Stock Market LIVE updates:

Stock Market LIVE updates, July 15, 2024: In the broader markets, the BSE MidCap was flat, while the BSE SmallCap index was down 0.32 per cent

MARKETS SHORT OF BREADTH, YET BENCHMARKS’ PULSE QUICKENS

ILLUSTRATION: AJAY MOHANTY

Stock market LIVE updates on Monday, July 15, 2024: Indian stock markets were trading off highs in Monday’s intraday deals amid profit booking in broader indices.

The BSE Sensex was quoting less than 100 points, or 0.11 per cent, higher at 80,611, while the NSE Nifty50 was up 50 points or 0.21 per cent at 24,552.

In the broader markets, the BSE MidCap was flat, while the BSE SmallCap index was down 0.32 per cent.

Among sectors, the Nifty IT extended its rally into second day, rising 1 per cent intraday. This was followed by 0.6 per cent gain in the Nifty Pharma index. On the downside, the Nifty Realty index fell 1 per cent.

9:33 AM

Comment: Financials remain the fairly valued segment of the market

The global support for the market rally in India continues. It is important to understand that the US is leading this rally with 18.4 per cent returns YTD in S&P 500 compared with 12.7 per cent YTD returns in Nifty.

Latest inflation data in the US indicates a rate cut by the Fed in September. This is likely to keep the US market buoyant with positive impact in India, too. However, valuations in India are moving to elevated levels. Investors have to be cautious about the excessive valuations in the momentum stocks which are moving to frothy levels.

IT results from TCS and HCL Tech indicate improving prospects which the market is discounting now. But the growth projections of IT companies remain low and, therefore, a sharp restart from the present levels is unlikely. Financials remain the fairly valued segment of the market. Decline in US 10-year bond yield is positive for FII inflows.

(Comment by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)

9:31 AM

Tech View: Market bullishness may limit upside to 24,400-500

For a few weeks now, we have been measured in our bullish expectations, by first limiting the upside objectives to 24400-500 and then extending it to 24720-800 only, hoping to ride on the exuberance of the constituent stocks, which have been taking turns to push the index higher.

Meanwhile, Nifty has not had many runaway upsides, ensuring that it did not veer too far away from the 20 day moving average. For the next fortnight, if any such single day move exceed 1 per cent or above, then they are highly likely to be followed by a sharp turn lower.

Also to be noted is that MACD histogram is near zero, signaling a fall. It could as well be pointing to a flat consolidation phase for an extended period, if not a drop. Towards this end, we shall place our downside marker at 24350 below which 24130-23760 will be exposed.

(View by: Anand James, Chief Market Strategist, Geojit Financial Services)

9:25 AM

Nifty Auto, Healthcare gain sectorally

9:22 AM

Asian Paints, Tata Steel slip on NSE

9:21 AM

Broader market check

9:20 AM

HCL Tech gains nearly 4% on Sensex

9:19 AM

Opening bell: Nifty 50 above 24,550

9:17 AM

Opening Bell: Sensex surges over 250 points

9:13 AM

Rupee opens at $83.54

9:10 AM

Nifty above 24,550 in pre-open

9:09 AM

Pre-open: Sensex up 160 points to 80,686 levels

8:57 AM

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8:52 AM

Budget & Markets: Stocks deliver positive returns 1-month after, shows data

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8:47 AM

Markets in overbought zone, avoid aggressive bets; Nifty’s support at 24k

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8:41 AM

Nifty 50 bullish, MidCap Select rangebound on charts; trading strategy here

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