Indian stock market today closed in positive after a gap down opening.

 

The Indian stock market today recovered from the day’s low and closed in a positive zone. Weak global cues dragged down the market in the morning. Heavy selling pressure was seen in the market across all the sectors except for Telecom in the morning.

Traders got worried after S&P Global Rating said that India’s external position should remain stable over the next 12 months but COVID-19 pandemic-related risks to growth track could exert downward pressure of the sovereign ratings if there is a weak recovery. Earlier S&P had projected that India’s economy will shrink by 5% in the current fiscal.

On the global front, most of the major Asian markets closed in red whereas European markets are trading in the green today. The Asian market was trading negatively in the morning as Japan’s large business firm sentiments deteriorated sharply in the second quarter. The index for business conditions among large companies declined to -47.6 in the second quarter from -10.1 in the previous quarter. The Dow future is trading in positive today, it is up by around 2.5% from the previous day’s close. 

 

Indian stock market today: Sensex, Nifty and Bank Nifty on the spot level

At close, Nifty50 gained 70.90 points or 0.72% and at 9972.90 levels while Sensex was up by 242.52 points or 0.73% and at 33780.89 levels. The Bank Nifty fell the most today, it the end it gained 129.40 points or 0.64% and at 20654.55 levels.

The Nifty midcap 100 index closed in the green whereas the small index closed marginally down today. The Nifty midcap index up by 181.55 points or 1.28% and at 14339.35. The smallcap index was down by 4.88 points or 0.11% and closed at 4393.50.

The top five Nifty50 gainers for the day are Mahindra & Mahindra, Bharti Infratel, Shree Cements, Bajaj Finance, and Hero Motor Corp. The top losers in the Nifty50 stocks are Zee entertainment, ONGC, Tech Mahindra, Power Grid Corp, and Wipro.

On a sectoral basis, Telecom, Automobiles, Banking & Finance, Oil & Gas, and Construction Materials are closed in the green. The losing sectors are IT & Software, Consumer Durable, Media, Hospitality, and Power.

Indian stock market today was highly volatile, the volatility index Indian VIX has gained around 4% and at 30.82.

 

Nifty and Bank Nifty share price in futures today

The Nifty futures share price opened today at 9599.40, it was made a gap down opening of 295.15 points today morning. It has touched an intraday high at 9982.15 and a day’s low at 9581.95

During the day Nifty futures share price has given a movement of 400.2 points. In the end, it gained by 47.45 points or 0.48% and closed at 9942 level

Today the Bank Nifty share price in futures opened in 19555, it was a gap down opening of 953.85 points today. It has touched an intraday high at 20728 and a day’s low at 19555

During the day the Bank Nifty share price in futures has given a movement of 1173 points. In the end, it up by 66.10 points 0r 0.32% and closed at 20574.95

You may also like to read, Share Market Live- Nifty and Bank Nifty

 

Conclusions:

Indian stock market has seen a steady recovery at the end after a huge gap down opening. The Nifty closed above 9950 levels, earlier in the morning it took support at 9550 levels. The volatility in the Indian stock market today was seen mainly due to weak global cues.

In the absence of any domestic trigger, the market will trade as per global cues. Traders should closely follow the global market to know the market trend.

 

You can also read, Indian Share Market Weekly Updates: Nifty50, Global Market, Q4 Results

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