Sensex rises over 150 points; Nifty trades above 19,350; Capri Global, JBM Auto, Apar Industries jump up to 8%
The 30-share BSE Sensex pack rose 170 points or 0.26 per cent to trade at 65,119, while the broader NSE Nifty moved 50 points or 0.26 per cent up to trade at 19,360. Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.54 per cent and small-cap gained 0.52 per cent.
- Aug 21, 2023,
- Updated Aug 21, 2023 10:25 AM IST
Indian equity benchmarks traded higher in Monday's trade, led by gains in technology, metal, pharma and consumer stocks. The 30-share BSE Sensex pack rose 170 points or 0.26 per cent to trade at 65,119, while the broader NSE Nifty moved 50 points or 0.26 per cent up to trade at 19,360. Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.54 per cent and small-cap gained 0.52 per cent.
On the global front, Asian equities were down. Most Wall Street equities closed lower on Friday. Back home, market participants keenly tracked the listing of Jio Financial Services, which is a part of Mukesh Ambani-led conglomerate Reliance Industries (RIL). Shares of Jio Financial, the demerged financial business of RIL, got listed at Rs 265 apiece on BSE, a 1.18 per cent premium over their discovered price of Rs 261.85 apiece.
Foreign institutional investors sold Indian shares on a net basis during the previous session, offloading Rs 267 crore, while domestic institutional investors bought shares worth Rs 339 crore, according to provisional National Stock Exchange data.
"The rally in global markets, driven by the US economy's soft-landing narrative, appears to be losing steam. The major headwinds for the markets now come from the rising dollar and bond yields. The US 10-year bond yield at 4.25 per cent is a major headwind for equity markets since this risk-free return is hugely attractive particularly when CPI inflation in the US is down to 3 per cent. The FPI selling in the cash market in August so far is likely to continue, going forward," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Long-term investors can use market corrections to slowly accumulate high quality growth stocks particularly in banking, capital goods and automobiles, he added.
13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty IT, Nifty Metal, Nifty Pharma, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.73 per cent, 0.51 per cent, 0.37 per cent, 0.20 per cent and 0.54 per cent, respectively.
On the stock-specific front, Adani Ports was the top gainer in the Nifty pack as the stock jumped 2.17 per cent to trade at Rs 854.05. PowerGrid, Adani Enterprises, UPL and NTPC gained up to 1.47 per cent.
In contrast, Reliance Industries, Mahindra & Mahindra, Eicher Motors, Bajaj Finserv and Hindustan Unilever were among the top laggards.
The overall market breadth was positive as 1,911 shares were advancing while 1,098 were declining on BSE.
On the 30-share BSE index, Axis Bank, ITC, Infosys, Tata Consultancy Services, Airtel, Tata Motors and HCL Tech were among the top gainers.
Also, Capri Global Capital, JBM Auto, Apar Industries, PNB Housing Finance, Data Patterns (India), Trident and Adani Power surged up to 8.09 per cent. In contrast, Lloyds Metals, Triveni Turbine, Tanla Platforms, Hatsun Agro, Aster DM Healthcare and KPIT Tech slipped up to 4.83 per cent.
On Friday, Sensex had slipped 202 points or 0.31 per cent to settle at 64,949, while Nifty had tanked 55 points or 0.28 per cent to end the day at 19,310.
Nifty outlook
"The downside trajectory that we have been playing for during the last week, found several reversal attempts from the 19,300 vicinities. This appears weak though, and would require a pull back above 19,346-19,377 regions for gaining momentum. That said, the prospects of an outright collapse look limited though, given subdued rise in VIX, but slow slippages to 19,258 or 19,060-18,900 initially is to be expected before gaining speed towards to 18,600-18,300," said Anand James, Chief Market Strategist at Geojit Financial Services.
Indian equity benchmarks traded higher in Monday's trade, led by gains in technology, metal, pharma and consumer stocks. The 30-share BSE Sensex pack rose 170 points or 0.26 per cent to trade at 65,119, while the broader NSE Nifty moved 50 points or 0.26 per cent up to trade at 19,360. Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.54 per cent and small-cap gained 0.52 per cent.
On the global front, Asian equities were down. Most Wall Street equities closed lower on Friday. Back home, market participants keenly tracked the listing of Jio Financial Services, which is a part of Mukesh Ambani-led conglomerate Reliance Industries (RIL). Shares of Jio Financial, the demerged financial business of RIL, got listed at Rs 265 apiece on BSE, a 1.18 per cent premium over their discovered price of Rs 261.85 apiece.
Foreign institutional investors sold Indian shares on a net basis during the previous session, offloading Rs 267 crore, while domestic institutional investors bought shares worth Rs 339 crore, according to provisional National Stock Exchange data.
"The rally in global markets, driven by the US economy's soft-landing narrative, appears to be losing steam. The major headwinds for the markets now come from the rising dollar and bond yields. The US 10-year bond yield at 4.25 per cent is a major headwind for equity markets since this risk-free return is hugely attractive particularly when CPI inflation in the US is down to 3 per cent. The FPI selling in the cash market in August so far is likely to continue, going forward," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Long-term investors can use market corrections to slowly accumulate high quality growth stocks particularly in banking, capital goods and automobiles, he added.
13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty IT, Nifty Metal, Nifty Pharma, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.73 per cent, 0.51 per cent, 0.37 per cent, 0.20 per cent and 0.54 per cent, respectively.
On the stock-specific front, Adani Ports was the top gainer in the Nifty pack as the stock jumped 2.17 per cent to trade at Rs 854.05. PowerGrid, Adani Enterprises, UPL and NTPC gained up to 1.47 per cent.
In contrast, Reliance Industries, Mahindra & Mahindra, Eicher Motors, Bajaj Finserv and Hindustan Unilever were among the top laggards.
The overall market breadth was positive as 1,911 shares were advancing while 1,098 were declining on BSE.
On the 30-share BSE index, Axis Bank, ITC, Infosys, Tata Consultancy Services, Airtel, Tata Motors and HCL Tech were among the top gainers.
Also, Capri Global Capital, JBM Auto, Apar Industries, PNB Housing Finance, Data Patterns (India), Trident and Adani Power surged up to 8.09 per cent. In contrast, Lloyds Metals, Triveni Turbine, Tanla Platforms, Hatsun Agro, Aster DM Healthcare and KPIT Tech slipped up to 4.83 per cent.
On Friday, Sensex had slipped 202 points or 0.31 per cent to settle at 64,949, while Nifty had tanked 55 points or 0.28 per cent to end the day at 19,310.
Nifty outlook
"The downside trajectory that we have been playing for during the last week, found several reversal attempts from the 19,300 vicinities. This appears weak though, and would require a pull back above 19,346-19,377 regions for gaining momentum. That said, the prospects of an outright collapse look limited though, given subdued rise in VIX, but slow slippages to 19,258 or 19,060-18,900 initially is to be expected before gaining speed towards to 18,600-18,300," said Anand James, Chief Market Strategist at Geojit Financial Services.