Nudged by the bulls, Indian markets ended marginally higher on the August F&O expiry day. The S&P BSE Sensex closed at 39,113, up 39 points while the Nifty ended 9 points higher at 11,559 after a touch-and-go moment with 11,600.
Tracking muted global cues, markets, which closed in the green for a fifth consecutive session on August 27, failed to hold on to gains and closed flat but with a positive bias. The market was also nervous ahead of the Jackson Hole meeting and US-China trade tensions.
"The Indian benchmark indices showcased a strong opening and although they gave up some of the gains, they still managed to close with a positive bias,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
Domestically, autos and financials contributed most to the gains after favourable earnings commentary and some earning upgrades prompted investor action. “Global markets will react to the Fed Reserve statements, later in the day, and are expected to affect market movements tomorrow,” he said.
Sectorally, action was seen in realty, Bankex, finance, and consumer durable space while profit-taking was visible in energy, oil & gas, utilities and telecom.
On the broader market front, the S&P BSE midcap index closed flat while the smallcap index closed with gains of 0.35 percent.
Top Nifty gainers included M&M, Tata Motors and IndusInd Bank.
Top Nifty losers included Kotak Bank, Bajaj Auto, and ONGC.
Stocks & Sectors
Sectorally, the S&P BSE realty index gained 6 percent followed by the auto index that was up 0.9 percent and the consumer durable index closed with gains of 0.8 percent.
Profit-taking was seen in the S&P BSE Energy index that was down 1 percent followed by oil & gas that fell 0.8 percent and the utilities index was down 0.5 percent.
Volume spike of more than 100 percent was seen in stocks like PNB, BHEL, Idea, SAIl and NALCO.
Long buildup was seen in stocks like Marico, M&M and Aurobindo Pharma.
Short buildup was seen in stocks like NALCO, IGL, and Petronet LNG.
Nearly 200 stocks on the BSE hit a 52-week high. Among these were Dixon Tech, Atul, Affle India, L&T Infotech and Jubilant FoodWorks.
Stocks in news
Real Estate topped the charts and was also the top sectoral gainer after the Maharashtra government decided to reduce stamp duty by 3 percent till December 31, 2020. Top gainers include DLF which was up 10 percent, followed by Prestige Estate and Godrej Properties which were up over 7 percent each.
Tata Motors rallied for the third consecutive day in a row on debt reduction plans.
Shares of IndusInd Bank surged over 6 percent while those of State Bank of India climbed nearly 3 percent after the global financial firm UBS upgraded the stocks to 'buy' from 'sell'.
Hindustan Aeronautics share price tumbled over 14 percent on August 27 after media reports said the government would sell up to 15 percent stake in the company via an offer for sale.
Blue Star share price gained almost 9 percent on August 27 after the company bagged a Rs 149-crore order for Mumbai Metro Line III.
The Nifty formed a bearish candle on the daily charts
The index settled the expiry day with the marginal gains. It continued to form higher highs-higher lows for the fifth consecutive session.
The major trend is positive and buying interest on declines could support it to commence the next leg of the rally.
"Now, it has to continue to hold above 11,450 zones to witness an up move towards 11750 zones while on the downside, the medium-term support shifts to 11,400-11,350," Chandan Taparia of Motilal Oswal Financial Services Limited said.Disclaimer
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