Sensex, Nifty extend gains after opening higher; here’s what is moving Dalal Street today

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Published: July 9, 2020 10:39 AM

Sensex and Nifty started yet another day on positive grounds gaining over half a percent each on Thursday morning.

This would be accompanied by excess liquidity due to the fiscal stimulus measures taken by central banks all over the world and this would lead to a V-shaped recovery in stock prices.After surging close to 4% on Wednesday, India VIX, often touted as the fear gauge of domestic stock markets, was seen cooling off as it slipped close to 3%

Sensex and Nifty started yet another day on positive grounds gaining over half a percent each on Thursday morning. S&P BSE Sensex after opening 184 points higher, extended gains to surge over 280 points while the Nifty 50 was just below the 10,800 mark. “The markets have opened in the green but for the upside to continue, it has to trade above 10850. Until then it would be range-bound. On the downside, it needs to hold 10650 which is strong support in the short to medium-term time frame. If we pierce that, we could slide further by about 200 points,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Big guns jump: Shares of Reliance were up 0.80%, HDFC was up close to 2% while HDFC Bank gained 1%. Among others, Tata Steel was the top Sensex gainer closely followed by Bajaj Finance. All banking and finance stocks on the S&P BSE Sensex were trading in the green. Among the top 6 Sensex gainers, 5 were from the banking and finance sector.

Volatility cools down: After surging close to 4% on Wednesday, India VIX, often touted as the fear gauge of domestic stock markets, was seen cooling off as it slipped close to 3%. Yesterday volatility surges pushing Sensex down over 300 points. India VIX has cooled down significantly from its March lows and is now at 25.5 levels.

Also Read: Equity markets at crucial juncture; charts hint at positive support for these stocks in coming weeks

Sectoral watch: All sectoral indices were riding the rally on equity markets with none of the sectoral indices on Nifty in the red. Nifty Metal gained the most with a 2.8% surge, followed by Nifty Financial Services, Nifty Private Bank, Nifty Bank, and Nifty PSU Bank, all gaining close to 1%.

Asian markets: Stocks markets across Asia were seen gaining on Thursday. TOPIX jumped 0.54%, Nikkei 225 was up 0.99%. Hang Seng and CSI 300 were also gaining. Share markets in the United States had also ended with gains on Wednesday but European markets were mixed.

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