Moneycontrol PRO
UPCOMING EVENT:Join us for New HorAIzon from Oct 6-7, 2pm and be a part of exciting conversations on tech & innovation

Taking Stock: Sensex, Nifty end flat after hitting record highs; oil & gas, power stocks gain

More than 100 stocks, including Wirpo, Tech Mahindra and Bajaj Finance hit 52-week high on the BSE.

August 25, 2021 / 04:26 PM IST

The Indian market ended flat on August 25 after hitting lifetime high levels in intraday trade. At close, the Sensex was down 14.77 points or 0.03% at 55,944.21, and the Nifty was up 10.10 points or 0.06% at 16,634.70.

Sensex and Nifty hit record highs of 56,198.13 and 16,712.45, respectively.

"Market opened positively but main indices closed on a flattish note due to muted performance by largecaps. The broad market was more positive, as midcaps bounced after the correction mode during the month, which lifted the morale of investors," said Vinod Nair, Head of Research at Geojit Financial Services.

"The global market traded positive on Covid vaccine approval and in anticipation of a dovish comment by the Fed chair in the upcoming meeting (Jackson Hole)," he added.

Bajaj Finserv, Adani Ports, Bajaj Finance, Tata Steel and Hindalco Industries were the top Nifty gainers. Britannia Industries, HDFC, Infosys, Asian Paints and Nestle were among the top losers.

Close

The broader market outperformed with BSE midcap and smallcap indices adding 0.5 percent each.

Among sectors, except pharma, bank and auto, all other sectoral indices ended higher with energy index up 1 percent.

Stocks & sectors

IndexPricesChangeChange%
Sensex60,077.8829.41 +0.05%
Nifty 5017,855.101.90 +0.01%
Nifty Bank38,171.25340.95 +0.90%
Nifty 50 17,855.10 1.90 (0.01%)
Mon, Sep 27, 2021
Biggest GainerPricesChangeChange%
Maruti Suzuki7,403.45451.20 +6.49%
Biggest LoserPricesChangeChange%
HCL Tech1,295.20-63.00 -4.64%
Best SectorPricesChangeChange%
Nifty Auto10765.20336.20 +3.22%
Worst SectorPricesChangeChange%
Nifty IT36034.40-1068.90 -2.88%

On the BSE, It, power and oil & gas indices gained 0.8-1.2 percent, while selling was seen in the realty, healthcare and banking stocks.

Among individual stocks, a volume spike of more than 100 percent was seen in Sun TV, Canara Bank and Coforge.

Long buildup was seen in Hindalco, Godrej Consumer Products and Pidilite Industries, while short buildup was seen in Sun TV Network, Maruti Suzuki and PVR.

More than 100 stocks, including Wirpo, Tech Mahindra and Bajaj Finance hit 52-week high on the BSE.

Technical View

Nifty formed a bearish candle on daily scale but continues forming higher highs - higher lows from the last three sessions.

"It has to continue to hold above 16600 zones to extend the move towards life time high territory of 16700-16750 zones, while on the downside support is seen at 16500 and 16380 levels," said Chandan Taparia, Vice President | Analyst-Derivatives, Motilal Oswal Financial Services.

Outlook for August 26

Ashis Biswas, Head of Technical Research at CapitalVia Global Research:

The market witnessed some lacklustre movement and attempted to hold  16650 on Nifty. It is going to be crucial for the short-term market scenario to sustain above the 16500 levels.

If the market is unable to sustain the level of 16500, it can fall to 16350. Technical indicator suggests a volatile movement in the market in a small range between 16350-16700.

Anand James, Chief Market Strategist at Geojit Financial Services:

The rapid ascent from last week's lows was bereft of enough bullish continuation patterns, rendering it vulnerable for correction. Hence, despite the prospects of covering of shorts that have been accumulated in the last fortnight, the approach to the recent peak of 16701 gave the bears a vantage point to launch a counter-attack. This dip can stretch further in the early part of Thursday, as the financials have been found quite reluctant to support.

However, mid and small caps look to have found their voice, suggesting that overall sentiments may not turn outright negative and bulls could attempt a regroup once inside the 16585-520 region, for a dash towards 17000-200. Alternatively, a direct fall below 16520 could call for 16200-15700, which though, is less expected for now.

Rohit Singre, Senior Technical Analyst at LKP Securities:

The index took hurdle from its previous swing high & saw profit booking resulting a flattish closing. For further northward move, index needs to sustain above 16,700 zone or else we may see more profit booking towards immediate support zone of 16,600-16,500. Also, dips will be suggested around said levels with keeping strict stop out level below 16500 zone, above 16700 we may see a quick move towards next hurdle zone of 16800.

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 25, 2021 04:26 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark