Sensex slips 732 pts from day's high, ends 181 pts lower; RIL, L&T weigh

CLOSING BELL ON AUGUST 24, 2023: The Nifty tumbled over 200 pts in intra-day deals, and ended with a loss of 57 points. IndusInd Bank, Asian Paints and Infosys, however, gained over a per cent each.

Stock Market Highlights: The key benchmark indices started the day on a gung-ho note amid upbeat mood following the success of Chandrayaan-3 mission and positive global markets. However, nervousness ahead of the release of RBI meeting minutes, followed by the Jackson Hole Symposium tonight weighed on the market sentiment.

The S&P BSE Sensex was up close to 400 points, as it touched a high of 65,914. The gains, however, were short-lived as the BSE benchmark erased them and slipped into the negative zone by early noon deals. The selling accentuated towards the end of the trading session, partly on account to the weekly F&O expiry and the index dropped to a low of 65,182 – down 732 points from the day’s high. The Sensex finally ended with a loss of 181 points at 65,252.

The NSE Nifty 50 swung in a range of 215 points – from a high of 19,584 the index tumbled to a low of 19,369 – before settling 57 points lower at 19,387.

Jio Financial Services was locked at the 5 per cent lower circuit for the fourth straight trading session on Thursday. Reliance Industries slipped nearly 2 per cent. Power Grid Corporation, Larsen & Toubro, JSW Steel and HCL Technologies were the other prominent losers.

On the positive front, Asian Paints, IndusInd Bank and Infosys advanced over a per cent each.

The broader indices pared gains during the course of the day. The BSE MidCap and SmallCap indices finished up to 0.2 per cent higher, as against a gain of 0.8 per cent in intra-day deals.

Shares related to aerospace the development and deployment of Chandrayaan-3 had zoomed up to 20 per cent in opening trades. Eventually, the stocks ended on a mixed note. Centum Electronics and Paras Defence settled 7 per cent and 6 per cent higher, and Mtar Technologies added 4 per cent. Whereas, Midhani, Hindustan Aeronautics and Indo National declined up to 2 per cent.

Primary Market Update

Aeroflex Industries IPO was subscribed 95.7 times as of 03:30 PM on the final day of the offer period. Retail portion was subscribed 31.9 times. QIBs 195 times and HNIs 125 times.

Vishnu Prakash R Punglia Rs 308 crore IPO opened for subscription today in the price band of Rs 94 – Rs 99. On Day 1 itself the issue was subscribed 2.8 times, with retail and HNIs segment seeing 3.9 times subscription each.

 

4:16 PM

Tech View :: Nifty Bank will touch 45,000 once it breaches this level

The Bank Nifty index recently encountered selling pressure from elevated levels and is now displaying indications of range-bound trading. The range of movement seems to be established between 44,000 and 45,000, a zone where substantial put and call writing activities are evident.

In the current scenario, the index's immediate support lies at 44,200. If this support level is effectively maintained, the index could potentially experience a recovery, driving it towards levels of 44,800 and 45,000.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

 

4:12 PM

Comment :: 'Bears in no mood to lose control'

The move indicates that bears are not in the mood to lose their control and tone may deteriorate again on the break of 50 EMA i.e. around 19,285. We have been maintaining a view stance to focus on stock selection amid choppiness and it is working well so far. Traders should avoid aggressive positions and prefer hedged trades until we see some clarity over the next directional move.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:09 PM

Comment :: Where are gold prices headed?

Given the ongoing trend of global central banks acquiring gold and the uncertain global economic landscape, gold prices are anticipated to remain steady, if not rise significantly due to the impact of a stronger dollar and elevated interest rates.

However, the trajectory could swiftly change. The moment the Federal Reserve hints at a potential pause in its rate hikes or even the possibility of an interest rate cut, gold prices are likely to surge.

 

Taking these factors into account, investors can reasonably project an optimistic outlook for gold, foreseeing price levels in the range of 61,000 to 62,000 by the close of the year.

For investors seeking to accumulate gold, a strategic entry point lies between the current levels of 58,500 and 57,000.

Views by: Jateen Trivedi, VP Research analyst at LKP Securities

4:06 PM

Tech View :: A drop below this level will lead to panic selling in Nifty

On the upper side, resistance is expected to persist in the range of 19,450-19,500. A definitive breakout or a closing above 19,500 could potentially trigger a rally in the index. On the lower side, there is immediate support at 19,300; a drop below this level might lead to panic in the market.

Views by: Rupak De, Senior Technical analyst at LKP Securities

4:03 PM

Comment :: What all happened in the markets today?

The US market exhibited a positive trend as declining US PMI ignited hopes of a prolonged rate pause, calming US bond yields. Optimism in the domestic market was more visible in the IT sector, though sentiments were reversed in other major sectors, likely influenced by the prevailing global uncertainties. Despite this, mid- and small-cap stocks demonstrated resilience, and the decline in bond yields facilitated a resurgence in foreign investor buying momentum.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:59 PM

Global markets :: US index futures mixed ahead of Jackson Hole Symposium

3:55 PM

Bond Market :: Yields on 10-year G-Sec end flat ahead of release of RBI MPC minutes

3:54 PM

Currency check :: Rupee ends 12 paise stronger

3:52 PM

Buzzing stock :: Bernstein initiates coverage on Paytm; stock ends with negative bias

3:51 PM

Buzzing stock :: GMR Airports soar 9% on heavy volumes, earnings visibility

3:48 PM

Buzzing stock :: Chandrayaan's parts' provider Centum Electronics ends off highs

3:47 PM

Buzzing stock :: Max Financial third counter to see block deal today

3:45 PM

Buzzing stock :: Manappuram Finance slips 2.6% after block deal

3:44 PM

Buzzing stock :: Coforge zooms over 9% after 25% equity changes hands

>> Baring PE likely sold its entire stake via block deal

3:42 PM

Broader market indices end mixed; Mid, SmallCap indices eke out gains