Market Wrap Podcast, Aug 20: Here’s all that happened in the markets today

Spooked by tapering considerations, together with faltering development and China’s regulatory curbs, benchmark indices, in tandem with different world friends, ended the final session of the week in the pink. With this the benchmark indices ended the truncated week almost 0.50 per cent down, snapping their two-week profitable run.

In today’s commerce, the benchmark Sensex dipped 300 factors to 55,329 whereas Nifty50 lost 118 factors to 16,451. Analysts foresee a couple of uneven classes in the days forward for the Indian fairness markets. However, they really feel that the indices will bounce again after a correction as that may spur shopping for by new traders.

HUL, Asian Paints, Nestle India and Bajaj Finance have been the prime Sensex gainers and have been up between 2-5 per cent. On the different hand, Tata Steel, SBI, DRL and Sun Pharma have been the worst losers, shedding as much as 8 per cent.

The selloff in broader markets was sharper as the BSE Midcap index lost 1.91 per cent and BSE Smallcap 1.83 per cent. Consequently, the market breadth deteriorated additional. The Advance-decline ratio of 1:3 on the BSE advised that three shares fell for one that rose.

In the sectoral area, barring Nifty FMCG which rose over 2 per cent, all indices shut store in deep pink. The FMCG pack gained in all 4 classes this week. Metal pack, in the meantime, melted 6.43 per cent amid a pointy plunge in iron ore futures. It was adopted by Media and Realty that lost over 3.5 per cent every after which Nifty PSU Bank that dropped 3.4 per cent.

Stock-specific exercise remained excessive amid a brand new itemizing on the bourses. Shares of CarTrade Tech defied gray market indications to checklist at a 1 per cent low cost at Rs 1600 per share. The stock prolonged losses and ended over 7 per cent decrease to the concern value of Rs 1,618 on the BSE.

Shares of Ujjivan Small Finance plunged almost 19 per cent to Rs 19.70 following the resignation of Nitin Chugh from the position of Managing Director (MD) and CEO of the financial institution w.e.f. shut of business hours on September 30, 2021, citing personal causes. The stock additionally hit a brand new 52-week low of Rs 19.40 on the BSE.

That aside, Hindustan Unilever swelled to its 52-week excessive of Rs 2628.85. The stock rose for the seventh day in a row as traders turned to defensive shares from the FMCG area in a weak market. The stock lastly settled 5 per cent greater at Rs 2618.

IndoStar Capital tumbled 12 per cent to Rs 297 on the BSE as the company’s supply on the market opened for non-institutional traders today.

Now, going into commerce subsequent week, in the absence of any macroeconomic knowledge, world markets are prone to sway the market sentiment. On the world entrance, all eyes will likely be on the deal with by US Federal Reserve Chair Jerome Powell at Jackson Hole, Wyoming symposium. That aside, traders will proceed to trace the progress of Delta variant of virus and its implications on world development. Lastly, three IPOs are up for itemizing subsequent week, particularly Nuvoco Vistas, Aptus Value and Chemplast Sanmar.

Dear Reader,

Business Standard has at all times strived exhausting to supply up-to-date info and commentary on developments that are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on easy methods to enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these troublesome occasions arising out of Covid-19, we proceed to stay dedicated to protecting you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.
We, nevertheless, have a request.

As we battle the financial affect of the pandemic, we’d like your help much more, so that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. More subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We imagine in free, honest and credible journalism. Your help by means of extra subscriptions will help us practise the journalism to which we’re dedicated.

Support high quality journalism and subscribe to Business Standard.

Digital Editor

Back to top button