Sensex up over 100 points, Nifty reclaims 8,550, VIX up 7%; top 20 trading ideas!

NEW DELHI: The S&P BSE Sensex surged over 100 points in intraday trade, paying little heed to weakness across major Asian markets.

The 50-share Nifty index recouped its early losses and was trading well above its crucial psychological mark of 8,550. Banking stocks witnessed buying spree. CNX Bank Nifty gained over 250 points in intraday trade.

In fact, gains in Sensex and Nifty were primarily led by lenders such as ICICI Bank, SBI and Axis Bank. Index heavyweights such as ITC and Tata Motors to contributed too the upmove.

Overall, the market breadth was positive with seven out of every 10 BSE stocks trading in the green.

The S&P BSE Midcap and BSE Smallcap index gained over 1 per cent in intraday trade to hit their 52-week high. India VIX, an indicator that measures market volatility rose nearly 7 per cent in intraday trade.

Shares of HCL Technologies fell over 5 per cent in intraday trade after the company during the market hours said its net profit rose 5.94 per cent YoY to Rs.1,783 crore for the June quarter, missing analysts’ expectations.

Cues from global markets were unsupportive. China’s Shanghai Composite declined 2.4 per cent. South Korea’s Kospi and Hong Kong’s Hang Seng fell 1 per cent each. Japan’s Nikkei was down half a per cent, while Singapore’s Straits Times was down 0.20 per cent.

Snapping its losing streak, rupee jumped 17 paise to 63.96 against dollar in trades today. The domestic currency had fallen 9 paise to settle at 64.13 against the greenback on Friday.

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