The Indian equity indices bounced back on August 9 and erased last session losses with a percent gain led by buying across the sectors.
At close, the Sensex was up 819.69 points or 1.04 percent at 79,705.91, and the Nifty was up 250.50 points or 1.04 percent at 24,367.50.
The market started gap-up on the back of positive global cues and extended the gains as the day progressed with Nifty crossing 24,400 and Sensex went closer to 80,000-mark.
For the week, BSE Sensex and Nifty shed 1.5 percent each.
Eicher Motors, ONGC, Tech Mahindra, Tata Motors and Shriram Finance were among the top gainers on the Nifty, while losers were BPCL, HDFC Life, Kotak Mahindra Bank, Divi's Labs and Sun Pharma.
All the sectoral indices are trading in the green with auto, capital goods, IT, power, realty, PSU Bank and media up 1-2 percent.
Broader indices performed in line with main indices. BSE Midcap index rose 1 percent and Smallcap index rose 0.8 percent.
Nearly 250 stocks touched 52-week high on the BSE including Oil India, Sun TV Network, Lupin, Alkem Lab, Glenmark Pharma, Ajanta Pharma, Colgate Palmolive, Aurobindo Pharma, Coromandel International, among others.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,641.90 | -64.77 | -0.08% |
| Nifty 50 | 26,175.75 | -27.20 | -0.10% |
| Nifty Bank | 59,681.35 | -71.35 | -0.12% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| TMPV | 363.80 | 7.00 | +1.96% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Max Healthcare | 1,125.40 | -37.40 | -3.22% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27993.00 | 218.40 | +0.79% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 22887.80 | -110.50 | -0.48% |
Outlook for August 12
Ajit Mishra – SVP, Research, Religare Broking
The markets started strong, gaining over a percent, buoyed by positive global cues. Following an initial gap-up, Nifty traded within a range and closed at 24,370. Most sectors contributed to the rally, with banking, auto, and IT leading the gains. Broader indices also performed well, adding about half a percent.
Global volatility is leading to erratic market swings, keeping traders on edge. We recommend a cautious approach until Nifty decisively closes above the 24,500 level. In the meantime, certain sectors and themes are showing resilience, so traders should adjust their positions accordingly.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened gap up today and consolidated to close with gains of ~248 points. On the daily charts we can observe that the Nifty has witnessed a fall from 25100 – 23900 and is now in the process of retracing that fall. It can rally towards 24520 – 24651 where the 50% and 61.82% Fibonacci retracement levels of the fall are placed. The immediate support on the downside is placed at 24200 – 24150 where the 40-day average is placed.
The Bank Nifty also witnessed a consolidation and managed to close in the green. PSU banks saw a sharp surge in trade today. Overall, the Bank Nifty can also move in tandem with the overall market and witness a pullback towards 50750 – 50800. Immediate support is placed at 50100 – 50000.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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