Indices end near flat line; Nifty settles below 17,550

2 Sep 2022 , 03:47 PM

The benchmark indices ended a volatile session near the flat line. The Nifty closed below the 17,550 mark after the hitting the days high of 17,643.85 in the early trade. Financial services, media and FMCG stocks saw buying demand while oil & gas , PSU bank and consumer durables shares corrected. As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 36.74 points or 0.06% to 58,799.09. The Nifty 50 index lost 3.35 points or 0.02% to 17,539.45. In the broader market, the S&P BSE Mid-Cap index slipped 0.35% while the S&P BSE Small-Cap index advanced 0.04%. The market breadth was positive. On the BSE, 1,779 shares rose and 1,645 shares fell. A total of 143 shares were unchanged. Buzzing Index: The Nifty Financial Services index rose 0.50% to 18,145.50. The index declined 0.98% in the past trading session. Among the components of the Nifty Financial Services index, Housing Development Finance Corporation Ltd (up 1.62%), HDFC Bank Ltd (up 0.89%), Axis Bank Ltd (up 0.85%), Kotak Mahindra Bank Ltd (up 0.65%), State Bank of India (up 0.47%), Cholamandalam Investment & Finance Company Ltd (up 0.4%), SBI Cards & Payment Services Ltd (up 0.36%), Bajaj Finance Ltd (up 0.18%) and ICICI Prudential Life Insurance Company Ltd (up 0.13%) were the gainers. On the other hand, Shriram Transport Finance Company Ltd (down 1.64%), Muthoot Finance Ltd (down 1.45%) and Power Finance Corporation Ltd (down 1.32%) turned lower. Stocks in Spotlight: Shares of Adani Enterprises advanced 3.89% while those of Shree Cement declined 2.17%. Adani Enterprises will replace Shree Cement in the 50-share benchmark NIFTY 50 index effective 30 September 2022. Adani Ports and Special Economic Zone rose 1.70% after the companys handled cargo volume increased by 18% YoY to 29.3 MMT in August 2022. Of the total handled cargo volume, dry bulk cargo volume grew by 44% YoY while container volume rose by 8% YoY during the period under review. Eicher Motors added 0.14%. Eicher Motors total motorcycles (Royal Enfield) sales soared 53% to 70,112 units in August 2022 as against 45,860 units sold in the same period last year. Hero MotoCorp declined 1.80%. The two-wheeler majors total sales rose 1.92% to 462,608 units in August 2022 as against 453,879 units sold in August 2021. Sequentially, this translates into a growth of 3.82% over the month of July 2022, when the company had sold 445,580 units. Birla Corporation declined 0.83%. The company said that it has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon w.e.f. 1st September, 2022. The company said that there is no binding agreement entered for sale of the Unit-Auto Trim Division, Gurgaon. IndusInd Bank shed 0.93%. The private lender on Friday (2 September 2022) announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India. Aurobindo Pharma slipped 0.77%. The board of directors of 100% subsidiary company, CuraTeO Biologics Pvt. Ltd. (CuraTeQ) decided to expand its operations by establishing another mammalian cell culture manufacturing facility of higher capacity to cater to the future requirements. The board also decided to enter into contract manufacturing operations (CMO) for biologicals for effective utilization of capacities and augmenting the business prospects in this area. Global Markets: Shares in Europe advanced while most Asian stocks declined on Friday as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserves next interest rate decision later this month. Investors in Europe are faced with additional downward pressures from the growing prospect of recessions in the euro zone and the U.K., with energy shortages arising from Russias war in Ukraine fueling cost of living crises and soaring inflation. The Dow Jones Industrial Average and the S&P 500 ended the first day of September on a high note as traders looked forward to the jobs report Friday. US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russias war in Ukraine and Chinas zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday. The Institute for Supply Management (ISM) said on Thursday that its index of US factory activity was unchanged at 52.8 last month, although that is still the lowest reading since June 2020. Powered by Capital Market – Live News