The Indian market managed to close in the green in a highly volatile session today. Sensex rose 54 points to 59,085 and Nifty ended 30 pts higher at 17,607. Of 30 Sensex stocks, 15 ended in the green today. IndusInd Bank, NTPC, L&T, ICICI Bank and PowerGrid were the top Sensex gainers, rising up to 2.86 per cent. Tata Steel, TCS, Titan and Sun Pharma were the top Sensex losers, falling up to 0.93 per cent. Mid-cap and small-cap indices on BSE gained 199 points and 203 points, respectively.
Capital goods and banking stocks were the top sectoral gainers with their BSE indices zooming 251.20 points, and 297 points, respectively.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Caution prevailed in the market ahead of monthly expiry on Thursday, while key benchmark indices eked out modest gains and shrugged off weak sentiment across most of Asian and European markets. Gains were muted as investors preferred to stay on the sidelines ahead of the Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium this Friday. Technically, post sharp reversal formation, the Nifty is witnessing a range bound activity, while on intraday charts it has formed a higher bottom formation which supports the continuation of a pullback rally in the near future. For traders, 17,500 would be the sacrosanct support zone and above which, the index could rally till 17,700-17,750. On the flip side, the bullish sentiment could change if the index trades below 17,500 and below the same the index could retest 17,400-17,350 level.”
Share Market update: Sensex rises 54 pts, Nifty above 17,600; IndusInd, NTPC top gainers
IT shares were the top sectoral losers with their BSE index losing 53 pts to 29,452. Market breadth was positive with 2,112 stocks ending higher against 1,291 stocks falling on BSE. 143 shares were unchanged.
Deepak Jasani, Head of Retail Research, HDFC Securities said, “Nifty ended in the positive for the second consecutive session on August 24 after a see-saw session. This was despite weakness in the European markets and in some Asian markets due to the latest hawkish noises from the Federal Reserve amid mounting signs of a global economic slowdown (in China due to drought driven power shortage and poor service sector August data from US). At close, Nifty was up 0.16 per cent or 27.5 points at 17,604.9. Among sectors, realty and telecom gained the most. Midcap and Smallcap indices outperformed the Nifty rising 0.73-0.80% even as the advance decline ratio was positive at 1.80:1. Nifty remained in a very small range through the day and could not breach the high of the previous day. Once that level i.e. 17626 is breached, more upsides could be in store in this upmove that is so far seeming to be a corrective one.”
Market cap of BSE-listed firms rose to Rs 276.13 lakh crore against Rs 275.54 lakh crore in the previous session.
Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 563 crore on Tuesday, as per exchange data.
Previous session
On Tuesday, Sensex and Nifty ended higher after two sessions helped by a rise in consumer durables, banking and auto stocks amid mixed global cues. Sensex rose 257 pts to 59,031 and Nifty closed 87 points higher at 17,577. Of 30 Sensex stocks, 21 ended in the green. Mid-cap and small-cap indices on BSE gained 253 points and 218 points, respectively.
Global markets
France’s CAC 40 lost 0.3 per cent in early trading to 6,345.04. Germany’s DAX shed 0.3 per cent to 13,150.83. Britain’s FTSE 100 slid 0.5 per cent to 7,451.34. Japan’s benchmark Nikkei 225 slid 0.5 per cent to finish at 28,313.47. Australia’s S&P/ASX 200 added 0.5 per cent to 6,998.10. South Korea’s Kospi rose 0.5 per cent to 2,447.45. Hong Kong’s Hang Seng dipped 1.2 per cent to 19,268.74, while the Shanghai Composite shed 1.9 per cent to 3,215.20.
