Sensex, Nifty turn positive, recoup opening losses; check what’s moving markets today

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Updated: Jun 17, 2020 10:30 AM

The trend among Nifty sectoral indices was largely positive. Barring Nifty Bank, Nifty Private Bank, Nifty PSU Bank and Nifty Financial, rest of the 8 sectoral indices were trading in the positive territory.

Sensex, NiftyThe markets continue to be rangebound, we need decisive high volume trading around and above the 10050 levels for it to move up

BSE Sensex and Nifty 50 turned positive shortly after opening lower in Wednesday’s volatile session. Both the headline indices were trading with minor gains amid geopolitical tension. The 30-share Sensex was trading 45 points or 0.14 per cent up at 33,703, while the broader Nifty 50 reclaimed its crucial 9,900-mark and was trading at 9,927, with a gain of 14 points or 0.14 per cent. “The markets continue to be rangebound, we need decisive high volume trading around and above the 10050 levels for it to move up. The same decisiveness would be needed around the 9700 levels if it has to break down. A 300-400 point move is expected on either side once the levels get triggered,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Maruti Suzuki top Sensex gainer: Out of 30 Sensex stocks, 20 scrips were trading with gains. Maruti Suzuki, up 3 per cent, led the pack of gainers, followed by Tech Mahindra, Axis Bank, IndusInd Bank, Bharti Airtel and RIL and Bajaj Finance. While, Power Grid, M&M, NTPC, Hero MotoCorp, UltraTech Cement were among losers.

Nifty Pharma top sectoral gainer: The trend among Nifty sectoral indices was largely positive. Barring Nifty Bank, Nifty Private Bank, Nifty PSU Bank and Nifty Financial, rest of the 8 sectoral indices were trading in the positive territory.

Corporate earnings: Emkay Global, Aban Offshore, Fortis Healthcare, Cummins India, Indraprastha Gas, Indostar Capital, ITD Cementation, JK Cement, Mangalam Cement, Muthoot Finance, Natco Pharma, Pidilite Industries and REC are among 46 companies that are scheduled to announce their March quarter earnings on Wednesday.

FII and DII data: On Tuesday, foreign institutional investors (FIIs) sold shares worth Rs 1,478.52 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,161.51 crore on a net basis, according to the provisional data available on the NSE.

Global markets: Asian stock markets were trading higher on Wednesday following another late Wall Street surge after upbeat trial results for a COVID-19 treatment. In overnight trade, US stock indices on Wall Street ended up on the prospect of additional stimulus and a record jump in retail sales in May. The Dow Jones Industrial Average rose 2 per cent, the S&P 500 gained 1.9 per cent, and the Nasdaq Composite added 1.75 per cent.

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