Sensex, Nifty add to opening gains; here’s what is moving Dalal Street today

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August 18, 2020 10:20 AM

Sensex and Nifty started Tuesday’s trading session with gains as they look to recoup losses made on Friday.

stock market live news, stock market live, stock market live india, stock market live update, stock market live nse, stock market live news today, stock market live news in hindi, stock market live nse, stock market live nse/bse, nse stock market live, live bse nse stock market today, bse nse live stock market news, nse stock market live news, nse bse india stock market liveNifty smallcap 100 and smallcap 50 were seen gaining over 1% each, beating the benchmark index that was up 0.60%.

Sensex and Nifty started Tuesday’s trading session with gains as they look to recoup losses made on Friday. S&P BSE Sensex opened 50 points higher but in a few minutes it scaled as high as 220 points while the NSE Nifty50 managed to breach the 11,300 mark. All stock markets in North America, ended higher yesterday, except Dow Jones. Asian peers were mixed on Tuesday morning but domestic indices shrugged-off a weak start and jumped over 200 points. Analysts believe domestic markets will continue to take cues from global markets. Volatility slipped below 21 levels.

Top gainers: On S&P BSE Sensex, NTPC was the top gainer on the opening bell but was soon overtaken by ONGC. Reliance Industries and Titan were the other top gainers. On BSE Midcap, PNB Housing Finance surged over 11%. It was followed by Ajanta Pharmaceuticals and Crompton, both gaining over 3%. On the Smallcap index, FIEM Industries jumped over 14% followed by Sunteck Realty.

Top losers: PowerGrid was the top loser on BSE Sensex along with IndusInd Bank and Tech Mahindra. Among Midcap stocks, Glenmark Pharma and Torrent Power were the top drags. NBCC, Mphasis were the other top drags.

Volatility slips: After surging above the 22 levels on Friday, the dear gauge of domestic equity markets, India Vix on Tuesday morning was seen giving up the 21 levels as it fell over 2.62%. Volatility is now down 75% from its March highs.

Smallcap indices outperform: Nifty smallcap 100 and smallcap 50 were seen gaining over 1% each, beating the benchmark index that was up 0.60%. Realty firms Sunteck Realty and IndiaBulls Real Estate were the top performers helping the indices surge.

Technical talk: “The Nifty is trading above the crucial 11350 resistance level. We need to keep a watch to see if it can close above this level. If we manage to do that, we could target a 200 point move on the Nifty. 11100 is the support for the markets which again is crucial because if we break that, we could slide 200 points downwards. Either way, a good trading opportunity is in the offing.” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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