Sensex, Nifty volatile in opening trade today; RIL, ICICI Bank, Bharti Airtel among top Sensex losers

By: |
September 3, 2020 10:13 AM

Sensex and Nifty started Thursday’s trading session with gains but witnessed heightened volatility that saw them dance between gains and losses.

The partnership with Ontario Teachers’ will focus on performing and distressed private credit investment opportunities in the Indian market, according to the company.Future Retail was down 10% on BSE. Future Enterprises, Future Lifestyle Fashions, Future Supply Chain solutions, and Future Consumer were all trading lower by 5%.

Sensex and Nifty started Thursday’s trading session with gains but witnessed heightened volatility that saw them dance between gains and losses. S&P BSE Sensex was up 66 points after the initial half an hour of trade, sitting at 39,153. On the other hand, the 50-stock Nifty managed to sit above the 11,550 mark. Index heavyweights, such as Reliance Industries, ICICI Bank, and Bharti Airtel were all trading with losses. Once again, midcap and smallcap indices on BSE and NSE were trading higher than the benchmark indices. Among sectoral indices, Nifty IT and Nifty auto were the top gainers.

Future group stocks fall: Kishore Biyani’s Future Group stocks were trading with losses on Thursday morning. Future Retail was down 10% on BSE. Future Enterprises, Future Lifestyle Fashions, Future Supply Chain solutions, and Future Consumer were all trading lower by 5% on BSE.

Top gainers: Titan, Tech Mahindra, TCS, and Infosys were the best performing BSE Sensex stocks. On the BSE Midcap index, Varroc Engineering, JSW Energy, and Tata Consumer Product were the top gainers. Among BSE Smallcap constituents, MSTC, Electrosteel Casting were up close to 7%.

Top drags: On the BSE Sensex, Bajaj Finance, ICICI Bank, and Bharti Airtel were the top drags. Future Retail’s 10% fall made it the worst performing BSE Midcap constituent, followed by SAIL and Divis Laboratories which were down merely 1%. Reliance Naval and Engineering, along with Future Consumer and Future Supply Chain Solutions were the top Smallcap drags.

Midcap, smallcap indices outperform: The Nifty Smallcap 100 index was up 1.05% on Thursday morning, while the Nifty Midcap 50 and Midcap 100 indices were trading over half a percent higher. On the other hand the Nifty 50 was just 0.18% higher. 

Technical take: “The Nifty has opened flat and has entered a range between 11400 and 11600. We need to get past 11600 to see levels closer to 11800 and then 12000. Traders are requested not to trade unless we don’t go past either of the two levels mentioned,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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