Sensex, Nifty close at a 5-month high; Tech Mahindra, Bharti Airtel, Maruti top gainers on D-Street

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August 19, 2020 4:31 PM

Sensex and Nifty ended with gains for the third consecutive trading session on Wednesday. S&P BSE Sensex ended 86 points or 0.22% higher at 38,614 points while the NSE Nifty 50 managed to close above the 11,400 mark.

European share markets were seen inching higher. Asian stock markets, however, ended largely in the red.

Sensex and Nifty ended with gains for the third consecutive trading session on Wednesday. S&P BSE Sensex ended 86 points or 0.22% higher at 38,614 points while the NSE Nifty 50 managed to close above the 11,400 mark. Equity markets, however, slipped from the day’s high during the closing hours of trade but still managed to end the day with gains. The Volatility Index ended 2.7% lower at 19.88, the lowest closing level for the index in six months. Analysts said that this suggested some sort of fearlessness on the part of traders.

Markets end at a 5-month high: Adding Wednesday’s gains, Sensex and Nifty are now sitting at 5-month high levels. The last time the BSE Sensex tested waters at 38,600 points was during the last week of February. 

Top gainers: Tech Mahindra ended the day in the red but ended as the top Sensex gainer. It was followed by Bharti Airtel and Maruti. On BSE Midcap index, Varroc Engineering and Future Retail were the top gainers, surging over 19%. IG Petrochemicals and Cigniti surged over 14% each, the most among BSE Smallcap constituents. 

Top drags: Bajaj Auto, ONGC, and Nestle India were top Sensex drags. Amara Raja Batteries and Chola Finance were top drags among midcap stocks. In the smallcap space Prozone properties was the worst performer.

Global watch: European share markets were seen inching higher. Asian stock markets, however, ended largely in the red. “Asian markets ended mostly in the red amid worries about US-China tensions after a firm start on the back of record highs at Wall Street. Concerns rose after US President Donald Trump confirmed he had cancelled talks with China and the US State Department asking colleges and universities to divest from Chinese holdings in their endowments. Also worries that China could retaliate against U.S. moves against network equipment makers,” said Deepak Jasani, Head Retail Research, HDFC Securities.

Technicals take: “The index has held the 11350 levels for the entire trading session. There could be a brief pause after yesterday’s rally. The trend continues to remain bullish and we should expect higher levels of 11500 and then 11700. Traders could use any dip as a buying opportunity,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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