S&P BSE Sensex Ended 185 Points Higher at 39,086, Long Build-Up Was Seen in Escorts, UBL, and Voltas
On Wednesday, 2 September 2020, Tracking global cues, Indian markets rallied for the second day in a row, as the S&P BSE Sensex ended 185 points higher at 39,086 while the Nifty50 went past the crucial resistance level of 11,500 to close 64 points higher at 11,535.
The Nifty formed a short bullish candle on the daily charts.
Positive global cues helped the Nifty beat the economic downturn blues and ongoing border tensions between the US and China as stock-specific moves continued.
If you talk about sector-wise performance, the top sectors which benefited in today’s market stand to be energy, industrials, power, and metal stocks.
The broader markets mirrored the benchmarks. The S&P BSE Midcap index rose 1.2 percent while the smallcap index closed with gains of 1.6 percent.
Top Nifty gainers included Tata Motors, M&M, and ZEE Entertainment.
Top Nifty losers included Asian Paints, Hero MotoCorp, and Bajaj Auto.
Stocks of the day
If talking about the stock sector-wise, the action was seen in the S&P BSE energy index that was up 1.8 percent followed by the S&P BSE Power index that rose 1.6 percent, and the S&P BSE Metal index ended with gains of 1.4 percent.
A volume spike of more than 100 percent was seen in Power Grid, Exide Insurance, and UBL.
The stocks like Escorts, UBL, and Voltas showed Long buildup.
The stocks like Hero MotoCorp, Bajaj Auto, and TVS Motor showed the short buildup.
More than 100 stocks on the BSE including IndiaMART InterMESH, VST Tillers, Escorts and Jubilant FoodWorks hit a fresh 52-week high.
Gold prices dropped Rs 391 to 51,184 per 10 gram in the Mumbai market due to a strong US dollar and a rally in the equity markets. The yellow metal prices traded under pressure as investor appetite for riskier assets rose after positive US and China economic data.
As per SOPA, India’s Soymeal and its other value-added products export during March 2017 is 180,884 tons compared to 26.645 tons in March 2016 showing an increase of 578% over the same period of last year.
India’s 2016-17 cotton imports are set to jump more than a third from a year ago to a record 30 lakh bales on stronger rupees. On the export front, the country has so far contracted about 45 lakh bales in the current crop year, and total exports in the season could be around 5 million bales, down 30% from a year ago.
Crude palm oil futures edged higher to Rs 764 per 10 kg as participants increased their long position as seen by the open interest data. Malaysian palm oil futures gained 1.7 percent yesterday to settle at 2,784 Ringgits on Bursa Malaysia Bhd.
Silver prices slipped to Rs 69,800 per kg as participants increased their short positions as seen by the open interest. The precious metal gained 0.2 percent yesterday on the COMEX.