Sensex Trades Lower amid High Volatility, Nifty Near 17,500; Infosys and Tech Mahindra Top Losers

Tue, 23 Aug 10:30 am

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Major Asian share markets opened lower today after jitters over the speed of rate hikes by the US Federal Reserve drove down Wall Street shares overnight.

The Nikkei fell by 1.3% while the Hang Seng was down by 0.5%. The Shanghai Composite is trading lower by 0.3%.

Wall Street indices ended sharply lower on Monday as investors fretted about a US Federal Reserve gathering later this week in Jackson Hole, Wyoming, that is expected to reinforce a strong commitment by the central bank to stamp out inflation.

The Dow Jones was down by 1.9% while the tech heavy Nasdaq was down by 2.6%.

Back home, Indian share markets are trading on a positive note.

Benchmark indices opened in red today following the trend on SGX Nifty. But as the session progressed, losses were erased.

Sentiment again got affected and the markets are currently trading on a negative note.

At present, the BSE Sensex is trading lower by 263 points. Meanwhile, the NSE Nifty is trading down by 61 points.

In intraday trade, the BSE Sensex fell over 700 points but soon recovered. Talk about volatility!

Bajaj Finserv and M&M are among the top gainers today.

Infosys and Tech Mahindra are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.7% while the BSE Small Cap index is trading higher by 0.5%.

Sectoral indices are trading on a positive note with the exception of IT, utilities and power sector.

Meanwhile stocks in the metal and capital goods sector witness most of the buying.

Keep an eye out on these 4 sectors that can produce future multibagger stocks.

Eicher Motors and Solar Industries hit their 52-week high today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Also check out our editorial on the most profitable mid cap stocks and the most profitable bluechip stocks in India.

In the commodity markets, gold prices rise. Gold prices are trading higher by Rs 20. Currently, gold prices are trading at Rs 51,183 per 10 grams.

It seems that amidst crashing markets, rising interest rates, and inflationary pressures, the only safe place to invest would be gold.

After all gold has a history of doing well in market crash. But not this time. Gold prices have taken a hit lately.

After rising in the end of July, gold prices are falling again. Take a look at the chart below.

 

The recent decline in gold has had a domino effect on gold loan financiers in India. Falling gold price is one of the main factors why Muthoot Finance share price is falling.

Read our editorial on why gold price is falling to know more about falling gold prices.

Meanwhile, silver prices are trading lower at Rs 55,798 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 79.9 against the US dollar.

After getting a bird's eye view of the market, do you want to get a full analysis on how the markets will perform today? You know how the market started but do you want to know how the markets will close today?

In the below video, Brijesh Bhatia does a complete analysis of today's market.

In news from the IT sector, Tata Consultancy Services (TCS) announced that South Africa's Absa Corporate and Investment Bank (CIB) has appointed the Indian IT giant to digitally transform its investment banking services.

TCS will offer its 'BaNCS' platform to enable on-cloud trading and investment services for Absa CIB's clients.

TCS will power Absa CIB's front- and mid-end operational services, which include trade management, clearing and settlement of trades, and other "operational and administrative" services for asset managers, stock brokers and other users of Absa's service.

TCS' BaNCS platform is used across 450 locations around the world, and covers more than 1 billion accounts for banking networks globally.

The services will be hosted on Amazon Web Services' (AWS) cloud platform, and will help Absa improve speed as well as safety of transactions.

Did you know that TCS has the highest revenue among the top 5 IT companies in India by revenue?

Moving on to news from the banking sector, Bank of India and Indian Renewable Energy Development Agency (IREDA) have joined hands.

As stakeholders in sustainable development and carbon compliant economy, Bank of India and IREDA have joined hands for co-lending, co- origination & loan syndication in renewable energy segment among others.

Memorandum of Understanding (MOU) has been signed at the headquarters of Bank of India on 22nd August 2022 in the august presence of the MD & CEO Bank of India - Mr. A K Das & CMD IREDA- Mr. P K Das.

The partnership with IREDA, a Mini Ratna which is an established player in the field of renewable energy, would provide a good opportunity to the bank in terms of ESG business.

Further in news from the banking sector, Bank of Baroda (BoB) is set to raise funds.

BoB on Monday said it will raise debt capital of Rs 25 bn crore through Additional Tier 1 bonds or AT1 bonds in single or multiple tranches.

AT1 bonds, as these instruments are popularly known, are a type of perpetual debt instrument that banks use to augment their core equity base and thus comply with Basel III norms.

Speaking of banking stocks, the bank Nifty is changing the scenario. Chartist Brijesh Bhatia believes that bank Nifty can lead Nifty to an all-time high. Hence it is important to keep a close watch on banking stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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