Sensex tops 39,050 for first time since Feb, Nifty up for 4th straight day; key things from today’s trade

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August 26, 2020 4:18 PM

Index heavyweights such as Reliance Industries, Infosys, Kotak Mahindra Bank, Axis Bank and ICICI Bank were among top index contributors

sensex, niftyIn the broader market, S&P BSE Smallcap index outperformed BSE Sensex

Headline indices BSE Sensex and Nifty 50 ended over half a per cent higher on Wednesday after trading choppy during the trade. The 30-share Sensex jumped 310 points from day’s low to settle at 39,074, reclaiming the crucial mark. This level was last seen in February this year. Similarly, the broader index Nifty 50 gained 77 points or 0.67 per cent to settle just below 11,549. Index heavyweights such as Reliance Industries, Infosys, Kotak Mahindra Bank, Axis Bank and ICICI Bank were among top index contributors.

IndusInd Bank surges 6%: IndusInd Bank was the top Sensex gainer, up 6 per cent to settle at Rs 568 apiece. Kotak Mahindra Bank, Reliance Industries (RIL) and Axis Bank gained 2.5 per cent each. Bajaj-Auto, Infosys, ONGC, State Bank of India, ICICI Bank and Bajaj Finserv were among other gainers.

Bharti Airtel top drag: Bharti Airtel shares fell 2.66 per cent. UltraTech Cement, Maruti Suzuki, Asian Paints, L&T, Tech Mahindra, HDFC Bank and ITC were among other laggards on the index.

Nifty Media top sectoral gainer: Barring Nifty FMCG and Nifty Pharma index, all the sectoral indices traded in green today. Nifty Media jumped 2.54%, Nifty Private Bank up 1.74% and Nifty Auto index gained 1.46%.

Broader market: In the broader market, S&P BSE Smallcap index outperformed BSE Sensex. The S&P BSE SmallCap index gained 0.69 per cent or 102 points to finish at 14,973, while the S&P BSE MidCap index rose 0.38 per cent or 57 points to end at 15,153.

What to watch out for on Thursday: “Tomorrow is the monthly F&O expiry day. Though index volatility has been limited in the past month, stock-specific moves have been large and hence we could see some sharp moves in select stocks on squaring up/rolling over of positions. Tomorrow is also the much-anticipated speech by the chairman of the US Federal Reserve,” said Deepak Jasani, Head Retail Research, HDFC Securities.

Technical observation: “Index closed a day at 11550 with gains of 77 points and formed a hanging man candle pattern on the daily chart which is bearish reversal candle by nature so any break below 11460 can lead into quick dips,” said Rohit Singre, Senior Technical Analyst at LKP Securities.

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