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Sensex, Nifty End Flat After Volatile Session; Metal, Financial Stocks Support Markets
The BSE Sensex closes at 77,540.83, up just 3.11 points, while the NSE Nifty ends at 24,252, gaining 20.15 points.
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Stock Market Today, August 21: The domestic equity markets ended almost flat on Friday after a volatile trading session, as gains in financial and metal stocks were offset by weakness in IT, FMCG and auto shares. Investors remained cautious amid elevated global bond yields, higher crude oil prices and persistent inflation concerns.
The BSE Sensex closed at 77,540.83, up just 3.11 points, or 0.004 per cent, from its previous close of 77,537.72. The index opened at 77,701.07 and touched an intraday high of 77,725.67 before slipping to a low of 77,445.86.
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The NSE Nifty ended at 24,252, gaining 20.15 points, or 0.08 per cent. The index had opened at 24,284.05 and moved in a relatively narrow range for much of the session before finishing marginally higher.
The broader market performed better than the benchmarks. The Nifty Smallcap 50 gained 0.86 per cent, while the Nifty Smallcap 100 rose 0.69 per cent. The Nifty Smallcap 250 advanced 0.41 per cent, while the Nifty Midcap 100 gained 0.10 per cent.
Metal, financial stocks support market
Metal stocks emerged among the strongest performers, with the Nifty Metal index rising 0.86 per cent. Financial stocks also provided support, with the Nifty Private Bank index gaining 0.51 per cent and the Nifty Bank rising 0.46 per cent. The Nifty Financial Services index advanced 0.22 per cent.
Nifty Realty also gained 0.40 per cent, while consumer durables rose 0.19 per cent. The Nifty Oil & Gas index ended almost flat with a 0.04 per cent gain.
On the other hand, FMCG stocks remained under pressure, with the Nifty FMCG index falling 0.74 per cent. Nifty Auto declined 0.60 per cent, while IT and media stocks fell 0.46 per cent and 0.54 per cent, respectively. Nifty Pharma slipped 0.21 per cent.
Power Grid, BEL among top Sensex gainers
Among individual Sensex stocks, Power Grid was the top performer, rising 2.66 per cent. BEL gained 1.17 per cent, while Kotak Mahindra Bank advanced 1.08 per cent. Bajaj Finserv, Asian Paints and ICICI Bank also ended higher.
On the losing side, Trent declined 1.53 per cent, followed by Maruti Suzuki, which fell 1.50 per cent. InterGlobe Aviation declined 1.35 per cent, while HCL Technologies, Tech Mahindra and M&M also closed lower.
Elevated yields, crude prices remain concerns
Vinod Nair, head of research at Geojit Investments, said elevated global bond yields continued to weigh on investor sentiment. “The elevated global bond yields continue to cause worry in the market. The recent US Treasury’s move to ease the bond yields failed to provide lasting comfort, given surging crude prices and persistent inflation fears,” Nair said.
He added that India’s domestic bond market was also facing pressure following the RBI’s recent hawkish meeting minutes, with the 10-year government bond yield rising to a two-month high amid inflation risks and tighter liquidity.
At the same time, domestic economic activity continues to show resilience. “Meanwhile, the recent services PMI data shows domestic resilience amidst an uncertain global environment,” Nair said.
According to him, buying in financial heavyweights after the recent market correction helped limit the downside. “Strong value buying in financial heavyweights fuelled by robust credit growth and attractive valuations after the recent correction is helping the market trade flat,” he said. Nair also noted that stable metal prices were providing support to commodity stocks.
Key Questions Answered
Ask News18Global bond yields are expected to continue affecting Indian markets, with stress in global bond markets remaining a key risk for equities. Higher global yields can influence Indian bond yields, potentially leading to higher borrowing costs if they remain elevated. This can also make emerging market assets, including Indian stocks, less attractive to foreign investors and could pull global money away from Indian debt, putting pressure on the rupee.
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Original source: https://www.news18.com/business/markets/
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