FINAL TRADE: Indices end higher; Sensex closes at 65,539.42; Nifty settles at 19,465

Stock market today: After remaining in negative territory for most of the session, the domestic equity market recovered in the last hour of trading and eventually settled higher on Wednesday, August 16, thereby continuing the winning streak for the second straight session. Buying in auto, FMCG, IT, pharma, and real estate stocks gave much-needed support to the market.

On the global front, investors awaited minutes from the Federal Reserve's July policy meeting for more cues on the path for interest rates in the world's largest economy. and the GDP data for Europe for the second quarter.

Both indices back home settled over 0.15 per cent higher. The S&P BSE Sensex was up 137.5 points, or 0.21 per cent at 65,539.42, and the NSE Nifty closed 30.45 points, or 0.16 per cent higher at 19,465 points.

"Bulls were in total control despite the cautious mood in global stock markets amidst value buying and bargain hunting. After wobbling in the morning session, markets regrouped at lower levels as the benchmarks raced higher to end the session in green. Technically speaking, if today’s bullish action is any indication, then all eyes will be on Nifty’s all-time high at the 19,992 mark with an inter-month perspective," said Prashanth Tapse, Senior VP Research Analyst at Mehta Equities Ltd.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 indices both ended in positive territory, up by 0.08 per cent and 0.57 per cent, respectively. 

On the sectoral front, the Nifty Bank ended lower amid global concerns about Fitch downgrading the US banks. Nifty Bank closed down 0.33 per cent at 44,946.4.

TECHNICAL VIEW

"Nifty is consolidating between these two parameters. The daily and hourly momentum time frames are also providing divergent signals. Thus, in such a situation, consolidation is highly likely. Overall, there are no signs of a trend reversal, and hence the short-term outlook is negative. On the downside, we expect the Nifty to target levels of 19,100," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Gedia added Bank Nifty has closed in the negative for the fifth consecutive trading session. It has reached the 20-week moving average (43,800), and hence the fall may not be severe from current levels. The trend is still negative, however oversold, and we can observe divergence on the hourly charts, which indicates that a pullback is possible over the next few trading sessions. The pullback can stretch higher until 44,400–44,500.

NIFTY 50 STOCKS

Apollo Hospitals, UltraTech Cement, NTPC, Infosys, and Tata Motors were the top gainers. Conversely, Tata Steel, Adani Ports, Hindalco, HDFC Life, and Bharti Airtel were the top laggards on the Nifty 50.

BUZZING STOCKS 

Shipping stocks rallied in Wednesday's trading session, boosted by strong Q1 results, Garden Reach Shipbuilders was up over 18 per cent and Cochin Shipyard was up over 14 per cent. 

Infosys rose over 1 per cent after bagging a deal worth $1.5 billion from Liberty Global. Tata Motors and JBM Auto rose on the government's Rs 57,600 crore e-Bus Scheme.

Metal stocks remain under pressure from the rising dollar index; Tata Steel was the top loser.

Conversely, Hindustan Copper slid over 6 per cent after reporting a weak set of earnings for Q1. 

IndiGo ended over 3 per cent lower as the Gangwal family sold a 4 per cent stake in the company.

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