Sensex, Nifty eke out tepid gains; Jio Financial surges 5%, Adani Ports 2%

Closing Bell on August 29, 2023: The broader markets, however, held firm gains with the BSE MidCap and SmallCap indices settling 0.45 per cent and 0.69 per cent higher, respectively

Stock market highlights: After trading with tepid gains throughout the session, the benchmark S&P BSE Sensex ended flat on Tuesday at 65,076 levels, up 79 points or 0.12 per cent.

The Nifty50, on the other hand, held the 19,300-mark to close at 19,343, up 37 points or 0.19 per cent.

Jio Financial Services (up 5 per cent), Hindalco, UPL, Adani Ports, Hero Moto, Tata Steel, Bajaj Auto, Adani Enterprises, JSW Steel, HDFC Life, Tech M, NTPC, and Power Grid were the top gainers on the 50-share pack.

Bharti Airtel, HUL, Axis Bank, Reliance Industries, IndusInd Bank, Dr Reddy's Labs, Sun Pharma, Tata Consumer Products, Apollo Hospitals, and ITC were the top laggards, down up to 2 per cent.

The broader markets, however, held firm gains with the BSE MidCap and SmallCap indices settling 0.45 per cent and 0.69 per cent higher, respectively. The SmallCap index hit a fresh record high of 36,563 in intraday deals.

Among sectors, the Nifty Pharma, FMCG, and PSU bank indices settled lower with up to 0.5 per cent losses. On the contrary, the Nifty Realty index added 1.69 per cent, while the Nifty Metal index gained 1.28 per cent.

4:12 PM

COMMENT:: Sector specific action seen in markets

"The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides. For instance, the chemical sector emerged as a clear winner due to improvements in product prices stemming from stability in the demand and supply scenario. Meanwhile, the metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy. The benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate."

- Vinod Nair, Head of Research at Geojit Financial Services

4:11 PM

VIEW:: Nifty likely to remain rangebound

"The trading session began with a gap up, followed by range-bound trades as the Indian equities experienced a lacklustre performance. The support at the lower end remains solid at 19,245, serving as a barrier to prevent further declines. On the upper end, resistance is placed at 19,425; a breach of this level might lead to a more dependable rally. Expect a range-bound trading unless a clear breakout occurs on either side."

- Rupak De, Senior Technical Analyst at LKP Securities

4:11 PM

VIEW:: Immediate resistance for Bank Nifty seen at 44,650

"The Bank Nifty index remains engaged in a struggle between bulls and bears, resulting in a phase of sideways trading. The option data reflects a broad range, with notable open interest concentrations at both the 44,000 put option and the 45,000 call option. In terms of immediate technical levels, the index faces a resistance obstacle at 44,650. A decisive breach above this level is anticipated to ignite a fresh upward movement, potentially steering the index towards the 45,000 mark."

- Kunal Shah, Senior Technical Analyst at LKP Securities

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