An evening walk down D-St: Sensex, Nifty fall for 2nd day in a row; Yes Bank, Tata Motors crash
Falling for the second consecutive day, benchmark indices Sensex and Nifty settled in the red on August 21, dragged by losses in shares of select heavyweights, including ITC, HDFC and Larsen & Toubro.
The Indian rupee ended at 71.56 against the US dollar, rising 14 paise from previous close.
NMDC fixes prices of Lump Ore (65.5%, 6-40mm) at Rs 2,900 per ton and Fines (64% - 10 mm) at Rs 2,660 per ton w.e.f. 20-08-2019
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
The Nifty opened on flat note on Wednesday however witnessed steady decline as the day progressed and closed near the low for the day. On the way down the index broke lower end of a triangular pattern formed as per the classical Technical patterns. The bearish pattern breakout added fuel to the decline.
Similar structure can be seen in Bank Nifty as well. Both the indices are now poised to test their respective August lows. In the case of Nifty, the level is at 10,782. In terms of the wave structure, the Nifty seems to have started the fifth leg of an Impulse on the downside.
The crucial target on the downside is at 10,455, which is 78.6% retracement of the Oct – June rally. On the other hand, the lower end of the triangular pattern, which is near 11,000, will now pose as a resistance in case of a minor degree bounce.
Electrosteel Castings approved the proposal for raising of funds by issuance of 2,74,72,526 equity shares of face value of Re 1 each on a preferential basis at Rs 18.20 per share.
Market Close: After trading sideways for most of today's session, benchmark indices ended near the day's low with the Nifty closing below 11,950 levels.
At Close, the Sensex was down 267.64 points at 37,060.37, while Nifty was down 98.30 points at 10,918.70. About 653 shares have advanced, 1800 shares declined, and 144 shares are unchanged.
Hero Motocorp, Maruti Suzuki, Infosys, Tech Mahindra and HUL were among major gainers on the Nifty, while losers were Tata Motors, Indiabulls Housing, Yes Bank, Grasim Industries and Tata Steel.
All the sectoral indices ended lower led by the metal, PSU bank, energy, infra, FMCG, auto, pharma and IT.
Buzzing: Shares of Coffee Day Enterprises continued to lock in 5 percent upper circuit for third consecutive session on August 21 after a media report indicated that ITC could be looking for acquisition of stake in the company.