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Taking Stock | Market starts Sept series in the green, all eyes on US Fed chair speech

Among sectors, capital goods, metal, power and PSU Bank indices added 1 percent each.

August 26, 2022 / 04:41 PM IST

The market had an enthusiastic start to the September series but the gains in the indices were capped as investors booked profits ahead of the US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole.

At Close, the Sensex was up 59.15 points, or 0.10%, at 58,833.87, and the Nifty was up 36.40 points, or 0.21%, at 17,558.90.

During the day, the Sensex and Nifty touched a high of 59,321.65 and 17,685.85, respectively, led by buying in metal, power, PSU banks and capital goods sectors helped the indices.

Amid supportive global cues, the domestic market started gap up and traded in the green through the session. However, last hour selling erased most of the gains to close with moderate gains.

In this week, BSE Sensex and Nifty50 shed 1 percent each.

Close

Grasim Industries, NTPC, JSW Steel, Adani Ports and Titan Company were among the major Nifty gainers.

The losers included Eicher Motors, Bharti Airtel, IndusInd Bank, Asian Paints and HDFC.

 

IndexPricesChangeChange%
Sensex57,426.921,016.96 +1.80%
Nifty 5017,094.35276.25 +1.64%
Nifty Bank38,631.95984.20 +2.61%
Nifty 50 17,094.35 276.25 (1.64%)
Fri, Sep 30, 2022
Biggest GainerPricesChangeChange%
Hindalco390.5519.35 +5.21%
Biggest LoserPricesChangeChange%
Asian Paints3,342.45-42.35 -1.25%
Best SectorPricesChangeChange%
Nifty PSU Bank2995.0087.65 +3.01%
Worst SectorPricesChangeChange%
Nifty FMCG44405.6549.40 +0.11%

Nifty  metal index added 1.7 percent and PSU Bank index rose 1 percent.

Stocks and sectors

On the BSE, capital goods, metal and power indices rose 1 percent each. However, some selling was seen in the realty names.

BSE midcap and smallcap indices rose 0.3 percent each.

A long build-up was seen in Chambal Fertilisers, Jindal Steel and Escourts, while a short build-up was witnessed in Bandhan Bank, Eicher Motors and RBL Bank.

More than 150 stocks touched their 52-week highs on the BSE, including Thermax, Rushil Decor, Siemens, Mahindra & Mahindra, Karur Vysya Bank, ABB India and Bajaj Auto.

Outlook for August 29

Ajit Mishra, VP - Research, Religare Broking

Markets managed to end marginally higher in a volatile trading session, in continuation of the prevailing consolidation phase. After the initial uptick, the benchmark inched gradually lower as the session progressed. Meanwhile, a mixed trend on the sectoral front kept the participants busy wherein metal and energy posted decent gains.

Markets will react to the US Fed chair’s address at the Jackson Hole symposium in early trade on Monday. Indications are mixed at present and a decisive break from the 17,300-17,800 range in Nifty would trigger the next directional move. Participants should continue their focus on risk management and maintain extra caution in stock selection.

Deepak Jasani, Head of Retail Research, HDFC Securities:

Nifty closed higher, partly reversing the losses of the previous day, ahead of the Jackson Hole speech by the US Fed Chair.

World stocks were narrowly mixed on Friday as traders and investors awaited a speech from Federal Reserve Chair Jerome Powell for clues on the gradient of the U.S. central bank's rate-hike path.

India's 10-year bond yield is on course to decline after six sessions on a report of JPMorgan consulting investors about adding India to its bond index.

Nifty snapped a five week winning streak and closed 1.12% lower for the week. Outcome of the speech by the US Fed Chair at Jackson Hole on Friday evening is widely awaited for cues on sentiments going ahead. On daily charts, Nifty has formed an indecisive doji after a small fall. A breakout above/below 17727-17487 will determine the direction of the Nifty going forward.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Aug 26, 2022 04:15 pm
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