Back Informist, Tuesday, Dec 26, 2023 By Anjana Therese Antony
MUMBAI – Benchmark equity indices, which saw some volatility in early trade, closed higher, led by gains in energy, banks, and financial services stocks. Losses in major information technology stocks capped the gains in the overall market.
"Overall, the global scenario for emerging markets like India remains positive with US inflation, bond yields and the dollar index trending down," Avdhut Bagkar, technical and derivatives analyst at StoxBox, said in a post-market note.
Nifty 50 closed 91.95 points, or 0.4%, higher at 21441.35 points and the BSE Sensex ended 229.84 points, or 0.3%, higher at 71336.80 points. The immediate support for the 50-stock index is pegged at 21300 points and resistance at 21550 points.
"With the year-end round the corner, investor participation is likely to remain thin, which could see the markets turn range-bound with a mixed bias over the next few days," Prashanth Tapse, senior vice president at research at Mehta Equities, said in a post-market note.
The broader market also rose, except the Nifty Smallcap 50 index, which ended flat. Nifty midcap indices closed around 0.6% higher.
Nifty Oil & Gas, which hit an all-time high during the day, was amongst the top sectoral gainers. The index closed 1.5% higher at 9427.05 points, with most of its constituents in the green.
Banks and financial services stocks also inched higher. Nifty Financial Services, Nifty Private Bank, and Nifty Bank closed 0.3-0.5% higher. Gains in Axis Bank, Kotak Mahindra Bank, and HDFC Bank pushed the Nifty 50 index higher by over 0.1%.
IT stocks, which were the major gainers in the previous session, underwent some selling pressure following losses in Infosys. The fall came after the tech giant said that a global company terminated a $1.5-bln contract that was signed in September. Shares of Infosys closed 18.95 rupees, or 1.2%, lower at 1,543.95 rupees on the National Stock Exchange. The stock was the worst-hit constituent in Nifty IT. Out of 10 constituents of the IT index, seven closed lower.
On the other hand, shares of Wipro hit their highest level in over 18 months at 475.80 rupees. Wipro shares gathered steam on speculations that the company is considering L&T Infotech's Chief Executive Officer Sanjay Jalona for a senior role, Sumit Pokharna, vice president of research at Kotak Securities said. However, Jalona and Wipro denied the reports, calling them rumours, according to Moneycontrol.
Nifty Pharma and Nifty Healthcare both hit fresh lifetime highs today at 16580.65 points and 10488.10 points, respectively. The rise in COVID-19 cases in the US led to an increase in sales for Indian pharmaceutical companies, Prathamesh Masdekar, equity research analyst at BP Equities, said.
Among specific stocks, shares of Bharat Electronics hit an all-time high of 184.50 rupees today after broking firm CLSA reportedly raised the target price as well as the earnings per share estimate for the company. CLSA raised the stock price target by 50 rupees to 207 rupees per share and its earnings per share estimates 5-7% over 2024-25 and 2025-26.
Network18 Media and Investments rose over 7% during the day after The Economic Times reported that its parent company Reliance Industries and Walt Disney signed a non-binding term sheet to merge their Indian market operations. The deal is expected to be completed by February. The media company's shares came off highs and closed 3.2% higher at 88.85 rupees.
Three new stocks–Suraj Estate Developers, Muthoot Microfin, and Motisons Jewellers–debuted on the exchanges today. While shares of Motinsons Jewellers were listed at a premium of 98%, Muthoot Microfin and Suraj Estate were listed at 5-6% discount to the issue price.
Analysts expect the Indian stocks market to move in a thin range on Wednesday in the absence of major triggers in the domestic as well as global markets. Analysts said flows from foreign institutional investors could remain muted owing to the year-end holiday season.
* Of the Nifty 50 stocks, 42 rose and 8 fell
* Of the Sensex stocks, 23 rose and 7 fell
* On the BSE, 2,292 stocks rose, 1,599 fell, and 139 were unchanged
* Nifty Oil & Gas: Up 1.51%; Nifty Energy: Up 1.33%; Nifty IT: Down 0.41%
BSE NSE
Sensex: 71336.80, up 229.84 pts, or 0.32% Nifty 50: 21441.35, up 91.95 pts, or 0.43%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 71913.07 (Dec 20, 2023) : Lifetime High: 21593 (Dec 20, 2023)
Record Close High: 71483.75 (Dec 15, 2023) : Record Close High: 21456.65 (Dec 15, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 71483.75 (Dec 15) : 2023 Closing High: 21456.65 (Dec 15)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 71913.07 (Dec 20) : 2023 High (intraday): 21593 (Dec 20)
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
With inputs from Anjali Singh and Nithyashree Kannan
Edited by Saji George Titus
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