IT, HDFC Bank, M&M send Sensex 202 pts down; Adani Ent gains 4%, RIL 1%

Closing Bell on August 18, 2023: The Nifty50, meanwhile, ended at 19,310, down 55 points

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Stock market highlights: Benchmark indices regained some lost ground in the fag-end of the session as shares of Reliance Industries marched their way among the top index gainers.

The S&P BSE Sensex, which hit a low of 64,755 in the intra-day trade, settled at 64,949, down 202 points or 0.3 per cent. The Nifty50, meanwhile, ended at 19,310, down 55 points or 0.28 per cent, after hitting a low of 19,254 during the day.

Shares of RIL advanced 0.6 per cent after the exchanges said in a notification that shares of Jio Financial Services will be listed on August 21, 2023, under the 'T' Group of securities. READ MORE

Maruti Suzuki, Axis Bank, Nestle India, Tata Motors, and HUL were the other gainers, rising up to 0.7 per cent on the Sensex.

However, losses in TCS, Infosys, Wipro, Tech M, Bajaj twins, Power Grid, M&M, Sun Pharma, Tata Steel, Kotak Bank, Titan, L&T, and HDFC Bank capped upside.

Meanwhile, in the broader markets, the BSE MidCap and SmallCap indices settled up to 0.4 per cent lower.

Among sectors, the Nifty IT index fell 1.47 per cent, while the Nifty PSU Bank and FMCG indices gained 0.2 per cent each.

4:08 PM

COMMENT:: Fears of Fed rate hike, default risk in China dent sentiment

"Concerns regarding inflation and shifts in investor preferences towards safer assets dampened overall market sentiment for domestic equities. Fears of a Fed rate hike, coupled with a decline in global equities, exerted additional downward pressure, specifically on IT stocks. Higher US bond yields and default risk in China are poised to prompt FIIs to adopt a more prudent stance when considering investments in emerging markets."

- Vinod Nair, Head of Research at Geojit Financial Services

4:07 PM

COMMENT:: Monsoon worries weigh on markets

"Benchmark Indices ended in the red today on the back of profit taking seen in IT stocks as well as PSU stocks. The 6% deficiency in the Monsoon was an important factor with several states witnessing deficits across districts. The Evergrande Bankruptcy in China though was brushed away since real estate loans in India are by and large regulated well in India now."

- S Ranganathan, Head of Research at LKP securities

4:05 PM

RIL rebounds 3% from day's low ahead of Jio Financial listing on August 21

Shares of Reliance Industries touched an intra-day high of Rs 2,576, bouncing back nearly 3 per cent from its intra-day low of Rs 2,508.50 on the BSE. READ MORE

4:04 PM

Adani Group shares in demand; Adani Power, Energy Solutions surge up to 12%

According to reports, Abu Dhabi National Energy PJSC (TAQA) is looking to double down in India and evaluating a large exposure in the expansive power businesses of Gautam Adani. READ MORE

4:03 PM

Concord Biotech lists at 21% premium; ends 27% higher v/s issue price

The shares of the biopharma company listed at Rs 900, a 21 per cent higher against its issue price of Rs 741 per share on the National Stock Exchange and BSE on Friday. READ MORE

4:01 PM

GMM Pfaudler tanks 11% intra-day after huge block deal; ends flat

At 09:15 AM; around 5.92 million equity shares representing 13 per cent of total equity of GMM Pfaudler changed hands at the counter on the BSE, the exchange data shows. READ MORE

3:59 PM

Erratic monsoon may halt tractor stocks' rally in near-term: Analysts

Analysts believe the on-going rally across tractor stocks may face headwinds from spatial distribution of monsoon across the country, which could keep sentiments in check. READ MORE

3:58 PM

RBI appoints P R Seshadri as South Indian Bank MD & CEO; stock zooms 11%

RBI has approved the appointment of P R Seshadri as Managing Director & CEO of the Bank for a period of three years with effect from October 1, 2023. READ MORE

3:56 PM

CG Power surges 4% in weak market, hits new high on strong biz outlook

Shares of CG Power and Industrial Solutions hit a new high of Rs 429.80, surging 4 per cent on the BSE in Friday's intra-day trade, in an otherwise a weak market, on a robust and promising business outlook. READ MORE

3:55 PM

Sula Vineyards jumps 4% as wine tourism clocks record revenue over weekend

Shares of Sula Vineyards jumped 4 per cent to Rs 510 per share in Friday's intra-day trade as wine tourism clocked highest-ever revenue, visitors, and tastings over the extended weekend of August 12-14. READ MORE

3:53 PM

Gokaldas Exports soars 7%, nears record high on hopes of biz revival in H2

The management said they are optimistic about revival of the business in H2FY24, and are bullish on the long-term prospects of the company. READ MORE