Back

India Stocks Review:Indices snap 9-day losing streak on bargain buys

Tuesday, May 14

 

By Raghavendra Upadhyaya

 

MUMBAI – Domestic benchmark equity indices closed with gains today due to some bargain buying, snapping a nine-session streak of losses, dealers said. 

 

The outcome of the General Elections is still more than a week away, and though European markets were in the green today, uncertainty remains on the outcome of the US-China trade talks, said an analyst.

 

Shares of Reliance Industries, along with those of leading financial companies, cigarette major ITC, Larse & Toubro, Bharti Airtel, Sun Pharmaceutical Industries and Vedanta bounced back due to bargain buying after recent sharp declines. The sharp fall in these stocks was because foreign funds sold emerging market assets following increased tensions between the US and China.

 

Today, shares of information technology companies closed lower as the rupee came off its day's lows against the dollar, said a dealer. The Nifty IT index closed 1.2% lower today, though so far this year, it has been an outperformer, gaining 9.2% compared with the benchmark Nifty 50's 3.3% gains.

 

Today, the Nifty 50 ended at 11222.05 points, up 73.85 points or 0.7% from the previous close, but off its day's high of 11294.75 points. The Sensex closed at 37318.53 points, up 227.71 points or 0.6%, again off its day's high of 37572.70 points.

 

Shares of Reliance Industries closed 2.3% higher at 1,260.45 rupees, after having declined 13% over the last six trading sessions, while shares of Eicher Motors closed up 2.6% at 19,230.90 rupees on the back of buying by institutional investors. Earlier in the day, shares of Eicher Motors had hit near three-year low of 18,205 rupees.

 

Equity markets are likely to remain volatile in the backdrop of US-China trade tensions, said Gaurav Das, research head at Sharekhan.

 

Shares of Infosys ended 0.8% lower at 713.85 rupees after hitting an over three-month low, despite the company's ongoing buyback of shares, said a dealer at a mutual fund.

 

Among banks and financial sector stocks, shares of ICICI Bank closed 1.1% higher, while State Bank of India closed up 2.5%. The IndusInd Bank stocks ended up 2.8%,

and Housing Development Finance Corp closed 0.6% higher.

 

Shares of ITC closed 1.8% higher, while Larsen & Toubro recorded gains of 1.8%. Bharti Airtel closed 5.6% higher, owing to the telecom major's move to boost average revenue per user. Sun Pharmaceutical Industries closed 5.4% higher after a steep fall on Monday.

 

Among the other big movers on the Nifty 50, shares of Tech Mahindra closed 3.3% lower, Tata Consultancy Services was down 1.7%, while shares of Indiabulls Housing Finance closed up 5.8%, Vedanta gained 4.3%, and GAIL India was up 4%.

 

* Among Nifty 50 stocks, 34 rose, 16 fell

* Among Sensex stocks, 17 rose and 14 fell

* On the NSE, 897 stocks rose, 875 fell and 329 were unchanged

* On the BSE, 1,218 stocks gained, 1,290 fell, and 133 were unchanged

* Nifty Auto: Up 0.2%; Nifty FMCG: Up 0.6%; Nifty Pharma: Up 1.5%


BSE                                     : National Stock Exchange

Sensex: 37318.53, up 227.71 pts (0.6%)  : Nifty 50: 11222.05, up 73.85 pts (0.7%)


S&P BSE Sensitive Index                    Nifty 50

Lifetime High: 39487.45 (Apr 18)         : Lifetime High: 11856.15 (Apr 18)

Record Close High: 39275.64 (Apr 16)     : Record Close High: 11787.15 (Apr 16)

2019 1st day close: 36254.57 (Jan 1)     : 2019 1st day close: 10910.10 (Jan 1)

2019 Closing High: 39056.65 (Apr 2)      : 2019 Closing High: 11738.50 (Aug 28)

2019 Closing Low: 35352.60 (Feb 19)      : 2019 Closing Low: 10604.35 (Feb 19)

2019 High (intraday): 39270.14 (Apr 3)   : 2019 High(intraday): 11761 (Apr 3)

2019 Low (intraday): 35287.16 (Feb 19)   : 2019 Low (intraday): 10583.65 (Jan 29)

2018 Closing High: 38896.63 (Aug 28)     : 2018 Closing High: 11738.50 (Aug 28)

2018 Closing Low: 32596.54 (Mar 23)      : 2018 Closing Low: 9998.05 (Mar 23)

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)

2017 Low (intraday) 26447.06 (Jan 2)     : 2017 Low (intraday) 8133.80 (Jan 2)

2016 High (intraday) 29077.28 (Sep 8)    : 2016 High (intraday) 8968.70 (Sep 7)

2016 Low (intraday) 22494.61 (Feb 29)    : 2016 Low (intraday) 6825.80 (Feb 29)

2015 High (intraday) 30024.74 (Mar 4)    : 2015 High (intraday) 9119.20 (Mar 4)

2015 Low (intraday) 24851.77 (Sep 7)     : 2015 Low (intraday) 7545.90 (Sep 7)


 

End

 

Edited by Avishek Dutta

 

Cogencis Tel +91 (22) 6619-0000

Send comments to feedback@cogencis.com

This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2019. All rights reserved.

Other News

INTERVIEW: Emami director says to sell assets when time is right

Friday, Aug 16 By Janaki Krishnan MUMBAI – When promoters of Kolkata-based Emami group sold 10% stake in their flagship company, Emami Ltd, in February to help pare debt and redeem their pledged shares, it was not an exercise they wished to repeat.  However, just over four months later, the promoters found themselves having to resort to another […]

Source says govt mulling multiple mergers of PSU banks at one go

Friday, Aug 16 –Source: To finalise bank mergers post meet with top govt officials–Announcing 1 PSU bank merger at a time remains an option–One merger at a time may prolong consolidation of PSU banks By Tushar Chakrabarty and Sagar Sen NEW DELHI – The government is considering the possibility of announcing multiple public sector bank mergers at one go […]

TREND: Earnings downgrade looms as Apr-Jun highlights economy’s pain

Friday, Aug 16 By Chiranjivi Chakraborty MUMBAI – Weak corporate earnings and commentary by Nifty 50 companies in the quarter ended June have exacerbated concerns about a rapidly slowing economy and likely downgrade to earnings expectations by analysts. Companies in sectors such as consumer staples, consumer discretionary, oil and gas, and metals saw sharp deterioration in their earnings […]