Stock Market Highlights 26 Aug 2022: Nifty, Sensex end with over 1% cut this week; How it happened
Stock Market Live Updates: In line with positive global cues on Friday, the Indian market started strongly as benchmarks gained more than half per cent in the opening trade on monthly expiry
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.
Latest Updates
Bank Nifty Outook on Aug 26
"The Bank Nifty index continued to face stiff selling pressure around 39,500 levels where fresh call writing has been witnessed. The index ahead of the global economic events is stuck in a broad range between 38,500-39,500 levels and a break on either side will give trending moves. The traders should trade with strict risk management as September has been the series where the index has seen more than 5% move."- Kunal Shah, Senior Technical Analyst at LKP Securities.
Indices cut early gains; trade almost flat
Benchmarks Nifty 50 and Sensex erased almost all gains as the former traded near 17,550 and the latter was trading near 58,800. Eicher Motors and IndusInd Bank were top drags, falling by 2-3.5%
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Eicher Motors share price: Why stock price is falling?
Shares of Eicher Motors dropped almost four per cent in Friday's intraday trade after the company, through a regulatory filing, informed that chief financial officer (CFO) Kaleeswaran Arunachalam has tendered his resignation, effective after September 2. "The appointment of a new CFO in his place would be intimated in due course," it said in a BSE filing
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Gold Price Today: Yellow Metal trading range
Dip in dollar and treasury yields on weaker U.S. economic data has led to a rise in gold prices. The focus would be on Jackson hole symposium speech and US gdp data to understand the clear trend in gold. Till then gold prices may move in a range bound zone.
Buy Zone Above - 51800 for the target of 52000
Sell Zone Below - 51550 for the target of 51200Dr. Ravi Singh-Vice President and Head of Research-ShareIndia
Gold and Silver were lower again and hit MCX October Gold yesterday closed positive at 51702(+0.50%)and September Silver closed at 55389(+0.90%), Bullions chars are looking positive, Momentum Indicator RSI also indecating the same, So traders are advised to make fresh buy postion in Gold and Silver near given support below:
Gold October Support 51600/51400 and Resistance 51880/52060.
Silver September Support 55200/54700 and Resistance 55800/56500.Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited
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BHEL, L&T Finance Holdings and IDBI Bank: What should investors do?
Three stocks - BHEL, L&T Finance Holdings and IDBI Bank - came in focus on Thursday. On Friday's intraday trade, shares of BHEL traded with one per cent gain, L&T Finance Holdings were marginally up by half per cent and IDBI Bank rose five per cent amid spurt in volumes. Full report
Market trims gains: Nifty below 17,600
After gaining by around one per cent in the early trade, the Indian market trimmed early gains as Nifty50 slipped below 17,600 and the Sensex was trading below 59,000
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Syrma SGS Technology IPO makes trong debut; stock up 33%
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USD INR outlook: Expect sideways moves
Attempts to breach the 80 mark were rejected yesterday. Expect sideways moves, and choppiness to prevail. Directional trades may wait for a test or breach of the 79.6-80 extremities.
Anand James - Chief Market Strategist at Geojit Financial Services.Syrma SGS Technology share price
Shares of Syrma SGS Technology jumped over 19% to Rs 262 per share on the BSE ahead of listing on the BSE and NSE.
Nifty upside prospects remain
Though the approach to 17730 exposed vulnerability on anticipated lines, upside prospects remain alive as long as above 17550 on a closing basis. The day’s positive bias could be lost though if below 17640. Repeat breach of17500 could call for 17000.-
Anand James - Chief Market Strategist at Geojit Financial Services.
Opening Bell: Nifty50 and Sensex top gainers and losers
Mahindra & Mahindra and Tata Steel was top gainers on the benchmark indices. Eicher Motors, Asian Paints, Bharti Airtel were among top drags on the two indices.
Meanwhile, following benchmarks, Nifty Midcap gained almost one per cent, while smallcap traded higher by 0.8% in early trade.
Sectorally, all indices opened in the green with Nifty Metal gaining the most
Nifty, Sensex at pre-opening
The benchmarks gained more than 0.30% as Nifty traded near 17,600, Sensex jumps nearly 300 points trade above 59,000
Bank Nifty support and resistance
"The immediate downside support stands at the 38,500-38,400 zone and if breached will lead to further selling pressure on the downside. The index needs to break the range of 38,500-39,500 for decisive trending moves on either side." Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty support and resistance
"Nifty formed an engulfing pattern after two days of positive move setting a stage for a bearish reversal. The momentum indicator RSI is also pointing toward a negative momentum in the near term. On the lower end, 17480 is likely to act as initial support; a fall below 17480 may take the index towards 17350. Below 17350 the Nifty may drift down towards 17000-16950. On the higher end, resistance is visible at 17700." -Rupak De, Senior Technical Analyst at LKP Securities
Buy on dips market
"Yesterday's 200 point correction from the peak in Nifty is due to expiry issues, he underlined. This remains a 'buy on dips' market for the near term. Bank Nifty appears to be the strongest segment," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Syrma SGS Technology IPO expected listing price
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Asian markets trade firm in early trade
Asian markets were off to a good start on Friday as majority of the indices traded firm in early trade on Friday. Japanese Nikkei 225 gained almost one per cent, Hang Seng Index at the Hong Kong exchanges rose more than one per cent and Chinese Shanghai Composite was trading higher by 0.33%
SGX Nifty hints at positive opening for Indian market
In a good sign for the Indian market, the SGX Nifty at the Singaporean exchange rose by almost 100 points to around 17,682.0 in early trade on Friday
US market surge ahead of Fed Chairman's remarks
Ahead of Fed chairman remarks in the ongoing Jackson Hole Symposium 2022, the US markets extended gains as the Wall Street indices ended on strong note. Dow Jones gained more than 300 points, Nasdaq Index rose settled with over 200 points and S&P500 ended with gains of almost 60 points
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