Indian equity benchmarks ended over a percent lower on Friday, dragged by heavy selling pressure in Realty and Metal stocks on profit-taking and weak global market trends. After making a slightly positive start, markets fell sharply in the late morning session as an RBI article warned that big bang privatisation of public sector banks can do more harm than good, and asked the government to take a nuanced approach on the issue.
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The Nifty50 has formed a long bear candle on the daily chart engulfing the previous two small bull candles, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“A negative reversal type candle pattern has been formed on the weekly chart, resulting in the failure of an upside breakout of the significant downtrend line. This is not a good sign for the bulls and one may expect further weakness in the short term,” he said.
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Indian Indices
The Sensex fell 651.85 points or 1.08% to 59,646.15 while the Nifty was down by 198.05 points or 1.10% to 17,758.45 at the close of trading on Friday. The Sensex moved in a high and low band of 60,411.20 and 59,474.57. There were 3 stocks advancing against 27 declining stocks on the index. The Nifty traded in a range of 17,710.75 and 17,992.20. There were 6 stocks advancing against 44 stocks declining on the index.
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Broader Indices
The broader indices ended in green with the BSE mid-cap index down by 1.27% and the small-cap index down by 0.93%. The top gaining sectoral indices on the BSE were Power up by 0.53%, Utilities up by 0.45%, Capital Goods up by 0.32%, TECK up by 0.14% while, Realty down by 2.14%, Metal down by 1.84%, PSU down by 1.67%, Energy down by 1.64%, Oil & Gas down by 1.62% were the losing indices on BSE.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, rose 5.39% to 18.28 on Friday.
SGX Nifty
The trends on SGX Nifty indicate a positive opening for the index in India with a 25-point gain. The Nifty futures were trading at 17,659.75 on the Singaporean Exchange around 06:54 hours IST.
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Support and Resistance levels
The key support for the Nifty is placed at 17,649 followed by 17,539. If the index moves up, the key resistance levels to watch out for are 17,930 and 18,102, according to pivot charts.
US Markets
The S&P 500 fell 55.26 points, or 1.29%, to 4,228.48.
The Dow Jones Industrial Average fell 292.30 points, or 0.86%, to 33,706.74.
The Nasdaq fell 260.13 points, or 2.01%, to 12,705.22.
The Russell 2000 index of smaller companies fell 43.38 points, or 2.17%, to 1,957.35.
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Asian Markets
Asian markets ended mostly lower on Friday. The Nikkie 225 fell 0.04%, the Shanghai Composite fell 0.59%, the KOSPI Composite fell 0.61% and the Hang Seng rose 0.05%.
European Markets
European markets ended mostly higher on Monday. Germany’s DAX was down by 1.12%, France’s CAC 40 was down by 0.94% while London’s FTSE 100 was up by 0.11%.
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Major News Headlines
AstraZeneca India gets DCGI’s approval to market drug treating breast cancer
The pharma company has received approval from the Drugs Controller General of India to market its drug for the treatment of breast cancer. The DCGI has approved Lynparza (Olaparib) as a monotherapy for the treatment of adult patients with early breast cancer, who have previously been treated with neoadjuvant or adjuvant chemotherapy. With the DCGI’s nod, Lynparza is now approved in the US, EU, Japan, India, and several other countries for the treatment of early-stage breast cancer, the company said.
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JSW Steel joins hands with New Zealand’s NSHL to set up scrap shredding facilities
The company has entered into a 50-50 joint venture agreement with New Zealand-based National Steel Holdings Limited (NSHL) for setting up scrap shredding facilities in India. This is a step forward in the company’s endeavor to reduce its carbon footprint by setting a target of achieving a 42% reduction in CO2 emissions intensity by the fiscal year 2030, from the base year of 2005, the company said. NSHL is engaged in the business of metal recycling, collection, and processing based in Auckland, New Zealand, and has the relevant expertise and technical know-how in relation to end-to-end metal processing and recycling.
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Bulk Deal data
HC Jain and Co (Shri Hem Chand Jain) bought 90,000 shares in Agarwal Inds Corp Limited at Rs 615.00 per share on the Nse.
Santa Ghosh sold 1,90,000 shares in Agni Green Power Limited at Rs 20.42 per share on the Nse.
Om Pramila Stocks Private Limited bought 1,00,000 shares in AMD Industries Limited at Rs 97.82 per share on the Nse.
Bajaj Holdings and Investment Limited sold 3,22,176 shares in Mrs. Bectors Food Specialities Ltd at Rs 7.51 per share on the Nse.
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Vistara ITCL India Limited sold 29,16,042 shares in Future Retail Limited at Rs 4.01 per share on the Nse.
Virtue Ceramics Private Limited sold 7,87,183 shares in Globe Textiles (I) Limited at Rs 7.05 per share on the Nse.
Mansukh Securities & Finance Limited sold 2,91,000 shares in GP Petroleums Limited at Rs 56.50 per share on the Nse.
Palash Banerjee sold 1,00,000 shares in Kshitij Polyline Limited at Rs 65.40 per share on the Nse.
Suniyojit Merchants Private Limited bought 86,00,000 shares in Vikas Lifecare Limited at Rs 5.00 per share on the Nse.
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DII and FII data
Foreign institutional investors (FIIs) have bought shares worth a net Rs 1,110.90 crore, whereas domestic institutional investors (DIIs) sold shares worth a net Rs 1,633.21 crore on August 19, as per provisional data available on the NSE.
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NSE F&O Ban
Balrampur Chini Mills, Tata Chemicals Limited, and Delta Corp are the stocks/securities that have been placed under the F&O ban for August 22. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
