Informist, Tuesday, Jan 31, 2023

By Maitri Seth

MUMBAI – Benchmark domestic equity indices closed on a positive note today after an extremely choppy session. Gains from stock-specific movements were partially negated by caution ahead of the Union Budget and concerns around the Federal Reserve's policy meeting scheduled. 

"Investors resorted to profit-taking ahead of the Union Budget announcement. Also, the US Federal Reserve's meeting on interest rate decision overnight tomorrow prompted investors to take selective bets with a cautious stance," said Shrikant Chouhan, head of research at Kotak Securities. 

After opening on a subdued note and extending losses early in the session, indices soon turned choppy. Chandan Taparia, technical and derivative analyst at Motilal Oswal, believes the Nifty 50 was trapped in a range of 17500-17700 points, with intense caution-led selling pressure on the upside. Hence, any breach of the 17700-levels dragged the index back in the range. 

Today, both the Nifty 50 and the Sensex closed 0.1% higher at 17662.15 points and 59549.90 points, respectively. The broader market outperformed the benchmark indices today, will all mid-cap and small-cap indices closing 1.5-2.9% higher.

Analysts say a bounce-back in several Adani Group stocks prevented the index from breaching its immediate support of 17500 points. Most Adani Group stocks fell in opening trade, with Adani Wilmar and Adani Total Gas again hitting their lower circuit filters today. But several stocks such as Adani Transmission and Ambuja Cements recovered after suffering losses from the Adani-Hindenburg episode. 

Both Adani Enterprises and Adani Ports closed nearly 3% higher, gaining strength from the company's decision to keep its follow-on public offering unchanged. 

Today, the gains were led by the metal and automobile sectors, with the Nifty Auto and Nifty Metal indices surging 1.9% and 1.5%, respectively. Optimism around the automobile and metal sectors ushered gains in these indices. Market participants expect the government to introduce favourable measures for the metals sector in the Union Budget, while brokerage houses are also positive about automobile sales in January, data for which is due on Wednesday. 

Leading the laggards was the information technology sector, with the Nifty IT index closing 1.2% lower today. The sector suffered as overnight losses on Wall Street dented sentiment for this export-driven sector. The US market closed lower on Monday as caution ahead of the Fed policy meeting and the January unemployment data more than offset gains from corporate earnings. 

The Nifty Media index closed 2.3% higher today, while oil and gas, pharma, and healthcare were some other major sectors on the losing side.

The earnings of several companies for Oct-Dec also directed the movement in stocks like Bharat Petroleum Corp, Tech Mahindra, WestLife Foodworld, and Godrej Consumer Products. Shares of Bharat Petroleum Corp closed 2.6% higher as its Oct-Dec net profit beats analysts' estimates. West Foodworld also extended gains and closed 6% higher following strong earnings.

On the other hand, Tech Mahindra closed 2% lower following a disappointing outlook by its management.

Investors have much on their plate for Wednesday, including the Union Budget, the January sales data of automobile companies, the Oct-Dec earnings of Nifty 50 companies like Britannia, and the Federal Reserve's policy meeting in the US.

All eyes are now on the Union Budget, and volatility is expected to remain high on Wednesday, analysts said.

* Among Nifty 50 stocks, 24 rose, 25 fell, and 1 unchanged

* Among Sensex stocks, 15 rose, 15 fell, and 0 unchanged

* On the BSE, 2,433 stocks rose, 1,066 fell, and 126 were unchanged

* On the NSE, 1727 stocks rose, 535 fell, and 444 were unchanged

* Nifty Auto: Up 1.9%; Nifty Media: Up 2.3%; Nifty IT: Down 1.2% 

BSE                                             NSE
Sensex: 59549.90, up 49.49 pts 0.1%         Nifty 50: 17662.15, up 13.20 pts 0.1%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2)             :  2023 Closing High: 18197.45 (Jan 2)

2023 Closing Low: 59900.37 (Jan 6)              :  2023 Closing Low: 17859.45 (Jan 6)

2023 High (intraday): 61222.79 (Jan 2)          :  2023 High (intraday): 18215.15 (Jan 2)

2023 Low (intraday): 59669.91 (Jan 6)           :  2023 Low (intraday): 17795.55 (Jan 6)

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

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 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.

Informist, Tuesday, Jan 31, 2023

By Maitri Seth

MUMBAI – Benchmark domestic equity indices closed on a positive note today after an extremely choppy session. Gains from stock-specific movements were partially negated by caution ahead of the Union Budget and concerns around the Federal Reserve's policy meeting scheduled. 

