The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 187.85 points or 0.76% to settle at 24,800.85, while the BSE Sensex jumped 626.91 points or 0.78% to 81,343.46.
The broader indices ended in mixed territory, with gain led by Large-cap stocks. IT and FMCG stocks outperformed among the other sectoral indices while Media stocks and Metal stocks shed.
Sectoral Index
Bank Nifty index ended higher by 223.90 points or 0.43% to settle at 52,620.70. The Nifty Midcap 100 dropped by 552.90 points, or 0.96%, ending the day’s trading at 57,111.10. In the broader markets, small-cap and mid-cap stocks finished in the red.
Markets see steady gains as US recession concerns ease! Nifty near 24,700, Sensex holds 80,800 Markets rally! Nifty ends near 24,550, Sensex gains 1300; IT stocks shine Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on July 31 Markets in the green but off intra-day highs! Nifty ends above 24,850, Sensex at 81,450; Energy and Media stocks shine on Tuesday July 30
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Top Movers for the day
LTIMindtree, ONGC, TCS, Wipro, and Bajaj Finance were the top gainers on the NSE Nifty 50, while the laggards includes Hero Moto Corp, Coal India, Asian Paints, Grasim, and Bajaj Auto.
The Indian Volatility Index (India VIX) closed up by 2.02 % at 14.51.
Experts on Today’s Market Performance
“The frontline indices firmed up in the second half, reaching fresh highs driven by renewed buying in IT stocks. Investor optimism for the sector grew after strong performance reports from the country’s leading IT firms in the June quarter, coupled with a weakening rupee.,” said Vinod Nair, Head of Research at Geojit Financial Services
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Nair also said that the broader market lagged the major indices due to high valuations and sectoral rotation, which is influenced by anticipated improvements in private consumption, particularly in rural areas.
Commenting on the same Ajit Mishra – SVP, Research, Religare Broking said that The markets extended their upward movement for another session, gaining over half a percent, continuing the existing uptrend. After an initial decline, the Nifty experienced sharp oscillations on both sides in the first half, but renewed buying in select heavyweight stocks helped the index climb higher. It ultimately settled at 24,800.85, up by 0.76%. Among the sectoral indices, IT and FMCG posted decent gains, while PSE and metal were on the back foot. However, the broader indices underperformed, shedding nearly a percent each.
Mishra also added Markets have been inching higher as expected, driven by rotational buying in heavyweight stocks. We are now eyeing the new milestone of 25,000 in the Nifty. However, the recent underperformance of the broader indices is tempering the overall buoyancy. Amid these mixed signals, we reiterate our recommendation to focus on stock selection and prefer hedged positions, given the anticipated rise in volatility due to the upcoming Union Budget and ongoing earnings season.
Bank Nifty
Commenting on the Bank Nifty today Rupak De, Senior Technical Analyst, LKP Securities said that the Bank Nifty formed a bullish engulfing pattern following a consolidation. Additionally, the index found support at the 21 EMA, and the RSI has entered a bullish crossover. The trend is likely to remain positive as long as the index stays above 52,000. On the higher end, it might move towards 53,000/53,300 in the short term.
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The benchmark equity index Nifty 50 ended Wednesday’s trading session in negative territory. The NSE Nifty 50 closed 141.90 points or 0.64% lower to settle at 22,055.05 points. While S&P BSE Sensex slipped over 400 points or 0.59% to settle at 72,623.09 points. Nifty Bank declined 74.50 points or 0.16% to settle at 47,019.70 points.
On the sectoral front, media and IT stocks lost the most amongst their peers. The broader indices ended in the red, with largecap, midcap, and smallcap stocks losing. Following the trend, the Nifty Midcap 100 slipped over 600 points or 1.25% to close the day’s trading at 48,630.50.
The gainers include Tata Steel, SBI, IndusInd Bank, JSW Steel, and Tata Consumer Products. The Indian Volatility Index (India VIX) closed 0.93% lower.
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