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Post Session: Quick Review
Aug-17-2022

Firm trade continued over the Dalal Street on Wednesday, with both Sensex and Nifty ending on a higher note. After an optimistic start, markets remained higher for the entire day. Traders took some encouragement as State Bank of India's (SBI) Chairman Dinesh Khara said that things might get better on the inflation front towards the end of September. He said the supply side constraints getting addressed and crude oil prices trending low will help ease the situation.

Some support also came in as Moody's Analytics in a recent report on the Asia Pacific (APAC) region said global oil prices are expected to fall to almost $70 per barrel by the end of 2024. Besides, launching the Public Systems Lab (PSL) at IIT Delhi, Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Piyush Goyal has said that the government is using innovative solutions to make the public delivery system more effective and efficient.

Indices added more gains in late afternoon session, as domestic sentiments were optimistic, amid a private report stating that companies in India are expected to give a salary hike of 10 per cent in 2023 as they struggle with rising attrition in the tight labour market. Adding more comfort among traders, the UK India Business Council sees opportunities for trade, investment, and collaboration with India across financial technology (fintech), food and beverage, electric vehicle (EV), and other sectors.

On the global front, European markets were trading lower after mixed cue from Wall Street, having struggled to build positive momentum so far this week. Asian markets settled mostly higher, after the total value of core machine orders in Japan was up a seasonally adjusted 0.9 percent on month in July, the Cabinet Office said on Wednesday - coming in at 917.0 billion yen. That missed expectations for an increase of 1.3 percent following the 5.6 percent decline in May.

The BSE Sensex ended at 60260.13, up by 417.92 points or 0.70% after trading in a range of 59857.80 and 60323.25. There were 23 stocks advancing against 7 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 0.64%, while Small cap index up by 0.53%. (Provisional)

The top gaining sectoral indices on the BSE were Telecom up by 1.80%, TECK up by 1.13%, Consumer Durables up by 1.10%, IT up by 1.04% and Utilities up by 0.80%, while Auto down by 0.32% and Capital Goods down by 0.06% were the only losing indices on BSE. (Provisional)

The top gainers on the Sensex were Bajaj Finserv up by 5.74%, Bajaj Finance up by 3.28%, Bharti Airtel up by 2.55%, Tech Mahindra up by 2.45% and HCL Tech. up by 2.22%. On the flip side, Mahindra & Mahindra down by 1.07%, Ultratech Cement down by 0.65%, Maruti Suzuki down by 0.58%, Tata Steel down by 0.44% and Kotak Mahindra Bank down by 0.33% were the top losers. (Provisional)

Meanwhile, launching the Public Systems Lab (PSL) at IIT Delhi, Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile Piyush Goyal has said that the government is using innovative solutions to make the public delivery system more effective and efficient.

The minister further noted that ‘through Government initiatives like PMGKAY, India has been a role model for the world in dealing with food security in the wake of the pandemic. Despite the massive pandemic, Government through One Nation, One Ration Card ensured food security for all’.

Calling upon youth to contribute in making of a developed and prosperous India, Goyal said that ‘Today India is talked of in the world as an emerging superpower, as a nation of Startups, a nation of innovators, a nation meeting its SDGs in advance. This is possible when young minds come up with innovative ideas that contribute to the development of India’.

Meanwhile, the launch of Public Systems lab will greatly impact citizens, and deliver significant benefits for academia and other stakeholders. The lab will use knowledge of Operations Research, AI, Data Science etc to solve critical problems that are vital for improving the lives of crores of people. It will work in the field of food, health, transportation & good governance.

The CNX Nifty ended at 17944.25, up by 119.00 points or 0.67% after trading in a range of 17833.35 and 17965.95. There were 34 stocks advancing against 16 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bajaj Finserv up by 5.81%, Hero MotoCorp up by 3.42%, Bajaj Finance up by 3.31%, HDFC Life Insurance up by 3.29% and Bharti Airtel up by 2.68%. On the flip side, Mahindra & Mahindra down by 1.09%, Apollo Hospital Ent. down by 1.00%, Tata Motors down by 0.91%, Cipla down by 0.85% and Ultratech Cement down by 0.69% were the top losers. (Provisional)

European markets were trading lower, UK’s FTSE 100 decreased 8.10 points or 0.11% to 7,527.96, France’s CAC decreased 9.69 points or 0.15% to 6,582.89 and Germany’s DAX was down by 42.28 points or 0.3% to 13,867.84.

Asian markets settled mostly higher on Wednesday amid expectations that US Fed would be less aggressive on its tightening plans. Meanwhile, investors are awaiting the release of minutes of the US Federal Reserve's latest policy meeting later in the day for clues on future interest-rate hikes. Japanese shares led regional gains due to weakness in Japanese yen and also tracking robust earnings from US retailers. Data showed Japan's core machinery orders rose 0.9% in June from the previous month. Chinese shares gained after policymakers announced a slew of stimulus measures to boost economic growth, including increased debt issuances and infrastructure spending.

Asian Indices

Last Trade               

Change in Points

Change in %   

Shanghai Composite

3,292.5314.650.45

Hang Seng

19,922.4591.930.46

Jakarta Composite

------

KLSE Composite

1,518.16-0.62-0.04

Nikkei 225

29,222.77353.861.23

Straits Times

3,262.768.970.28

KOSPI Composite

2,516.47-17.05-0.67

Taiwan Weighted

15,465.4544.880.29


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