Stock Market Today: Indices erase intraday positive aspects to finish decrease; Sensex crashes 311 pts, Nifty settles under 17,550-mark

Market Today: The frontline indices on the BSE and National Stock Exchange (NSE) erased their intraday positive aspects and ended round 0.5 per cent decrease on Thursday on expiry of August-series futures and choices (F&O) contracts.

The S&P BSE Sensex crashed 310.71 factors (0.53 per cent) to finish at 58,774.72 whereas the Nifty 50 declined 82.50 factors (0.47 per cent) to settle at 17,522.45. Both the indices had opened over 0.4 per cent earlier within the day and traded greater for the majority of the session rising round 0.7 per cent earlier than giving up their positive aspects and ending decrease within the final hour of commerce.

On the Sensex pack, Bajaj Finance, Infosys, Tata Consultancy Services (TCS), IndusInd Bank, Axis Bank, Power Grid Corporation of India, NTPC, Larsen & Toubro (L&T), and Housing Development Finance Corporation (HDFC) have been the highest losers on Thursday whereas Maruti Suzuki India, State Bank of India (SBI) and Dr. Reddy’s Laboratories ended greater.

Among the sectoral indices, the Nifty IT index fell 0.87 per cent, Nifty Metal index slipped 0.51 per cent and Nifty Pharma declined 0.40 per cent. On the opposite hand, the Nifty PSU Bank index rose 2.74 per cent and Nifty Realty climbed 1.47 per cent.

In the broader market, the S&P BSE MidCap index ended at 25,019.90, up 50.56 factors (0.20 per cent) whereas the S&P BSE SmallCap settled at 28,315.61, up 48.97 factors (0.17 per cent). The volatility index or India VIX on NSE climbed 6.18 per cent to 19.57.

Summing up the market, Deepak Jasani, Head of Retail Research at HDFC Securities famous, “Nifty fell on Aug 25, snapping a two day rise, on the monthly F&O expiry day, disregarding the mild gains in markets elsewhere. Nifty opened gap up and rose mildly in the morning. Post 1415 Hrs, a sell-off was seen in the Nifty leading it to close 0.47 per cent or 82.5 points lower at 17522.5. Among sectors, Realty and Consumer Durables were the main gainers while IT was the main loser. Broad market performed better than the Nifty as is evident from the positive close in Smallcap and Midcap indices and by the positive advance decline ratio.”

Commenting on the Nifty he stated, “Nifty has formed a bearish engulfing top on daily charts and seems to have formed a lower high on short term basis. Unless the high of 17,727 is breached, Nifty could witness declines/sell on rallies. A downward breach of 17,345 could lead to acceleration in the fall.”

Global Market (from Reuters)

Share markets pushed greater and Europe’s bond markets and euro stole a breather from energy-price pushed sell-offs on Thursday, as buyers waited to listen to the newest response of the world’s prime central bankers to hovering inflation. Asia had tailgated Wall Street greater in a single day and Europe’s bourses did the identical as oil and fuel shares made one other 1.5 per cent soar amid intensifying worries of a Russian fuel provide disaster.

The 0.7 per cent rise in European shares left MSCI’s 47-country index of world shares up 0.4 per cent with US inventory futures pointing to comparable positive aspects for the S&P 500 later. MSCI’s broadest index of Asia-Pacific shares outdoors Japan edged up 0.7 per cent, after US shares ended the earlier session with modest positive aspects.

Australian shares climbed 0.7 per cent, whereas Japan’s Nikkei inventory index was up by 0.72 per cent. China’s CSI300 rose 0.8 per cent whereas Hong Kong’s Hang Seng Index surged 3.6 per cent in a shortened buying and selling session attributable to a hurricane.