Sensex, Nifty add to opening gains; Axis Bank, IndusInd Bank surge higher, India VIX tanks

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Updated: Aug 28, 2020 10:12 AM

Following positive global cues, both Sensex and Nifty have started Friday’s trading session with gains. S&P BSE Sensex was up 213 points or 0.55% at 39,327 points.

Axis Bank was up 4% to be the top Sensex gainer, followed by IndusInd Bank and ICICI Bank.

Following positive global cues, both Sensex and Nifty have started Friday’s trading session with gains. S&P BSE Sensex was up 213 points or 0.55% at 39,327 points. The 50-stock Nifty was trading above the 11,600 mark. Financials continue to be the hot favourite on the bourses with top three Sensex gainers after the initial hour of trade being banking stocks. The India VIX continued to cool down, slipping below 19 levels during the initial minutes of trade. All sectoral indices were trading with gains while midcap and smallcap indices continue to trade higher than the benchmark.

Top gainers: Axis Bank was up 4% to be the top Sensex gainer, followed by IndusInd Bank and ICICI Bank. On the BSE Midcap index, Canara Bank and Federal Bank were the top gainers, up close to 7% each. Datamatics Global Services and Responsive Industries were the top BSE Smallcap gainers. 

Top drags: HDFC Bank and HCL Technologies were the worst performing Sensex constituents, down over 0.50% each. Varroc Engineering and Bajaj Holdings were the top drags on the Midcap index. ABB Power India was down over 8% making it the top BSE Smallcap drag, followed by Usha Martin

Financials gain: Banking and finance stocks continued to be favoured on Dalal Street rising again on Friday. Although Kotak Mahindra Bank and HDFC Bank were down trading with losses, all other banking stocks were up trading with gains. S&P BSE Finance Index was up close to 1%.

Volatility tanks: The volatility index slipped over 3% on Friday morning. India VIX was down near 18.2 levels, as it continued to cool down in the past several trading days. 

Technical talk:We have opened above the 11600 levels and can now eye the 11700-11750 level to be achieved sooner than later. It is the first day of the September trading series so the markets might want to evaluate the direction and the modus operandi and perhaps take a fresh view on Monday. The support is at 11300,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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