Stock Market Highlights 26 Aug 2022: Nifty, Sensex end with over 1% cut this week; How it happened
Stock Market Live Updates: Drifting between gains and cuts, the Indian market managed to close on a positive note amid volatility. Benchmark indices gained between 0.10-0.20% with Nifty50 closing at 17,558.90 and the Sensex at 58,833.87. Meanwhile, the market dropped by around one per cent in the week ended on August 26, 2022. The Nifty50 dropped by 1.1% and 30-share Sensex ended lower by 1.4% this week.
On Friday, Nifty Midcap and Smallcap ended the with gains of around 0.6% and 0.8% respectively. Sectorally, Nifty Metal and PSU Bank gained the most, while Media, Realty came under selling pressure.
Investors' lack of confidence and caution in anticipation of the Fed chair's remarks led to a significant sell-off towards the close of the session, said Vinod Nair, Head of Research at Geojit Financial Services.
"Western markets are trading with cuts as they await clues on further policy actions by the Fed to tame elevated inflation. This is expected to impact demand. On the sectoral front, metals and PSBs led the rally, while IT turned green after continued selling pressure," he added.
Grasim, JSW Steel, NTPC, Titan Power Grid were among top gainers, while Eicher Motors, IndusInd bank and Bharti Airtel and HDFC ltd led the drag on the last trading day of the week.
"The benchmark index has remained volatile during the day. On the higher end, it failed to move beyond 17700. The downsides on the other hand were limited to 17500. On the daily chart, a small-bodied candle with shadows on either side has formed, suggesting an indecisiveness," said Rupak De, Senior Technical Analyst at LKP Securities.
The trend is likely to remain sideways over the near term till Nifty remains in the range, he said. "Support on the lower end is visible at 17500/17400. On the higher end, resistance is visible at 17700," he added.
Stock Market Live Updates: Drifting between gains and cuts, the Indian market managed to close on a positive note amid volatility. Benchmark indices gained between 0.10-0.20% with Nifty50 closing at 17,558.90 and the Sensex at 58,833.87. Meanwhile, the market dropped by around one per cent in the week ended on August 26, 2022. The Nifty50 dropped by 1.1% and 30-share Sensex ended lower by 1.4% this week.
On Friday, Nifty Midcap and Smallcap ended the with gains of around 0.6% and 0.8% respectively. Sectorally, Nifty Metal and PSU Bank gained the most, while Media, Realty came under selling pressure.
Investors' lack of confidence and caution in anticipation of the Fed chair's remarks led to a significant sell-off towards the close of the session, said Vinod Nair, Head of Research at Geojit Financial Services.
"Western markets are trading with cuts as they await clues on further policy actions by the Fed to tame elevated inflation. This is expected to impact demand. On the sectoral front, metals and PSBs led the rally, while IT turned green after continued selling pressure," he added.
Grasim, JSW Steel, NTPC, Titan Power Grid were among top gainers, while Eicher Motors, IndusInd bank and Bharti Airtel and HDFC ltd led the drag on the last trading day of the week.
"The benchmark index has remained volatile during the day. On the higher end, it failed to move beyond 17700. The downsides on the other hand were limited to 17500. On the daily chart, a small-bodied candle with shadows on either side has formed, suggesting an indecisiveness," said Rupak De, Senior Technical Analyst at LKP Securities.
The trend is likely to remain sideways over the near term till Nifty remains in the range, he said. "Support on the lower end is visible at 17500/17400. On the higher end, resistance is visible at 17700," he added.
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