Lacklustre 2-sided moves to dominate trading

Mount 20K on NIFTY is looking like an uphill task and markets are just not able to gather enough steam to put in the thrust to surmount the same

Markets in the week gone by were choppy and volatile. They gained on two of the five trading sessions and lost on three. Mount 20K on NIFTY is looking like an uphill task and markets are just not able to gather enough steam to put in the thrust to surmount the same.

BSESENSEX lost 398.60 points or 0.61 per cent to close at 65,322.65 points while NIFTY lost 88.70 points or 0.45 per cent to close at 19,428.30 points. The broader markets saw BSE100, BSE200 and BSE500 lose 0.45 per cent, 0.27 per cent and 0.20 per cent respectively. BSEMIDCAP gained 0.88 per cent while BSESMALLCAP was up 0.63 per cent. Action continues to remain focused on midcap and Smallcap space.

The Indian Rupee remained unchanged at Rs 82.84 to the US Dollar. Dow Jones gained on three of the five trading sessions and lost on two. Dow gained 231.60 points or 1.18 per cent to close at 35,281.40 points.

RBI in its monetary policy meeting held between August 8 and 10 decided to keep rates unchanged. Repo rate would remain at 6.5 per cent and this would be the third consecutive meeting where the rates would remain unchanged. Inflation is estimated to reach 5.4 per cent and RBI is concerned about disruptions in food supplies for various reasons and the impact it is having on food prices and inflation.

The week gone by saw two IPOs close their subscription. The IPO from SBFC Finance Limited had opened for subscription on Thursday (August 3) and closed on Monday (August 7). The issue was subscribed 70.16 times overall with QIB portion subscribed 192.90 times, HNI portion subscribed 49.09 times and Retail portion subscribed 10.98 times. There were 24.29 lakh applications.