Informist, Thursday, Aug 31, 2023
By Anjana Therese Antony
MUMBAI – Despite the positive sentiment in global markets, Indian equities closed lower today due to profit-booking and the monthly expiry of derivatives contracts. The fall in benchmark stock indices today was after they ended marginally higher for three consecutive sessions.
Analysts said investors have been struggling this week due to the absence of major events in the domestic market and as such, they were looking at global events for direction. Some pessimism among foreign investors and a weak monsoon are also likely to have added to woes in the market.
Today, the Nifty 50 ended 0.5% lower at 19253.80 points and the Sensex closed down 0.4% at 64831.41 points. Immediate support for the 50-stock index is pegged at 19200-19150 points and resistance at 19350-19400 points. Some analysts said the index could rise further if it manages to surpass the 19400-level.
The broader market outperformed benchmark indices, with the Nifty Midcap and Nifty Smallcap indices closing 0.1-1.0% higher. Three analysts said some focus shifted to mid-cap and small-cap stocks in the short term while the market was weak.
Meanwhile, most sectoral indices closed lower, with the Nifty PSU Bank and Nifty Oil & Gas being the worst hit, down 1% each. The others hit were Nifty Financial Services and Nifty Bank, which fell 0.6% each. Losses in financial stocks dragged the Nifty 50 lower by 0.1%.
Bucking the trend, the Nifty IT and Nifty Realty ended higher by 0.2% and 0.7%, respectively.
Among specific stocks, all seven Adani Group stocks closed 2.2-3.7% lower after new allegations of stock market manipulation against the conglomerate. A report by The Financial Times said the Adani family’s partners had invested millions to buy own group shares through opaque investment funds based in Mauritius. However, Adani Group and Mauritius-based fund 360 ONE Asset Management (Mauritius) denied these allegations.
The fresh claims come after stock market allegations raised by US-based Hindenburg Research against the conglomerate in January. The short-seller had alleged that Adani Group companies were engaged in “stock manipulation and accounting fraud scheme over the course of decades”.
Following this, shares of Adani Group companies fell significantly, triggering a sell-off in the market.
Investors many continue to look for further updates on this front.
Shares of Zee Entertainment Enterprises extended losses and closed 1.5% lower after the National Company Law Appellate Tribunal sought a response from the company on a petition by IDBI Bank, seeking insolvency proceedings against the entertainment giant.
On the other hand, shares of Jio Financial Services closed higher for the third consecutive session after the recent downfall following its listing. The exclusion of the stock from BSE indices was deferred to Friday after it closed lower for four consecutive sessions since its listing on Aug 21.
Shares of Maruti Suzuki India closed higher for the third straight session after the company said at its annual general meeting on Tuesday that it plans to use existing cash reserves of 450 bln rupees to double production capacity to 4 mln cars by 2030-31 (Apr-Mar).
Meanwhile, Aeroflex Industries listed at a premium of 75.9% to its issue price. The stock listed at 190 rupees per share on the NSE, against the issue price of 108 rupees. The stock closed 51.2% higher at 163.25 rupees.
On Friday, the market is expected to rebound and analysts see the 50-stock index crossing the crucial level of 19400 points led by gains in information technology and metal stocks.
* Of the Nifty 50 stocks, 5 rose, 44 fell, an 1 was unchanged.
* Of the Sensex stocks, 21 rose, 8 fell, and 1 was unchanged
* On the BSE, 1,837 stocks rose, 1,784 fell, and 147 were unchanged
* Nifty PSU Bank: Down 1.33%; Nifty Oil & Gas: Down 1.04%; Nifty Realty: Up 0.65%
BSE NSE
Sensex: 64831.41, down 255.84 pts or 0.39% Nifty 50: 19253.80, down 93.65 pts or 0.48%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67619.17 (Jul 20, 2023) : Lifetime High: 19991.85 (Jul 20, 2023)
Record Close High: 67571.90 (Jul 20, 2023) : Record Close High: 19979.15 (Jul 20, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67571.90 (Jul 20) : 2023 Closing High: 19979.15 (Jul 20)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 66064.21 (Jul 13) : 2023 High (intraday): 19567.00 (Jul 13)
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 Avishek Dutta
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