Nifty 50 Closes Below 19400, Sensex Dips 388 pts; Energy, FMCG Sectors Drag

 

Sensex and Nifty 50 Aug 17, 2023: Indian stock markets ended the volatile session with significant losses on Thursday. The market sentiments were dampened due to negative cues from Wall Street. The volatility in the markets was due to the expiry of the weekly index option on the NSE.

Traders remained cautious after the report from Crisil Market Intelligence and Analytics that the urban poor have been the most impacted by the 15-month high inflation in July. According to the report, the high-income segment in urban areas has faced a less inflation burden, as food has a relatively low share of their consumption basket

However, traders overlooked Fitch Ratings’ statement, which stated that the operating environment for Indian banks has strengthened, as economic risks associated with the Covid-19 pandemic have receded. It said India was badly affected by the pandemic, but the associated risks have now subsided. The easing of pandemic-related risks has been accompanied by a strengthening of capital buffers.

 

Stock Market Indexes Today

 

The Nifty 50 index closed lower by 99.75 points or 0.51 percent and closed at 19365.25 levels while the Sensex was down by 388.40 points or 0.59 percent and finished at 65151.02 levels. The Bank Nifty index ended marginally lower by 65.05 points or 0.13 percent on the spot level and closed at 43891.35 levels.

The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 93.85 points or 0.25 percent and closed at 37895.50 levels. The Nifty smallcap index ended higher by 16.80 points or 0.14 percent at 11745.30 levels.

 

Nifty 50 top gainers & losers 

 

The top gainers in the Nifty 50 index were Adani Ports, Titan, Adani Enterprise, Bajaj-Auto, and SBI and the top losers were LTIM, Power Grid, Divis Lab, Reliance, and L&T

The top gainers in the Nifty midcap index were Indian Bank, REC Ltd, and Bata India and the top losers were IRFC, JSW Energy, and Deepak Nitrate

The smallcap top gainers were Amber, Cochin Shipyard, and Latent View while the top losers were IOB, Tanla, and Balaji Amines

The most active stocks in the Nifty index in terms of value were HDFC Bank, ICICI Bank, and Adani Enterprise. The most active stocks in terms of volume were Tata Steel, SBI, and ICICI Bank.

On the sectoral front, barring Nifty PSU Bank all other sectoral indices closed in the red with Energy, FMCG, and IT falling the most.

 

Global Stock Market Today

 

Asian stock market indexes trimmed their early losses and ended mixed on Thursday, as the minutes of the Fed’s last meeting signaled another rate hike this year. Nikkei trimmed early losses and closed lower, as Japan’s trade balance slip into a deficit in July against a surplus in June. South Korea’s Kospi erased most of its early losses and closed lower for the fifth straight session.

Shanghai index erased all losses and closed higher, as traders got encouraged after China’s Premier Li Qiang said on Wednesday that the country would work to achieve the economic target for this year. Hang Seng also pared all losses and closed flat.

European stock market indexes are trading lower on Thursday, as US Fed in its July meeting minutes hinted at a further rate hike this year.

 

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Happy Investing!!

Editorial desk