Domestic benchmark indices started Friday’s trading session with gains, back to trade in the green after halting in the negative territory for a day.
Domestic benchmark indices started Friday’s trading session with gains, back to trade in the green after halting in the negative territory for a day. Global cues were positive helping indices gain. S&P BSE Sensex was up over 300 points in the opening few minutes while the Nifty 50 reclaimed the 11,400 mark. All Sensex constituents, except Bharti Airtel, were trading with gains. Volatility was again seen slipping while Nifty Midcap and Smallcap indices once again rallied to beat the benchmark index. Global cues were positive with the US stock markets ending higher, helping domestic indices carry that momentum, analysts say.
Top gainers: Powergrid was the top Sensex gainer, followed by State Bank of India. Among BSE Midcap constituents, BHEL was up 7%, followed by Aditya Birla Fashion and Retail, and SAIL. Smallcap index had Jindal Stainless (Hisar) as its top gainer, followed by V Mart.
Top drags: On BSE Sensex, Bharti Airtel was the only stock trading with losses. The telco was down almost half a per cent. Sun TV and Crompton were the worst performers on BSE Midcap. IG Petrochemicals, and Vikas Ecotech were the top drags on BSE Smallcap index.
Global watch: Stock markets in the United States ended higher in the previous trading session. NASDQ was up 1%. Asian peers were also seen trading higher on Friday, with Shanghai Composite, Topix, Nikkei 225, Hang Seng, Kosdaq and Kospi all trading with gains.
Volatility tanks: The fear gauge of the domestic equity markets, the India VIX index was down to 19.8 levels, the lowest it has come in the last six months. The volatility index slipped 3.58% on Friday morning.
Outlook: “For the day, The strategy should be to go long with stop loss below 11260 and keep trailing stop loss to two hour’s low after every hourly candle completion. The positional trader should keep a stop loss below 11220 for all the long positions. The stock-specific stop loss should be maintained as per the stock trend,” said Vishal Wagh, Research Head, Bonanza Portfolio Ltd.