"Investors resorted to profit-taking ahead of the Union Budget announcement. Also, the US Federal Reserve's meeting on interest rate decision overnight tomorrow prompted investors to take selective bets with a cautious stance," said Shrikant Chouhan, head of research at Kotak Securities. 

After opening on a subdued note and extending losses early in the session, indices soon turned choppy. Chandan Taparia, technical and derivative analyst at Motilal Oswal, believes the Nifty 50 was trapped in a range of 17500-17700 points, with intense caution-led selling pressure on the upside. Hence, any breach of the 17700-levels dragged the index back in the range. 

Today, both the Nifty 50 and the Sensex closed 0.1% higher at 17662.15 points and 59549.90 points, respectively. The broader market outperformed the benchmark indices today, will all mid-cap and small-cap indices closing 1.5-2.9% higher.

Analysts say a bounce-back in several Adani Group stocks prevented the index from breaching its immediate support of 17500 points. Most Adani Group stocks fell in opening trade, with Adani Wilmar and Adani Total Gas again hitting their lower circuit filters today. But several stocks such as Adani Transmission and Ambuja Cements recovered after suffering losses from the Adani-Hindenburg episode. 

Both Adani Enterprises and Adani Ports closed nearly 3% higher, gaining strength from the company's decision to keep its follow-on public offering unchanged. 

Today, the gains were led by the metal and automobile sectors, with the Nifty Auto and Nifty Metal indices surging 1.9% and 1.5%, respectively. Optimism around the automobile and metal sectors ushered gains in these indices. Market participants expect the government to introduce favourable measures for the metals sector in the Union Budget, while brokerage houses are also positive about automobile sales in January, data for which is due on Wednesday. 

Leading the laggards was the information technology sector, with the Nifty IT index closing 1.2% lower today. The sector suffered as overnight losses on Wall Street dented sentiment for this export-driven sector. The US market closed lower on Monday as caution ahead of the Fed policy meeting and the January unemployment data more than offset gains from corporate earnings. 

The Nifty Media index closed 2.3% higher today, while oil and gas, pharma, and healthcare were some other major sectors on the losing side.

The earnings of several companies for Oct-Dec also directed the movement in stocks like Bharat Petroleum Corp, Tech Mahindra, WestLife Foodworld, and Godrej Consumer Products. Shares of Bharat Petroleum Corp closed 2.6% higher as its Oct-Dec net profit beats analysts' estimates. West Foodworld also extended gains and closed 6% higher following strong earnings.

On the other hand, Tech Mahindra closed 2% lower following a disappointing outlook by its management.

Investors have much on their plate for Wednesday, including the Union Budget, the January sales data of automobile companies, the Oct-Dec earnings of Nifty 50 companies like Britannia, and the Federal Reserve's policy meeting in the US.

All eyes are now on the Union Budget, and volatility is expected to remain high on Wednesday, analysts said.

* Among Nifty 50 stocks, 24 rose, 25 fell, and 1 unchanged

* Among Sensex stocks, 15 rose, 15 fell, and 0 unchanged

* On the BSE, 2,433 stocks rose, 1,066 fell, and 126 were unchanged

* On the NSE, 1727 stocks rose, 535 fell, and 444 were unchanged

* Nifty Auto: Up 1.9%; Nifty Media: Up 2.3%; Nifty IT: Down 1.2% 

BSE                                             NSE
Sensex: 59549.90, up 49.49 pts 0.1%         Nifty 50: 17662.15, up 13.20 pts 0.1%

S&P BSE Sensitive Index                            Nifty 50
Lifetime High: 63583.07 (Dec 1, 2022)           :  Lifetime High: 18887.60 (Dec 1, 2022)
Record Close High: 63284.19 (Dec 1, 2022)       :  Record Close High: 18812.50 (Dec 1, 2022)

2023 1st day close: 61167.79 (Jan 2)            :  2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 61167.79 (Jan 2)             :  2023 Closing High: 18197.45 (Jan 2)

2023 Closing Low: 59900.37 (Jan 6)              :  2023 Closing Low: 17859.45 (Jan 6)

2023 High (intraday): 61222.79 (Jan 2)          :  2023 High (intraday): 18215.15 (Jan 2)

2023 Low (intraday): 59669.91 (Jan 6)           :  2023 Low (intraday): 17795.55 (Jan 6)

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

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 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.