Sensex, Nifty deep in red; Titan stocks gain while IndusInd Bank, Kotak Mahindra Bank shares fall

22 stock on the S&P BSE 500 hit their respective 52-week high values on Monday morning.

Sensex and Nifty entered Monday trading session on the back of weak global cues. The 30-stock Sensex was down over 230 points on opening while the 50-stock Nifty managed to stay just above the 11,000 mark. However, Nifty was seen struggling to hold on to the opening levels. Mid-cap and Small-cap indices were outperforming the benchmark index, while the volatility index was seen surging 5%. Private sectors banks were seen struggling as HDFC Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank were all deep in red on Monday morning.

Mid-caps and Small-caps gain: While the benchmark indices were down in the red, mid-cap and small-cap indices were seen beating them. All mid-cap and small-cap indices were up in the green. Nifty small-cap 50 was up 1.12% aided by the surge in some pharma stocks.

Global peers: Early trading on Monday was mixed for Asian stock markets. While equity markets in China were seen trading with gains, Hang Seng was down in the red. Japanese stock markets were up in the green but those in Singapore, Indonesia, and Taiwan were down in the red. 

Volatility jumps: The fear gauge of domestic equity markets was up 5% on Monday morning. The volatility index opened around 24.1 levels but soon inched higher to 25.6 levels.

Top gainers: Rakesh Jhunjhunwala’s favourite stock Titan was up 2.2%. Among small-caps, Mastek Ltd sky-rocketed 11.7%. Auto stocks like Tata Motors and Ashok Leyland were also seen gaining.

22 stock hit 52-week high: 22 stock on the S&P BSE 500 hit their respective 52-week high values on Monday morning. Some notable names among these were Mindtree, Jubilant, Ajanta Pharmaceuticals, Ambuja Cement, Aurobindo Pharmaceuticals, IPCA Labs, and CIPLA.

What do the charts say: “The markets are still within the range of 11000-11100 but at the lower end where it is very close to nudging the psychological 11000 level. This is crucial. A break below the 10975 mark would make for short term weakness which could take the Nifty down by 150-200 points. On the upside, the resistance is lowered from 11300 to 11200. We need to go past that for a positive trend to emerge. Since we have commenced the new month, the monthly support and resistance levels to keep an eye for are 10700 and 11400 respectively,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.