Vinod Nair, Head of Research at Geojit Financial Services:
Consolidation was triggered in the market in anticipation of tighter monetary policy by the FED and worries over a slowdown in global economic activity. The current risk reward is not favouring investors as the Nifty50 is now trading at a premium valuation of 21.5x P/E (1yr fwd basis), above the long-term average. Rising dollar index and higher US10 year bond yield act as the near-term headwinds for the market.
Kunal Shah, Senior Technical Analyst at LKP Securities:
The Bank Nifty index witnessed continuous selling pressure throughout the day with lower high and lower low formation. The immediate upside resistance is placed at 38500 and a break above this will see a rally toward the 38,800-39,000 zone.
The downside support stands at 38,000 and if breached will see further selling pressure toward 37,700 levels.
Market Close: Benchmark indices ended lower for the second consecutive session on August 22 amid selling across the sectors.
At Close, the Sensex was down 872.28 points or 1.46% at 58773.87, and the Nifty was down 267.80 points or 1.51% at 17490.70. About 1228 shares have advanced, 2214 shares declined, and 163 shares are unchanged.
Tata Steel, Asian Paints, Adani Ports, Tata Motors and JSW Steel were among the major Nifty lowers.
The gainers were ITC, Coal India, Tata Consumer Products, Nestle India and Britannia Industries.
All the sectoral indices ended in the red. BSE midcap and smallcap indices shed over 1 percent each.
Rupee Close:
Indian rupee ended 9 paise lower at 79.87 per dollar against Friday’s close of 79.78.
Indian rupee slumps to near four-week low as euro, yuan weaken
Euro falls to as low as 0.9988 to the dollar, weighed down by concern that a three-day halt to European gas supplies later this month will exacerbate an energy crisis.
BuzzingTejas Networks has acquired the remaining 93,571 equity shares in Saankhya Labs at a price of Rs 454.19 per share by paying Rs 4.25 crore through secondary purchase. With the said transaction, it has acquired entire 62,51,496 equity shares or 64.4% stake in Saankhya, for Rs 283.94 crore, on a fully diluted basis.
BSE Information Technology index shed 1 percent dragged by the Firstsource Solutions, Newgen Software Technologies, Intellect Design Arena
Indrayani Biotech bags contract of food services:
The food and hospitality division of Indrayani Biotech has bagged an order from Indian Institute of Technology, Roorkee.
The scope of work includes preparation and supply of food items to 5 of the 8 different Messes from August 20, 2022 to August 20, 2023. The contract is worth of Rs 12 crore per annum.
Indrayani Biotech was quoting at Rs 58, down Rs 2.30, or 3.81 percent on the BSE.
Gillette India Q4Gillette India has posted Q1FY23 net profit at Rs 67.6 crore against Rs 27.5 crore and revenue was up 26.8% at Rs 553 crore versus Rs 436 crore, YoY.Earnings before interest, tax, depreciation and amortization (EBITDA) was at Rs 111.7 crore versus Rs 52.3 crore and margin at 20.2% versus 12%, YoY.
Dredging Corporation wins 3-year maintenance contract:Visakhapatnam Port Authority (VPA) awarded the Annual Maintenance Dredging contract to Dredging Corporation of India Limited that includes Dredging at New Sand Trap (NST), Its approaches and other areas of VPA and to pump the dredged material to the shore for Beach Nourishment for three years 2022-23, 2023-24 and 2024-25 with the project cost of about Rs 57 crore for three years.
Market at 3 PMBenchmark indices extended the losses and trading at day’s low.The Sensex was down 854.39 points or 1.43% at 58791.76, and the Nifty was down 267.80 points or 1.51% at 17490.70. About 1100 shares have advanced, 2181 shares declined, and 143 shares are unchanged.
Shilpa Medicare arm completes human clinical studies of high concentration biosimilar Adalimumab
Shilpa Medicare’s subsidiary Shilpa Biologicals (SBPL) has successfully completed the phase 3 human clinical studies of its first biosimilar, the 100mg/ml high concentration (HC) Adalimumab biosimilar. The company has submitted the dossier to the CDSCO for review and grant of marketing or manufacturing license – a first in India. The drug is expected to cater to several diseases including rheumatoid arthritis, plaque psoriasis, and Ulcerative Colitis.
Shilpa Medicare was quoting at Rs 394.40, up Rs 6.20, or 1.60 percent.
