Sensex ends 107 pts down post choppy day; PSBs shine, M&M, JSW Steel dip

CLOSING BELL ON AUGUST 08, 2023: The NSE Nifty 50 ended 26 points lower at 19,571. Tech Mahindra, Wipro and Bajaj twins bucked the trend and finished with notable gains on Tuesday.

Stock Market Highlights: The key benchmark indices gyrated in a narrow trading band on Tuesday, amid alternate bouts of buying and selling. Sectorally, PSU banks outperformed the market with smart gains, while select IT shares also moved higher. On the other hand, metal and FMCG stocks declined.

The S&P BSE Sensex touched a high of 66,057.53, and then fell little over 300 points to hit a low of 65,752.63. The BSE benchmark index eventually ended 107 points lower at 65,847. 

The NSE Nifty 50 moved in an almost 100-point range, the index from a high of 19,634 slipped to a low of 19,533, before signing-off the day with a modest loss of 26 points at 19,571.

Among the Sensex 30 shares, Mahindra & Mahindra and JSW Steel dropped nearly 2 per cent each. Sun Pharma, Nestle, Reliance Industries and IndusInd Bank were the other prominent losers. On the other hand, Tech Mahindra gained 2 per cent. Wipro, Bajaj Finance, SBI and Bajaj Finserv were the other notable gainers.

In the broader market, the BSE MidCap and SmallCap indices bucked the trend and settled up to 0.3 per cent higher. The overall breadth was marginally positive, with 1,850 shares advancing as against 1,750 declining stocks on the BSE.

Sectorally, the Nifty PSU Bank index zoomed over 3 per cent; Pharma and Consumer Durables were the other visible gainers. Whereas, the Nifty Metal index was down over a per cent.

Primary Market Update

Concord Biotech IPO was subscribed 23.1 times as of 03:40 PM on final day of the offer period. Retail portion received bids up to 3.6 times, HNIs (Non-institutional segment) 16.8 times and Qualified Institutional Buyers (QIBs) 61.9 times.

 

4:08 PM

Tech View :: 'Nifty undergoing complex correction; expect index to test 19,100 soon'

Nifty50
We can observe that the Nifty has witnessed a counter-trend pullback in the past three trading sessions. It has faced resistance around the 20-day moving average (19645) and the 61.82% Fibonacci retracement level (19,605) of the fall from 19,795 – 19,296. The rise of the past three trading sessions is overlapping and thus we are of the opinion that the Index is undergoing a complex correction and the pullback was an “X” wave pullback.

The hourly momentum indicator has a negative crossover which is a sell signal and with the daily momentum indicator already in the sell mode further supports our bearish outlook on the index. Overall, we still shall continue to maintain our negative stance on the Nifty, and we expect levels of 19,100 from a short-term perspective.

 

Bank Nifty

Until the extreme of the range of 44,520 – 45,120 is not breached on either side, we can expect the consolidation to continue. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44,000 from a short-term perspective.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

4:04 PM

COMMENT :: What all happened in the markets today?

On the global front, investors are adopting a cautious approach even amidst declining bond yields as they await the release of crucial economic data. The significant drop in Chinese exports has also contributed to concerns within the global market. FIIs remain in a selling mode in the domestic market, yet active buying from DIIs is mitigating downside risks. Among sectors, PSU banks and pharma stocks inched up, while mid- and small-cap stocks have continued to outperform the benchmark, showcasing their resilience.

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

4:03 PM

Global markets :: US stock futures edge lower

4:00 PM

Global markets :: European markets trade weak; FTSE leads the fall

>> European markets pulled back on Tuesday morning as investors await significant inflation data due later this week.

3:58 PM

Bond Market :: Yields on 10-year G-Sec soften ahead of RNI policy outcome on Thursday

3:57 PM

Currency check :: Rupee ends 9 paise weaker

3:55 PM

BSE Stats :: Market Breadth fairly balanced

3:53 PM

Buzzing stock :: Adani Ports ends sharply off lows post Q1 results

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday posted 80 per cent rise in its consolidated net profit at Rs 2,119.38 crore during the April-June quarter, on account of higher income. It had reported Rs 1,177.46 crore net profit during the April-June period of the preceding 2022-23. READ MORE
 

3:50 PM

Buzzing stock :: Talbros Automotive soars 11% on stock split plan

>> Board has approved sub-division/split of the existing equity shares of the company from 1 Equity Share into 5 equity shares

>> The Record Date for the sub-division/split of existing equity shares shall be decided by the Board post approval of the shareholders

3:48 PM

Buzzing stock :: HPL Electric & Power hits 5% upper circuit on Rs 417-cr order win

3:47 PM

Buzzing stock :: PB Fintech slides 4% as investors book profit after healthy Q1

>> Co narrowed its loss to Rs 12 crore

>> Turned Ebitda positive

>> Expects to be PAT positive for the fiscal

3:44 PM

Buzzing stock :: Gland Pharma freezes at 20% upper circuit on strong Q1 show

The firm's gross profit margin was up 700 bp year-on-year (YoY) to 63 per cent for Q1 due to lower raw material costs. On a sequential basis, gross profit margin improved by 900 bp from 54 per cent. READ MORE
 

3:42 PM

Broader markets outperform benchmarks; Mid, SmallCap indices rise up to 0.25%

3:40 PM

Sector check :: Pharma stocks extend gains

3:39 PM

Sector check :: Metal stocks slide as China's economy sputters