The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 26.30 points or 0.11% to settle at 24,613, while the BSE Sensex jumped 51.69 points or 0.06% to 80,716.55.
The broader indices ended in mixed territory, with gain led by Large-cap and Mid-cap stocks. Realty and FMCG stocks outperformed among the other sectoral indices while Media and Pharma stocks shed.
Sectoral Index
Bank Nifty ended lower by 59.10 points, or 0.11%, to close at 52,396.80. The Nifty Midcap 100 closed flat marginally lower by 0.45 points, ending the day’s trading at 57,664. In the broader markets, large-cap and small-cap stocks mostly finished in the green.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Markets edge higher in range-bound session! Nifty over 24,800, Sensex holds 81,000 Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC August starts on a positive note! Nifty ends session above 25,000, Sensex surpasses 81,850 led by energy and FMCG stocks on August 01
Top Movers for the day
Coal India, BPCL, Hindustan Unilever, Tata Consumer Products, and Bharti Airtel were the top gainers on the NSE Nifty 50, while the laggards included Shriram Finance, Kotak Mahindra Bank, Dr Reddy’s Lab, Reliance Industries, and NTPC.
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On the other hand, stocks such as Bajaj Auto gained over 2% to an intraday high of Rs 9,909 on the NSE after the automaker reported a 19% jump in net profit to Rs 1,988 crore in Q1 of FY25. Another key stock in focus was IT giant Infosys, which will post its Q1 numbers on Thursday, July 18, 2024. The stock ended up by 1.11% at Rs 1,726.05 on the NSE.
The Indian Volatility Index (India VIX) closed down by 0.24 % at 14.15.
Experts on Today’s Market Performance
“The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that the dovish comment from the FED chief on inflation trajectory and a drop in US 10yr yield ahead of US retail sales data increased the likelihood of a rate cut in September.
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Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that the markets traded subdued and closed nearly unchanged today, pausing after recent gains. After an initial rise, the Nifty fluctuated within a narrow range before settling around the 24,613 mark. Sector-wise, realty, FMCG, and IT sectors saw gains, while profit-taking was observed in pharma and energy sectors. The broader indices mirrored the benchmark’s movements and ended the day almost flat.
Mishra also added despite the recent slowdown in Nifty’s upward momentum, the overall sentiment remains positive, with a higher support base forming in the 24,150-24,350 range. Therefore, our advice remains focused on careful stock selection and effective trade management strategies. Come from Sports betting site VPbet
Bank Nifty
Commenting on the Bank Nifty today Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas said that Bank Nifty consolidated and closed around the 20-day moving average support. We expect the bank Nifty to hold on to this support and head higher towards 52800 – 53000 over the next few trading sessions. Crucial support for Bank Nifty is placed at 52100 – 51900.
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