Sensex sinks 256 pts, Nifty ends below 19,300; SmallCap index holds fort

Closing Bell on August 31, 2023: Bajaj Finance, IndusInd Bank, Axis Bank, HUL, SBI, Power Grid, Nestle India, TCS, Tata Motors, JSW Steel, Bajaj Finance, ITC, and RIL slipped up to 1.2 per cent

Stock market highlights: A solid start to the day found an anti-climatic end as the benchmark indices succumbed to the selling pressure exerted by financials, and FMCG stocks.

The benchmark S&P BSE Sensex ended at 64,831, down 256 points or 0.39 per cent, dragged by Bajaj Finance, IndusInd Bank, Axis Bank, HUL, SBI, Power Grid, Kotak Bank, Nestle India, Asian Paints, TCS, Tata Motors, JSW Steel, Bajaj Finance, ITC, and RIL. 

These stocks ended lower in the range of 0.6 per cent to 1.2 per cent.

The broader Nifty50, meanwhile, ended below the 19,300-mark at 19,254, down 94 points or 0.48 per cent. 

In the broader market space, the BSE MidCap and SmallCap indices closed mixed with the SmallCap index ekeing out gains of 0.7 per cent.  

4:13 PM

Tech View :: Near-term strategy for Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the counter trend pullback fizzled out around 19,450 and the Nifty is witnessing follow through selling pressure. The Momentum setup on the daily and hourly charts is also suggesting weakness. Thus, both price and momentum indicator is suggesting that the weakness is likely to persist. On the way downside the selling pressure is likely to intensify, and we shall continue to maintain our negative outlook on the index for target of 19,100. In terms of levels, 19,100 – 19,000 is the crucial support zone while 19,400 – 19,430 shall act as an immediate hurdle zone.

Nifty Bank

Bank Nifty has also witnessed follow through selling pressure and has closed in the negative for the second consecutive day. The daily and the hourly momentum indicator are providing a divergent signal and hence a consolidation is likely. Daily Bollinger bands are also contracting indicating that there could be some consolidation in the near term. The range of consolidation is likely to be 43,600 – 44,700.

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

4:10 PM

Comment :: Why did markets fall today?

Benchmark Indices ended in the red today on the back of concerns regarding the 9% deficit in the Monsoon as several states have witnessed scarce rainfall this month across many districts. However we did witness a lot of stock specific activity across sectors on a day characterised by volatility. A notable feature of today's trade was the activity seen in the Small-Cap Index which managed to end the day in Green

Views by: S Ranganathan, Head of Research at LKP securities

4:04 PM

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4:01 PM

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Buzzing stock :: Sula Vineyard down 4% after block deal in 1 million shares

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Buzzing stock :: Adani Group stocks sink after OCCRP alleges stock manipulation

3:51 PM

Buzzing stock :: Aeroflex Industries drops 14% over issue price after bumper listing

3:48 PM

Sectoral check :: Realty index gains the most; Prestige Estates rises 4%

3:47 PM

Sector check :: PSB index slips over 1%, all stocks bleed

3:44 PM

Sectoral trends :: PSBs bleed the most, IT, realty stocks shine

3:40 PM

Sensex Heatmap :: Financials, metals, FMCG stocks weigh on the index

3:36 PM

CLOSING BELL :: Nifty tests 19,250

3:33 PM

CLOSING BELL :: Sensex snaps 3-day winning run