The key benchmarks closed lower on Thursday, with the Sensex and Nifty falling below 58,800 and 17,550, respectively, pulled down by telecom, real estate, and industrial stocks amid negative global cues.
“The Nifty50 has formed a small positive candle on the daily chart with a long upper shadow, following a long bull candle in the previous session”, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
“One can expect some consolidation in the market with volatile trade in the coming days”, he said.
Also Read| Oil prices rise on prospect of OPEC+ output cut
The Sensex slid 770.48 points or 1.29% to 58,766.59 and the Nifty was down by 216.50 points or 1.22% to 17,542.80 on Thursday. The Sensex touched a high and low of 59,309.79 and 58,522.57, respectively. There were 7 stocks advancing against 23 stocks declining on the index. The Nifty traded in a range of 17,695.60 and 17,468.45. There were 13 stocks advancing against 37 stocks declining on the index.
Broader Indices
The broader indices ended in green with the BSE Midcap index rising 0.57%, while the Small cap index was up by 0.48%. The top gaining sectoral indices on the BSE were Telecom up by 2.20%, Realty up by 1.07%, Industrials up by 0.90%, Capital Goods up by 0.70% and Consumer Discretionary up by 0.32%, while Energy down by 1.99%, Oil & Gas down by 1.77%, IT down by 1.68%, Metal down by 1.56% and TECK down by 1.41% were the top losing indices on BSE.
Also Read| What is Social Stock Exchange; how organisations can list on it?
India VIX Index
Nifty or India VIX, a gauge of the market’s expectation of volatility over the near term, rose 6.27% to 19.8725 on Thursday.
SGX Nifty
The trends on SGX Nifty indicate a flat opening for the index in India with a 4.5-point loss. The Nifty futures were trading at 17,564.0 on the Singaporean Exchange at around 08:15 hours IST.
Support and Resistance levels
The key support level for the Nifty is placed at 17,442, followed by 17,342. If the index moves up, the key resistance levels to watch out for are 17,669 and 17,796, according to pivot charts.
The S&P 500 rose 11.85 points, or 0.3%, to 3,966.85.
The Dow Jones Industrial Average rose 145.99 points, or 0.5%, to 31,656.42.
The Nasdaq fell 31.08 points, or 0.3%, to 11,785.13.
The Russell 2000 index of smaller companies fell 21.30 points, or 1.2%, to 1,822.82.
Also Read| Indian government hikes windfall profit tax on diesel, ATF exports: What it means
Asian Markets
Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.17% while the Hang Seng is down 0.67%. The Nikkei 225 is not trading.
European Markets
European markets finished sharply lower yesterday with shares in London leading the region. The FTSE 100 was down 1.86% while Germany’s DAX was off 1.60% and France’s CAC 40 was lower by 1.48%.
Major News Headlines
GST collection rises 28% to Rs 1.43 lakh crore in August
Goods and Services Tax (GST) collections increased 28% to Rs 1.43lakh crore in August, the Finance Ministry said on Thursday. In August, GST collection surpassed Rs 1.4 lakh crore for the sixth consecutive month. The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said. The revenues for the month of August 2022, registered a 28% increase over the GST revenues of Rs 1,12,020 crore collected in August 2021.
India’s manufacturing PMI edges down to 56.2 in August from 56.4 in July
India’s manufacturing sector activity in August witnessed the second-strongest improvement in operating conditions in nine months, boosted by strengthening demand conditions and softening inflation concerns, a monthly survey said on Thursday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) was little changed from July’s reading of 56.4, posting 56.2 in August. The August PMI data pointed to an improvement in overall operating conditions for the 14th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Littlestar Vanijya Private Limited bought 70,000 shares in AKG Exim Limited at Rs 48.82 per share on the Nse.
Prognosis Securities Private Limited bought 1,00,000 shares in Agni Green Power Limited at Rs 34.36 per share on the Nse.
Sarvagay Textile LLP bought 4,00,000 shares in ASL Industries Limited at Rs 29.83 per share on the Nse.
TPG Dodla Dairy Holdings PTE Limited sold 10,40,000 shares in Dodla Dairy Limited at Rs 509.00 per share on the Nse.
Anupam Narain Gupta sold 7,47,576 shares in GP Petroleums Limited at Rs 63.45 per share on the Nse.
Also Read| Indian economy to grow at 7% this fiscal: Finance Secretary TV Somanathan
Vijay Singla sold 2,43,459 shares in Jet Freight Logistics Limited at Rs 21.28 per share on the Nse.
General Atlantic Singapore KH PTE Limited sold 16,60,000 shares in Krishna Institute of Medical Sciences Limited at Rs 1230.00 per share on the Nse.
First St Invts Icvc Stewart Inv Asia Pacific Sustainability FD sold 3,68,238 shares in Mahindra Logistic Limited at Rs 480.31 per share on the Nse.
Gee Bee Securities Private Limited bought 15,60,001 shares in Mangalore Chemicals & Fertilizers Limited at Rs 127.56 per share on the Nse.
Kalpana Bijal Madhani bought 75,000 shares in Marshall Machines Limited at Rs 34.79 per share on the Nse.
Sunita Sandip Gupta sold 6,75,000 shares in Route Mobile Limited at Rs 1432.70 per share on the Nse.
Fidelity Investment Trust Fidelity International Discovery Fund sold 19,52,200 shares in Vijaya Diagnostic Centre Limited at Rs 350.19 per share on the Nse.
Also Read| Reliance Retail buys soft drink brands Campa, Sosyo from Pure Drinks Group
The foreign institutional investors (FIIs) sold shares worth a net Rs 2290.31 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 951.13 crore in the Indian equity market on September 1, as per provisional data available on the NSE.
The National Stock Exchange (NSE) banned the trading of futures and options (F&O) up to zero stock/security on Friday, September 2, 2022.
