Sensex and Nifty end with gains; Bharti Airtel shares jumps over 6% post AGR verdict

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September 1, 2020 4:20 PM

S&P BSE Sensex ended 272 points or 0.71% higher at 38,900 points while the 50-stock Nifty managed to gain 83 points to close at 11,470 points.

Bharti Airtel, Bajaj Finance, and Asian Paints were the top Sensex gainers.

Sensex and Nifty ended Tuesday’s session with gains as they looked to recover losses incurred on Monday. S&P BSE Sensex ended 272 points or 0.71% higher at 38,900 points while the 50-stock Nifty managed to gain 83 points to close at 11,470 points. It was a volatile trading session that saw benchmark indices dance between gains and losses. Stock specific action was visible as Bharti Airtel gained over 6% in the aftermath of the Adjusted Gross Revenue verdict by the Supreme Court. Midcap stocks gained while the Nifty Midcap indices outperformed the benchmarks. 

AGR Verdict drives movement of stocks: As the Supreme Court announced a 10 year timeline for telecom operators to pay their AGR dues, Bharti Airtel zoomed over 6% during the day to become the top Sensex gainer. On the other hand, Vodafone Idea fell as low as 20% before recouping some losses. 

Top gainers: Bharti Airtel, Bajaj Finance, and Asian Paints were the top Sensex gainers. On the BSE Midcap Index Biocon, Jindal Steel, and Adani Transmission were the top gainers. Among Smallcap stocks, Responsive Industries, Technocraft Industries were the top performers.

Top drags: ONGC, Axis Bank, and Tech Mahindra were the top Sensex drags. Among BSE Midcap constituents, Future Retail was the top drag, falling 10% while KIOCL followed close. Thomas Cook India and Mahindra Lifespace Developers were the top BSE Smallcap drags. 

Sectoral watch: Nifty IT, Nifty PSU Bank, and Nifty Private Bank ended with losses. “Volumes on the NSE were in line with recent average despite the new margin system that was rolled out today. Metals, Pharma, FMCG and Media indices ended in the positive while IT and Banks underperformed,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Technical take: “The markets have closed well over the 11300 level – this is heartening! We need to get past 11600 on a closing basis to indicate that the uptrend has resumed again. If we are successful in doing that, 11800-12000 could be the next potential target for the Nifty. The support is at 11300,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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