Officials of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan are meeting in Jackson Hole, Wyoming, for their yearly conference on central banking. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the positive territory.
The US market exhibited a positive trend as declining US PMI ignited hopes of a prolonged rate pause, calming US bond yields. Optimism in the domestic market was more visible in the IT sector, though sentiments were reversed in other major sectors, likely influenced by the prevailing global uncertainties,” said Vinod Nair, Head of Research at Geojit Financial Services.
Sensex closed 181 points, or 0.28 per cent, lower at 65,252.34 while the Nifty closed the day at 19,386.70, down 57 points, or 0.29 per cent. Mid and smallcaps, however, outperformed the benchmark index. The BSE Midcap index rose 0.11 per cent while the Smallcap index clocked a gain of 0.21 per cent.
Sectorially it was a mixed bag with buying seen in IT, realty, FMCG and banking space. Railway stocks were in momentum on account of the strong order book and rising allocation in the rail infrastructure by the government.
Analysts said the outperformance of mid- and small-caps over the blue-chips in 2023 was driven by robust retail inflows and hopes of near-term returns. The RBI MPC policy meeting minutes is scheduled to be released at 5 pm today.
Here is the list of stocks which are the top gainers and losers during August 24th trading session:
Sensex:
Top gainers: IndusInd Bank (1.72%), Asian Paints (1.68%), Infosys (1.19%), UltraTech Cement (0.65%), and Nestle India (0.39%)
Top losers: Jio Financial Services (-4.99%), Reliance Industries (-1.76%), Power Grid Corporation (-1.32%), JSW Steel (-1.19%), and Larsen & Toubro (-1.10%)
Nifty50:
Top gainers: Bharat Petroleum Corporation Limited (BPCL) (1.93%), Asian Paints (1.78%), IndusInd Bank (1.26%), Infosys (1.14%), and Britannia Industries (0.94%)
Top losers: Jio Financial Services (-4.99%), Reliance Industries (-1.84%), Divi’s Laboratories (-1.52%), Power Grid Corporation (-1.32%), and Oil and Natural Gas Corporation (ONGC) (-1.31%)
BSE:
Top gainers: Bajaj Hindusthan Sugar (14.23%), Indiabulls Real Estate (10.31%), Titagarh Rail Systems (10.12%), Coforge Ltd (9.76%), and GMR Airports Infrastructure Ltd (9.29%)
Top losers: Rainbow Childrens Medicare Ltd (4.92%), Hindustan Oil Exploration Co. Ltd (-4.72%), Alok Industries (-4.62%), Procter & Gamble Health Ltd (-4.29%), and Campus Activewear Ltd (-4.27%)
NSE:
Top gainers: Kopran Limited (18.95), Keynote Financial Services Ltd (16.94%), S Chand & Company Ltd (16.96%), Visagar Polytex Ltd (16.67%), and Mcleod Russel India Ltd (16.49%)
Top losers: Visesh Infotecnics (-10%), Shekhawati Poly-Yarn Limited (-9.09%), Shreeoswal Seeds And Chemicals Limited (-7.88%), Lasa Supergenerics Limited (-6.79%), and Umang Dairies Ltd (-6.13%)
Where are markets headed?
Nifty’s current move indicates that bears are not in the mood to lose their control and tone may deteriorate again on the break of 50 EMA i.e. around 19,285, according to analysts.
‘’We have been maintaining a view stance to focus on stock selection amid choppiness and it is working well so far. Traders should avoid aggressive positions and prefer hedged trades until we see some clarity over the next directional move,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Disclaimer: The views and recommendations above are those of individual analysts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Updated: 24 Aug 2023, 04:21 PM IST