sharply in the final half an hour of the session, likely tracking global markets. In Europe, indices rose led by gains in banking stocks. Markets in Asia closed higher today as shares of Alibaba listed on Hong Kong surged after the company announced on Tuesday that it would split into six business units.

Analysts also saw an impact of buying by foreign investors. “Foreign investors turning net buyers of domestic equities in recent sessions has helped improve the overall mood,” said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, in a note.

Today, Nifty 50 index closed 0.8% higher at 17080.70 points and Sensex closed 0.6% higher at 57960.09 points.

Banking stocks rose sharply towards the end of trade. Shares of IndusInd Bank rose 2% and those of Axis Bank rose 1.2%. Shares of the State Bank of India recovered from the day’s low of 506.30 rupees and closed 1.7% higher at 516.50 rupees.

Automobile companies were the other major gainers today. Analysts said that recent correction might have prompted some investors to buy these stocks. The Nifty Auto index had declined 4.8% in the last 30 days and had also closed at its lowest level in over eight months on Tuesday.

Among automobile stocks, shares of Eicher Motors were the top gainers, closing 2.9% higher. Shares of Hero MotoCorp closed 2.4% higher, while those of Bajaj Auto rose 2.3%.

Adani Group stocks also aided the benchmark indices today. The group’s stocks gained after it refuted a report that questioned its claims of having repaid $2.15 bln of debt raised against shares. Shares of Adani Enterprises were up 8.7% and those of Adani Ports and Special Economic Zone were up 7.3%.

Among other stocks, shares of Bharti Airtel were down for the fourth consecutive session and lost 0.7% today. Shares of index heavyweight Reliance Industries, which fell over 1.5% during trade, benefitted from the slightly positive sentiment later and closed 0.6% lower.

* Among Nifty 50 stocks, 43 rose, 6 fell, and 1 unchanged

* Among Sensex stocks, 26 rose, 4 fell

* On the BSE, 2,173 stocks rose, 1,345 fell, and 118 unchanged

* On the NSE, 1,643 stocks rose, 651 fell, and 452 unchanged

* Nifty PSU Bank: Up 3.2%; Nifty Auto: Up 1.7%

BSE NSE
Sensex: 57960.09, up 346.37 pts or 0.60% Nifty 50: 17080.70, up 129 pts or 0.76%

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 Maheswaran Parameswaran

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