Nifty midcap gained 136 pts, Tata Motors, HDFC, Axis Bank are top losers

 

Indian markets traded in the negative zone throughout the day due to profit-booking by the investors in the heavyweight counters amid weak global cues. In the end, the markets closed in the red, and Nifty holds 11300 levels. The Nifty midcap and smallcap indices outperformed the benchmark indices and gained more than 0.50 percent today.

The market sentiments remain pessimistic as the growing threat of stagflation for the Indian economy and continuous increase in retail inflation above 6% may lead to a rise in interest rate. The uncertain outlook in inflation has not only led the Monetary Policy Committee (MPC) to hold the interest rate cut in August but also diminished the chances of a further rate cut in the next meeting. Traders also remained concerned with the World Bank’s report, you can read the morning reports here for details

On the global front, Asian markets were traded in the red zone today after the US Federal Reserve has highlighted the cautious view of the economy yesterday night. European markets are also hit by a wave of selling in the global markets after the Fed’s comment. The European indices are trading almost 1% down today. The US Dow and Nasdaq futures are also trading marginally lower today.

 

The market today: Nifty, Sensex, Bank Nifty, midcap and smallcap

At close, Nifty has declined 96.20 points or 0.84% and at 11312.20 while Sensex was down by 394.40 points or 1.02% and at 38220.39. The Bank Nifty on spot was volatile and closed lower by 286.45 points or 1.28% and closed at 21999.45.

The Nifty midcap and smallcap 100 indices closed in the green today. The Nifty midcap gained 136.15 points or 0.81% and closed at 16899.95 levels. The smallcap index was closed higher at 36.90 points or 0.66% and closed at 5601.90 levels.

The top Nifty gainers for the day are NTPC, ONGC, Coal India, Power Grid Corp, and BPCL. The losers in the Nifty index today are Tata Motors, HDFC, Axis Bank, Wipro, and Titan Company. The most active stocks for the day were Zee Entertainment, ICICI Bank, and Reliance. 

In the Nifty midcap space, the top gainers for the day are Tata Power, Sun TV Network and the losers are Godrej Properties, and Ajanta Pharma. In the Nifty smallcap Himadri Special and INOX Leisure are the top gainers today whereas MOIL, and Omaxe are the top losers.

On a sectoral basis, Banking & Finance, Ol & Gas, Telecom, Infrastructures, and IT & Software sectors closed in the red. The sectors that closed in green today are Manufacturing, Capital Goods, Consumer durables, Media, and Healthcare 

Stocks in the news: Nifty50, Nifty Midcap and Smallcap

 

Acharaya Balkrishna has resigned as Managing Director of Ruchi Soya Industries with effect from 18th August as per the company said to stock exchanges. Ram Bharat, a whole-time director will take over his position till Dec 17 20222. The NSE share price of Ruchi Soya has fallen 3.34% and closed at 695.15 per share.

The Axis Bank closed as one of the top five losers in the Nifty index after the bank clarified that reports with respect to PE firm Carlyle infusing Rs 5000 cr in the bank are a rumor. The NSE share price of Axis Bank declined by 2.08% and closed at Rs 434.95 per share.

The Board of Arti Drugs has approved issuing 3 bonus shares for every 1 equity share held. The NSE share price of Aarti Drugs has gained 18.19% and closed at Rs 2848.45 per share

 Glenmark Pharmaceutical plans to sell stake in its subsidiary Ichnos Science in the second half of the 2021 fiscal. This is to raise funds for the company by selling a stake. The NSE share price of Glenmark Pharmaceutical has gained 1.93% and closed at Rs 490.05 per share.

The RBL Bank is planning to raise Rs 1566 cr through a preferential share issue to a set of investors. The board of RBL Bank has approved the proposal on 20th August. The NSE share price of RBL Bank declined 1.43% and closed at Rs 182.15 per share.

 

Conclusions:

Indian markets opened in the red today traded in the negative territory and closed lower. Yesterday’s Fed’s  Reserves meeting minutes have created a negative sentiment globally. The Fed Reserve has signaled a long and difficult path of recovery for the world’s largest economy dented by the coronavirus pandemic

The Nifty midcap and smallcap indices closed higher today amid global weakness. Tomorrow the market will open as the global cues. You can also read our morning share market live updates for market cues and daily Nifty and Bank Nifty futures live prediction.

 

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Happy Investing!!

Editor’s Desk