Sensex, Nifty open flat on Wednesday; Mahindra & Mahindra, Bajaj Auto gain while bank stocks slip

By: |
September 16, 2020 9:57 AM

While the benchmark was flat, 11 BSE 500 constituents were seen hitting fresh 52-week high values.

The BSE Bank index gained 3.38 per cent. 

Domestic benchmark indices witnessed a rocky start to Wednesday’s trading session. The benchmark S&P BSE Sensex traded flat but with a positive bias after opening 50 points higher. The 50-stock Nifty, on the other hand, was trading below 11,550. Analysts believe Nifty 50 needs to trade above the 11,550 levels to attract renewed buying interest. Volatility was down in the red but still above 20 levels. On the BSE, Midcap and Smallcap stocks were up as the indices moved higher, beating the benchmark. But on the NSE, the Nifty Smallcap 50 was down in the red. 

Top gainers: Mahindra & Mahindra shares were  up over 2% making them the top Sensex gainers, followed by Bajaj Auto, L&T, and Maruti Suzuki. Among Midcaps, Adani Enterprises, Aditya Birla Capital, and Aditya Birla Fashion and Retail were the top gainers. On the BSE Smallcap index, Lakshmi Vilas Bank, Skipper, and Grindwell Norton were the top performing stocks.

Top drags: HCL Technologies was the top drag on Sensex, followed by Axis Bank and IndusInd Bank. Among Midcap stocks, Mphasis and Sun TV were the worst performing stocks on Wednesday morning. 

Financials trade mixed: While HDFC twins were trading with gains, ICICI Bank, Axis Bank, and Kotak Mahindra bank were down in the red. S&P BSE Bankex was down in the red with only Bandhan Bank and HDFC Bank trading in the green. S&P BSE Finance index was trading flat but looking up. 

Also Read: SEBI attempt to aid smallcap, midcap stock buying may backfire; could fuel small stocks selloff

Technical take: “We have moved a wee bit closer to the 11550 level this morning, we need to get past this for an impulsive rally to commence. Until then we will be stuck within a low volume range of 11400 – 11550. Once we cross the levels of 11550-11575, we can look forward to 11800 and then 12000,” sai Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. 

Hitting fresh highs: While the benchmark was flat, 11 BSE 500 constituents were seen hitting fresh 52-week high values. Adani Green once again was trading at a new high, along with Laurus Labs, MindTree, Naukri, Radico, Hexaware, among others. On the BSE Smallcap index 22 stocks were at their respective 52-week highs. 

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