Informist, Friday, May 5, 2023

By Pradeep Suresh V.

MUMBAI – Domestic benchmark indices plummeted from record heights of Thursday, largely due to losses in shares of HDFC Bank and Housing Development Finance Corp. The Nifty 50 and Sensex, which ended the last session at their highest levels in over four months, closed 1% lower today at 18069 points and 61054.29 points, respectively.

"Markets reversed the gains of the previous session and shed a percent on Friday. Apart from feeble global cues, the sharp cut in the HDFC twins was largely weighing on the sentiment...the decline in the index has faded the bullish tone and indications are now in favour of consolidation," said Ajit Mishra, the vice-president at Religare Broking.

HDFC Bank, along with its to-be merged entity Housing Development Finance Corp, fell after MSCI Inc said it would add HDFC Bank to the large-cap segment of the MSCI Global Standard Indexes to avoid excessive volatility, triggering outflow.

Shares of HDFC Bank ended 5.9% lower and was the top loser among Nifty 50 companies over fears that the merger of HDFC with the bank may trigger outflow of $150 mln-$200 mln, post inclusion in the index. Shares of HDFC ended 5.6% lower today.

Among the sectoral indices, the downturn was led by Nifty Private Bank, followed by Nifty Bank and Nifty Financial Services.

Shares of Tata Steel ended 2.2% lower on some brokerage firm's cautious view on the stock following the earnings for the March quarter.

Shares of Manappuram Finance ended 11.5% lower today after the Enforcement Directorate froze assets worth 1.43 bln rupees of the company under the Prevention of Money Laundering Act of 2022. 

Shares of Fertilizers & Chemicals Travancore and Bharat Forge ended lower at 7.6% and 1.9%, respectively, over disappointing Jan-Mar earnings.

Other important companies to end in the red included IndusInd Bank, Hindalco Industries, and UPL Ltd.

While most sectoral indices turned red, Nifty Consumer Durables, Nifty Auto, and Nifty FMCG ended in the green.

Siddhartha Khemka, who heads retail research at Motilal Oswal Financial Services, said that the overall market structure remains positive. "Despite weak global markets, Indian equities remained resilient...expect Nifty to consolidate in the near term on the back of subdued global cues and profit booking in index heavyweights," he added.

Shares of Titan Co ended 2.3% higher, emerging as the top Nifty 50 gainer, at a near six-month high of 2,757.55 rupees on the back of strong earnings reported in the March quarter.

Shares of UltraTech Cement and Maruti Suzuki ended 1.7% higher.

Adani Enterprises ended 0.5% higher after the company on Thursday reported a whopping 137.4% increase in its consolidated net profit for the quarter ended March.

Shares of Britannia Industries hit a near three-month high of 4,636.95 rupees before ending 0.9% lower ahead of the company's Jan-Mar earnings, due today. The company is expected to post growth in its topline and bottomline figures supported by resilient demand for biscuits.

Shares of TVS Motor Co rose to an all-time high of 1,234.95 rupees today before ending 3.9% higher after the company announced its earnings for the March quarter on Thursday.

Shares of CEAT hit a fresh four-month high of 1,748.80 rupees today and ended 3.7% higher after the company's Jan-Mar consolidated net profit rose 429.5% on year to 1.34 bln rupees.

* Among Nifty 50 stocks, 20 rose, 30 fell

* Among Sensex stocks, 10 rose, 20 fell

* On the BSE, 1,474 stocks rose, 2,040 fell, and 127 were unchanged

* Nifty Consumer Durables: Up 1.11%; Nifty Private Bank: Down 2.82%; Nifty Bank: Down 2.34%

BSE                                              NSE
Sensex: 61054.29, down 694.96 pts or 1.13%          Nifty 50: 18069, down 186.80 pts or 1.02%

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: 59288.35(Feb 27)              :  2023 Closing Low: 17311.80 (Oct 17)

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

2023 Low (intraday): 58699.20 (Jan 30)          :  2023 Low (intraday): 17098.55 (Oct 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 Akul Nishant Akhoury

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