Informist, Monday, Sep 18, 2023
MUMBAI – Benchmark equity indices closed in the red today due to weak global cues and lack of major domestic triggers. Analysts also hinted at some profit-booking as the market has been “bullish” since the last few sessions.
Metal stocks were the worst hit today, followed by mid- and small-cap stocks-led sectors such as real estate and media. Shares of index heavyweight stocks Reliance Industries and HDFC Bank were down 1% and 2%, respectively, which further pulled the Nifty 50 into losses.
The Nifty 50 closed 0.3% lower at 20133.30 points, while the 30-stock Sensex ended down 0.4% at 67596.84 points. The broader market also mirrored the large-cap indices, with all major mid- and small-cap indices ending 0.3-0.5% lower.
Rajesh Bhosale, technical analyst at Angel Broking, said there were no major domestic triggers, and global cues were weak. “There was also some profit-booking, as the market has been largely bullish this month,” he added. Of the 12 trading sessions so far this month, the Nifty 50 has closed in the red only twice.
Jay Vora, senior technical and derivative analyst at Indiacharts.com, said the fall was “just a breather, and not a big correction”.
Investors took negative leads from global markets, where traders remained cautious ahead of the outcome of the Federal Reserve’s monetary policy meeting on Wednesday. Asian markets also traded lower today, as reports on Taiwan’s semiconductor manufacturer asking suppliers to delay the delivery of chip-making equipment due to demand concerns. This also affected investor sentiment back home.
Ameya Ranadive, equity research analyst with Choice Broking, said, “The US Federal Reserve and Bank of England meetings seem to have made investors cautious today.”
Metals stocks were the worst hit, with the Nifty Metal index closing 1.1% lower today at 6957.80 points. Shares of Hindalco Industries fuelled losses in the Nifty 50, closing 2.4% lower. Information technology stocks were the other major laggards, with the Nifty IT index ending 0.75 lower at 33129.50 points.
Analysts believe that the losses in IT and metal companies were largely on account of weak global cues, and they retain a positive view on IT stocks. IT stocks are seeing a sectoral rotation and earnings are expected to be positive in Jul-Sep, added Bhosale.
Banks were also major losers today, with the Nifty Bank and the Nifty Private Bank indices falling 0.5% and 0.8%, respectively. However, most public sector banks gained due to expectations of good earnings for Jul-Sep. The Nifty PSU Bank index closed 3.4% higher at 5217.30 points. The automobile and fast-moving consumer goods indices were gained today.
Investors opted for stock-specific trading rather than trading in indices, Bhosale said.
Gains in Power Grid Corp of India contributed to the rise in the Nifty 50 index. The stock closed 3% higher at 200.10 rupees today after the company witnessed multiple large deals of over 1 mln shares on the National Stock Exchange. Titan was another top gainer, closing nearly 3% higher at 3,339.50 rupees.
Among other stocks, shares of Indian Overseas Bank closed 17.5% higher after the company witnessed large deals of over 1 mln shares on the NSE. Shares of Vodafone Idea were down 6.8% at closing, after the company refuted reports of it being in talks to sell stake to US companies Verizon Communications, Amazon, or Starlink.
* Of the Nifty 50 stocks, 24 rose, and 26 fell
* Of the Sensex stocks, 15 rose, and 15 fell
* On the BSE, 1,693 stocks rose, 2,084 fell, and 170 were unchanged
* Nifty Realty: down 1.37%; Nifty Media: 1.3%; Nifty PSU Bank: Up 3.4%
BSE NSE
Sensex: 67596.84, down 241.79 pts or 0.36% Nifty 50: 20133.30, down 59.05 pts or 0.29%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023) : Lifetime High: 20222.45 (Sep 15, 2023)
Record Close High: 67838.63 (Sep 15, 2023) : Record Close High: 20192.35 (Sep 15, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023) : 2023 Closing High: 20192.35 (Sep 15)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 67927.23 (Sep 15) : 2023 High (intraday): 20222.45 (Sep 15)
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
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Avishek Dutta
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