Informist, Wednesday, May 24, 2023

By Anjana Therese Antony

MUMBAI – Benchmark indices recovered opening losses in the first half of today's session, but then closed in the red due to profit booking in shares of Adani Enterprises and Adani Ports and Special Economic Zone and losses in banking stocks.

Major banking stocks, such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank, were the major laggards in Nifty 50 which together led to 0.2% losses in Nifty 50. Sectoral indices such as Nifty PSU Bank, Nifty Private Bank, Nifty Bank, and Nifty Financial Services closed 0.5-0.8% lower.

Nifty 50 constituents Adani Enterprises and Adani Ports and Special Economic Zone, which pushed the 50-stock index into the green in the last three sessions, fell today due to profit booking. These were the worst hit stocks in Nifty 50 and together contributed to nearly 0.1% losses in the index today. 

Adani Enterprises, which closed 6% lower, was the worst hit in Nifty 50 and Nifty 200. It was the second-worst hit stock in Nifty 500. Losses in the stock also dragged Nifty Metal which was the worst hit among sectoral indices and closed 1.6% lower. 

Globally, the sentiment was dented as the latest round of talks between US President Joe Biden and House Speaker Kevin McCarthy were inconclusive. This deepened fears that failure to reach an agreement would lead to a debt default by the US, which could further push the country into a recession. This fear in global markets primarily weighed on Indian equity indices too.

Today, benchmark indices closed 0.3% lower, snapping their three-day gaining streak. Nifty 50 ended at 18285.40 points Sensex was at 61773.78. The immediate support for Nifty 50 is at 18000 points and resistance is 18400 points. Analysts said that equities took a breather after three-consecutive sessions of upmove which was primarily led by gains is Adani Group companies' shares.

All sectors, except metal, banks and financial services, closed higher. While the weak sentiment in global markets weighed on investors' sentiment in opening of trading session today, gains in pharmaceutical and consumer durables stocks pushed indices into the green within the first 45 minutes of trading. Nifty Consumer Durables closed 1.4% higher and was the top gainer among sectoral indices, led by gains in shares of Dixon Technologies India which rose on the back of strong Jan-Mar earnings. 

On Jan-Mar earnings front, Nifty 50 company Hindalco Industries closed 0.8% lower after the company reported a 37% on-the-year fall in its consolidated net profit. The bottomline fell to 24.11 bln rupees from 38.5 bln rupees in the year-ago period. Revenue from operations during the quarter was almost flat from the year-ago period at 558.57 bln rupees.

Other companies including Avanti Feeds, India Cements, Cummins India, Hitachi Energy India, and Brigade Enterprises also released their quarterly results during market hours. 

Among other stocks, shares of SpiceJet closed nearly 8% on the BSE after the company announced that it will bring back four of its 25 grounded aircraft into service by Jun 15. The company also said that more grounded aircraft are expected to be brought back into service in the weeks following the start of operations of the four aircraft.

While the overall sentiment remain bullish in the near term, analysts said that investors will also closely watch the debt ceiling talks in the US. Also, more stock-specific reactions are expected as a slew of companies will be releasing their quarterly earnings on Thursday. 

* Of the Nifty 50 stocks, 28 rose, 20 fell, and 2 were unchanged

* Of the Sensex stocks, 16 rose, 12 fell, and 2 were unchanged

* On the BSE, 1,673 stocks rose, 1,796 fell, while 133 were unchanged

* Nifty Metal: down 1.56%; Nifty Financial Services: down 0.80%; Nifty Consumer Durables: up 1.40%

BSE                                                NSE
Sensex: 61773.78, down 208.01 pts or 0.3%          Nifty 50: 18285.40, down 62.60 pts or 0.3%

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: 62345.71 (May 15)            :  2023 Closing High: 18398.85 (May 15)

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

2023 High (intraday): 62562.67 (May 15)         :  2023 High (intraday): 18458.90 (May 15)

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

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Maheswaran Parameswaran

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