- by Sanjana Rajpal
- 04th Sep 2020
Nifty50 Reclaimed The Crucial 11,400 Level to End The Day 82 Points Higher at 11,470
On Thursday, 3 September 2020, The Indian market bounced back after falling more than 2 percent in the previous session, supported by a rally in telecom, healthcare, and metals.
The S&P BSE Sensex rose 272 points to 38,900 while the Nifty50 reclaimed the crucial 11,400 level to end the day 82 points higher at 11,470.
The Nifty formed a Long Legged Doji pattern on the daily charts.
The market bounced back despite India reporting weaker-than-expected GDP data for the June quarter but the factory activity showed an uptick in August, the first time in five months. Auto sales in the month gone by also triggered recovery hopes.
Sector-wise performance
If you talk about sector-wise performance, the top sectors which benefited in today’s market stand to be telecom, metals, power, healthcare, and capital goods space, while in sectors like visible in IT, and the oil & gas space profit-taking was seen.
The broader markets also ended in the green. The S&P BSE midcap index rose 1.1 percent while the smallcap index gained 0.5 percent.
Hindalco, JSW Steel, and Bharti Airtel were among the top Nifty gainers.
Axis Bank, ONGC, 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 gained 3.8 percent followed by the metal index that was up 3.3 percent, and the power index closed with gains of 2.5 percent.
Profit-taking was visible in the S&P BSE Telecom index that was down 0.8 percent followed by the S&P BSE Energy index that slipped 0.6 percent and the S&P BSE Metal index was down 0.4 percent.
Profit-taking was seen in the S&P BSE IT index that was down 0.9 percent and the oil & gas index closed with losses of 0.4 percent.
A volume spike of more than 100% was seen in stocks like Bharti Infratel, Escorts, and Bank of Baroda.
The stocks like Ashok Leyland, Jindal Steel, and PVR showed Long buildup.
The stocks like MGL, ITC, Voltas showed the short buildup.
More than 100 stocks on the BSE including IndiaMART InterMESH, L&T Infotech, and Adani Green hit a fresh 52-week high.
Commodity market
India Gold October Futures rose marginally higher after falling more than 1 percent in the previous session, tracking the positive trend seen in the international spot prices.
International Gold prices edged higher following a steep fall in the previous session, as a weaker US dollar and worries over the global economic outlook due to rising COVID-19 cases underpinned the metal's appeal, said a Reuters report.
Cotton futures fell to Rs 17,620 per bale as participants increased their short positions as expectations of a bumper crop this season due to higher acreage and no reports of crop damage weighed on prices.
Copper prices edged lower to Rs 519 per kg as participants increased their short position as seen by the open interest.
The base metal price fell as the US dollar struggled for direction and the Peruvian government eased concerns over oversupply from the world number 2 producer.
