The 50-stock Nifty started trading above the 11,200 mark and soon gave up the levels. Reliance Industries was the top gainer on opening bell
Domestic benchmark indices witnessed a volatile opening session on Monday morning. S&P BSE Sensex opened flat but soon gained over 140 points before slipping into the red and falling over 100 points. The 50-stock Nifty started trading above the 11,200 mark and soon gave up the levels. Reliance Industries was the top gainer on opening bell going higher by 2% as the stock reached a new high. Asian peers were mixed on Monday morning, Shanghai Composite was flat while Hang Seng slipped into the red. Markets in Japan were down trading with losses but equity markets in South Korea were seen surging higher.
Top gainers: Reliance was the top gainer on Sensex when the equity markets opened on Monday. Asian Paints after posting dismal April-June quarter results gained during the trade, Tata Consultancy Services was also seen surging higher. Future Retail jumped 5% as reports claimed Mukesh Ambani was inching closer to a deal which would see him acquire Kishore Biyani’s retail empire. Persistent Systems was up over 11% on the back of its quarterly results.
Worst performing stocks: HDFC Bank and ICICI Bank were the worst performing stocks on Sensex. INEOS Styrolution, Kranti Industries were down 15% on BSE, becoming the top losers. Rossari Biotech, the newly listed stock on the bourses was also down 4.7% as investors rushed to book profits.
Volatility jumps: The fear gauge of the domestic stock markets, India VIX was up 4% on Monday morning. Starting the trading session at 24.5 levels, the volatility index went as high as 25.7. Evidently the stock markets gave up gains and slipped deep into the red.
What do the charts say: “The week has commenced with yet another tepid opening for the Nifty. We have weekly support and resistance levels at 11100 and 11290 respectively. Until we are successful in crossing either level, the remaining part of the week would remain lacklustre. An added factor of caution is the monthly expiry on Thursday. If we can get past 11290 we should be headed to 11400-11500. If we break 11100 we could see 10950,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments