As per NSE data, on August 23, FIIs’ buy value was at ₹9,419.37 crore and sell value at ₹8,805.05 crore — resulting in an inflow of ₹614.32 crore.
While DIIs buying value stood at ₹7,228.77 crore and selling value at ₹7,103.74 crore — recording an inflow of ₹125.03 crore from Indian stocks in the day.
In the previous session, FIIs sold ₹495.17 crore, while DIIs purchased ₹533.75 crore.
Stock Market Today
Domestic benchmark indices remained stable on Wednesday’s trading session and ended positive. A surge in financial services stocks drove both the Sensex and Nifty, as investors anticipated two significant central bank announcements.
Sensex closed 213 points, or 0.33 per cent, higher at 65,433.30 while the Nifty ended at 19,444, up 48 points, or 0.25 per cent.
Investors are anticipating clues about the future direction of interest rates as officials of the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan are to meet in Jackson Hole, Wyoming, later this week for their yearly conference on central banking.
All eyes will be on what the US Federal Reserve Chair Jerome Powell says about inflation and interest rate trajectory on Friday.
Meanwhile, global cues were mixed as the benchmark US Treasury yields hit a near 16-year high amid concerns that interest rates will remain high for a longer-than-expected period.
Hindalco Industries Ltd (up 2.34%), Axis Bank Ltd (up 2.11%), ICICI Bank Ltd (up 1.58%), Divi’s Laboratories Ltd (up 1.55%) and Larsen & Toubro Ltd (up 1.47%) were among the top gainers of Nifty 50. Adani Enterprises Ltd (down 5.89%), Jio Financial Services Ltd (down 4.99%), Adani Ports and Special Economic Zone Ltd (down 2.86%), Sun Pharmaceutical Industries Ltd (down 1.37%), and Tech Mahindra Ltd (down 1.15%) were among the laggards today.
Market Expert View
Accordind to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, domestic equities remained firm for 3rd consecutive day ahead of the expected landing of Chandrayaan-3. Nifty inched upwards gradually to close with gains of 48 points at 19444 levels. Nifty midcap 100 surged to new highs while Nifty small touched a new 52-week high, reflecting action in the broader market.
“Sectorially it was a mixed bag with buying seen in Banking and Financial Services. Several Defence Companies which have supplied parts used in Chandrayaan-3 rallied on the expectation of a successful landing. Overall, we expect global uncertainty to keep the market range bound. However, action could continue in Banking and Financial Services ahead of the RBI policy meeting minutes release and bank loan growth data,” added Khemka.
According to Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities, Nifty shrugged off its initial weakness and rose sharply throughout the day to close at 19,444, up 48 points.
Ramani stated that Nifty Futures Open Interest (OI) data indicated build-up of fresh long positions in Index Futures since August 16. The Foreign Portfolio Investors (FPIs) activity has remained quiet for the past three trading sessions as indicated by the Long-Short Ratio. The cooling off volatility gave some comfort to the bulls as India VIX closed 0.17% down at 11.73.
“Nifty took support from the 50-Day Exponential Moving Average (DEMA) of 19,265 on 18th August and has moved up steadily since then. However, Nifty is consolidating in the 19,300-19,500 range since the last seven trading sessions and yet to give a strong close above it. The maximum call OI for Nifty is placed at 19,500 Strike. Short covering at 19,500 Strike is likely to result in a sharp move on the upside ahead of the weekly expiry Thursday (tomorrow).
Bank Nifty on the other hand, broke out of the 43,700-44,100 range and closed at 44,479, up 486 points. The 50 DEMA and the maximum call OI for Bank Nifty is placed at 44,500 and hence, the option activity at 44,500 Strike tomorrow will set the trend for the next leg of rally in Bank Nifty,” explained Ramani.
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Updated: 23 Aug 2023, 07:48 PM IST