Informist, Monday, Jul 25, 2022
By Vaibhavi
NEW DELHI – The benchmark indices snapped their six-day winning streak and ended lower today owing to a sharp fall in the shares of Reliance Industries and the weakness in frontline automobile companies.
Profit booking kicked in following sharp gains over the past six sessions which also weighed the indices down.
The indices had opened lower tracking weak global cues as disappointing quarterly results by US technology companies reignited concerns about the adverse impact of rising interest rates and higher inflation on corporate earnings.
Back home as well, earnings took centre stage today, with index-heavyweight RIL slipping nearly 4% after its consolidated net profit for the quarter was below expectations. Further, prevailing recessionary concerns and a sharp fall in the Singapore gross refining margins clouded the earnings prospects for the oil-to-telecom conglomerate which contributed to the sharp fall.
Losses were also prominent within the automobile pack that fell prey to profit booking. Major frontline automobile companies such as Mahindra & Mahindra, Maruti Suzuki, Eicher Motors, Hero MotoCorp, Tata Motors and Bajaj Auto shed 1-4%.
The Nifty Auto Index ended 1.7% and was the worst hit sectoral index. The sectoral index had touched a lifetime high on Friday which gave way for investors to book some profits today.
As a result, the Nifty 50 fell below 16600 points through the day. However, a recovery in select financial and metal stocks helped the index recoup some of its losses and end above 16600 points.
The Nifty 50 fell to a low of 16564.25 points but eventually pared some losses to end 0.5% lower at 16631 points. Similarly, the 30-stock Sensex closed 0.6% down at 55766.22 points after it hit a low of 55537.08 points.
The scope for any significant upmove towards 16800 points will remain on the cards as long as the Nifty 50 stays above 16500 points, said Viraj Vyas, technical and derivatives analyst with Ashika Institutional Research.
Banks remained resilient for much of the session, resisting a steeper fall which cushioned the downturn for Nifty 50. IndusInd Bank, State Bank of India and HDFC Bank were some gainers within the banking pack today.
Within the broader market, mid-cap indices fared better than the Nifty 50 and ended a tad lower whereas the small-cap peers ended 0.4-0.8% down.
On the stock specific front, Zomato tanked over 11% to an all-time low of 46 rupees as investors offloaded their stake after the lock-in period for shareholders who invested before the initial public offering expired.
Moreover, earnings guided action also led to sharp stock specific moves today. Navin Fluorine International and Mahindra CIE Automotive soared on their positive earnings while those of Sterlite Technologies, HFCL and Finolex Industries slumped owing to disappointing Apr-Jun results.
* Among Nifty 50 stocks, 18 rose, 31 fell and 1 was unchanged
* Among Sensex stocks, 13 rose and 17 fell
* On the BSE, 1,517 stocks rose, 1,904 fell and 177 were unchanged
* Nifty Auto: Down 1.7%; Nifty Metal: Up 1.5%; Nifty Energy: Down 1%
BSE National Stock Exchange
Sensex: 55766.22 points, down 306.01 pts (0.6%) Nifty 50: 16631.00, down 88.45 pts (0.5%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19) : Lifetime High: 18604.45 (Oct 19)
Record Close High: 61765.59 (Oct 18) : Record Close High: 18477.05 (Oct 18)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 61308.91 (Jan 17) : 2022 Closing High: 18308.10 (Jan 17)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
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 Michael Correya
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 (11) 4220-1000
Send comments to [email protected]
© Informist Media Pvt. Ltd. 2022. All rights reserved.
Source: Cogencis