BOTH INDICES CONTINUED MOVING LOWER FOR THE SECOND CONSECUTIVE TRADING DAY

NIFTY:

The NIFTY opened at 19463.75 with a gap down of 63 points. Initially, the index moved up, filled the gap, and then started finding resistance around yesterday’s closing prices. Prices have formed a consolidation which eventually broke on the downside after prices recorded its intraday high at 19537.65. The Index then saw a steep fall toward the 19300 level. The NIFTY recorded its intraday low at 19296.45 and spent the last two hours of trading moving sideways. The index finally closed at 19381.65 with a loss of 144.90 points or 0.74% down. All the sectoral indices have moved down and ended with a loss except PHARMA and MEDIA, BANK, FINANCIAL, and REALTY led the bears and ended with a loss of over 1% followed by OIL GAS. After such a sharp fall, the next few days may be choppy and narrow. Support is now visible around 19300 and the index is now roaming around this level. Resistance is now visible around 19700.

BANK NIFTY:

The BANK NIFTY opened at 44862.85 with a gap down of 217 points. The index initially moved up, filled the gap, and then found resistance. Prices started moving downward after recording its intraday high at 45038.45. A sharp decline came which took the index below 44500. Prices have recorded its intraday low at 44279.40 and finally closed at 44582.05 with a loss of 407 points. PSU and PVT BANK, both indices have performed almost the same today, saw a sharp intraday decline, and closed with a loss of 0.59% & 1% respectively. Within the index, in terms of points, AU BANK contributed the highest on the upside while ICICI BANK contributed the lowest. A gap-down opening did not sustain but eventually, the index moved lower after finding resistance around yesterday’s closing prices. Prices have reached the pattern target of 44300 of a range breakdown from 45300-46300 zones.

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News Updates

• The Indian equity benchmarks extended the losing streak to a third day on August 3, pulled down by bank, metal, oil & gas and realty names, even as buying in pharma stocks helped trim the losses in the final hour. At close, the Sensex was down 542.10 points, or 0.82 percent, at 65,240.68, and the Nifty was down 144.80 points, or 0.74 percent, at 19,381.70.

• Zomato on August 3 posted a net profit of Rs 2 crore in the first quarter of the current financial year and reported revenues of Rs 2,416 crore, up 70.9 percent from the year-ago period, as demand growth recovered on cooling inflation and strength of the food delivery platform’s loyalty programme. During the same quarter last year, Zomato had posted a net loss of Rs 186 crore while its revenues stood at Rs 1,414 crore.

• Adani Enterprises on August 3 reported a consolidated net profit of Rs 674 crore for the quarter ended June 2023, rising 44 percent over Rs 469 crore reported last fiscal. The company’s revenue from operations came in at Rs 25,438 crore, down 38 percent from Rs 40,844 crore reported during the previous corresponding quarter, it said in an exchange filing. Adani Enterprises attributed the fall to correction in coal prices.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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