Sensex, Nifty extend losses to third day; Axis Bank, SBI top drags as volatility haunts Dalal Street

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August 14, 2020 4:16 PM

Extending their losing streak to the third day, both Sensex and Nifty ended this week’s last trading session down by over 1%, each.

stock market losers, top losers of broader market, have you invested in loser stocks, these stocks sunk all money, these stocks Eroses all money, stock market, invest in stock market, return in stock marketAfter calming down for several days, the fear gauge of the domestic equity markets was seen surging as high as 7% during the day’s trade.

Extending their losing streak to the third day, both Sensex and Nifty ended this week’s last trading session down by over 1%, each. S&P BSE Sensex slipped 433 points or 1.13% at 37,877 points. The 50-stock Nifty gave up the 11,200 mark. Factors that fuelled the crash included a delay in the stimulus that the United States government is planning. Along with that, market participants have been warning since the end of last week that valuations have been good enough for investors to book profits now. Bank stocks were the biggest drags on Sensex. 

Top Gainers: Sun Phara was the top gainer on BSE Sensex surging 2% despite the volatile closing hour. Among Midcap stocks, Shriram City Union Finance shares surged over 9%, JSW Energy and PNB Housing. Vasco Engineers, Redington, and BBL were some of the smallcap stocks seen surging today.

Top losers: Axis Bank and SBI were the top losers on BSE Sensex. In the midcap space Balkrishna Industries and Varroc were the worst performers. Electrotherm India and Medicamen Biotech were down the most on BSE smallcap index.

Volatility surges: After calming down for several days, the fear gauge of the domestic equity markets was seen surging as high as 7% during the day’s trade. India VIX opened at 20.5 levels and went as low as to sit on 16 levels as stock markets surged over 300 points higher during the day. However, as the market neared the closing hour, the volatility index surged to as high as 23 levels. 

Financials bleed: Financials were seen dragging indices lower on Friday. HDFC Bank and ICICI Bank were the top drags on BSE Sensex. The Nifty Bank index ended down 2.3% during the day. 

Global watch: Major European stock markets were seen trading in the red while stock markets in Asia too were down into the negative territory. “Indian Markets tracked weak global cues in the latter part of the trading day to end with losses. The uncertainty was with regards to the US-China trade meet this weekend and a lack of wholesome pickup in economic activity in many countries, including China,” said Vinod Nair, Head of Research at Geojit Financial Services.

Technical view: “The markets broke 11150 fiercely but managed to hold 11100 on closing basis. Next week would prove to be crucial as we would need to see if 11100 holds. If it breaks, we would have technical parameters suggesting to go short. In order to move up, Nifty would have to get past 11350. Until then the markets would be range-bound with a downward bias,” said  Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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