Titan, Asian Paints, ITC among top gainers, losers today; check full list
The domestic equity market witnessed an all-round selloff on August 10 even as the Reserve Bank of India (RBI) maintained a status quo on the repo rate and policy stance on expected lines. However, the rate-setting panel raised the inlfation projections for the current fiscal due to rise in vegetable prices, pulses, and cereals.
Following the policy announcement, equity benchmarks Sensex and Nifty fell as the central bank raised its inflation projection and hinted that the rate could stay elevated for a longer period.
Sensex opened 50 points lower at 65,945.39 against the previous close of 65,995.81 and remained in the red throughout the session. The index fell 487 points, hitting an intraday low of 65,509.14. Nifty touched the intraday low level of 19,495.40.
Mixed global cues also failed to lift sentiment. Investors awaited US inflation data, which is expected later today, to get cues on what Fed could do in its next policy meeting.
‘’Inflation concerns have resurfaced in the domestic market after the RBI elevated their CPI forecast by 30 basis points to 5.4 per cent, increasing the chances of a protracted rate cut trajectory. ..Against this backdrop, investors will be closely watching the US inflation print today and the domestic inflation data on Monday,” said Vinod Nair, Head of Research at Geojit Financial Services.
Sensex finally ended 308 points, or 0.47 per cent, lower at 65,688.18 while the Nifty closed the day at 19,543.10, down 89 points, or 0.46 per cent.
Commenting on today’s market performance, Ajit Mishra, SVP – Technical Research, Religare Broking said, ‘’Markets remained volatile on the weekly expiry day and lost nearly half a percent. After the initial downtick, Nifty oscillated in a range i.e. 19,495-19,625 and finally settled around the 19,543.10 levels.”
The majority of sectors traded in tandem wherein FMCG, pharma and banking were the top losers. The broader indices too witnessed profit taking and ended in the red, according to analysts.
‘’Nifty has been struggling to hold short-term moving average i.e. 20 EMA, mainly due to the underperformance from the banking pack. Besides, it is also facing the hurdle of a declining trendline around 19,650. Amid all, global cues are still neutral and any deterioration on that front may further add to the pressure,” added Mishra.
Here is the list of stocks which are the top gainers and losers during August 10th trading session:
Sensex:
Top gainers: IndusInd Bank (1.59%), JSW Steel (0.88%), Titan Company (0.83), Power Grid Corporation (0.73%), and Mahindra & Mahindra (0.70%)
Top losers: Asian Paints (-2.89%), Kotak Mahindra Bank (-1.63%), ITC (-1.56%), Axis Bank (-1.12%), and Bharti Airtel (-1.05%)
Nifty50:
Top gainers: Adani Enterprises (1.67%), Adani Ports (1.63%), IndusInd Bank (1.53%), Titan Company (1.09%), and ONGC (1.07%)
Top losers: Asian Paints (-3%), Kotak Mahindra Bank (-1.87%), Britannia Industries (-1.32%), ITC (-1.24%), and Nestle India (-1.21%)
THIS COPY IS BEING UPDATED
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Updated: 10 Aug 2023, 04:27 PM IST
