Sensex ends 149 pts up on late buying, Nifty atop 19,600; Steel stocks soar

CLOSING BELL ON AUGUST 09, 2023: The BSE benchmark gained over 600 points from the day's low ; BSE Metal index surged 2.5 per cent; Energy and Consumer Durables indices were up over a per cent each.

Stock Market Highlights: The key benchmark indices staged a smart recovery in latter half of the trading session led by strong gains in metal shares. Select auto, energy and FCMG stocks too aided the pullback. Financial shares, however, were mostly tepid a day ahead of the RBI policy outcome.

The S&P BSE Sensex slipped to a low of 65,444 in early deals tracking losses in global peers. The BSE benchmark index, however, recouped losses and bounced back into the positive terrain towards the end of the trading day. The Sensex eventually ended Wednesday’s trading session with a gain of 149 points at 65,996. 

The NSE Nifty 50 hit a low of 19,468, but finally settled 62 points higher at 19,633.

Among the Sensex 30 shares, JSW Steel surged over 3 per cent. Tata Motors and Mahindra & Mahindra gained around 2.5 per cent each, while Tata Steel too spurted 2 per cent. Titan, ITC, Tech Mahindra and NTPC were the other prominent gainers. On the other hand, Bajaj Finserv, Maruti and ICICI Bank were the notable losers, down up to a per cent each.

In the broader market, the BSE MidCap indx advanced 0.4 per cent, and SmallCap added 0.6 per cent. The overall breadth was fairly positive, with over 2,000 shares advancing as against 1,550 declining stocks on the BSE.

Sectorally, the BSE Metal index surged 2.5 per cent. The Energy and Consumer Durables indices were up over a per cent each. On the flip side, the Realty index was down over a per cent.
 
 

 

4:08 PM

Tech View :: When will Nifty50 be able to hit 20,000?

Nifty50
A conclusive break above the 19,700 level, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement with an eye towards the 20,000-mark.

 

Bank Nifty

The Bank Nifty index remains caught in a struggle between the bulls and bears, particularly in anticipation of the upcoming RBI policy. There is a support level evident at 44,500, while a resistance level stands at 45,150. Breaking above or below either of these levels could trigger sustained trending moves in the index.

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

 

4:05 PM

Comment :: 'Resilience on the global front would play a critical role ahead'

Bulls are trying hard to reclaim some strength but it would be tough without the participation from the banking majors. Besides, resilience on the global front, especially in the US, would play a critical role ahead. Meanwhile, traders should continue with stock-specific trading approach and focus on sectors that are attracting buying interest.  

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

4:04 PM

Tech View :: 'Use pullback in Nifty Bank as selling opportunity'

Nifty50
On the daily charts, we can observe that Nifty is in the process of retracing the entire fall it witnessed from 19,992 – 19,296. Currently, it is trading around the 19,600 – 19,650 zone where resistance parameters in the form of the 20-day moving average (19,657)  are placed.

On the upside, crucial Fibonacci retracement levels are placed at 19,648 – 19,729 where we can expect the selling pressure to emerge. The current rally is a counter-trend pullback that is likely to fizzle out at Fibonacci retracement levels.

The momentum setup on the daily and hourly time frame charts are providing divergent signals which can lead to a consolidation in the short term. Overall, the trend is still negative, and we expect the nifty to target levels of 19,100 from a short-term perspective.

 

Bank Nifty

The key hourly moving averages placed in the range 45,000 – 45,100 acted as a resistance and faced selling pressure. It did witness a pullback; however it closed in the negative. 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, Sharekhan by BNP Paribas

 

4:02 PM

Comment :: What all happened in the markets today?

The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth.

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

4:01 PM

Global markets :: US index futures suggest positive start to Wall Street

4:00 PM

Global markets :: European markets climb as Italy waters down bank windfall tax

>> European markets advanced on Wednesday, as traders digested China’s disinflation and Italy’s weakening of a surprise windfall tax on banks.

Source: CNBC

3:58 PM

Bond market :: Yields on 10-year G-Sec rise; RBI policy outcome eyed on Thursday

3:57 PM

Currency check :: Rupee ends at 82.82/$ against Tuesday’s close of 82.83/$

3:56 PM

BSE Stats :: Market breadth favours buyers

3:54 PM

Market Check :: Top losers on the BSE today

3:53 PM

Market Check :: Top gainers on the BSE today

3:52 PM

Buzzing stock :: Adani Wilmar ends 4% down amid report of promoter selling stake

3:49 PM

Buzzing stock :: Shyam Metalics ends off day's high

>> Shares of Shyam Metalics and Energy hit the 10 per cent upper circuit on the BSE in Wednesday's intra-day trades backed by heavy volume after the company reported its monthly sales for July. 

>> According to a release issued by the company to the BSE on Tuesday, Shyam Metalics Spone Iron sales jumped by 37.2 per cent month-on-month (MoM) to 55,701 million tonnes (MT) in July 2023 up from 40,599 MT in June 2023. The average realisations, however, were down 4.9 per cent MoM.
 

3:47 PM

Buzzing stock :: Dr Reddy's Labs hits new high

>> Shares of Dr Reddy’s Laboratories hit a new high of Rs 5,882 on improved financial performance

3:44 PM

Buzzing stock : HCC hits 20% upper limit on heavy volumes

>> Stock hit 5-year high intra-day 

>> Volumes on the counter nearly doubled today with over 14% equity changing hands

>> On Aug 3, the board of HCC approved proposal to fund raise up to Rs 300 crore through rights issue, subject to regulatory approval.