Markets Ended Lower Amid volatility, in Continuation To The Prevailing Corrective Phase
On Tuesday, 8 September2020, the Indian market witnessed profit-taking at higher levels on September 8 in the last hour of trading. Nifty50 managed to close above 11,300 support which is positive for the bulls.
the S&P BSE Sensex fell 51 points to close at 38,365 while the Nifty50 fell 37 points to end at 11,317.
Indian market started on a strong note tracking positive trend seen in other Asian markets, but geopolitical concerns added to uncertainty after Chinese troops fired warning shots for the first time in 45 years near the Pangong lake in eastern Ladakh.
If you talk about sector-wise performance, the top sectors which benefited in today’s market stand to be telecom, metals, realty, and capital goods while in sectors like visible in IT, energy, and oil & gas sectors profit-taking was seen.
On the broader markets front -- the S&P BSE Mid-cap index fell 1.4 percent while the S&P BSE Small-cap index was down nearly 1 percent.
Wipro, Infosys, HCL Technologies, and BPCL were among the top Nifty gainers.
Tata Steel, Zee Entertainment, and Bharti Infratel were among the top Nifty losers.
Stocks of the day
If talking about the stock sector-wise, the S&P BSE Telecom index fell 4 percent, followed by the S&P BSE Metal which fell 2.9 percent, and the S&P BSE Realty index was down 1.7 percent.
Some action was seen in the S&P BSE IT index which was up 1.3 percent, followed by the S&P BSE Energy index which closed 0.8 percent higher, and the S&P BSE Oil & Gas index was up 0.17 percent.c
A volume spike of more than 100% was seen in MindTree, BPCL, and HCL Technologies.
The stocks like InterGlobe Aviation and Bajaj Auto showed Long buildup.
The stocks like RBL Bank, ONGC, and IDFC showed a short buildup.
More than 100 stocks on the BSE including Dixon Technologies, Pfizer, AstraZeneca, and TCS hit a fresh 52-week high.
Gold prices rose by Rs 57 to touch Rs 51,075 per 10 gram in the Mumbai market on rupee depreciation and lackluster global cues. The yellow metal traded under pressure tracking firmness in the dollar index and uncertainty in US-China ties.
Silver prices were steady at Rs 68,258 per kg on September 8 as participants increased their long positions as seen by the open interest. The precious metal traded in a narrow range as the US dollar strengthened against major currencies and subdued global cues as the US markets were shut yesterday on account of the Labour Day holiday.
Copper prices fell to Rs 521.90 per kg on September 8 as participants increased their short position as seen by the open interest. The base metal price traded lower tracking firmness in the dollar index and weakness in European equity indices.
Crude oil futures plunged to Rs 2,693 per barrel on September 8 as participants increased their short position as seen by the open interest. Crude oil prices declined on concerns over demand recovery due to the coronavirus pandemic, the end of the US summer driving season, and increasing tensions between the US and China