24 Aug , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets started the day’s trade volatile dancing between gains and losses. S&P BSE Sensex was trading flat and hovering around 59,000 mark while the NSE Nifty 50 index was holding above 17,550. Bank Nifty was above 38,700 while India VIX was at 19 levels. Sun Pharma was the top gainer on Sensex, up 1.24% followed by IndusInd Bank and Reliance Industries. Bharti Airtel was the top laggard, down 1.4%, accompanied by Asian Paints, and Larsen & Toubro.
Domestic crude oil production fell 3.8% while gas output remained near static in July over the same period in the year-ago period to stand at 2.45 million tonne (MT) and 2,883 million cubic metre (mcm), respectively. Targets have been missed in the production of both products. Data showed that oilfields operated by state-run ONGC saw a fall in crude oil production by 1.7%. Meanwhile, production from fields operated by private entities fell by 12.34% to 0.5 MT. The target for the month was set at 2.6 MT. In the first quarter, cumulative crude oil production was 9.91 MT, slightly lower than 9.96 MT recorded during the corresponding period of last year.
“The steady buying by FIIs even in the midst of strengthening the Dollar is significant from the market perspective. There is a near consensus now that India will be an outperformer in the deteriorating global growth environment. So, FII inflows will be more country specific rather than emerging market oriented. The near-term market trend will be influenced by the observations of the Fed Chief Jerome Powell on Friday. If the Fed Chief sounds ultra-hawkish, that would be a dampener for markets. On the other hand if he sounds optimistic on the growth front and on containing inflation that would be a bullish message. Financials and capital goods continue to be investable segments. IT valuations are attractive,
Sensex opened flat on Wednesday, moving between marginal gains and losses. Nifty 50 index was holding above 17550.
“While a stronger home economy is offering some consolation, market participants can see the fear of uncertainty in their high volatility movements, which are being driven by weak signals from international rivals. Markets around the world were under stress due to rising energy prices in Europe and concerns about rate hikes. On the technical front, immediate support and resistance in Nifty 50 are 17475 and 17750 respectively. Bank Nifty immediate support and resistance are 38400 and 39300 respectively,”
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