Sensex Today: Indian benchmark equity gains evaporated in the fag-end of the session as investors adjusted their positions amid the F&O expiry for the August derivatives series. At Close, the Sensex was down 310.71 points or 0.53 per cent at 58,774.72, and the Nifty was down 82.50 points or 0.47 per cent at 17,522.50.
Top Gainers & Losers
25 of the 30 Sensex constituents and 34 of the 50 Nifty constituents ended in the negative territory including Adani Ports, Bajaj Finance, IndusInd Bank, Infosys, NTPC, TCS, Axis Bank, PowerGrid, and HDFC. The gainers, meanwhile, were Shree Cement, Divis Labs, Hindalco, Eicher Motors, HDFC Life, Grasim, and SBI Life. Among heavyweights, Maruti Suzuki, SBI, Titan, Wipro, and Dr Reddy’s Labs held tepid gains.
The broader markets, however, held upbeat momentum with the BSE MidCap and SmallCap indices settling up to 0.2 per cent higher. Among sectors, all but the Nifty PSU Bank (up 2.74 per cent) and Realty (up 1.47 per cent) indices closed in the negative zone.
With the pick-up in market momentum, and improved economic outlook, shares of public sector banks have staged a smart comeback on the bourses. The PSU Bank index has jumped 16 per cent over the past three months, as against a 9-per cent rally in the benchmark Nifty50 index. Going ahead, analysts see more legs in this rally.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The resilience of the Indian market even amidst global volatility can be attributed mainly to two factors: One, the strong growth momentum in the economy and two, the steady FII flows even when the Dollar has been appreciating. The FII inflows are steady since the market perception is that the dollar has peaked. So the near-term texture of the market is likely to remain ‘buy on dips.’ The Bank Nifty is strong and is likely to remain strong since it has fundamental support. Large-caps are better placed in the current phase of the market. The resilience of the capital goods segment reflects the expanding capex cycle theme.”
Global Cues
Asian share markets were broadly positive while the dollar was slightly weaker on Thursday, with investors nervously awaiting the US Federal Reserve’s annual Jackson Hole conference for clues on how sharp future interest rate hikes might be.
Tokyo stocks opened higher Thursday, tracking overnight US gains ahead of a meeting of global central bankers that may offer clues about the future pace of interest rate hikes. The benchmark Nikkei 225 index added 0.21 percent, or 58.92 points, at 28,372.39 while the broader Topix index rose 0.18 percent, or 3.57 points, to 1,970.75.
Wall Street ended higher on Wednesday, lifted by gains in energy stocks and Intuit while investors awaited the US Federal Reserve’s Jackson Hole conference this week.
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