Sensex slides 366 pts, extends losing run to 5-weeks; Nifty tests 19,250

CLOSING BELL ON AUGUST 25, 2023: The BSE benchmark has shed 2.7 per cent or 1,797 points in the last five straight weeks. HDFC Bank, Larsen & Toubro and ITC were the major laggards on Friday.

4:12 PM

Currency outlook :: 'Current strength in USD supported by growing possibility of higher interest rates'

The current strength of the dollar seems to be supported by the growing possibility of higher interest rates in upcoming meetings.

 

Looking ahead, the trading range for the rupee is projected to be within 82.50 to 82.90. If the rupee manages to breach the upper range, it could potentially move towards 82.10 to 82.00. Conversely, a downward break might push the rupee towards the 83.45 mark. These levels will likely be influenced by the outcome of the Jackson Hole Symposium and any subsequent developments in the global financial landscape.

Views by: Jateen Trivedi, VP Research Analyst at LKP Securities

 

4:08 PM

Tech View :: 'Bank Nifty has strong support at 44,000'

The Bank Nifty index witnessed an ongoing struggle between bulls and bears, resulting in a phase of range-bound trading.The support level is clearly visible around 44,000, coinciding with significant put writing, which could act as a stronghold against downward movements.

Conversely, resistance can be observed around 45,000, where the highest open interest is seen on the call side, indicating potential selling pressure. A decisive break on either side of this range could trigger trending moves. Despite this, the prevailing bias appears to lean towards the bullish side within the range.

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

4:04 PM

Tech View :: 'Nifty could break 19,000 if...'

The Nifty index has declined to a significant moving average (55-EMA) support level. The sentiment is expected to stay bearish as long as the index remains below 19,450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19,240, it could potentially lead the Nifty towards the 19,000 mark.

Views by: Rupak De, Senior Technical analyst at LKP Securities

4:01 PM

Comment :: 'Investor caution is evident globally'

Investor caution is evident globally, as concerns about potential rate hikes dominate the prevailing sentiment ahead of the Jackson Hole meeting. Furthermore, the minutes from the RBI MPC meeting reiterated their dedication to managing inflation within the target range, given the elevated domestic inflation levels. However, the expectation of a rate hike remains subdued, as the current high inflation is perceived as transitory

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

3:56 PM

Comment :: 'Investors await Powell speech, RIL AGM'

Benchmark Indices opened weak in line with global cues ahead of Powell's speech today. Back home, all sectoral indices ended in the red with even the Midcap Index down over a percentage. D-Street bulls preferred to wait until Monday for the big AGM, which probably could be of interest to investors.

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

3:53 PM

Bond market :: 10-year bond yield harden on hawkish MPC minutes, ahead of Powell speech

>> US Fed Chair Jerome Powell is slated to speak at the Jackson Hole Symposium later tonight

3:51 PM

Currency check :: Rupee ends at 82.65/$ against Thursday’s close of 82.57/$

3:50 PM

Broader markets end lower; SmallCap index outperforms peers

3:48 PM

Buzzing stock :: Syrma SJS hits record high; 1-year lock-in period ended today

3:47 PM

Buzzing stock :: Shoppers Stop sinks nearly 13% as MD & CEO Nair resigns

3:46 PM

Buzzing stock : Vodafone Idea jumps 9% amid heavy volume towards fag-end

3:45 PM

Buzzing stock :: Universal Auto freezes at 20% upper circuit as Ashish Kacholia picks stake

>> Kacholia bought over 1 million shares on Thursday

3:44 PM

Buzzing stock :: Paytm erases gains after rising 4% post block deal

3:42 PM

Sector check :: Nifty Metal dips over 1% on China slowdown woes

China, which accounts for almost half of the world's metal consumption, is facing headwinds of an economic slowdown, which poses a key threat to global commodities demand including steel. READ MORE

3:40 PM

Sector check :: PSB index falls the most; Punjab & Sind, PNB down up to 3.6%

3:39 PM

Sectoral trend :: Broad-based selling grips Dalal Street

3:37 PM

Nifty Gainers :: Jio Financial rises for the first time in 5 days

3:37 PM

Nifty Losers :: Adani Ent, Ports fall 2% each

3:36 PM

Sensex Heatmap :: Only 7 of 30 index stocks settle higher; Bajaj twins, Asian Paints, Airtel support

3:34 PM

CLOSING BELL :: Nifty holds 19,250

3:33 PM

CLOSING BELL :: Sensex shed over 350 pts

3:18 PM

ALERT:: India is fastest growing economy: FM at B20 Summit

>> Sustained global economic recovery will be an issue to talk about over the next few years

 

>> Impact of Russia-Ukraine war has impacted us in a different way

 

>> Everyone thinks Q1 has gone well, so the numbers should be good

>> Sustaining growth is the main priority

3:12 PM

Global Check:: UK stock futures up over 0.5%; US see marginal gains

Source; Investing.com

3:01 PM

Indian billionaire Anil Agarwal mulls listing Vedanta businesses separately

The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed. READ MORE

2:51 PM

ALERT:: Suzlon wins 201.6 MW order from O2 Power; stock up 3%

Suzlon today announced a significantly large new order acquisition for its 3 MW series of wind turbines from Teq Green Power XI Private Limited, part of O2 Power Private Limited, in a release to the BSE.

 

Suzlon will install 64 of its largest wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each for the 201.6 MW wind power project. The project is expected to be commissioned in 2025, the release stated.

2:41 PM

VST Tillers soars 14% on pact with US firm to develop electric power tiller

The company has entered into a Master Service agreement with US-based Solectrac Inc. to jointly develop electric power tiller and other agricultural machineries. READ MORE

2:31 PM

Jio Financial share exclusion from Sensex, indices postponed to Aug 31

Before opening of trading on September 1, the JFSL stock will be removed from all S&P BSE indices, including Sensex, Sensex 50, BSE 100, BSE 500, among others. READ MORE

2:22 PM

EPFO holds talks with Ministry of Finance on reinvesting ETF money

EPFO will move the final proposal for the finance ministry's assent once the finance and labour ministries decide on the matter. READ MORE

2:10 PM

ALERT:: Power Mech Projects okays Rs 350 cr fund raise; stock flat

Power Mech Projects in an exchange filing said that the company's board has approved a proposal to raise up to Rs 350 crore.

2:00 PM

Syrma hits new high on 1-yr lock-in expiry; more than doubles since listing

The stock, which listed a year ago on August 26, 2022, has surged nearly 2.5 times (143 per cent) from its issue price of Rs 220. On its debut day, the stock had closed with a 41 per cent gain. READ MORE