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Volatile day with consolidation. DIIs support while FIIs sell huge!

Good Evening Everyone, As I had written in the pre-market report, we could see volatility in NIFTY and finally the Nifty consolidated for the day. Let's have a closer look at what happened.

The Nifty opened flat and then suddenly went into a huge buying till 10.20 am and after that, it was completely volatile movement in all directions till end of the day. It was a typical monthly expiry. Don't have a trading account yet? Click here to open your account in 10 minutes and start investing in sharemarket from today.

On the daily chart, Nifty has continued with a bearish candle, which shows that the Bulls don't have a chance yet.

The FIIs continued to sell huge, sold a net of Rs. 1974 crores in the market today, while the DIIs cought for Rs. 1055 crores in the day.

Sector Watch:

Media & Metals were the most sold sector while all other sectors were up just marginally.

Top Gainers:

Britannia, Tata Consumer, BPCL, and HDFC Life were the top gainers.

P & G gained over 2 percent. The FMCG firm on August 25 reported a 29.2 percent decline in its net profit at Rs 48.98 crore for the quarter ended June 2021. The company, which follows the July-June financial year, had posted a net profit of Rs 69.21 crore in the corresponding period of the previous fiscal, it said in a regulatory filing.

Max Healthcare's price was up 3 percent after the company approved an additional investment of Rs 50 crore by way of subscription towards Rights Issue of equity shares of Alps Hospitals.

Top Losers:

Airtel was down over 4 percent. The company said it will consider capital raising options as the Board of Directors meets on August 29.

Also, profit booking was seen in Metal & Energy stocks.

Gold prices today, fell for the second successive day, down by Rs 98 to Rs 47,350 per 10 gram in the Mumbai retail market on rupee strength and subdued global cues. The yellow metal traded lower as investors were cautious ahead of Jackson Hole Symposium that may provide insight about Fed’s bond tapering plan.

The shares M&M Financial Services (MMFSL) rallied 5.55 percent to close at Rs 155.10 as the company is reported to induct Raul Rebello, Axis Bank’s EVP & head of rural lending & financial inclusion as its COO. CNBC-TV18 reported that MMFSL is looking to strengthen its top management team in a challenging environment and appoint Rebello soon. Rebello has been working with Axis Bank since January 2003, and his domain knowledge in rural lending ties in well with MMFSL’s core focus.

Global technology company Affle India shares ended at 5 percent upper circuit at Rs 4,180.45 apiece on the BSE after the company’s board approved the sub-division of its equity shares.

Hind Rectifiers share price jumped 8.12 percent to end at Rs 198.35 after Cassini Partners LP bought 98,612 equity shares in the company (0.59 percent) at Rs 181.9 a share.

Mangalam Cement shares fell over 3 percent after the company announced that a shutdown of its Kiln-II of Morak (Rajasthan) plant was being taken for approximately 40 days for the purpose of change of cooler in the said Kiln-II.

European shares pulled back on Thursday, following the global market mood as the US central bank policymakers gather for a closely watched monetary policy summit. The Fed’s Jackson Hole symposium kicks off Thursday. Markets will be watching Friday’s closing remarks from Chairman Jerome Powell.

The pan-European Stoxx 600 dropped 0.5 percent by mid-morning.

S&P 500 E-Mini futures traded 0.08 percent lower, signaling a muted start ahead on Wall Street.

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