Sensex, Nifty give up opening gains as volatility increases; check out the top gainers on D-Street today
Domestic benchmark indices witnessed a volatile opening session on Monday morning. S&P BSE Sensex opened flat but quickly gained over 140 points before slipping into red and dropping more than 100 points. The 50-share Nifty started trading above the 11,200 mark and soon gave up levels. Reliance Industries was the biggest asset to opening the bubble, rising 2% as the stock peaked again. Monday morning, Asian colleagues were mixed, Shanghai Composite was flat while Hang Seng slipped into red. The markets in Japan fell with losses, but the stock markets in South Korea rose more strongly.
Top gainers: Reliance was the biggest riser on Sensex when stock markets opened on Monday. Asian Paints, after posting bleak April-June quarterly trading results, also saw Tata Consultancy Services rise higher. Future Retail was up 5% as reports say Mukesh Ambani was getting closer to a deal that would have him take over Kishore Biyani’s shopping empire. Persistent Systems increased by more than 11% thanks to the quarterly results.
Worst performing stocks: HDFC Bank and ICICI Bank were the worst performing stocks on Sensex. INEOS Styrolution and Kranti Industries were down 15% from BSE and became the biggest losers. Rossari Biotech, the newly-listed stock on the stock markets, also fell by 4.7% as investors rushed to make a profit.
Volatility jumps: The domestic equity markets’ anxiety meter, India VIX, rose 4% Monday morning. From the trading session at 24.5 levels, the volatility index went up to 25.7. Apparently, the stock markets gave up gains and slipped deep into the red.
What do the graphs say: ‘The week has started with another lukewarm opening for the Nifty. We have weekly support and resistance levels of 11100 and 11290 respectively. Until we manage to exceed either level, the remainder of the week would remain lackluster. An additional caution factor is the monthly due date on Thursday. If we can get past 11290, we need to go to 11400-11500. If we break 11100, we can see 10950, ”said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments