FINAL TRADE: Sensex falls 388 pts, Nifty cracks 100 pts to end at 19,365; ITC slips 2%

Stock market today:  The domestic equity market on Thursday, August 17, ended in negative territory amid selling in auto, bank, FMCG, IT, financial services, and pharma stocks. The US Fed's hawkish commentary and weakness in Asian markets dented investor sentiment in the Indian market.

At close, both indices were down over 0.50 per cent. The S&P BSE Sensex ended 388.4 points, or 0.59 per cent lower at 65,151.02, while the NSE Nifty slipped 99.75 points, or 0.51 per cent to 19,365.25.

"Profit-taking came to the fore amid weak global cues, as rising US bond yields and a fall in currency levels weighed on equity market sentiment. Investors are also worried about further rate hikes coupled with deflation and slowing demand in China, which has been prompting investors to flee equity markets amid choppy trends," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Technically, the market is consistently facing selling pressure near the 19,480 level while regularly taking support near 19,320. In addition, on daily charts, the index has formed a bearish inside candle, which indicates that non-directional activity is likely to continue in the near future.

"We are of the view that 19,320 could be the sacrosanct support zone for the market, below which the index could slip till 19,250–19,200, while any fresh uptrend rally is possibly only after the dismissal of 19,480. Above the same, the market could move up to 19,535–19,585," the analyst added.

Broder market indices, on the other hand, ended in the green. The Nifty Mid Cap 100 was up 0.25 per cent and the Nifty Small Cap 100 was up 0.14 per cent. 

NIFTY 50 STOCKS

In the Nifty50 basket, 34 stocks declined and 15 stocks ended positive. ITC, LTIMindtree, Power Grid, Reliance, and L&T were the top laggards. Conversely, Adani Ports, Titan, Adani Enterprises, SBI, and Bajaj Auto were the major winners.

BUZZING STOCKS 

Pharma stocks saw profit booking in Thursday's trade. Lupin slipped nearly 2 per cent. 

Shriram Finance edged higher on a positive brokerage note, up over 2 per cent. 

Titan sees buying ahead of the festive season, stock up more than 2 per cent.

JSW Energy closed over 4 per cent down after promoters JSW Investments trimmed its stake. 

Religare Enterprises also slipped over 4 per cent after the block deal. 

IRFC ended over 6 per cent lower after the government announced the sale of a part of its holdings.

GLOBAL MARKETS

Global stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes that interest rate hikes are finished. London, Hong Kong, Paris, and Seoul declined. Shanghai and Wall Street futures advanced.

(With agency inputs) 

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