Informist, Monday, Mar 27, 2023

By Anshul Choudhary

MUMBAI – Benchmark indices ended off highs after a sudden turnaround in information technology stocks, which lost almost all the gains of the day in the last hour of trade. The benchmark indices, which were trading nearly 0.7% up, closed 0.2% higher owing to the sell-off in IT stocks.

Today, both the Nifty 50 and Sensex ended 0.2% higher at 16985.70 points and 57653.86 points, respectively.

Before the IT stocks started falling, the benchmark indices had shed off early trade volatility and were comfortably trading higher on the back of pharmaceutical, healthcare and fast-moving consumer goods companies.

Defensive buying in an uncertain global environment helped pharmaceutical stocks gain today, said Cyndrella Carvalho, vice-president, pharma and healthcare lead at JM Financial Institution Research.

Pharmaceutical and healthcare stocks helped the indices end higher today. Shares of Cipla were up 1.4%, and those of Sun Pharmaceutical Industries were up 1.1%. Among others, shares of Divi's Laboratories rose 0.9% and those of Apollo Hospitals Enterprise rose 0.8%.

The IT stocks, which had also helped the benchmark indices maintain gains throughout the session, either fell or came off highs in the final hour of the trading session. While shares of Wipro fell 0.1%, those of Tech Mahindra, Tata Consultancy Services, and HCL Technologies ended off highs.

Automobile stocks were among major laggards to benchmark indices. Shares of Tata Motors, Mahindra & Mahindra, Bajaj Auto, and Eicher Motors were down 0.5-1.1%.

BANKS, FINANCIAL STOCKS

Banks and financial stocks added to the market volatility, as a high interest rate environment has hit the confidence of investors in these sectors. Analysts say the rising rates might lead to slower credit growth in banks.

Apart from concerns on credit growth, a part of the volatility could also be attributed to the dismal performance of banking stocks globally after the collapse of two banks in the US.

"Credit growth in banks last year was because of low interest rates, however, the situation has changed now," said Pratik Prajapat, senior manager at Anand Rathi Share and Stock Brokers. 

Globally, bank stocks are not performing well due to fear that the failure of Silicon Valley Bank could put other banks at risk. Days after the bank's collapse, shares of Germany's Deutsche Bank slid over 8% on Friday.

Noticeably, analysts are confident that there is no systematic risk to the Indian financial system from the banking crises in the US and Europe, which may have pushed some investors to stay bullish on this sector.

"Domestic banks have their balance sheet funded mainly with granular retail deposits (unlike global banks)... are under continuous monitoring from stringent regulator like the RBI, thus reducing the risk of any sudden liquidity crisis, as seen in US-based SVB (Silicon Valley Bank)," Emkay Global said in a note today.

Among banks, shares of State Bank of India ended 1% higher, and those of HDFC Bank ended 0.4% higher, while shares of Axis Bank closed 0.8% lower, and those of ICICI Bank fell 0.4%. Overall, the Nifty Bank index rose 0.1%.
 

Among financial services stocks, shares of HDFC Life Insurance Company closed 0.1% higher, and those of Housing Development Finance Corp rose 0.1%, while shares of SBI Life Insurance fell 1.2%. Owing to this, the Nifty Financial Services index was marginally down.

* Among Nifty 50 stocks, 28 rose, 22 fell 

* Among Sensex stocks, 16 rose, 14 fell

* On the BSE, 919 stocks rose, 2,718 fell, and 151 unchanged

* On the NSE, 527 stocks rose, 1,779 fell, and 462 unchanged

* Nifty Pharma: Up 1.1%; Nifty Healthcare: Up 1.1%; Nifty Realty: Down 1.2%

BSE                                                NSE
Sensex: 57653.86, up 126.76 pts or 0.2%            Nifty 50: 16985.70, up 40.65 pts or 0.2%

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 Tanima Banerjee

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, Monday, Mar 27, 2023

By Anshul Choudhary

MUMBAI – Benchmark indices ended off highs after a sudden turnaround in information technology stocks, which lost almost all the gains of the day in the last hour of trade. The benchmark indices, which were trading nearly 0.7% up, closed 0.2% higher owing to the sell-off in IT stocks.

Today, both the Nifty 50 and Sensex ended 0.2% higher at 16985.70 points and 57653.86 points, respectively.

Before the IT stocks started falling, the benchmark indices had shed off early trade volatility and were comfortably trading higher on the back of pharmaceutical, healthcare and fast-moving consumer goods companies.

Defensive buying in an uncertain global environment helped pharmaceutical stocks gain today, said Cyndrella Carvalho, vice-president, pharma and healthcare lead at JM Financial Institution Research.

Pharmaceutical and healthcare stocks helped the indices end higher today. Shares of Cipla were up 1.4%, and those of Sun Pharmaceutical Industries were up 1.1%. Among others, shares of Divi's Laboratories rose 0.9% and those of Apollo Hospitals Enterprise rose 0.8%.

The IT stocks, which had also helped the benchmark indices maintain gains throughout the session, either fell or came off highs in the final hour of the trading session. While shares of Wipro fell 0.1%, those of Tech Mahindra, Tata Consultancy Services, and HCL Technologies ended off highs.

Automobile stocks were among major laggards to benchmark indices. Shares of Tata Motors, Mahindra & Mahindra, Bajaj Auto, and Eicher Motors were down 0.5-1.1%.

BANKS, FINANCIAL STOCKS

Banks and financial stocks added to the market volatility, as a high interest rate environment has hit the confidence of investors in these sectors. Analysts say the rising rates might lead to slower credit growth in banks.

Apart from concerns on credit growth, a part of the volatility could also be attributed to the dismal performance of banking stocks globally after the collapse of two banks in the US.

"Credit growth in banks last year was because of low interest rates, however, the situation has changed now," said Pratik Prajapat, senior manager at Anand Rathi Share and Stock Brokers. 

Globally, bank stocks are not performing well due to fear that the failure of Silicon Valley Bank could put other banks at risk. Days after the bank's collapse, shares of Germany's Deutsche Bank slid over 8% on Friday.

Noticeably, analysts are confident that there is no systematic risk to the Indian financial system from the banking crises in the US and Europe, which may have pushed some investors to stay bullish on this sector.

"Domestic banks have their balance sheet funded mainly with granular retail deposits (unlike global banks)... are under continuous monitoring from stringent regulator like the RBI, thus reducing the risk of any sudden liquidity crisis, as seen in US-based SVB (Silicon Valley Bank)," Emkay Global said in a note today.

Among banks, shares of State Bank of India ended 1% higher, and those of HDFC Bank ended 0.4% higher, while shares of Axis Bank closed 0.8% lower, and those of ICICI Bank fell 0.4%. Overall, the Nifty Bank index rose 0.1%.
 

Among financial services stocks, shares of HDFC Life Insurance Company closed 0.1% higher, and those of Housing Development Finance Corp rose 0.1%, while shares of SBI Life Insurance fell 1.2%. Owing to this, the Nifty Financial Services index was marginally down.

* Among Nifty 50 stocks, 28 rose, 22 fell 

* Among Sensex stocks, 16 rose, 14 fell

* On the BSE, 919 stocks rose, 2,718 fell, and 151 unchanged

* On the NSE, 527 stocks rose, 1,779 fell, and 462 unchanged

* Nifty Pharma: Up 1.1%; Nifty Healthcare: Up 1.1%; Nifty Realty: Down 1.2%

BSE                                                NSE
Sensex: 57653.86, up 126.76 pts or 0.2%            Nifty 50: 16985.70, up 40.65 pts or 0.2%

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 Tanima Banerjee

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.