Stock market today: The domestic stock market edged higher and settled in green on Wednesday (August 9) amid buying in auto, FMCG, IT, metal, and pharma stocks. Moody's rating downgrade of certain US banks soured the mood in the early trade, but the market recovered later and closed higher. All eyes will now be on the Reserve Bank of India's (RBI) monetary policy decision, which will be released tomorrow.

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NSE Nifty closed 61.7 points, or 0.32 per cent higher at 19,632.55, and BSE Sensex closed 149.31 points, or 0.23 per cent higher at 65,995.81.

In the broader market, Nifty Mid Cap 100 and Small Cap 100 both ended 0.33 per cent and 0.59 per cent higher, respectively. On the sectoral front, Nifty Bank closed 0.19 per cent at 44,880.7.

TECHNICAL VIEW

"On the daily charts, we can observe that Nifty is in the process of retracing the entire fall it witnessed from 19,992 to 19,296. Currently, it is trading around the 19,600–19,650 zone, where resistance parameters in the form of the 20-day moving average (19,657) are placed. On the upside, crucial Fibonacci retracement levels are placed at 19,648 – 19,729 where we can expect the selling pressure to emerge. The current rally is a counter-trend pullback that is likely to fizzle out at Fibonacci retracement levels. The momentum setup on the daily and hourly time frame charts is providing divergent signals, which can lead to consolidation in the short term. Overall, the trend is still negative, and we expect the Nifty to target levels of 19,100 from a short-term perspective," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

NIFTY 50 STOCKS

Among the 50 stocks in the Nifty basket, 32 advanced while 18 declined. Dr Reddy's was the top gainer, up 3.92 per cent at close, whereas Divi's Laboratories was the top loser, down 2.67 per cent. 

BUZZING STOCKS

Bharat Forge closed over 6 per cent higher and Trent over 4 per cent higher after posting strong Q1 earnings.

Conversely, Bata India and Max Financial closed in the red ahead of results, down 2–3 per cent. 

Realty shares slipped ahead of the Reserve Bank of India (RBI) policy decision; Godrej Properties was down over 2 per cent, and Oberoi Realty dipped 2 per cent.  ICICI Lombard declined nearly 2 per cent as the company received a tax notice from Goods and Services Tax (GST) intelligence.

Dreamfolks closed over 14 per cent lower after reporting a weak set of numbers.

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