Daily Market Recap :28 August 2023

Market indices ended up higher on 28th August 2023; Sensex breaks 2-day losing streak, rise 110.09 points; Nifty above 19,300.

At close, the Sensex was up 110.09 points or 0.17 percent at 64,996.60, and the Nifty was up 40.20 points or 0.21 percent at 19,306. About 1992 shares advanced, 1635 shares declined, and 156 shares unchanged.

Indian rupee ended flat at 82.62 per dollar on Monday against Friday's close of 82.65.

Key Highlights :-

1.?Sector Performance:

Except FMCG (Declined 116 points) and Information technology(Declined 140.95 points) all other sectors are in green.

Nifty Auto advances 111.65 points to 15,475.25; top contributor Bharat Forge, M&M, Bosch Ltd., Hero motor corp. and Maruti moving 0-3 %

Nifty Bank advanced by 263.20 points to 44,494.65; top contributor Federal bank, PNB, HDFC Bank, Kotak Bank and IndusInd Bank moving 0-3%

2. Top Gainer:

Power Grid, L&T, Cipla, M&M and BPCL are amongst the top performer in Nifty and Jio Financial, Reliance, Adani enterprises, Hindalco and Nestle India amongst the top losers in Nifty Today.

?Top News Actions -

1. Vodafone soars 3.45% after company gets more time to repay American Tower Corporation (ATC)-Vendor.

1. Mphasis shares slide 2.57% as brokerages downgrade stock on growth uncertainty.
2. Saint-Gobain Sekurit Ltd. gains 5% on parent company's Rs.8000-crore investment plan.
3. Bharat Forge stock hits all-time high at Rs.1049.30 on Kalyani Rafael’s Rs 287.51 crore order win.
4. Venus Remedies gains 5% on Saudi Arabia’s marketing approval for anti-coagulant drug.
5. Patel Engineering locked in 5% upper circuit on Rs 1,818 crore-order win.

Market Sentiments -

Outlook for August 29

Shrikant Chouhan, Head of Research (Retail), Kotak Securities:

Markets erased most of its intra-day gains to end marginally higher amid profit taking in Reliance Industries counter ahead of the company's AGM. Positive global cues helped local shares end in positive territory, but markets were volatile as mounting concerns over likely interest rate hike by the US Fed in view of higher inflation coupled with stagflation in China and domestic FII flows remaining choppy continue to weigh on sentiment.

Technically, although Nifty cleared the intraday resistance of 19350, it failed to close above the same due to profit booking at higher levels. The index has formed a double bottom formation near the important support level, indicating strong possibility of a pullback rally from the current levels. For day traders, as long as the index is holding 19220, the positive sentiment is likely to continue, above which, the pullback rally till 19400-19450. On the other side, below 19220, the selling pressure is likely to accelerate, and below the same the index could slip till 19150-19120.

Ajit Mishra, SVP - Technical Research, Religare Broking:

Markets started the week on a volatile note and settled with modest gains. After the initial uptick, Nifty inched gradually higher but profit-taking in the final hours trimmed the gains. Consequently, it settled at 19306 levels; up by 0.20%. We saw a mixed trend on the sectoral front wherein realty and pharma posted decent gains while IT and FMCG closed in the red. Meanwhile, buoyancy on the broader front helped the market breadth to stay on the advancing side.

We feel it is a breather after the recent fall and traders should continue with negative bias in the index. At the same time, a mixed trend on the sectoral front would continue to offer opportunities on both sides, so participants should focus on stock selection and maintain a hedged approach.

Disclaimer: The information provided in this report is for informational purposes only and does not constitute financial advice. Learn Briller shall not be held responsible for any trading decisions based on the information herein. Always consult with a qualified financial advisor before making any investment decisions.

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