seach-icon
  • user-img

    QONEQT in Stock Market Update

    02-Sep-2022 12:18 PM


    thumbnail

    Sensex, Nifty close flat in volatile session; Maruti, RIL, IndusInd top losers

    Benchmark indices ended the week on a mixed note, taking cues from the weak trend in the global markets. Sensex rose 37 points or 0.06 per cent to settle at 58,803 and Nifty slipped 3 points or 0.02 per cent to close at 17,539. Of 30 Sensex stocks, 11 ended in the green today. HDFC, ITC and L&T were the top Sensex gainers, rising up to 1.75 per cent. Maruti, Reliance Industries and IndusInd Bank were the top Sensex losers, falling up to 1.19 per cent. Mid-cap and small-cap indices on BSE fell 90 points and gained 11 points, respectively.

    Vinod Nair, Head of Research at Geojit Financial Services said, "The market has struggled for a firm direction today as global markets were largely under selling pressure ahead of the release of US job data, which could provide insight into upcoming Fed actions. Oil prices rose ahead of the OPEC plus meeting on the expectation of a reduction in output, despite the fact that weak global growth prospects remain a concern. A surging dollar index and rising US bond yields could be reflected in the elevated volatility of the domestic market in the near term."

    Capital goods and banking stocks were the top sectoral gainers with their BSE indices zooming 368 points, and 179 points, respectively. Market breadth was positive with 1,768 stocks ending higher against 1,658 stocks falling on BSE. 141 shares were unchanged.

    Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities said, “Global macro-economic concerns continued to make investors jittery as markets gyrated sharply in intra-day trades before ending marginally higher on selective buying. Technically, the Nifty had formed bullish candle on weekly charts. However, after a stellar rally, the index witnessed profit booking at higher levels. Currently, the index is hovering between 17450 -17700 range. For traders now, the 20-day SMA (Simple Moving Average) and 17450 would be the important support zone while 17700 could act as a major hurdle for the market. We are of the view that directional upside move is possible only after the 17700 breakout. Above which, the index could move up to 17900-18000. On the flip side, below 17450 the index could retest the level of 17250-17150.”
    Source: BusinessToday

    #Sensex #Nifty