Sensex Gains 257 Points, Nifty Ends Above 17,550; Auto & Metal Stocks Rally

Tue, 23 Aug Closing

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It was indeed a volatile day for Indian share markets today as benchmark indices swung between gains and losses.

Indian share markets opened on a negative note and soon after opening, they fell sharply. The Sensex fell over 700 points.

As the session progressed, benchmark indices recovered to end on a positive note amid buying seen in metal and auto stocks.

At the closing bell, the BSE Sensex stood higher by 257 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 87 points (up 0.5%).

Mahindra & Mahindra, Eicher Motors, and Titan were among the top gainers today.

Infosys, TCS, and Divis Lab on the other hand, were among the top losers today.

The SGX Nifty was trading at 17,608, up by 118 points, at the time of writing.

Broader markets ended on a positive note. The BSE Midcap index ended up by 1% while the BSE Smallcap index ended higher by 0.7%.

All sectoral indices except IT ended on the positive note with stocks in the metal sector, auto sector and energy sector witnessing maximum buying.

Shares of Adani Transmission, Eicher Motors, and Solar Industries hit their 52-week highs today.

Since you're interested in high flying stocks, check out our guide on how to pick the best multibagger stocks in 2022.

Jubilant Foodworks share price was in focus today as it rose 3% following a steep fall in recent days.

Reliance, Bajaj Finserv, and ICICI Bank were among the most active shares on the BSE today.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

Asian stock markets ended on a negative note. The Nikkei ended the day lower by 1.2%, while the Hang Seng inched lower by 0.8%. The Shanghai Composite ended 0.1% lower.

The rupee is trading at 80.3 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 51,150 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.2% at Rs 54,864 per kg.

Of late, gold price is falling while silver isn't far behind. Silver price is also falling as industrial demand for silver is under pressure while a stronger US dollar is adding to worries.

Once the Fed signals an end to the rate hikes (or hints at it) and when investors are confident the US economy will emerge from the recession, that's when we see gold and silver prices recovering.

Speaking of stock markets, Research analyst at Equitymaster Rahul Shah talks about the portfolio that went up 9x in 10 years, in his latest video.

In news from the defense sector, share price of Bharat Electronics gained 3% today.

State-run NHPC has partnered with defense PSU Bharat Electronics.

NHPC today signed a Memorandum of Understanding (MoU) for setting up of vertically integrated solar manufacturing unit.

The company manufactures a range of specialized electronic products for military as well as non-military use.

BEL has 9 states of the art manufacturing facilities to cater to the requirements of its clients.

For the June quarter 2022, BEL's revenue and net profit grew by a whopping 90.2% and 2,618% year on year (YoY) respectively. This was mainly due to improved order execution.

Bharat Electronics is a fundamentally strong company with good return ratios, zero-debt and strong debt coverage metrics.

It is also among the top defense stocks in India with big growth stories.

Speaking of the defense sector, note that finance minister Nirmala Sitharaman had announced in her Budget of 2022-23 that the defense research and development space will be opened up for the industry, start-ups and academia and 25% of the defense R&D budget has also been earmarked for this purpose.

The Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernization of the armed forces.

This has given a big boost to the indigenization of defense procurement.

Increasing Budget Allocation to Defense (in US$ billion)

The increase in budgetary allocation, along with other factors, will ensure that India's top defense stocks remain in the limelight for the foreseeable future.

This has made companies in defense sector potential multibaggers for coming years.

For more details, check out BEL's financial fact sheet and quarterly results.

Moving on the news from the FMCG sector, shares of Devyani International tanked 7% intraday today.

The shares fell to Rs 182.5 intraday trade after over 2% of the total equity of the restaurant company changed hands via block deals.

Mauritius based Dunearn Investment is likely to have sold 3% stake. It currently holds 16.3% stake in Devyani International.

Devyani is the largest franchisee of Yum Brands in India and one of the top operators of chain quick-service restaurants (QSRs).

Devyani also has a franchisee for the Costa Coffee brand and stores in India.

The company's aim is to continue developing its store footprint across the Core Brands with a focus on unit-level performance.

It is to increase its Core Brands delivery business and invest in technology to enhance its digital competence.

To know more, check out Devyani International's latest news and analysis.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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