The Indian market witnessed selling pressure at higher levels for the second day in a row on September 30. The S&P BSE Sensex rose 95 points to 38,067 while the Nifty50 retested 11,300 levels only to reverse the gains to end the day 25 points higher at 11,247.
“As expected, benchmark indices remained volatile throughout the day, fluctuating between losses and gains before finally ending the day flat,” Vinod Nair, Head of Research at Geojit Financial Services told .
“Global cues were mostly negative following caution over the outcome of the US presidential election (debate) and also because of rising virus cases around the world. Traders are advised caution as markets are expected to remain volatile,” he said.
Sectorally, action was seen in consumer durables, FMCG, capital goods and healthcare stocks while profit-taking was seen in telecom, metals and oil & gas index.
On the broader markets front, the S&P BSE midcap index was down 0.05 percent and the S&P BSE smallcap index closed 0.04 percent higher, underperforming the benchmark indices.
Top Nifty gainers included Titan Company, Tech Mahindra and Grasim Industries.
Top Nifty losers included Tata Steel, Bharti Airtel, and BPCL.
Stocks & Sectors
Sectorally, the S&P BSE Consumer Durable index rose 1.7 percent, the FMCG index was up 1.4 percent and the capital goods index closed nearly 1 percent higher.
Profit-taking was visible in the S&P BSE Telecom index which fell 2.8 percent. The metal index was down 1.9 percent and the oil and gas index was down 1.9 percent.
A volume spike of more than 100 percent was seen in stocks like Cipla, Marico, Cadila Healthcare and BPCL.
Long buildup was seen in stocks like Cadila Healthcare, Page Industries and Apollo Hospitals.
Short buildup was seen in stocks like BPCL, Bharti Infratel and Power Grid.
More than 100 stocks on the BSE hit a fresh 52-week high that includes APL Apollo Tubes, Apollo Hospitals and Balkrishna Industries.
The Nifty opened positive but got stuck in the trading range of the last session and consolidated near the 11,250 zone.
It formed a Doji candle but respected its 50 DEMA and higher lows on a daily scale, which indicates a bullish to range-bound undertone.
The bulls and the bears are both fighting to commence the next leg of the rally after the recent pullback from lower levels, Chandan Taparia at Motilal Oswal Financial Services Limited said.
“Now, it has to continue to hold above 11,180 zones to witness an upmove towards 11,333 then 11,450 while on the downside, major supports are seen at 11,111 then 11,000,” he said.