Sensex, Nifty open flat but steadily inch higher; IT stocks gain while banks trade with losses

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Updated: Sep 02, 2020 10:16 AM

Domestic benchmark indices opened flat on Wednesday morning but soon looked to inch higher steadily.

S&P BSE Sensex after opening with marginals gains was seen gaining to trade 100 points higher after the initial minutes of trade but continued to witness volatility.

Domestic benchmark indices opened flat on Wednesday morning but soon looked to inch higher steadily. S&P BSE Sensex after opening with marginals gains was seen gaining to trade 100 points higher after the initial minutes of trade but continued to witness volatility. On the other hand, the 50-stock Nifty climbed higher to breach the 11,500 mark. The gains were led by Ultratech Cement, ONGC, and Tech Mahindra. On the other end of the table Bajaj Auto was down the most, followed by Kotak Mahindra Bank, State Bank of India, and HDFC. India Vix was marginally down.

Bank stock slip: Ahead of the Supreme Court’s ruling on the interest waiver during the moratorium period, bank stocks were seen trading with losses. Except HDFC Bank all bank stocks were down in the red. State Bank of India and Kotak Mahindra Bank were the worst performers. 

Top gainers: Ultratech Cement, Tech Mahindra ONGC were the top gainers on Sensex. Among BSE Midcap constituents Page Industries, Ajanta Pharmaceuticals, and ABB India Ltd were the top gainers. On the BSE Smallcap index, Anantraj Ltd and Responsive Industries shares were the top gainers. 

Top drags: On the BSE Sensex, State Bank of India was the worst performer as it slipped almost 2%, followed by Bajaj Auto and Kotak Mahindra Bank. Future Retail shares slipped yet again followed by Bank of India among BSE Midcap constituents. Emami Realty and Future Lifestyle Fashions were among the worst smallcap performers.

Midcap, smallcap indices gain: After a muted performance in the beginning of this week, Nifty Midcap and Smallcap indices were again gaining momentum, outperforming benchmark Nifty 50. The Nifty Midcap 100 was up 0.50% while the Nifty Smallcap 100 gained 0.77%.

Telecom gains: The S&P BSE Telecom index was up over 1% on Wednesday with Vodafone Idea gaining over 9%. Bharti Infratel, Bharti Airtel, and Tata Communications were all trading with gains. 

Technical take:The markets have respected the 11300 support and run up to test 11500. The important level to watch out for is 11600 – we need to close above that level. Thereafter we could target 11800. On the flip side, until 11300 does not break, we have no reason to worry,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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