Stock Market: Sensex fell 300 points, Nifty reached 19,300

Stock Market: Major losers on the Nifty included Adani Enterprises, Adani Ports, Apollo Hospitals, Hindalco Industries, and Eicher Motors. Auto, metal, power, and real estate are all trading lower by 1% each, putting all sectoral indices in the red.

Around 10.00AM, Nifty was down 117 points or 0.60 percent at 19,311.30, while the Sensex was down 316 points, or 0.48 percent, at 65,006.41. A total of 1031 shares rose, 1920 fell, and 137 remained unchanged.

On Monday, gold prices started trading again on a weaker note, with Comex Spot gold trading slightly lower by 0.05% at $1912 per ounce in the morning session. The likelihood of further Federal Reserve policy tightening continued to support the dollar index, which reached a new six-week high and served as a serious obstacle to the price of non-yielding gold. The US Producer Price Index (PPI) increased slightly more than expected in July, confirming bets for a higher rate and raising concerns about a potential reacceleration of inflationary pressures.

On August 13, 2023, PVR INOX accomplished the record for the highest daily admissions and box office totals within our network. 12.8 million people were entertained and made 39.5 crores at the box office.

“Market is expected to slide down to 19,290 or lower in the coming sessions to confirm a new lower bottom of the sequence,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities. Any upward reversal from here might temporarily run into resistance at the 19,550 level.

The crucial 44,500 level on the daily chart, which had previously served as a strong support for Bank Nifty, was broken, according to Ashwin Ramani, a derivatives and technical analyst at SAMCO Securities. A second consecutive close below the 50-Day Exponential Moving Average (DEMA) of 44,654 was recorded by the NSE Banking Index. The next visible support for the current fall is at 43,500 levels, where it can continue until then. Only if Bank Nifty closes above 45,100 levels on the upside is new buying likely. Bank-Nifty dropped 343 points to close at 44,199.

On Monday, 139 different businesses will release their individual Q1 2023 results. ITC, Divis Laboratories, Kellton Tech Solutions, Hindustan Copper, Indiabulls Housing Finance, Senco Gold, Vodafone Idea, Rajesh Exports and others are among the 139 listed businesses.