Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Thursday, erasing all morning gains. After touching an intraday high of 19,584.45, the NSE index crashed over 1% or 200 points to settle at 19,386.70. Sensex settled lower by 180 points at 65,252.34. In the broader markets, while Nifty Midcap 100 outperformed, Nifty Smallcap slipped 0.35%. Sectorally, after opening in the green, the indices ended mixed. Nifty IT gained 0.6% on favourable Nvidia earnings, while Bank Nifty closed flat. Metals, pharma and PSU banking counters ended lower, while FMCG and media stocks fared better.
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15:54 (IST) 24 Aug 2023 Gold outlook
“Given the ongoing trend of global central banks acquiring gold and the uncertain global economic landscape, gold prices are anticipated to remain steady, if not rise significantly due to the impact of a stronger dollar and elevated interest rates. However, the trajectory could swiftly change. The moment the Federal Reserve hints at a potential pause in its rate hikes or even the possibility of an interest rate cut, gold prices are likely to surge.”
– Jateen Trivedi, VP Research analyst at LKP Securities.
15:51 (IST) 24 Aug 2023 Mid- and small-cap shares demonstrate resilience
“The US market exhibited a positive trend as declining US PMI ignited hopes of a prolonged rate pause, calming US bond yields. Optimism in the domestic market was more visible in the IT sector, though sentiments were reversed in other major sectors, likely influenced by the prevailing global uncertainties. Despite this, mid- and small-cap stocks demonstrated resilience, and the decline in bond yields facilitated a resurgence in foreign investor buying momentum.”
– Vinod Nair, Head of Research at Geojit Financial Services.
15:43 (IST) 24 Aug 2023 Gold outlook
” The Comex Gold price has been advancing for four sessions in a row and is now trading over the $1920 mark. whereas the price of the MCX Gold future is 58830. After the release of the Flash Manufacturing and Service indices, which were lower than expected, the price of gold skewed in the previous session. The 50-DMA level around 59050 stands for a resistance for the gold price, and if it is broken, further gains toward 59300 – 59500 this week may be expected. Nevertheless, traders need to pay attention to the 58550-58300 support level.”
– Choice Broking
15:38 (IST) 24 Aug 2023 Markets at close
Domestic indices NSE Nifty 50 and BSE Sensex closed in the red on Thursday, erasing all morning gains. After touching an intraday high of 19,584.45, the NSE index crashed over 1% or 200 points to settle at 19,386.70. Sensex settled lower by 180 points at 65,252.34.
14:53 (IST) 24 Aug 2023 INR Outlook
“USDINR CMP- 82.52 (spot) Indian Rupee gained for the third consecutive day on weakening US Dollar and easing crude oil prices. The rupee also gained on reports that the Reserve Bank of India asked banks not to indulge in short-term trading in the offshore markets. The dollar rose briefly yesterday on disappointing PMI data from the Eurozone and the UK but lost its initial gains on weaker-than-expected manufacturing and services PMI from the US.”
– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
13:51 (IST) 24 Aug 2023 Market check
Nifty 50 and Sensex dipped mildly in the red on Thursday. Sensex traded lower by 0.06% at 65,395.12 while Nifty declined 12 points to 19,431.80.
13:46 (IST) 24 Aug 2023 Chandrayaan-3 effect
Shares of companies related to aerospace and defence sectors continued to remain in the limelight on Thursday, with firms such as Centum Electronics rallying nearly 20 per cent, after the successful touchdown of Chandrayaan-3 mission’s Vikram lander on the Moon.
13:05 (IST) 24 Aug 2023 Nifty falls 150 points
Nifty sank 147 points from the intraday high of 19,584.45 to lows of 19,437.15.
12:52 (IST) 24 Aug 2023 BCG down 5%
Brightcom Group shares extended their rout, hitting its 5% lower circuit in trade for the second consecutive session after SEBI banned seasoned investor Shankar Sharma, and 23 other individuals, from selling or offloading Brightcom Group shares they possess, either directly or indirectly on beliefs of manipulation.
12:26 (IST) 24 Aug 2023 Gold outlook
“The US dollar’s recovery has been ongoing and impressive, gaining strength over the past month, fluctuating within the range of 103.60 to 104.15. Notably, during the session on August 23rd, substantial resistance was encountered, creating a zone for profit booking for long dollar positions due to the resistance.”
– Tejas Anil Shigrekar, Commodities and Currencies Senior Technical Analyst, Angel One
09:45 (IST) 24 Aug 2023 Derivative view
Nifty weekly contract has highest open interest at 19500 for Calls and 19300 for Puts while monthly contracts have highest open interest at 19700 for Calls and 19000 for Puts. Highest new OI addition was seen at 19500 for Calls and 19400 for Puts in weekly and at 19650 for Calls and 19400 for Puts in monthly contracts.
09:25 (IST) 24 Aug 2023 Factors contributing to gains
“Weakening US economic data, particularly the decline in US manufacturing PMI from 49 to 47 has led to sharp decline in the US 10-year bond yield by 14 bp to 4.19%. This might turn the short-term cycle of capital flows again in favour of EMs like India. The sudden reversal in the declining trend of INR also is indicative of this shift in global macros favouring India in the near-term.”
– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
09:21 (IST) 24 Aug 2023 Markets at open
The domestic indices, NSE Nifty 50 and BSE Sensex, saw gains at the opening. Nifty 50 began above the 19,500 mark, at 19,535.15, and Sensex rose by approximately 300 points, commencing the session at 65,722.5.
09:12 (IST) 24 Aug 2023 Factors to drive markets
“We believe that Indian markets will celebrate the historic feat of India becoming the first country in the world to land a spacecraft (Chandrayaan-3) successfully on the Moon’s South Pole, lauding the Indian Space Research Organization (ISRO) for this momentous achievement. Moreover, IT stocks would be in focus following strong Nvidia quarterly results.”
– Riches Vanara, Technical and Derivatives Analyst, Stoxbox.
09:09 (IST) 24 Aug 2023 FII, DII data
Foreign institutional investors (FII) bought shares worth net Rs 614.32 crore, while domestic institutional investors (DII) bought shares worth net Rs 125.03 crore on 23 August.
09:09 (IST) 24 Aug 2023 F&O Ban
The National Stock Exchange has Sun TV, Manappuram Finance, PNB, India Cements, Hindustan Copper, GNFC, BHEL, Delta Corp, Escorts Kubota and Indiabulls Housing Finance securities on its F&O ban list for 24 August.
08:07 (IST) 24 Aug 2023 RIL shares in focus
Reliance Retail Ventures announced that it will receive a funding of Rs 8,278 crore by Qatar Investment Authority (QIA) through a wholly-owned subsidiary. This investment values RRVL at a pre-money equity value of Rs 8.278 lakh crore
08:06 (IST) 24 Aug 2023 Crude oil
Oil prices slipped in early Asian trade on Thursday as weak manufacturing data in major economies outweighed optimism around a larger-than-expected drop in U.S. crude stocks.
08:06 (IST) 24 Aug 2023 Wall Street closes higher
U.S. stocks ended sharply higher on Wednesday as shares of Nvidia gained ahead of quarterly results from the company whose chips are widely used for artificial intelligence (AI) computing, according to Reuters. The Dow Jones Industrial Average rose 0.5%, the S&P 500 increased by 1.1%, and the Nasdaq Composite surged 1.6%.