Informist, Thursday, Jun 1, 2023
By Neeshita Beura
MUMBAI – Domestic equities opened higher on the back of strong GDP data released after market hours on Wednesday but succumbed to the selling pressure by the end of the trading session. Financial services and energy companies were the biggest laggards. Realty and pharmaceutical companies, on other hand, were the major gainers. Automobile company stocks were in focus as they reported their May sales data.
“The recent movement in the index indicates a pause and dip in the banking and financials is causing turbulence however some stability in other sectors is offsetting the damage,” said Ajit Mishra, senior vice president of technical research, Religare Broking.
Today, Nifty 50 and Sensex ended 0.3% lower each at 18487.75 points and 62428.54 points, respectively.
Kotak Mahindra Bank, ICICI Bank, and HDFC Bank dragged the banking sector lower. Shares of Kotak Mahindra Bank ended 4.2% lower after a 2% spike on Wednesday following the reshuffling of MSCI index, in which weightage of the stock increased.
Coal India, Oil and Natural Gas Corp, Reliance Industries, and Power Grid Corp of India pulled the Nifty Energy index lower, leading it to close 0.2% down at 23825.30 points. Coal India shares were the worst hit on Nifty 50 today and ended 4.5% lower at 230.35 rupees after the government said it would sell up to 3% stake in the company at a floor price of 225 rupees per share, which is lower than the current market price.
In the Nifty 50 pack, Bharti Airtel was also among the key losers. Shares of the telecom services provider ended 2.6% down at 827.95 rupees after it hit a record high of 888.75 rupees on Wednesday due to multiple large deals, each above 100,000 shares, on the National Stock Exchange.
Meanwhile, Apollo Hospital Enterprise ended higher as the top gainer on Nifty 50 and hit a five-month high of 4,825.80 rupees as the management gave a positive outlook for 2023-24 (Apr-Mar) in the post-earnings call. Divi’s Laboratories was the second-highest gainer. The stock erased its losses made in the last three sessions and hit its highest level in over five months.
Many automobile companies were in focus throughout the day as they reported their sales for May. Shares of Bajaj Auto hit an all-time high of 4,669.80 rupees after the company said that its total sales in May rose 29% on year to 355,148 units, driven by robust growth in domestic dispatches. Escorts Kubota shares hit a five-month high of 2,228.00 rupees after the company reported a 9% year-on-year rise in tractor sales for May.
Maruti Suzuki India came off lows after the company reported an on-year rise in its sales for May. Shares of VST Tillers Tractors recovered after the company reported a year-on-year rise of 3.5% in its total sales. However, the stock declined and ended 0.7% lower.
Meanwhile, Atul Auto’s shares hit their lowest level in over one month at 335.15 rupees after the company announced that its total sales in May fell 38.6% on year.
According to Prashanth Tapse, senior vice president of research, Mehta Equities, investors were cautious today which led to the choppy and volatile session. He attributed this caution to several factors. “Despite the US House of Representatives passing a bill to raise the debt ceiling before the Jun 5 deadline, the bulls faced difficulties in making progress. It indicates that there might be concerns regarding the potential impact of the debt ceiling on the global financial markets,” said Tapse. Furthermore, the decline in China’s factory activity, according to Tapse, suggests that there might be apprehension amongst investors regarding the overall health of the global economy.
The broader market, however, continued its outperformance from Wednesday as mid-cap and small-cap indices ended 0.2-1.0% higher. Mid-cap indices even managed to touch new record highs.
* Of the Nifty 50 stocks, 27 rose and 23 fell
* Of the Sensex stocks, 18 rose and 12 fell
* On the BSE, 2,078 stocks rose, 1,458 fell, and 125 were unchanged
* Nifty Realty: up 1.1%; Nifty Pharma: up 1.1%; Nifty Bank: down 0.8%
BSE NSE
Sensex: 62428.54, down 193.70 pts or 0.31% Nifty 50: 18487.75, down 46.65 pts or 0.25%
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: 62345.71 (May 15) : 2023 Closing High: 18499.35 (May 26)
2023 Closing Low: 59288.35(Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 62562.67 (May 15) : 2023 High (intraday): 18508.55 (May 26)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 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 Akul Nishant Akhoury
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2023. All rights reserved.
Source: Cogencis
