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Equity indices trim gains, healthcare stocks surge
Mumbai, August 10, 2020
The key Indian equity indices shed major gains made earlier in the day on Monday, while the BSE Sensex closed 141 points higher.
Healthy buying was witnessed in healthcare and industrial stocks. The BSE Healthcare index rose 4.69 per cent and the Industrials index was up 2.1 per cent.
The BSE Sensex closed at 38,182.08, higher by 141.51 points, or 0.37 per cent, from its previous close of 38,040.57.
It had opened at 38,168.42 and touched an intra-day high of 38,430.69 and a low of 38,073.29 points.
The Nifty50 on the National Stock Exchange closed at 11,270.15, higher by 56.10 points, or 0.50 per cent, from the previous close.
According to Manish Hathiramani, technical analyst with Deen Dayal Investments, Nifty closing above the 11,250 level is a bullish sign.
"The Nifty should attempt 11,500 as its next price target. The support continues to be at 11,100," he said.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said: "Indian equity markets opened gap-up but gave up some of the gains towards the end, though still ending in green for the third straight day."
He noted that the global cues were positive in the morning trade post strong industrial activity data from China.
"But it turned weak later after China said it would impose sanctions on American officials in retaliation for Hong Kong measures. The mood was also wary with an unclear timeline on the US relief package," Khemka said.