FINAL TRADE: Indices snap 2-day losing streak, Nifty settles at 19,393.6; all sectoral indices end in the green

Stock market today:  The domestic benchmark indices ended higher on Monday, August 21, snapping a two-day losing streak amid heavy buying in IT and metal stocks. The much-awaited Jio Financial listing was done at a marginal premium over its derived price of Rs 261.85 apiece but soon hit the lower circuit of 5 per cent. Globally, investors awaited Japan's consumer price index (CPI) data, which is slated to be released on Tuesday, August 22.

Both indices—S&P BSE Sensex and NSE Nifty—closed over 0.40 points higher. The S&P BSE Sensex was up 267.43 points, or 0.41 per cent at 65,216.09, and the NSE Nifty was up 83.45 points, or 0.43 per cent, at 19,393.6.

In the broader markets, the Nifty Mid Cap 100 and Small Cap 100 also ended strong.

On the sectoral front, Nifty Bank closed 0.34 per cent higher at 44.002 levels.

TECHNICAL VIEW

"Until the Nifty trades below 19,480–19,500, we can expect the weakness to continue, and we shall continue to maintain our negative outlook on the index. On the downside, we expect the Nifty to target levels of 19,100. Crucial support is placed at 19,280 – 19,240 while the immediate hurdle is placed at 19,480–19,500," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. 

Gedia added Bank Nifty has also witnessed a pullback and snapped its seven-day losing streak. It has closed in the green and, more importantly, is holding on to the support of the 20-week moving average (44,000), which indicates that a pullback is likely in the short term. The pullback can last until the 44,400–44,500 zone.

NIFTY STOCKS 

Bajaj Finance, Power Grid, Adani Enterprises, Adani Ports, and Hindalco were the major gainers. On the flip side, Jio Financial, Reliance Industries, M&M, Britannia, and Baja Auto were the top laggards.

BUZZING STOCKS 

KEC International shares closed over 4 per cent higher after the company received Rs 1,007 crore orders for its various businesses.

PNB Housing Finance shares ended over 3 per cent higher after the company resolved its non-performing assets, or NPAs, of Rs 784 crore.

Repro India touched the upper circuit of 5 per cent during the trading session after Morgan Stanley Asia (Singapore) PTE bought 1.64 lakh shares at 800 per share.

HEG and Graphite India shares closed 3 to 5 per cent higher after Jefferies raised its target on both stocks.

Conversely, Tanla Platforms settled over 5 per cent higher after it cancelled its contract with Vodafone Idea. 

Jio Financial, which got listed on the exchanges today, was the top loser on the NSE, touching the lower circuit of 5 per cent. 

Reliance Industries was also down over 1 per cent at the close.

GLOBAL MARKETS 

Global stocks were higher Monday as traders looked ahead to the Federal Reserve's summer conference for signs of whether the US central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation.

London, Tokyo, Paris, and Wall Street futures advanced. Shanghai declined. Oil prices rose.

(With agency inputs.)

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