Sensex, Nifty extend opening loses to dive down further; here’s what is moving Dalal Street today

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July 10, 2020 11:15 AM

Domestic benchmark indices opened in the red aided by weak global cues. S&P BSE Sensex dropped 124 points on the opening bell while the Nifty 50 was seen giving up the 10,800 mark.

Share Market Today, Share Market LiveAmong the worst performers were Nifty PSU Bank, Nifty Bank, Nifty Private Bank, and Nifty Metal.

Domestic benchmark indices opened in the red aided by weak global cues. S&P BSE Sensex dropped 124 points on the opening bell while the Nifty 50 was seen giving up the 10,800 mark. In the initial hour of trade, Sensex managed to trim some losses but only temporarily. “The Nifty Index continues to remain in the range – we must cross 10850 for a breakout on the upside. Post that we can move closer to the 11000 mark. The support for the nifty also continues to remain at 10650. It is a time of patience and one must wait for either side to be taken out. I would urge traders not to jump in as a range-bound movement can trigger stops on the long and short side,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Volatility jumps: Volatility, after cooling down yesterday, resurfaced today on the bourses. In the initial hour, India VIX was up 1.2%. In a volatile session Sensex and Nifty were seen trimming some opening losses only to dive down further as the day progressed. The volatility index was at 25.2.

Weak global cues: Stock markets in the United States were seen losing steam on Thursday with all except NASDAQ losing ground. Equity markets in Europe were mixed, CAC40 slipped 1.2%, FTSE dropped 1.6%. Germany’s DAX  was down as well. Coming to Asian peers, all major markets were seen dropping points. Japan’s Nikkei 225 and TOPIX slipped on Friday along with Hang Seng, Shanghai Composite, and CSI 300.

Top Sensex gainers: Sun Pharma was the top gainer on Sensex surging close to 3% followed by FMCG giant Hindustan Unilever and Mukesh Ambani’s oil-to-telecom behemoth Reliance Industries Ltd. Bharti Airtel, Bajaj Finance and Bajaj Auto were the other gainers on the index.

Financials drag indices: Bank stocks were down along with NBFCs pulling the indices lower on Friday morning. HDFC twins along ICICI Bank and Axis Bank were the top stocks that nudged the market fall. 

Sectoral indices: Among Nifty sectoral indices Nifty Pharma was the only one in the green but soon Nifty FMCG followed. Among the worst performers were Nifty PSU Bank, Nifty Bank, Nifty Private Bank, and Nifty Metal.

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