Sensex and Nifty add to opening gains; Kotak Mahindra Bank, HDFC Bank surge as financials gain

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August 24, 2020 10:01 AM

Domestic benchmark indices, Sensex and Nifty started Monday’s trading session with gains. S&P BSE Sensex was up close to 200 points while the 50-stock Nifty was at 11,432 mark.

RIL, TCS, HUL, Infiosys, HDFC Bank stock performance, Apple stock performance, investors become rich in these stocks, these stocks make investors wealthy, RIL stocks10 years performance, TCS stocks 10 years performance, Apple Vs Top 5 Indian CompaniesFive of the top six Sensex gains were from the banking and financial services sector.

Domestic benchmark indices, Sensex and Nifty started Monday’s trading session with gains. S&P BSE Sensex was up over 200 points while the 50-stock Nifty was just below the 11,450 mark. Financials were leading the rally with five of the top six Sensex gainers being from the banking and finance industry. Volatility slipped over 3% on the opening bell but managed to regain some losses. On the other hand, it was the information technology giants were trading with losses on Monday morning. Midcap and smallcap indices were seen out-performing the benchmark indices. 

Top gainers: NTPC was the top gainer on the opening bell but soon it was replaced by Kotak Mahindra Bank, surging over 2.3%. It was followed by HDFC, HDFC Bank, SBI. Among BSE Midcap constituents, Cholamandalam Financial Holdings, Whirlpool, and KIOCL were the top gainers. BASF India, Royal Orchid hotels, and Windsor Machines were the top performing stocks on BSE Smallcap index. 

Top Drags: Information Technology giants, HCL Technologies, Tech Mahindra were the top drags on BSE Sensex. Future Retail and Varroc Engineering saw profit booking on Monday and slipped over 4% each among midcap stocks. VA Tech Wabag and Mirc Electronics were the top drags on the BSE Smallcap index.

18 BSE 500 stocks hit highs: On the BSE 500 index, 18 stocks surged to hit a fresh 52-week high on Monday. Some of the big players to reach a new high were, SBI Cards and Payment Services, Asian Paints, Eicher Motors, Emami, and Affle India. 

Financial inch higher: Five of the top six Sensex gains were from the banking and financial services sector. Kotak Mahindra Bank gained over 2.6%, HDFC Bank was up 2.15%, and HDFC was up 1.83%. IndusInd Bank and ICICI Bank were the other top gainers. 

Technical talk:The markets are trading in the fine form above the crucial levels of 11350. The first target we should watch out for is 11500 and then 11700. The support for the week is at 11300,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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