Moneycontrol PRO
Open App

Taking Stock: Sensex, Nifty end flat on a volatile day; PSU banks gain, realty bites

Broader indices outperformed the benchmarks, with the BSE midcap index rising 0.5 percent and the smallcap index closing 0.34 percent higher from the previous day

August 02, 2022 / 04:38 PM IST
Stock Market Today:

Stock Market Today:

The Indian equity benchmarks managed to close in the green, but just about, for the fifth straight session on August 2 on a highly volatile day as rising tensions between the US and China over Taiwan spooked global markets.

At close, the Sensex was up 20.86 points, or 0.04 percent, at 58,136.36, and the Nifty was up 5.50 points, or 0.03 percent, at 17,345.50.

"Global indicators did not favour bulls, with most Asian and western markets trading over concerns of rising geopolitical tension between the US and China. Additionally, economic data point to a decrease in demand, major markets throughout the world are trading with recessionary fears," said Vinod Nair, Head of Research at Geojit Financial Services.

The domestic market, however, proved resilient, thanks to increased demand in heavyweights and a strengthening Indian rupee underpinned by falling US treasury yields and FII buying, he said.

IndusInd Bank, Asian Paints, NTPC, Maruti Suzuki and Power Grid Corp were among the major gainers on the Nifty. The losers included UPL, Hero MotoCorp, SBI Life Insurance, Britannia Industries and Tech Mahindra.

Close

On the sectoral front, the Nifty PSU bank index rose 2.68 percent and the energy index 1 percent. Auto and FMCG gained 0.5 percent each. The information technology index shed 0.6 percent.

Also Read - ITC hits 52-week high after better Q1 earnings: What should you do with the stock now?

Stocks and sectors

IndexPricesChangeChange%
Sensex58,191.29-30.81 -0.05%
Nifty 5017,314.65-17.15 -0.10%
Nifty Bank39,178.05-104.80 -0.27%
Nifty 50 17,314.65 -17.15 (-0.10%)
Fri, Oct 07, 2022
Biggest GainerPricesChangeChange%
Titan Company2,730.50137.65 +5.31%
Biggest LoserPricesChangeChange%
TATA Cons. Prod780.90-13.40 -1.69%
Best SectorPricesChangeChange%
Nifty Infra5036.2517.90 +0.36%
Worst SectorPricesChangeChange%
Nifty IT27733.60-195.20 -0.70%

On the BSE, the power index was up 2 percent and the auto index added 0.6 percent. On the other hand, the realty Index shed 1.7 percent. Selling was also seen in capital goods, metal and information technology indices.

Broader indices outperformed the benchmarks. The BSE midcap index rose 0.5 percent and the smallcap index gained 0.34 percent.

A long build-up was seen in Bank of Baroda, Berger Paints and Oracle Financial Services Software, while a short build-up was seen in Firstsource Solutions, Escorts and UPL.

Among individual stocks, a volume spike of more than 200 percent was seen in Oracle Financial Services Software, Berger Paints and Godrej Properties.

More than 100 stocks touched their 52-week highs on the BSE including Adani Enterprises, Adani Transmission, M&M, PVR, Maruti Suzuki, ITC, Bharat Electronics and Deepak Fertilisers & Petrochemicals.

Also Read: Zomato shares zoom 20 percent after Q1 loss narrows, company appoints four CEOs

Outlook for August 3

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty remained range-bound as the index moved within the 17,200-17,400 band. On the daily chart, the index maintained its uptrend.

The daily RSI is in a bullish crossover and rising. The trend will remain bullish as long as the Nifty holds above 17,000. On the higher end, resistance is visible at 17,400-17,500.

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

The market eked out modest gains and more importantly, continued its winning streak for the fifth straight session.

Technically, after an intraday correction, the Nifty took support near 17,200 and then recovered. The higher bottom formation on the intraday charts is indicating continuation of an uptrend in the near future.

As long as the index trades above 17,200, the uptrend is likely to continue to 17,400-17,450. Below 17,200, traders may prefer to exit long positions, as the index can to slip to 17,150-17,100.

Ajit Mishra, VP-Research, Religare Broking

Markets hovered in a range and ended almost unchanged, taking a breather after the recent surge.

We may see further consolidation in the index to digest the recent gains. Volatility will remain high due to the upcoming RBI policy meet outcome and earnings season.

A decisive close above 17,400 will help the index inch towards 17,800. In case of profit-taking, the 16,800-17,000 zone will act as a cushion. Participants should continue with the “buy-on-dips” approach.

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 2, 2022 04:38 pm
Sections
ISO 27001 - BSI Assurance Mark