Sensex, Nifty gain for eight day straight but FM’s demand boost fails to impress Dalal Street

By: |
October 12, 2020 4:05 PM

Sensex and Nifty saw a volatile trading session but managed to continue gaining for the eighth day straight.

US Stocks, Wall Street, S&P 500, COVID-19, Nov. 3 presidential election, Nasdaq CompositeAn impasse over a COVID-19 stimulus bill in Washington also kept the mood in check.

Sensex and Nifty saw a volatile trading session but managed to continue gaining for the eighth day straight today. S&P BSE Sensex ended 84 points or 0.21% higher while the Nifty 50 closed at 11,930 mark. Although the benchmark indices gained today, Sensex ended over 300 points lower while the 50-stock Nifty closed 90 points lower. ITC and Infosys were the top Sensex gainers, jumping over 2% each during the day’s trade. Bharti Airtel, ONGC, and HDFC Bank were the top drags. The midcap and smallcap indices continued to underperform the benchmark index and slipped into the red.

FM’s mini stimulus fails to impress D-Street: Finance Minister Nirmala Sitharaman today announced measures to boost consumer demand ahead of the festive season but was targeted towards government employees. As the Finance Minister unveiled her plans for the same market slipped into the red but later recovered. “Cash voucher and advance scheme, sops to government employees, failed to cheer the market as it did not provide the required boost to the economy as expected. It is anticipated that there will be more measures revealed in the future,” said Vinod Nair, Head of Research at Geojit Financial Services.

Eighth day of gains: With today’s marginal jump, stock markets have now continued their upward march for the eight day straight. Technical analysts believe that equity markets are still in a bullish phase. Nifty has gained over 6% during this up move.

Top gainers: While Infosys and ITC were the top Sensex gainers, the S&P BSE Midcap index saw L&T Infotech and Shriram Transport Finance surge higher. On the S&P BSE Smallcap index, Jindal Stainless Steel and GTPL Hathway were the top gainers.

Drags: Bharti Airtel, ONGC, HDFC Bank slipped the most among Sensex constituents. On the BSE Midcap index, Zee Entertainment Enterprises and Future Retail were the worst drags. Aarti Drugs, along with Future Lifestyle and Fashions Limited and Future Supply Chains were the worst performing smallcap stocks.

Technical take: “The Nifty took a breather after crossing the psychological 12000 mark. This does not change anything in the short to medium term time frame. The markets continue to show a bullish indication and are aptly positioned to achieve the levels of 12200-12300. With good support at 11750-11800, any correction can be utilised to go long on the index,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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