On Tuesday (August 22), the equity benchmark indices, Sensex and Nifty, closed the day with minimal movement as traders secured gains amidst concerns regarding potential interest rate hikes in the United States and ongoing outflows of foreign funds.
The BSE index managed to achieve a slight uptick of 3.94 points, equivalent to 0.01%, ultimately settling at 65,220.03. Throughout the trading session, it experienced a modest climb of 146.82 points or 0.22%, reaching 65,362.91. The NSE Nifty experienced a marginal rise of 2.85 points or 0.01%, settling at 19,396.45. Among the prominent gainers from the Sensex basket were ITC, Mahindra & Mahindra, Wipro, Larsen & Toubro, Axis Bank, Tata Steel, Maruti, and Bharti Airtel. On the other hand, Jio Financial Services, Bajaj Finserv, State Bank of India, ICICI Bank, Tata Consultancy Services, HDFC Bank, Tech Mahindra, and UltraTech Cement found themselves among the decliners.
Shares of Jio Financial Services, the independent financial arm of Reliance Industries, debuted on the market on Monday. In response, both the BSE Sensex and NSE Nifty incorporated Jio Financial Services into their portfolios. This measure was taken to ensure stability in pricing and to mitigate volatility in Reliance Industries' shares. It aligns with the revised exchange methodology for handling demergers. The newly listed entity will be removed from the indices on the third day following its debut.
Across Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong all concluded with positive gains. In Europe, trading demonstrated upward momentum. In the United States, Monday's trading saw predominantly positive results. The global oil benchmark, Brent crude, experienced a 0.18% decrease, settling at $84.31 per barrel.
According to exchange data, Foreign Institutional Investors (FIIs) divested equities worth Rs.1,901.10 crore on Monday. In the previous session, the BSE benchmark rose by 267.43 points or 0.41%, finishing at 65,216.09. The Nifty similarly gained 83.45 points or 0.43%, closing at 19,393.60.
LIC acquires 6.66-pc stake in Jio Financial Services through the process of demerger.
Jio Financial Services Listing on Exchanges Scheduled for Today