Sensex ends 267 pts up; Adani Group stocks shine; Jio Fin dips 5% on debut

CLOSING BELL ON AUGUST 21, 2023: The NSE Nifty 50 ended with a gain of 84 points at 19,394. Jio Financial Services settled at the 5 per cent lower circuit on debut on Monday.

SI Reporter New Delhi

Stock Market Highlights: The key benchmark indices traded with a positive bias on Monday even as global cues remained jittery. Buying was visible in IT, financial and power and Adani Group stocks, while Reliance Industries and debutant Jio Financial Services declined.

The S&P BSE Sensex touched a high of 65,336 – gaining as much as 485 points from the day’s low of 64,853. The BSE benchmark index eventually ended 267 points higher at 65,216.

The NSE Nifty 50 hit a high of 19,426, and settled at 19,394 - up 83 points on Monday.

Debutant Jio Financial Services saw an enormous amount of volume even as the stock was locked at the 5 per cent lower circuit at Rs 251, after listing at Rs 265 as against the special discovery price of Rs 261.85. The counter saw trades of around 78 million shares on the BSE and the NSE. READ MORE

Reliance Industries was the other major loser among the Sensex 30 shares, down 1.5 per cent. Mahindra & Mahindra slipped nearly a per cent. On the positive front, Bajaj Finance rallied 2.7 per cent. Power Grid Corporation, IndusInd Bank, Bharti Airtel, NTPC, ITC, Bajaj Finserv, Infosys, Nestle, TCS, Tata Steel, Titan, Axis Bank and JSW Steel were up 1 – 2 per cent each.

Among Adani Group shares, Adani Power and Adani Transmission surged over 6 per cent each. Adani Enterprises, Adani Ports, Adani Green, ACC and Ambuja Cement were up over 2 per cent each. READ MORE

Sectorally, the BSE Power index soared 2.3 per cent. The Metals and Capital Goods indices were up over a per cent each.

3:57 PM

Comment :: 'Don't read too much into market rebound'

Participants shouldn’t read much into intermediate rebound or a pause until Nifty decisively reclaims 19650 levels or forms a reversal pattern. And, we recommend continuing with stock-specific trading approach and maintaining a focus on risk management.

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

3:56 PM

Tech View :: 'Nifty trend to remain negative below 19,480'

Nifty50
On the daily charts, we can observe that the Nifty has been hovering around the 40-day moving average (19,360) for the past five trading sessions. Considering that the Nifty has been falling for the last four weeks, a pullback is likely. On the hourly charts, we can observe positive divergence indicating that momentum is weakening on the downside. However, we shall await further confirmations on the price front to change our short-term outlook. Until the Nifty trades below 19,480 – 19,500, we can expect the weakness to continue, and we shall continue to maintain our negative outlook on the index. On the downside we expect the Nifty to target levels of 19,100. Crucial support is placed at 19,280 – 19,240, while Immediate hurdle is placed at 19,480 – 19,500.

Bamk Nifty

Bank Nifty has also witnessed a pullback and snapped the seven-day losing streak. It has closed in the green and more importantly, holding on to the support of the 20-week moving average (44,000) which indicates that a pullback is likely in the short term. The pullback can last till the 44,400 – 44,500 zone.

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

3:53 PM

Comment :: What helped the market rebound on Monday?

A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes. Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights. Meanwhile, Asian markets displayed a mixed performance, reacting to the smaller-than-anticipated rate cut initiated by the Chinese central bank.

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

3:51 PM