Stock Market Highlights 25 Aug 2022: Market erases all gains; Nifty survives 17,500, Sensex slips over 300 points - How it happened
(By: Ravi Kant Kumar)
In a complete U-turn, the Indian market tuned red in the closing hour ahead of Jackson Hole meeting on Thursday. Benchmarks Nifty50 and Sensex took a cut of around half per cent each amid weak global cues and higher oil prices. The Nifty50 survived 17500, while the 30-share BSE index fell by around 300 points to end above 58,700, as volatility persisted in the markets across the globe ahad of crucial Fed meeting in Jackson Hole.
Nifty Midcap ended flat with negative bias, while the small cap index settled with around 0.4% gains.
Sectorally, IT, Metal, Pharma and Financial Services dragged the market the most, while PSU Bank out performed in an otherwise highly volatile market. The banking index rose more than two per cent in a falling market.
Ahead of the Jackson Hole symposium, investors across the world are eagerly expecting the Fed chair's speech to evaluate the outlook for monetary policy and determine whether the central bank can achieve a soft landing for the economy, said Vinod Nair, Head of Research at Geojit Financial Services.
"Crude prices rose as Saudi Arabia suggested that OPEC+ supply may be reduced to address market instability. Although Indian equities are trading at a premium over other emerging markets, the consistent support from FIIs is guiding the domestic market," he added.
Shree Cement, Hindalco, Divi's Laboratories, Maruti Suzuki, State Bank of India, Dr Reddy's were among leading gainers on the benchmarks on Thursday.
Adani Ports, Bajaj Finance, Cipla and Axis Bank were top losers on Thursday.
Speaking on Nifty50 closing, Rupak De, Senior Technical Analyst at LKP Securities, said Nifty formed an engulfing pattern after two days of positive move setting a stage for a bearish reversal. The momentum indicator RSI is also pointing toward a negative momentum in the near term, he said. "On the lower end, 17480 is likely to act as initial support; a fall below 17480 may take the index towards 17350. Below 17350 the Nifty may drift down towards 17000-16950. On the higher end, resistance is visible at 17700," he added.
(By: Ravi Kant Kumar)
In a complete U-turn, the Indian market tuned red in the closing hour ahead of Jackson Hole meeting on Thursday. Benchmarks Nifty50 and Sensex took a cut of around half per cent each amid weak global cues and higher oil prices. The Nifty50 survived 17500, while the 30-share BSE index fell by around 300 points to end above 58,700, as volatility persisted in the markets across the globe ahad of crucial Fed meeting in Jackson Hole.
Nifty Midcap ended flat with negative bias, while the small cap index settled with around 0.4% gains.
Sectorally, IT, Metal, Pharma and Financial Services dragged the market the most, while PSU Bank out performed in an otherwise highly volatile market. The banking index rose more than two per cent in a falling market.
Ahead of the Jackson Hole symposium, investors across the world are eagerly expecting the Fed chair's speech to evaluate the outlook for monetary policy and determine whether the central bank can achieve a soft landing for the economy, said Vinod Nair, Head of Research at Geojit Financial Services.
"Crude prices rose as Saudi Arabia suggested that OPEC+ supply may be reduced to address market instability. Although Indian equities are trading at a premium over other emerging markets, the consistent support from FIIs is guiding the domestic market," he added.
Shree Cement, Hindalco, Divi's Laboratories, Maruti Suzuki, State Bank of India, Dr Reddy's were among leading gainers on the benchmarks on Thursday.
Adani Ports, Bajaj Finance, Cipla and Axis Bank were top losers on Thursday.
Speaking on Nifty50 closing, Rupak De, Senior Technical Analyst at LKP Securities, said Nifty formed an engulfing pattern after two days of positive move setting a stage for a bearish reversal. The momentum indicator RSI is also pointing toward a negative momentum in the near term, he said. "On the lower end, 17480 is likely to act as initial support; a fall below 17480 may take the index towards 17350. Below 17350 the Nifty may drift down towards 17000-16950. On the higher end, resistance is visible at 17700," he added.
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