Nifty fails to hold 10,200, Sensex erases morning gains; check what kept investors on edge today

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Published: June 8, 2020 4:20 PM

The 30 share index Sensex fell 558 points from day's high to end 83 points or 0.24 per cent up at 34,370. While the broader Nifty 50 index slipped over 160 points from intraday's high

 

Sensex, NiftyTechnically, the down gap made by the Nifty on March 12 at 10334 is providing tough to be breached

BSE Sensex and Nifty 50 traded volatile in Monday’s session and settled a tad higher led by buying private bank stocks and financials. The top index contributors were Infosys, Axis Bank, Bajaj Finance, TCS and Hindustan Unilever (HUL). The 30 share index Sensex fell 558 points from day’s high to end 83 points or 0.24 per cent up at 34,370. While the broader Nifty 50 index slipped over 160 points from intraday’s high to settled at 10,167. “The market sentiment remained muted in the afternoon session as profit-booking by traders, after an almost 1,200 point rally in Nifty since last week, led to a decline in the markets,” said Narendra Solanki, Head Fundamental Research at Anand Rathi Shares and Stock Brokers.

IndusInd Bank shares gain 7%: IndusInd Bank was the top Sensex gainer after promoters of the bank announced to acquire shares of the bank from the secondary market. The other gainers on the index were Axis Bank, Bajaj Finance, ONGC and Titan Company. On the other hand, M&M was the top Sensex laggard, down 2.73 per cent. Among other losers were UltraTech Cement, HDFC Bank, Tata Steel, Nestle India and ITC.

Nifty IT index gains nearly 2%: Nifty IT index advanced 1.83 per cent led by gains in Just Dial, Hexaware, Wipro and Infosys. While Nifty Pharma slipped 1.41 per cent dragged by Piramal Enterprises, Cipla, Divi’s Laboratories.

Coronavirus cases continue to spike: India reported the highest single-day spike of 9.983 in COVID-19 cases in the last 24 hours, taking the tally to 2,56,611. While the death toll stood at 7,135. “In India, the cases continue to rise and the markets seem to be ignoring this, for the time being, giving more priority to the news of the economy opening up. There was a lot of stock-specific news which resulted in gains today and this stock-specific action is likely to continue,” said Vinod Nair, Head of Research at Geojit Financial Services.

GAIL top Nifty 50 gainer: Out of 50 Nifty 50 stocks, 25 scrips advanced and 25 declined. The top gainers were GAIL, IndusInd Bank, BPCL, Axis Bank and ONGC. On the contrary, ZEEL, Shree Cement, Eicher Motors, M&M and Bharti Infratel were among the top five laggards on the index.

Technical observation: “Technically, the down gap made by the Nifty on March 12 at 10334 is providing tough to be breached. 10061-10094 could be the support for the Nifty while 10334 could provide resistance. Stock and sector rotation could provide good opportunities to traders in the near term,” said Deepak Jasani, Head Retail Research, HDFC Securities.

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