Sensex Gains, Nifty Ends Flat; Broader Markets Slip Red
The domestic benchmark indices were trading flat to positive led by advances in heavyweight banking and technology stocks on Tuesday, August 10. At close, the BSE Sensex was up 151.81 points at 54,554.66, while the Nifty-50 was up 21.85 points at 16,280.10.
In the 30-share pack Sensex, 14 scrips advanced and 16 counters closed in the red. Shares of Bharti Airtel gained the most in the index as the stock price jumped over three per cent, while those of Tech Mahindra, HDFC, and Kotak Mahindra Bank jumped 1-2 per cent each.
However, the broader markets witnessed heavy selling pressure on Tuesday as investors pulled out money after experts hinted about the valuations of the broader indices surging higher than that of the benchmarks in the previous week. The BSE Smallcap index lost over two per cent led by declines in shares of Jindal Polyfilm(-11.92 per cent), Automotive Axle(-10.80 per cent), and Vimta Labs(-10.35 per cent).
Moving ahead, experts remain bullish on the current market sentiment and expect the indices to perform well in the upcoming sessions driven by quarter earnings, support from the MPC and opening of economy across the country.
"Trend in Nifty will remain bullish as long as it holds 15900 level," said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.
The next up in Nifty will be seen once it closes above 16350 level with higher than average volumes, Udani added.
Sector-wise, almost all major sectors closed in the red, except for IT and Financials. The Nifty IT index gained as much as one per cent in the day's trade backed by shares of Tech Mahindra, Info Edge, HCL Tech, and Wipro as they gained between 1-2 per cent each.
The overall market breadth supported the bears as nearly 679 shares advanced, 2401 shares declined, and 98 shares were unchanged.
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