Sensex Today: Benchmark indices ended higher on Friday amid volatility led by the capital goods, metal, power and PSU Bank stocks. The S&P BSE Sensex traded between 58,723 and 59,321, and ended at 58,834, up 59 points or 0.1 per cent. The NSE Nfty50, meanwhile, shut shop at 17,559, up 36 points or 0.21 per cent.
Vinod Nair, head of research at Geojit Financial Services, said: “Investors’ lack of confidence and caution in anticipation of the Fed chair’s remarks led to a significant sell-off towards the close of the session. Western markets are trading with cuts as they await clues on further policy actions by the Fed to tame elevated inflation. This is expected to impact demand. On the sectoral front, metals and PSBs led the rally, while IT turned green after continued selling pressure.”
It touched a high of 17,686 and a low of 17,519 on the NSE. In the broader markets, the Nifty MidCap 100 and the Nifty SmallCap 100 settled up to 0.7 per cent higher.
Among sectors, the Nifty Metal index rose 1.7 per cent, followed by the Nifty PSU Bank index, up 1 per cent. On the flipside, the Nifty Private bank index fell 0.3 per cent.
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd., said: “On the technical front, Nifty formed a long bearish candle on the daily chart though the overall market breadth was positive. The market saw long liquidations on the monthly F&O expiry date followed by nervousness ahead of the US Fed Jackson Hole meeting. Hence it seems that the Index is likely to witness a prolonged consolidation in the broader range of 18,000-17,400 wherein stock-specific action would prevail. Consequently, the index are in for a cool off from overbought conditions. Important to note that Nifty has registered a bullish golden crossover (50dma crossing 200dma) indicating of long-term structural bullish development. Hence dips from here on should be capitalised. On the upside, immediate hurdle remains is at 17,725 followed by 17,835 while on the downside 17,450-17,480 is likely to act as crucial support during the day. Hence one can initiate buy position at lower levels of 17,450-17,500 for an upside target of 17,775-17,800.”
Global Cues
Asian shares rose on Friday, buoyed by news of possible progress for China and the United States to hammer out an audit deal, while traders anxiously awaited a speech from Federal Reserve Chair Jerome Powell on the rate-hike path later in the day.
Tokyo stocks opened higher Friday, lifted by US gains as investors awaited US Federal Reserve Chair Jerome Powell’s speech later in the day. The benchmark Nikkei 225 index added 0.76 percent, or 216.90 points, to 28,695.91 in early trade, while the broader Topix index rose 0.50 percent, or 9.93 points, to 1,986.53.
Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserve’s Jackson Hole conference for clues about the central bank’s policy outlook.
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