Stock Market Highlights 23 Aug, 2022: Nifty ends near 17,600, Sensex jumps around 250 points as market snaps 2-day losing streak - How it happened
(By Ravi kant Kumar)
Stock Market Live Updates: In a tug of war between bulls and bears, the former emerged victorious in a highly volatile market on Tuesday. With this gain, benchmarks snapped a two-day losing streak as Nifty50 closed around 17,600, while the Sensex rose by around 300 points.
Mirroring the benchmarks, Nifty Midcap and Small cap rose more than one per cent in the broader market.
Nifty Auto, PSU Bank and Metal led the sectoral indices as the market ended higher on Tuesday amid huge profit booking in IT stocks. IT was the lone loser among sectoral indices with around 1.5% cut.
Mahindra & Mahindra was the top gainer on the benchmarks, while TCS and Infosys were top laggards.
Fear of uncertainty is visible in the market as they move with high volatility, led by weak signals from global peers, while a stronger domestic economy is providing some comfort, said Vinod Nair, Head of Research at Geojit Financial Services, on Tuesday's trading session. "Global markets were under pressure with a spike in European energy prices and rate hike fears ahead of the Jackson Hole gathering. On the domestic front, gains in banks, autos and metals were countered by selling in IT stocks as majors are scaling down variable pay due to margin pressure," he added.
Earlier, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market mood suddenly changed after the release of the Fed minutes which indicate steeper rate tightening than what the market had discounted.
"Now, the focus will be on what the Fed chief Powel will say at the Jackson Hole symposium on Friday. If he sounds less hawkish there can be a relief rally; otherwise the present drift will continue. The trend in US markets is hugely important for India since the correlation between the two markets is very high," he said.
The sharp decline in India is also due to some profit taking by DIIs who have been sustained sellers in recent days. Profit booking is normal since the market had risen too fast (Nifty rallied 18% from the June lows) in 2 months.
Investors can now buy the dips in a calibrated manner. High quality financials, autos and capital goods can bounce back sharply when the market trend turns."
(By Ravi kant Kumar)
Stock Market Live Updates: In a tug of war between bulls and bears, the former emerged victorious in a highly volatile market on Tuesday. With this gain, benchmarks snapped a two-day losing streak as Nifty50 closed around 17,600, while the Sensex rose by around 300 points.
Mirroring the benchmarks, Nifty Midcap and Small cap rose more than one per cent in the broader market.
Nifty Auto, PSU Bank and Metal led the sectoral indices as the market ended higher on Tuesday amid huge profit booking in IT stocks. IT was the lone loser among sectoral indices with around 1.5% cut.
Mahindra & Mahindra was the top gainer on the benchmarks, while TCS and Infosys were top laggards.
Fear of uncertainty is visible in the market as they move with high volatility, led by weak signals from global peers, while a stronger domestic economy is providing some comfort, said Vinod Nair, Head of Research at Geojit Financial Services, on Tuesday's trading session. "Global markets were under pressure with a spike in European energy prices and rate hike fears ahead of the Jackson Hole gathering. On the domestic front, gains in banks, autos and metals were countered by selling in IT stocks as majors are scaling down variable pay due to margin pressure," he added.
Earlier, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market mood suddenly changed after the release of the Fed minutes which indicate steeper rate tightening than what the market had discounted.
"Now, the focus will be on what the Fed chief Powel will say at the Jackson Hole symposium on Friday. If he sounds less hawkish there can be a relief rally; otherwise the present drift will continue. The trend in US markets is hugely important for India since the correlation between the two markets is very high," he said.
The sharp decline in India is also due to some profit taking by DIIs who have been sustained sellers in recent days. Profit booking is normal since the market had risen too fast (Nifty rallied 18% from the June lows) in 2 months.
Investors can now buy the dips in a calibrated manner. High quality financials, autos and capital goods can bounce back sharply when the market trend turns."
