India Stocks Review: Indices end lower dragged dn by banks, auto cos

Informist, Wednesday, Oct 4, 2023

By Neeshita Beura

MUMBAI – Benchmark indices ended lower for the second session today as shares of banks, financial services, and automobile companies fell. Meanwhile, the Nifty IT index, which was among the biggest laggards throughout the day, recovered in the last hour of trade and unexpectedly ended 0.3% higher.

Indices opened lower and extended losses in the first half. However, recovery in select heavyweights trimmed the losses as the day progressed, Ajit Mishra, senior vice-president of technical research at Religare Broking, said in a note.

The upmove in shares of information technology companies also helped indices to come off their lowest levels for the day.

Today, the Nifty 50 closed 0.5% lower at 19436.10 points, while the Sensex ended 0.4% lower at 65226.04 points. On Thursday, the Nifty 50 is expected to find support at 19300 points and face resistance at 19600-19650 points.

Excluding the Nifty FMCG and Nifty IT, all sectoral indices ended in the red. Avdhut Bagkar, technical and derivatives analyst at StoxBox, said that market participants were rushing to the fast-moving consumer goods sector to seek shelter in a weak market.

According to analysts, negative global cues such as the rising 10-year benchmark US Treasury yield continued to dampen sentiments in the equity market on a global and domestic level.

“Overseas investors are pulling out funds from Indian equity markets as the current rally in US dollar and bond yields is making emerging market assets less attractive. Despite our strong macroeconomic growth performance, India is not insulated from global problems, and hence any correction in global markets due to worries over further rate hikes would have a rub-off effect here,” Shrikant Chouhan, the head of retail research at Kotak Securities, said in a note.

Investors were also cautious ahead of the Reserve Bank of India’s policy outcome on Friday. “There is some caution ahead of the RBI meeting (outcome), but most of the expectations have already been factored in the market,” said an analyst.

Four analysts said that banking stocks saw heavy profit booking today after having risen in the past few sessions. Axis Bank, State Bank of India, and ICICI Bank dragged down the Nifty Bank index.

Shares of Updater Services, which listed on the bourses today, ended 5.4% lower at 283.90 rupees. The stock listed at 285 rupees on the National Stock Exchange, a discount of 5% to the issue price of 300 rupees.

On the Nifty 50, Adani Enterprises was the top gainer. The stock ended 3.3% higher at 2,464.95 rupees on news that Abu Dhabi-based conglomerate International Holding Co has increased its stake in the company to 5.04%.

* Of the Nifty 50 stocks, 10 rose, 39 fell, 1 was unchanged

* Of the Sensex stocks, 7 rose, and 23 fell

* On the BSE, 1,295 stocks rose, 2,387 fell, and 113 were unchanged

* Nifty Bank: down 0.98%; Nifty PSU Bank: down 2.83%, Nifty IT: up 0.30%

BSE NSE
Sensex: 65226.04, down 286.06 pts or 0.4% Nifty 50: 19436.10, down 92.65 pts or 0.5%

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

Edited by Aditya Sakorkar

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