The Indian stock market witnessed a volatile week, as it oscillated between gains and losses amid mixed global and domestic cues. The Nifty50 index, which represents the top 50 companies on the National Stock Exchange (NSE), moved in a range of 19,263.75 to 19,584.45 during the week, and ended with a net loss of 0.64%. Here is the date wise information on the Indian stock market for the duration of 14 August 2023 Monday to 18 August 2023 Friday:
- 14 August 2023, Monday: Nifty50 index closed at 19,434.55, up by 0.03% from the previous trading day. It opened at 19,383.95, and reached a high of 19,465.85 and a low of 19,257.90. The volatility index (VIX), which measures the expected volatility in the market, was at 11.40, down by 1.07%. The market was flat on this day, driven by the following factors:
- Mixed global cues as US stocks ended slightly higher after a volatile session, while Asian markets were mostly lower amid geopolitical tensions between North Korea and the US.
- Profit booking in some sectors after the recent rally, especially in metal and pharma stocks.
- Positive domestic cues as wholesale price index (WPI) based inflation in July was at (-) 1.36%, lower than (-) 4.12% in June, indicating easing of cost pressures.
- SEBI sought the Supreme Court’s 15-day extension to complete the probe in Adani-Hindenburg issue. Adani Enterprises lost over 3% on BSE.
- The rupee depreciated by 2 paise and settled for the day at an all-time low of 83.16 against the US dollar.
- 15 August 2023, Tuesday: Nifty50 index was closed for trading on account of Independence Day.
- 16 August 2023, Wednesday: Nifty50 index closed at 19,465.00, up by 0.16% from the previous trading day. It opened at 19,369.00, and reached a high of 19,482.75 and a low of 19,317.20. The volatility index (VIX) was at 11.52, up by 1.05%. The market was slightly bullish on this day, driven by the following factors:
- Positive global cues as US stocks rose to record highs on strong corporate earnings and economic data.
- Buying interest in banking, IT and FMCG stocks, which offset the losses in auto and telecom sectors.
- Retail inflation data for July, which came in line with expectations at 6.93%, marginally higher than 6.91% in June.
- TVS Supply Chain Solutions IPO was subscribed by 2.74 times, thanks to retail investors.
- The rupee appreciated by 2 paise and settled at an all-time low of 83.14 against the US dollar.
- 17 August 2023, Thursday: Nifty50 index closed at 19,365.25, down by 0.51% from the previous trading day. It opened at 19,450.55, and reached a high of 19,461.55 and a low of 19,326.25. The volatility index (VIX) was at 12.28, up by 6.59%. The market was bearish on this day, driven by the following factors:
- Negative global cues as US stocks fell amid concerns over the Federal Reserve’s tapering plans and rising Covid-19 cases.
- Selling pressure in some sectors after the recent rally, especially in metal and oil & gas stocks.
- Weakness in Asian markets as China’s retail sales and industrial production data for July missed expectations.
- Lupin informed the exchanges that it has entered into a deal with Boehringer Ingelheim International GmbH for acquisition of the brands Ondero and Ondero - Met. Lupin stock declined by 2.16% on NSE.
- The rupee depreciated by 2 paise and settled for the day at an all-time low of 83.16 against the US dollar.
- 18 August 2023, Friday: Nifty50 index closed at 19,310.15, down by 0.28% from the previous trading day. It opened at 19,301.75, and reached a high of 19,373.80 and a low of 19,253.60. The volatility index (VIX) was at 12.32, up by 0.33%. The market was bearish on this day, driven by the following factors:
- Negative global cues as US stocks dropped amid fears of a slowdown in global growth due to the Delta variant of Covid-19.
- Profit booking in some sectors after the recent rally, especially in IT and pharma stocks.
- Weakness in European markets as Germany’s GDP growth for the second quarter came in lower than expected at 1.5%.
- Latteys Industries stock rose by 4.90% on NSE after the company received an order from the government for procurement of truck mounted dry and wet garbage suction machine worth ₹2.50 crore.
- The rupee appreciated by 2 paise and settled at an all-time low of 83.14 against the US dollar.