Nifty, Sensex End Flat, Absorbing the Impact of Jackson Hole Meet– Weekly closing report
Moneylife Digital Team 02 September 2022
We had mentioned in previous week’s closing report that Nifty, Sensex may be under pressure. The major indices opened lower this week and closed with loss.
 
 
On Monday, the indices opened with huge gap down and ended with loss. On the Bombay Stock Exchange (BSE), 1,453 stocks advanced, 2,048 declined and 202 remained unchanged with advance decline ratio of 0.71, indicating bearish sentiment in broader markets.
 
On NSE, 73 securities advanced and closed at new 52 week high whereas 29 securities sank to close at their new 52-week lows. In sectorial indices Nifty IT and Nifty Media were the biggest losers whereas Nifty FMCG and Nifty Oil& Gas were the only gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap declining 0.8% and 0.57% respectively.
 
Rupee ended at 79.96/$ after hitting a record low during the day. Bond yield end higher.
 
The government has dropped plans of OFS (offer for sale) of IRCTC. It was looking to raise Rs 3,000 crore via dilution of 3.5% stake in the company.
 
Reliance Industries ended in red following several announcements by its Chairman and Managing Director Mukesh Ambani. It aims to start battery pack production by 2023, establish 20 GW solar energy generation by 2025. It will invest Rs 75,000 crore over next 5 year in oil to chemical operations. It will launch FMCG business this year and offer groceries on WhatsApp in partnership with Meta.
 
On Tuesday, the indices opened gap up and ended with huge gain. On the Bombay Stock Exchange (BSE), 2,397 stocks advanced, 1,028 declined, and 127 remained unchanged with advance decline ratio of 2.33 depicting bullish sentiment across broader market.
 
On NSE, 99 securities advanced and closed at new 52 week high whereas 7 securities sank to close at their new 52-week lows. All sectorial indices ended in green with Nifty Realty and Nifty Financial Services being the biggest gainers whereas Nifty Pharma and Nifty Healthcare gained the least. The broader market indices underperformed their larger peers with BSE Midcap and BSE Small cap ending 1.4% and 1.97% higher.
 
Rupee ended 51 paise higher at 79.45/$ as compared to 79.96/$.
 
Bank of India is set to hike overnight 6 month, 1-year lending rates by 5 to 10 bps from Thursday.
 
BLS International ends 14% higher after Nomura Singapore acquired shares in the company.
 
TD Power board has approved stock split in the ratio of 1:5. The stock ended almost 2% higher.
 
Ruchira Papers ended 7.5% down after its board approved issue of one share for every 10 shares held.
 
On Thursday, the indices opened gap down and ended with loss. On the Bombay Stock Exchange (BSE), 1,952 stocks advanced, 1,473 declined, and 153 remained unchanged with advance decline ratio of 1.32.  
 
On NSE, 106 stocks advanced and closed at new 52 week high whereas 16 stocks sank to close at their new 52-week lows. In sectorial indices, Nifty IT and Nifty Oil& Gas were the biggest losers whereas Nifty Realty and Nifty PSU Bank were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap ending 0.57% and 0.48% higher respectively.
 
Rupee ended at 79.56/$ as compared to Tuesday’s close of 79.45/$. August GST collections were up by 28.2% y-o-y at Rs 1.43 lakh crore.
 
NMDC’s August production was down 19% at 2.48 mt (metric tons) as compared to 3.06 mt y-o-y. The August sales were down 2.7% at 2.83 mt.
 
Coal India’s august production was up 8.5% at 46.2 mt. Steel Strips August turnover was up by 14.5% at Rs 352.9 crore on a y-o-y basis.
 
Eicher Motors commercial vehicle sales were up 4.4% at 5,003 units y-o-y. VST tillers total sales were up by 8% y-o-y at 3,602 units. Ashok Leyland total sales jumped 51% y-o-y to 14,121 units. Escorts Kubota total tractor sales were up 7.3% at 6,111 units y-o-y.
 
Tata Motors total sales were at 78,843 units up 35.9% y-o-y. TVS motors total sales were up 15% y-o-y to 3.33 lakh units. Atul Auto sales were up by 38% to 1,950 units y-o-y.  Maruti Suzuki total sales were up by 26% y-o-y at 165,173 units.
 
On Friday, the indices opened with gap up and ended flat. On the Bombay Stock Exchange (BSE), 1,767 stocks advanced, 1,659 declined, and 141 remained unchanged with advance decline ratio of 1.06 indicating flat closing of most of the stocks.
 
On NSE, 100 securities advanced and closed at new 52 week high whereas 13 securities sank to close at their new 52-week lows. In sectorial indices Nifty Oil& Gas and Nifty PSU Bank were the biggest losers whereas Nifty Financial Services and Nifty Media were the biggest gainers.
 
Rupee closed at 79.80/$ as compared to Thursday’s close of 79.55/$.
 
Nifty Realty and Nifty Auto gained the most in this week while Sensex and Nifty closed flat. Bajaj Finserv and Tata Consumers were the top Nifty gainers this week.
 
Spice Jet will receive around Rs 225 crore next week as part of Government credit guarantee scheme ECLGS (Emergency Credit Line Guarantee Scheme) to clear statutory dues. New CFO will join next week. The company is actively working on raising funds.
 
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