Top gainers, losers today: ITC, Jio Financial Services, Bajaj Finserv, NTPC; check full list here
Nifty ended flat on Tuesday, August 22, as persistent concerns over US interest rates and China's economic health, although the mid-cap index rallied to a fresh record on brighter domestic prospects. The gains in shares of select heavyweights such as ITC, Larsen & Toubro and Axis Bank were offset by losses in those of HDFC Bank, ICICI Bank and TCS. Sensex closed 4 points higher at 65,220 while the Nifty closed the day at 19,396, up 3 points.
However, mid and smallcaps clocked strong gains. The BSE Midcap index ended 0.94 per cent higher while the Smallcap index ended with a gain of 0.89 per cent. They have jumped roughly 22 per cent so far this year, while the blue-chips have gained about 7 per cent.
Market sentiment was largely positive mirroring global sentiment. European stocks traded with healthy gains when the Sensex closed flat, even as US Treasury yields soared due to concerns about interest rates remaining elevated for a longer-than-expected period. IT companies, which earn a significant share of their revenue from the US, lost 0.11 per cent on worries about higher-for-longer interest rates in the world's largest economy.
Most Adani group stocks gained between 1 per cent and 7 per cent, extending their rally since GQG Partners boosted its stake in Adani Ports last week. Commenting on today's market performance, Vinod Nair, Head of Research at Geojit Financial Services said, "Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited
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