Sensex, Nifty end in the green for 3rd day; all but banking stocks rally
Closing Bell on August 30, 2023: SBI, ICICI Bank, HDFC Bank, Bajaj Finance, IndusInd Bank, NTPC, Kotak Bank, and Bajaj Finserv fell up to 1.4 per cent
Stock market highlights: Equity markets were range-bound on the penultimate day of the monthly F&O expiry with metals, IT, and select auto stocks holding the fort for the benchmark indices for better part of the day. Fag-end selling in banking stocks, however, trimmed gains.
The S&P BSE Sensex settled at 65,087 levels on Wednesday, up only 11 points or 0.02 per cent, after oscillating between 65,053 and 65,459 during the day.
The Nifty50, on the other hand, closed below the 19,350-mark at 19,347, up 5 points. The index was supported by Tata Steel, Maruti Suzuki, M&M, Infosys, HCL Tech, Tata Consumer Products, LTI Mindtree, ITC, and JSW Steel.
On the flipside, SBI, ICICI Bank, HDFC Bank, Bajaj Finance, IndusInd Bank, NTPC, Kotak Bank, and Bajaj Finserv fell up to 1.4 per cent.
In the broader markets, the BSE MidCap and SmallCap indices continued to outshine their large-cap peers with up to 0.8 per cent gains.
10:44 AM
COMMENT:: Mid-, Small-caps displayed resilience amid change in market dynamics
""Positive sentiment initially propelled domestic equities, buoyed by softer US labour market data that caused a retreat in US bond yields, alleviating concerns about rate hikes. This positive outlook was reinforced by Chinese banks' move to reduce existing mortgage rates, favourably impacting Indian metal stocks. However, gains were tempered as the day progressed, primarily due to weakness in global markets attributed to lacklustre economic data from Europe. Banking stocks bore the brunt of this downturn, while mid- and small-cap segments displayed resilience amid the market dynamics."
- Vinod Nair, Head of Research at Geojit Financial Services
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Topics : MARKET LIVE MARKET WRAP Indian markets Markets Sensex Nifty BSE NSE FII flows DIIs Crude Oil Price Rupee vs dollar stocks to watch Buzzing stocks Global Markets stock market trading
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First Published: Aug 30 2023 | 7:25 AM IST