Latest Updates
Bank Nifty outlook on August 23
"The Bank Nifty index witnessed a sharp recovery from the lower level and formed a strong bullish reversal candle. The index downside support stands at the 37,700-38,000 zone and as long as this support is held the index remains in a buy on dip mode. The immediate upside hurdle stands at 39000 where call writers are active and once surpassed will see further short covering."- Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty outlook, August 23
"Nifty ended the day with a significant green candle that pierced through the body of the previous bear candle on the daily chart. On the lower end, the Nifty found support at a near-term moving average. Going ahead, the trend may remain positive as long as the index holds above 17400 on a sustained basis. On the higher end, 17700 may act as immediate resistance; a decisive move above 17700 may induce a rally towards the recent high of 18000." - Rupak De, Senior Technical Analyst at LKP Securities
Stock Market recovery
PSU Bank and Metal, which gained between 1.7-2.1% in the late afternoon trade led the recovery on the benchmarks even as Nifty IT declines 1.8%
Except IT, all sectoral indices turn green, buying interest in smallcap, midcap stocks
Small cap and Midcap stock see buying interest as Nifty Midcap and Smallcap indices gain between 0.8-0.9%. Except Nifty IT, which declined 1.7%, all sectoral indices traded in the green. Meanwhile, benchmarks gain around half per cent
Dreamfolks Services IPO opens tomorrow: 10 things investors should know
After Syrma SGS Technology IPO, the initial public offering of Dreamfolks Services, India's largest airport service aggregator platform, is set to open for subscription on Wednesday
Interestingly, Dreamfolks Services Limited Co operates in an industry which has no listed peer.
Stocks to buy with Anil Singhvi: MTAR Tech, Vardhman Textiles and Lakshmi Machine
In conversation with Zee Business Managing Editor Anil Singhvi, market expert Simi Bhaumik on Tuesday recommended three stock to buy for long-term, positional and short-term basis. These stocks are:
Short Term- MTAR Tech
Positional Term- Vardhman Textiles
Long Term- Lakshmi Machine
शॉर्ट टर्म, पोजीशनल और लॉन्ग टर्म के लिए टेक्निकल एनालिस्ट सिमी भौमिक से 3 बेहतरीन मिडकैप Picks
Short Term- MTAR Tech
Positional Term- Vardhman Textiles
Long Term- Lakshmi Machine#MidcapStocks #stocks @AnilSinghvi_ @SimiBhaumik pic.twitter.com/I1EPSOhy7d
— Zee Business (@ZeeBusiness) August 23, 2022
Bulls Vs Bears
A tug of war between bulls and bears continued as the benchmarks once again turned green. The Nifty50 traded above 17,500 and the Sensex added 100 points
Stocks in 52-week high, upper circuit
As many as 125 stocks hit 52-week high, while 182 stocks were locked in upper cicruit on the BSE. Of the total 3412 stocks that traded on the BSE, 1778 advanced and 1471 decined on the exchange, while 163 remained unchanged
BPCL Director (Marketing)
Bharat Petroleum Corporation Limited on Tuesday announced the appointment of Sukhmal Jain as Director (Marketing). Prior to his elevation to the board, Jain was the Executive Director Incharge (Marketing Corporate) in the Corporate Office.
IT continues to drag market
IT sector continued to drag the market as Nifty IT dropped 2.3% in Tuesday's intraday trade amid variable payout cut. Tech Mahindra, TCS, Infosys and HCL Tech were the top losers among IT stocks on the benchmarks
Kalyan Jewellers share price
Shares of Kalyan Jewellers India jumped over 8% to Rs 76.55 per share on the BSE amid spurt in volume on Tuesday.
Stock Market Live Updates
The market continued to trade a seesaw amid volatility with the benchmarks slipping in the red. After opening weak, the indices have gained around 0.5%, only to give up gains again and slip in the red.
Adani Group Stocks in focus
International rating agency Fitch has expressed concern related to existing debt of the company amid its expansion plan
अदानी ग्रुप का कई कारोबार में विस्तार
कई कारोबार में विस्तार पर फिच ने जताई चिंता#AdaniGroup #NewsUpdate @AnilSinghvi_ @deepdbhandari pic.twitter.com/jXlitZoKMV
— Zee Business (@ZeeBusiness) August 23, 2022
Rupee opening today
The rupee depreciated 4 paise to 79.88 against the US dollar in opening trade on Tuesday tracking a strong American currency and risk aversion in domestic markets.
Gillette India share dividend 2022
Gillette India, in a board meeting on Monday, has recommended a dividend of Rs 36 per equity Share for a share having a face value of Rs 10 each. The divided shall be paid between November 25 to December 16 on approval of the Members at the 38th Annual General Meeting, the company said in a regulatory filing.