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August 22, 2022 / 04:14 PM IST

Closing Bell: Nifty ends below 17,500, Sensex falls 872 pts; all sectors in the red

BSE midcap and smallcap indices shed over 1 percent each.

  • IndexPricesChangeChange%
    Sensex57,330.94185.72 +0.32%
    Nifty 5017,070.5554.25 +0.32%
    Nifty Bank38,575.60-40.65 -0.11%
    Nifty 50 17,070.55 54.25 (0.32%)
    Tue, Sep 27, 2022
    Biggest GainerPricesChangeChange%
    Shree Cements21,328.15579.65 +2.79%
    Biggest LoserPricesChangeChange%
    Hero Motocorp2,653.00-68.35 -2.51%
    Best SectorPricesChangeChange%
    Nifty IT27019.50275.80 +1.03%
    Worst SectorPricesChangeChange%
    Nifty Metal5758.80-19.45 -0.34%


  • August 22, 2022 / 04:12 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

    The Nifty had formed a Shooting Star candlestick pattern on the weekly chart for the last week. Also, on the daily chart the index had seen few bearish developments on August 19. Thus, follow through action was witnessed on the downside on August 22. In the week gone by, the index had crossed a falling trendline; however, it couldn’t sustain in the higher territory & has tumbled below the trendline today. This shows that the bears are having upper hand currently. The short-term momentum indicators are also in favor of the bears. Thus, the index is likely to witness further decline in the coming sessions. It can test 17300 & 17000 on the downside. On the other hand, 17700-17750 will act as a near term hurdle zone

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  • August 22, 2022 / 03:58 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities

    Nifty slipped back below the falling trend line, indicating a failed breakout. On the lower end, the price has corrected towards the support zone of 17500-17400. 

    Over the near term, a fall below 17400 may trigger a further correction in the market. On the lower end, support is visible at 17200/17000. On the other hand, the Nifty may recover towards 17700 if it doesn't fall below 17400.

  • August 22, 2022 / 03:55 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities 

    While correction was overdue for sometime after the recent upsurge, fresh concerns of a likely hawkish stance by the US Fed in its September meet and strengthening dollar index turned investors jittery and triggered a massive fall in banking, IT, metal & realty stocks. 

    Market sentiment could remain volatile in coming sessions as focus would shift back to global concerns of falling crude oil prices amid weakening demand, and US-China tussle over Taiwan. 

    Technically, a sharp intraday sell off and bearish candle on daily charts is indicating a continuation of weakness in the near future. However, a quick pullback rally is likely if the index trades above its key resistance level of 17575. Below the same, the correction wave will continue till 17400-17350.

  • August 22, 2022 / 03:48 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Consolidation was triggered in the market in anticipation of tighter monetary policy by the FED and worries over a slowdown in global economic activity. The current risk reward is not favouring investors as the Nifty50 is now trading at a premium valuation of 21.5x P/E (1yr fwd basis), above the long-term average. Rising dollar index and higher US10 year bond yield act as the near-term headwinds for the market.

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  • August 22, 2022 / 03:47 PM IST

    Kunal Shah, Senior Technical Analyst at LKP Securities:

    The Bank Nifty index witnessed continuous selling pressure throughout the day with lower high and lower low formation. The immediate upside resistance is placed at 38500 and a break above this will see a rally toward the 38,800-39,000 zone. 

    The downside support stands at 38,000 and if breached will see further selling pressure toward 37,700 levels.

  • August 22, 2022 / 03:33 PM IST

    Market Close: Benchmark indices ended lower for the second consecutive session on August 22 amid selling across the sectors.

    At Close, the Sensex was down 872.28 points or 1.46% at 58773.87, and the Nifty was down 267.80 points or 1.51% at 17490.70. About 1228 shares have advanced, 2214 shares declined, and 163 shares are unchanged.

    Tata Steel, Asian Paints, Adani Ports, Tata Motors and JSW Steel were among the major Nifty lowers.

    The gainers were ITC, Coal India, Tata Consumer Products, Nestle India and Britannia Industries.

    All the sectoral indices ended in the red. BSE midcap and smallcap indices shed over 1 percent each.

  • August 22, 2022 / 03:32 PM IST

    Rupee Close:

    Indian rupee ended 9 paise lower at 79.87 per dollar against Friday's close of 79.78.

  • August 22, 2022 / 03:25 PM IST

    Buzzing

    Tejas Networks has acquired the remaining 93,571 equity shares in Saankhya Labs at a price of Rs 454.19 per share by paying Rs 4.25 crore through secondary purchase. 

    With the said transaction, it has acquired entire 62,51,496 equity shares or 64.4% stake in Saankhya, for Rs 283.94 crore, on a fully diluted basis.

     Buzzing  

 Tejas Networks has acquired the remaining 93,571 equity shares in Saankhya Labs at a price of Rs 454.19 per share by paying Rs 4.25 crore through secondary purchase.  

 With the said transaction, it has acquired entire 62,51,496 equity shares or 64.4% stake in Saankhya, for Rs 283.94 crore, on a fully diluted basis.
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  • August 22, 2022 / 03:21 PM IST

    BSE Information Technology index shed 1 percent dragged by the Firstsource Solutions, Newgen Software Technologies, Intellect Design Arena

     BSE Information Technology index shed 1 percent dragged by the Firstsource Solutions, Newgen Software Technologies, Intellect Design Arena
  • August 22, 2022 / 03:19 PM IST

    Indrayani Biotech bags contract of food services:

    The food and hospitality division of Indrayani Biotech has bagged an order from Indian Institute of Technology, Roorkee. 

    The scope of work includes preparation and supply of food items to 5 of the 8 different Messes from August 20, 2022 to August 20, 2023. The contract is worth of Rs 12 crore per annum.

    Indrayani Biotech was quoting at Rs 58, down Rs 2.30, or 3.81 percent on the BSE.

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