Market Round-up - 31st August 2026 by Motilal Oswal Wealth Management
• Equity benchmark Nifty slipped nearly 100 points to close below the 24,100 level as escalating geopolitical tensions between the US and Iran, a sharp rise in crude oil prices above $91/bbl, and hawkish comments from the new US Federal Reserve Chair Kevin Warsh weighed on market sentiment. The Fed’s hawkish stance has strengthened expectations of tighter monetary policy, further raising concerns over global growth and inflation. Asian and European markets also traded lower, while US equity indices declined around 0.5% on Friday following the Fed’s commentary. Renewed tensions in the Middle East pushed crude prices higher, adding to concerns over inflationary pressures and economic growth. Nifty declined 85 points, or 0.4%, to close at 24,080 and was down more than half a percent during August.
• Metal stocks emerged as the biggest laggards amid profit booking, with the Nifty Metal Index falling 2.5%. The Nifty Realty and IT indices also declined around 0.5% each. However, sugar stocks witnessed fresh buying interest after raw sugar prices climbed to a 17-month high amid a weaker production outlook for Europe. Balrampur Chini gained 6% to close at Rs 693, while Renuka Sugar, Dhampur Sugar and Andhra Sugar advanced up to 4%.
Technical Outlook:
• Nifty index opened on a flattish note and remained under bearish pressure in the first half amidst strong selling momentum which kept the index under pressure before recovery emerged in the second half. The index took support near the psychological 24000 levels and recovered sharply in the last hour. It formed a hammer sort of a candle on the daily frame, indicating support based buying intact at lower levels. Now if it crosses and holds above 24100 zones then upside could be seen towards 24250 then 24350 zones while support can be seen at 23950 then 23850 zones.
• S&P BSE Sensex index opened on a negative note and witnessed volatile swings on either sides throughout the session. Buying interest was seen from the support zone near 76700 while selling pressure remained visible at higher levels. It formed a bearish candle on the daily chart with a longer lower shadow indicating buying interest from lower levels but the index continues to form lower highs from the last three sessions. Now it has to cross and hold above 77000 zones, for an up move towards 77300 then 77500 zones while a hold below the same could see weakness towards 76700 then 76500 zones.
• Banking stocks also witnessed fresh buying, with the Bank Nifty gaining 1%, led by ICICI Bank, IndusInd Bank, Axis Bank and Federal Bank, which advanced up to 3%. However, HDFC Bank declined 1.5% to Rs 709 after touching an intraday high of Rs 739.
Derivative Outlook:
• Nifty future closed negative with losses of 0.40% at 24245 levels. Positive setup seen in Auro Pharma, ICICI Bank, Paytm, Nykaa, Astral, Federal Bank, Idea, Bajaj Auto, Uno Minda and Grasim while weakness seen in Kaynes, National Aluminum, KPIT Tech, BSE, Angel One, Radico, Inox Wind, GMR Airports and BDL.
• On option front, Maximum Call OI is at 24200 then 24400 strike while Maximum Put OI is at 24000 then 24050 strike. Call writing is seen at 24200 then 24200 strike while Put writing is seen at 24000 then 24050 strike. Option data suggests a broader trading range in between 23600 to 24500 zones while an immediate range between 23800 to 24300 levels.
• New India Assurance Company – Company received an income tax refund of Rs 781 crore for AY23.
• Ratnamani Metals – Company expects orders worth Rs 50-100 crore this financial year, about Rs 600 crore next financial year and Rs 750 crore in FY29, company told media. The company expects some non-nuclear orders this year.
• Nazara Technologies – Company told media that the company will focus on mobile gaming in India and building new games. Mittersain said AI is helping developers create games faster and at lower costs.
• Marine Electricals – Company announced securing two orders worth Rs 392 crore.
• Apollo Pipes – Company approves Rs300cr plan for tiles and ceramics business.
Global Market Update
• European Market – European stocks traded sideways at the start of the week as oil prices and bond yields rose amid simmering tensions between the US and Iran. Both UK and France Index marginally gained while Germany Index slipped 0.7%.
• Asian Market – Asian stocks fell as sentiment weakened on surging oil prices and Fed Chair Kevin Warsh’s hawkish comments that raised expectations of US interest rate hikes.
• US Data – Dallas Fed Manf. Activities.
• Commodity – Oil rose as tensions spiked in the Middle East, with the US and Iran trading fire and a tanker reportedly hiting mines in the Strait of Hormuz. Brent for November gained toward $91 a barrel.
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