Stock Market News: Sensex Sheds Nearly 700 Points, Nifty Slips Below 25,000 Mark As Headline Indices End Six Session Rally

The stock market ended the week on a negative note as the headline indices snapped a six session gaining spree on August 22. The Sensex fell 693.86 points or 0.85 per cent to close at 81,306.85 and the Nifty 50 slipped 213.65 points or 0.85 per cent and closed at 24,870.1. The markets slid amid a dip in investor sentiment following rising uncertainty regarding the US Federal Reserve’s policy decision and the imposition of trade tariff by the US.

Grasim and Asian Paints Lead Losers

Shares of Grasim Ltd and Asian Paints emerged as the top-losers on August 22 as they closed lower by 2.55 per cent and 2.4 per cent on the NSE respectively. Other major losers included Adani Enterprises, Hero MotoCorp and Ultratech Cement Co which finished the session lower by as much as 2.28 per cent. On the other hand, shares of Mahindra & Mahindra and Maruti Suzuki India Ltd finished the session higher by up to 0.74 per cent on the NSE.

Nifty Bank and Nifty Metal Finish Lower 

The Nifty Metal and the Nifty Bank finished the session lower by 1.25 per cent and 1.09 per cent respectively. The two indices came out as the biggest losers among all sectoral indices. Amid the declines the Nifty Pharma index finished the session higher by 0.39 per cent. The broader market indices also closed the session lower on August 22. The Nifty SmallCap 100 and the Nifty MidCap 100 closed the session lower by 0.14 per cent and 0.26 per cent respectively.

Global Markets on August 22

Japan’s Nikkei 225 finished the session lower by 0.03 per cent while all other Asian market indices finished the session higher. The KOSPI, Shanghai Composite and Hang Seng finished the session higher by 0.85 per cent, 1.43 per cent and 0.74 per cent respectively. On August 21 the US market indices witnessed selloffs with the DJIA closing at 44,785.5 down by 152.81 points or 0.34 per cent. On the other hand the Nasdaq Composite and the S&P 500 finished the session lower by 0.34 per cent and 0.4 per cent respectively.

Primary Market Action On August 22

The SME issues of  Classic Electrodes (India) IPO, Shivashrit Foods IPO and Anondita Medicare IPO opened for subscription today on August 22. On the other hand the public issue of Mangal Electrical Industries IPO closed for bidding today.

Market Outlook

On August 22, the stock market traded with caution ahead of US Fed Chair Jerome Powell’s speech at the Jackson Hole symposium. Announcements related to India-US trade negotiations are also expected to impact the market in the upcoming week.