Nifty, Sensex Erase Early Losses to Close Higher Fueled by Media & IT Gains

 

Sensex and Nifty Today Aug 14, 2023: Indian stock markets ended the volatile trading session in the green on Monday. The domestic markets opened in the red amid weak global cues and extended early losses. However, the markets gradually recovered in the second half and closed just near the flat line.

The market sentiments got dented, as Foreign Institutional Investors (FIIs) sold equities worth Rs 3,073.28 crore on Friday, according to exchange data. As expected India’s wholesale prices remained in the deflationary zone for the fourth month in a row in July. According to the official data released on 14th Aug, WPI inflation came at -1.36 percent in July as compared to -4.12 percent in June. 

Caution also prevailed in the market ahead of the announcement of retail inflation numbers for July later in the day. Meanwhile, the government data showed, India’s merchandise trade deficit slightly widened to $20.67 billion in the month of July, as compared to $20.13 billion in June. The Trade deficit data narrowed in July on a yearly basis as India’s trade deficit for the same period last year was $25.43 billion. 

 

Stock Market Indexes Today

 

The Nifty 50 index closed slightly higher by 6.25 points or 0.03 percent and closed at 19434.55 levels while the Sensex was up by 79.27 points or 0.12 percent and finished at 65401.92 levels. The Bank Nifty index ended lower by 108.15 points or 0.24 percent on the spot level and closed at 44090.95 levels.

The broader markets underperformed their larger peers today, as the Nifty midcap index was down by 65.95 points or 0.17 percent and closed at 37770.20 levels. The Nifty smallcap index ended lower by 85.95 points or 0.73 percent at 11662.40 levels.

 

Nifty 50 top gainers & losers 

 

The top gainers in the Nifty 50 index were LTIM, Infy, Divis Lab, HUL, and Reliance, and the top losers were Adani Enterprise, JSW Steel, Hindalco, SBI, and Tata Steel.

The top gainers in the Nifty midcap index were NMDC, IRFC, and Bank of India and the top losers were Sail, Dal Bharat, and Gland Pharma

The smallcap top gainers were Mazgaon Dock, Cochin Shipyard, and Amber while the top losers were CUB, Fact, and Birla Corp.

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

On the sectoral front, Media, IT, and FMCH closed higher while the sector that closed in the red were Metal, PSU Bank, and Realty.

 

Global Stock Market Today

 

Asian stock market indexes closed lower on Monday following negative cues from Wall Street on Friday and ahead of the economic data from the region later this week. Shanghai index closed lower ahead of Industrial Production, Retail Sales, and House Price reading are due on Tuesday. 

Nikkei extended early losses and declined over 1 percent, as Japan will release Q2 GDP growth data on Tuesday and the inflation reading later this week.

Hang Seng fell the most in the region, as the index was dragged by basic materials and consumer cyclical stocks. The real estate sector also saw a heavy sell-off after the real estate firm Country Garden Holdings fell sharply.

European stock markets opened lower on Monday, as worries over China’s troubled property sectors hit the market sentiment. However, most of the indexes recovered their early losses and are trading mixed at 3 pm IST. 

 

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Happy Investing!!

Editorial desk