Sensex ends flat amid range-bound trade; Broader mkt, new-age shares rally

CLOSING BELL ON AUGUST 22, 2023: BSE MidCap and SmallCap indices rallied up to 0.9 per cent, while the NSE Nifty 50 ended with a notional gain of 3 points at 19,396.

Stock Market Highlights: The key benchmark indices witnessed a range-bound trading session with Capital Goods, Power and FMCG shares seeing buying, while IT and financial shares were out of favour.

The S&P BSE Sensex from a low of 65,165, swung into the positive zone and touched a high of 65,333 – up 198 points from the day’s low. The Sensex eventually erased gains and ended on a flat note at 65,220 – up four points.

The NSE Nifty 50 was seen hovering above the 19,400-level for a major part of the trading session, but finally ended at 19,396 – up three points.

The de-merged Reliance entity - Jio Financial Services was locked at the 5 per cent lower circuit for the second straight day. The stock settled at Rs 239.20 on the BSE. Following the two successive lower circuits, BSE has deferred the removal of Jio Financial from all its indices by another three days to August 29.

Among others, Bajaj Finserv, SBI and ICICI Bank were the other visible laggards. On the positive front, ITC and NTPC gained around 1.5 per cent each. Mahindra & Mahindra, Wipro and Larsen & Toubro were the notable gainers in Sensex 30.

The broader markets outperformed the benchmark indices on Tuesday. The BSE MidCap and SmallCap indices were up 0.9 per cent each. Insurance related shares – GIC and New India Assurance rallied up to 6 per cent among MidCaps.

Shares of new-age companies also attracted buyers. Paytm, Nykaa and Zomata gained over 2 per cent each.

Primary Market Update

Pyramid Technoplast IPO which closes today was subscribed 17.8 times as of 03:45 PM. Retail portion was subscribed 14 times. Qualified Institutional Byers (QIBs) and Non-Institutional Investors (HNIs) segment was subscribed 9.9 times and 32 times, respectively.

Aeroflex Industries IPO which opened for subscription today was subscribed 5.2 times. Retail quota was subscribed 5.6 times. QIBs 1.1 time and HNIs 9.9 times.

4:16 PM

Tech View :: 'Continue to maintain negative outlook on Nifty'

Nifty50
On the daily charts, we can observe that the Nifty has not been able to surpass the resistance trend line and has been successful restricting the rise. On the downside, the 40-day moving average (19,362) is acting as a crucial support level and absorbing all the selling pressure. Thus, the Nifty is stuck in between a range, and until the Nifty trades below the 19,450 – 19,500 zone, we can expect the selling pressure to persist.

On the downside, we expect the Nifty to target levels of 19,100. Crucial support is placed at 19,250 – 19,200 while immediate hurdle is placed at 19,480 – 19,500.

Nifty Bank

Bank Nifty has tried to sustain above 44,000; however as the day progressed, it witnessed selling pressure and closed marginally in the red. The pullback towards key hourly moving averages, placed in the range 44,000 – 44,100, is providing a stiff resistance. Unless the Bank Nifty manages to sustain above the resistance zone, we can expect the selling pressure to continue. On the downside, the Nifty Bank Nifty can slip towards 43,500 from short term perspective.

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

4:13 PM

Comment :: 'Recent rebound a counter move in overall correction'

We see the recent rebound as a counter move within the corrective trend as Nifty has multiple hurdles to cross to change the tone. Meanwhile, a mixed trend across sectors is offering opportunities on both sides. Participants should align their trades accordingly while keeping a check on position size.

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

4:10 PM

ALERT :: BSE says Jio Financial will be removed from all the S&P BSE indices on Tuesday, August 29

>> Additionally, should JFSL not hit the lower circuit limit on either of the next 2 days, but hits the lower circuit limit on the 3rd day, the removal of JFSL from all the S&P BSE Indices will be deferred by another 3 days.

4:06 PM

Currency :: Rupee ends at 82.94/$ against Monday’s close of 83.11/$

4:05 PM

Broader markets gain; Mid, SmallCap indices rise nearly 1% each

3:59 PM

Market Check :: Top losers on the BSE today

3:58 PM

Market Check :: Top gainers on the BSE today

3:56 PM

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3:53 PM

Buzzing stock :: Eveready Industries soars 12% on heavy volumes

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3:51 PM

Buzzing stock :: BHEL zooms over 10%, hits 52-week high on Rs 4,000-cr order win

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