Stock Market Highlights Today: Nifty forms ‘Dark Cloud Cover’ on

On Aug 20, 2021

Armed with all the ammunition they needed, bears battered benchmark indices on Friday, following a global equity sell-off. Metals were among the most sold stocks while FMCG tried to provide some support. It was apparent that the market had gone defensive as names like HUL and Asian Paints were in heavy demand. Some IT stocks also generated investor interest. The 30-share pack Sensex declined 300.17 points or 0.54 per cent to close at 55,329.32. Overall, investors lost Rs 3.15 lakh crore of their equity wealth as the total market cap of BSE-listed companies slid to Rs 137.70 lakh crore.

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Wall Street edges higher at open on tech boost

The Dow Jones Industrial Average rose 23.84 points, or 0.07 per cent, at the open to 34,917.96. The S&P 500 opened higher by 4.76 points, or 0.11 per cent, at 4,410.56, while the Nasdaq Composite gained 29.74 points, or 0.20 per cent, to 14,571.53 at the opening bell.

RBI MPC member says easy money today can lead to higher rates tomorrow

Professor Jayanth Varma was the only detractor among the six members of the Reserve Bank of India’s rate-setting panel and marked the first sign of fissure in the panel on monetary policy since the beginning of the pandemic.

Varma argued that the rate-setting panel was at risk of pushing risk premia higher and thereby long-term rates by focusing too much energy in keeping short-term rates low whereas keeping long-term rates low should be the priority to enable investment-led growth.

RBI MPC member says easy money today can lead to higher rates tomorrow

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IFGL lines up Rs 70 crore capex by FY 23

IFGL Refractories Limited will invest Rs 70 crore by FY23 in three manufacturing plants to enhance capacity and productivity, an official said.

Many Indian cos slip in global valuation ranking, highest ranked RIL dips 3 places

In all, 12 Indian companies made it to the list of the top-500 valued companies as against 11 in the year-ago period. Mukesh Ambani-led Reliance Industries’ valuation increased 11 per cent to USD 188 billion but ranking slipped by three places to 57 in the rankings which use the valuation on July 15 as the cut-off.

Rupee drops 15 paise to close at 74.39 against US dollar

At the interbank foreign exchange market, the domestic currency opened lower at 74.38 against the American currency and finally settled at 74.39. During the session, the local unit touched an intra-day high of 74.38 and a low of 74.47 against the US currency.

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Broader market traded under selling pressure. On BSE, losers outnumbered gainers by a large margin

This is how the 30-pack Sensex moved in today’s session. It touched a high of 55,543.16 and a low of 55,013.98 to finally settle at 55,329.32

CLOSING BELL: Tata Steel, banks drag Sensex 300 pts lower; Nifty at 16,450; Vedanta dives 10%, HUL surges 5%

RIL and private banks lead the market fall
23 of 30 Sensex stocks end the day in the red
Index contributors: Tata Steel, RIL, Kotak Bank, SBI, L&T
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