Analysts have warned that the current levels might see some downside with investors looking to book profits.
Sensex and Nifty opened with gains on Tuesday morning and later went on to add to those gains. Sensex opened 227 points higher but after the initial hour of trade was seen surging as high as 280 points. Nifty 50, although still below 11,000 mark was just shy of those levels. Analysts have warned that the current levels might see some downside with investors looking to book profits after the benchmark equity indices gained for almost a month. Volatility was 4% down on the opening bell but soon it was just lower by 1%.
Top gainers: On opening Bajaj Auto and Maruti Suzuki were the top gainers but were soon replaced by ONGC and ITC. Reliance too was trading higher by over 1%. Wockhardt Ltd, a pharma company gained 8.5% on BSE after it announced a deal with the UK government for a possible coronavirus vaccine. TV18 Broadcast and CRISIL were some other stocks that zoomed on Tuesday morning.
Top losers: IndusInd Bank was again seen trading with losses along with Tech Mahindra and HCL Tech. Natco Pharma was down almost 4% followed by Future Retail. Omaxe and Persistent were the worst performing stocks on BSE 500 down 5% and 4%, respectively.
52-week high: Some of the stock hitting a fresh 52 week high on Tuesday morning included marquee names like Mindtree, Tata Consumer Products, Tata Communications, Cadila Healthcare, and Amber Enterprises.
Sectoral watch: Among sectoral indices only Nifty IT and Nifty Pharma were trading with losses. Nifty media and Nifty IT were the top index gainers. Even the banking indices after trading with losses initially surged to trade in the green.
Tech view: “The short term trend of the Nifty continues to remain bearish – we would need to get past 11200 for it to turn bullish. The markets would lose further steam if we break 10900 on an intra day basis as that could take us further south to 10780,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.