Sensex, Nifty end with gains for second day straight; Mahindra & Mahindra up 6%, RIL shares gain 2%

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September 2, 2020 4:10 PM

Sensex and Nifty ended the day’s trading session higher even though it was marred with volatility. S&P BSE Sensex ended 185 points or 0.48% higher as it crossed the 39,000 points mark.

U.S. Market, Stocks, nasdaq 100, tesla, apple, sharesMahindra & Mahindra was the top gainer with a 5.7% jump, followed by Tata Motors, Bosch Ltd, and Eicher Motors.

Sensex and Nifty ended the day’s trading session higher even though it was marred with volatility. S&P BSE Sensex ended 185 points or 0.48% higher as it crossed the 39,000 points mark. On the other hand, the 50-stock Nifty ended at 11,535 points. The volatility index or the India VIX ended 4% lower, after having climbed to 22.5 levels earlier in the day. Nifty smallcap and Nifty Midcap indices were again outperforming the benchmark indices. Nifty Smallcap 100 managed to gain nearly 2% during Wednesday’s trading session.

Auto stocks zoom: Led by volume uptick, it was vehicle manufacturers that were seen gaining during the day’s trade. Mahindra & Mahindra was the top gainer with a 5.7% jump, followed by Tata Motors, Bosch Ltd, and Eicher Motors. The S&P BSE Auto index surged over 1% while the Nifty Auto index gained 1.15%.

Top gainers: M&M, Power Grid, and Tata Steel were the top gainers on Sensex. On the BSE Midcap index, United Breweries and Aditya Birla Fashion & Retail were the best performing stocks. Among BSE Smallcap constituents, IndiaMART InterMESH was up nearly 20%, followed by Techno Electric Engineering, and Punjab Chemicals.

Top drags: On BSE Sensex, Bajaj Auto, Asian Paints, and Sun Pharma were the worst performing stocks. Among BSE Midcap constituents, Future Retail, Shriram Transport Finance, and Max Financial Services were the top drags. On BSE Smallcap index Suprajit Engineering shares slipped 5%, along with 3i Infotech and Reliance Naval and Engineering Ltd. 

Global peers: Shanghai Composite and Hang Seng ended flat on Wednesday. However, stock markets in South Korea and Japan were trading with gains. “After initially trading with uncertainty, the markets gained strength, in sync with positive global cues. European and Asian markets gained from encouraging economic data which could be assumed as an indicator towards an economic recovery in most of the major economies,” said Vinod Nair, Head of Research at Geojit Financial Services.

Technical take: “The Nifty made a smart move towards 11600 but was unable to get past and close above it. We would need that to happen for the uptrend to be solid and convincing. Once we get past that, our target would be 11800-11900. The support lies between 11300-11350,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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