Mild profit in the stock market at higher levels; Nifty closing at 11,400 mark
On Wednesday, 19 August 2020, Indian markets saw mild profit-taking at higher levels but maintained a five-month high, which experts say will not materially distort the trend of the market which is largely positive.
The S&P BSE Sensex rose 86 points to 38,614 while the Nifty50 closed with gains of 23 points to close at 11408.
The Nifty50 continued its uptrend for the third consecutive session on August 19, closing above the 11,400-mark but formed a bearish candle on the daily charts as the closing was lower than the opening tick.
The Bank Nifty opened positive at 22,315.40 but consolidated in the range of 200 points for the entire trading session to close near 22,300 levels.
Banking and financial stocks and Reliance Industries supported the market, but a correction in technology and FMCG stocks limited gains.
If you talk about sector-wise performance, the top sectors which were benefited in today’s market stand to be infra, telecom, realty, public sector, and utilities, while in sectors like IT, FMCG, and healthcare stocks mild-taking making was seen.
On the broader markets front, the S&P BSE Midcap index rose 0.58 percent, and smallcap index closed with gains of 1.1 percent.
Top Nifty gainers included Bharti Airtel, GAIL India, and ZEE Entertainment.
Top Nifty losers included Coal India, Nestle India, ONGC and Bajaj Auto.
Stocks of the day
If talking about the stock sector-wise, the S&P BSE Infra index rose 1.8 percent followed by the S&P BSE Telecom that was up 1.4 percent, and the S&P BSE Realty index closed with gains of 1.3 percent.
Profit-taking was visible in the S&P BSE IT index that was down 0.4 percent followed by the FMCG index that slipped 0.4 percent and the healthcare index closed 0.17 lower.
A volume spike of more than 100 percent was seen in stocks like REC, Tata Chemicals, and Glenmark Pharma.
The stocks Canara Bank, Glenmark, and LIC Housing Finance showed Long buildup.
The stocks like Amara Raja Batteries, HCL Technologies, and Godrej Properties showed the short buildup.
More than 200 stocks on the BSE including Atul, SRF, Amber Enterprises, and MindTree hit a fresh 52-week high.
Zinc prices on Wednesday rose by Rs 1.65 to Rs 195.55 per kg in futures trade, tracking a firm trend in physical markets on the back of a pick-up in spot demand.
As recommended, NCDEX Soya bean achieved the recommended target of Rs.3700 and is currently trading close to the same area. Both the momentum indicators 14- period RSI & MACD are flat and is not indicating any trend direction.