The market closes flat with nifty above 11,200 marks
On Friday, 7 August 2020, the market went up for the fourth consecutive day but at the end landed flat. Nifty staying above the crucial 11,200-mark and small & midcap stocks generating interest.
The S&P BSE Sensex rose 15 points to close at 38,040 while the Nifty50 ended 13 points higher at 11,214.
For the week ended August 7, the Nifty rose 1.2 percent while the Sensex closed with gains of 1.1 percent.
Nifty50 on Friday faced selling pressure near its key resistance zone at 11,240-250 but continued to consolidate above the 11,200 level. The NSE barometer formed a small bullish candle on the daily chart and a pattern resembling a Hanging Man candle on the weekly scale.
If you talk about sector-wise performance, the top sectors which were benefited in today’s market stand to be power, telecom, utilities, industrials, and auto index, while in sectors like consumer durables, IT, healthcare and realty.
On the broader markets front, the S&P BSE Midcap index rose 1.4 percent, and the S&P BSE Smallcap index was up 0.78 percent.
Top Nifty gainers included IndusInd Bank, UPL, Bajaj Finance, and Asian Paints.
Top Nifty losers included Infosys, HCL Technologies, and Titan Company.
Stocks of the day
If talking about the stock sector-wise, the S&P BSE Power index rose 1.2 percent followed by the S&P BSE Telecom index that was up 1 percent and the S&P BSE Utilities gained 0.9 percent.
Selling pressure was seen in the consumer durables index that was down 1.7 percent.
The S&P BSE IT index fell 1.1 percent and the S&P BSE Healthcare index closed 0.3 percent lower.
A volume spike of more than 100 percent was seen in M&M, RBL Bank, Berger Paints, and Torrent Power.
The stocks like Torrent Power, RBL Bank, and Century Textiles showed Long buildup.
The stocks like Titan Company, MGL, and Bata India showed the short buildup.
More than 200 stocks on the BSE including Wabco India, Bayer Cropscience, Dr. Reddy’s, Divi’s Laboratories, and Alkem Laboratories hit a fresh 52-week high.
Copper prices declined to Rs 509.65 per kg on August 7 as participants increased their short positions.
Zinc prices were steady at Rs 191.05 per kg on August 7 as participants increased their short positions.
Gold prices continued to rise for the eighth day to hit a new high of Rs 56,126 per 10 gram in the Mumbai bullion market on uncertainty over the coronavirus relief package and increasing US-China tension.
Crude oil futures edged lower to Rs 3,120 per barrel on August 7 as participants increased their short positions. Prices have turned choppy after touching $46 per barrel amid mixed cues.