- by Sanjana Rajpal
- 08th Sep 2020
The Border Tension with China and Spiraling Coronavirus Infections Makes Nifty50 Reclaim the Crucial 1,1350.
On Monday, 7 September2020, Indian markets snapped a two-day losing run on September 7 to close the green, with the Nifty50 reclaiming the crucial 1,1350 level towards the close, which is a positive sign for the bulls.
The S&P BSE Sensex rose 60 points to close at 38,417 while the Nifty50 gained 21 points to end at 11,355. Trading was subdued as the US market is closed for Labour Day.
The Nifty witnessed profit-taking at higher levels near 11,400 but found support near 11,250.
Sector-wise performance
If you talk about sector-wise performance, the top sectors which benefited in today’s market stand to be IT, metals, consumer durables, and pharma stocks, while in sectors like visible in reality, utilities, and oil and gas stocks profit-taking was seen.
The broader markets underperformed the benchmarks. The S&P BSE midcap index fell 0.78 percent and the S&P BSE smallcap index closed 0.2 percent lower.
Dr. Reddy’s Laboratories, HDFC Life Insurance Company, and Bharti Infratel were among the top Nifty gainers.
Bajaj Finance, UPL, and M&M were among the top Nifty losers.
Stocks of the day
If talking about the stock sector-wise, the S&P BSE IT index which was up 0.8 percent followed by the FMCG index that rose 0.7 percent, and the metal index closed with gains of 0.2 percent.
Some profit-taking was seen in the S&P BSE realty index that fell 0.8 percent followed by the utilities that were down 0.7 percent and the oil & gas index closed with losses of 0.5 percent.
A volume spike was seen in Escorts, ACC, Havells India, and HUL.
The stocks like Ramco Cement, Asia Paints, and Tata Consumer showed Long buildup.
The stocks like Balkrishna Industries, Hero MotoCorp, and Godrej Consumer Products showed a short buildup.
More than 100 stocks on the BSE including Dixon Tech, Wabco India, AstraZeneca, and IndiaMart, and InterMESHhit a fresh 52-week high.
Commodity market
Gold prices were steady at Rs 51,018 per 10 gram in the Mumbai market tracking subdued global cues and a firm dollar.
Zinc prices edged lower to Rs 193.50 per kg on September 7 as participants increased their short position as seen by the open interest.
Nickel prices slumped to Rs 1,119.60 per kg on September 7 as participants increased their short position as seen by the open interest.
Copper prices were steady at Rs 526.85 per kg on September 9 as participants increased their long positions. The base metal erased the day's earlier losses and traded in the green.
Silver prices firmed up a bit to Rs 68,002 per kg on September 7 tracking gold prices. The open interest suggested an increase in long positions. The precious metal declined nearly 4 percent last week on the COMEX.
