FINAL TRADE: Sensex takes a hit of 256 pts, Nifty gives up 19,300 dragged by financial stocks

Stock market today: The Indian share market closed lower on Thursday. The Nifty 50 lost 2.53 per cent of its value in August, weighed down by a continued drop in financial and consumer stocks, and moderating foreign investments after gaining 14.16 per cent from March to July and ahead of the gross domestic product (GDP) data for the June quarter. Selling pressure was seen in FMCG, oil & gas, financial services, pharma, metal and IT counter. 

At close, S&P BSE Sensex was down 255.84 points or 0.39 per cent at 64,831.41 and NSE Nifty was down 93.65 points or 0.48 per cent at 19253.8. 

In the broader market, Nifty Mid Cap 100 and Small Cap 100 ended in green. Nifty Bank also ended 0.55 per cent lower at 43,989.15. 

TECHNICAL VIEW 

"Both price and momentum indicators is suggesting that the weakness is likely to persist. On the way downside, the selling pressure is likely to intensify, and we shall continue to maintain our negative outlook on the index for the target of 19100. In terms of levels, 19100 – 19000 is the crucial support zone while 19400 – 19430 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. 

Gedia added Bank Nifty has also witnessed follow-through selling pressure and has closed in the negative for the second consecutive day. Daily Bollinger bands are also contracting indicating that there could be some consolidation in the near term. The range of consolidation is likely to be 43600 – 44700.

NIFTY STOCKS 

Adani Enterprises, Adani Ports, BPCL, Britannia, and Eicher Motors were the major winners. On the flip side, Jio Financial Services, Maruti Suzuki, HDFC Life, Cipla, and Tata Steel were the top laggards.

BUZZING STOCKS 

Balaji Amines ended over 3 per cent lower ahead of posting Q1 results. 

Adani Group stocks settled lower between 1 per cent to 4 per cent after Organized Crime and Corruption Reporting Project (OCCRP) said millions of dollars were invested in some publicly traded stocks of the group through opaque Mauritius funds.

Sula Vineyards shares ended over 3 per cent lower after reports about Verlinvest Asia PTE may sell a stake of up to 12.56 per cent. 

Medplus Health closed over 9 per cent lower after reports about PI OPPORTUNITIES FUND (Premji Invest) and Lavender Rose together likely to sell an 8.1 per cent stake.y

Conversely, Jio Financial Services ended as the top nifty gainer up over 3 per cent. 

Spandana Sphoorty ended nearly 2 per cent higher after Max Life Insurance Company and KOTAK MAHINDRA LIFE INSURANCE - CLASSIC OPPORTUNITIES FUND ULIF bought stakes. 

GLOBAL MARKETS 

Global stock markets were mostly higher Thursday ahead of updates on United States inflation and hiring that traders hope will persuade the Federal Reserve no more interest rate hikes are needed.

London, Tokyo, and Paris advanced. Shanghai declined. 

Wall Street futures were higher after the US government cut its estimate of economic growth for the second quarter to a still-robust level.

The US government was due to issue an inflation update Thursday in a report on personal consumption and expenditures — the measure of prices most closely watched by the Fed.

(With agency inputs) 

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