#MarketswithMC | Opening Bell 🔔 #Sensex opens 150 pts higher, #Nifty above 11,450; ZEE, Bharti Infratel top gainers #stockmarket #stockstowatch LIVE: https://t.co/Z7Sj3KBCdq pic.twitter.com/DaDXgfKVlr— moneycontrol (@moneycontrolcom) September 15, 2020
Market opens: Sensex is up 157.11 points or 0.41% at 38913.74, and the Nifty gained 32.50 points or 0.28% at 11472.50. Bajaj Finance, Zee Entertainment and Bharti Infratel are the top gainers while Reliance Industries, HDFC Bank and Infosys are the most active stocks.
Among the sectors, the IT index along with the midcap and smallcap indices gained half a percent each.
ICICIdirect on market: Nifty opened with a positive gap but could not hold on to its gain due to selling in BFSI stocks. However, outperformance was seen in technology stocks. On the option front, Call writing was witnessed in 11500 and 11600 strikes, which is likely to keep the index under pressure at higher levels. Nifty futures ended at a premium of 12 points while IV rose 2%. The major Put base is at 11000 strike with almost 20 lakh shares while the major Call base is at the 11500 strike with almost 26 lakh shares.
Underperformance in Bank Nifty was clearly visible in banking stocks, which dragged the index towards 22100. SBI was the loser whereas HDFC Bank and Axis Bank also witnessed selling pressure. From the option space, major Put OI was at 20000 strike while major Call OI was at 22500 strike suggesting it may largely consolidate between these levels. A move below 20000 will trigger a fresh down move towards 21600.
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There are multiple pieces of evidence that suggest that Nifty is likely to find strong support around 11,200 levels and unless it closes below this level, the uptrend will remain intact.
Oil Prices: Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1%, at $39.58 a barrel. US West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1%, at $37.24 a barrel.
Asian markets trade mixed in the early session
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Trends on SGX Nifty indicate a positive opening for the index in India with a 14 points gain.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the index in India with a 14 points gain. The Nifty futures were trading at 11,468 on the Singaporean Exchange.
US Markets: US stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism. The Dow Jones Industrial Average rose 327.69 points, or 1.18%, to 27,993.33, the S&P 500 gained 42.57 points, or 1.27%, to 3,383.54 and the Nasdaq Composite added 203.11 points, or 1.87%, to 11,056.65.
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