THE NIFTY AND NIFTY BANK MOVED VERY VOLATILE

NIFTY:

The NIFTY opened at 19578.80 without much of a gap. The index started moving on the downside from its opening tick and went down more than 100 points and then found strong support there. Prices started a process of consolidation there and eventually broke on the upside after recording its intraday low at 19467.50. The index rallied sharply and recovered all the losses. The index rallied further up which lasted till the end and recorded its intraday high at 19645.50. Prices have finally closed at 19632.55 near its intraday highs with a gain of 61.70 points or 0.32% up. MEDIA and METAL outperformed today and gained over 2% followed by OIL GAS and AUTO. REALTY underperformed and ended with a loss of over 1% followed by BANK and FINANCIAL. Volatility is rising and today is the weekly expiry day. Also, the RBI is going to announce the outcome of its meeting today.

BANK NIFTY:

The BANK NIFTY opened at 44973.45 without much of a gap. The index started drifting downwards from its opening tick but found support just above 44500. Prices have started a process of consolidation which eventually broke on the upside and prices have seen a sharp rally afterwards. The index recorded its intraday low at 44533.75, its intraday high at 44975, and finally closed at 44881.05 with a loss of 101 points. PSU and PVT BANKS have performed almost the same today, moved sideways, and finally closed with minor losses of 0.10% &0.16% respectively. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. It was a tale of two halves in the BANK Index. In the first half, prices have moved down sharply while in the second half, the index saw a sharp recovery The intraday range was fairly wide. The short-term trend is sideways now. Support is visible around 44000 while resistance is visible around 45500.

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• Benchmark indices ended higher in the volatile session on August 9 with Nifty above 19,600. At close, the Sensex was up 149.31 points or 0.23 percent at 65,995.81, and the Nifty was up 61.70 points or 0.32 percent at 19,632.50. About 1963 shares advanced, 1521 shares declined, and 142 shares unchanged.

• Berger Paints on August 9 reported a 39 percent jump in net profit at Rs 326.32 crore for the first quarter of the current financial year. The Kolkata-based firm had posted a net profit of Rs 234.40 crore in the corresponding period of the previous fiscal. Sequentially, the profit zoomed 66 percent from Rs 196.21 crore, the company said in an exchange filing. Revenue from operations came in at Rs 2,739.76 crore, up 10 percent from Rs 2,488.67 crore in Q1 FY23.

• Tata Digital, the conglomerate’s e-commerce project, grew in scale and registered revenues of Rs 204.35 crore in FY23, a 13X jump from Rs 15.9 crore that it clocked in FY22. Although loses mounted up it was at a slower pace.

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

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