Stock market today: Frontline indices of the Indian stock market- the Nifty 50 and the Sensex – settled at their fresh closing highs on Monday, July 15, on supports led by select index heavyweights, such as SBI, ONGC, NTPC and ITC.
Nifty 50 hit a fresh all-time high of 24,635.05 during the session and closed 85 points, or 0.35 per cent, higher at 24,586.70. On the other hand, the Sensex touched its day’s high of 80,862.54, just 31 points short of its all-time high of 80,893.51, which it hit in the previous session on July 12, but ended at a new closing high of 80,664.86, up 146 points, or 0.18 per cent.
While the benchmark indices clocked slim gains, the midcap segment of the market witnessed healthy gains. The BSE Midcap index closed 0.95 per cent higher, while the Smallcap index rose 0.21 per cent.
The market sentiment is supported by expectations of a pro-growth Budget, healthy Q1 earnings of India Inc., and the return of foreign capital inflow. However, investors are placing their bets selectively ahead of the Budget.
“Investors are adopting a selective buying approach with just over a week’s time left for the Budget, as the market has already run up sharply over the past few weeks on hopes of a strong reform-oriented Budget. Global cues will also dictate trends, and investors would be watchful of the geopolitical tensions and the Fed’s statement on rate cuts,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
“The Indian market continues to experience optimism driven by positive expectations from the upcoming Union Budget, robust FII inflows, and better-than-expected results from the IT sector. Additionally, the initial results from PSU banks have triggered a strong rally in the PSU index. However, the degree of optimism in the broad market is moderating as we head towards the Budget day next week,” said Vinod Nair, Head of Research, Geojit Financial Services.
Over 300 stocks, including Tech Mahindra, ONGC, SBI Life, Wipro, Zomato, Lupin, HDFC AMC, GAIL, Dr Reddy’s, Dabur and Britannia, hit their fresh 52-week highs in intraday trade on BSE.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹455.1 lakh crore from nearly ₹452.4 lakh crore in the previous session, making investors richer by about ₹2.7 lakh crore in a single session.
34 stocks ended in the green in the Nifty 50 index, out of which shares of ONGC (up 5.18 per cent), SBI Life (up 2.95 per cent) and Shriram Finance (up 2.88 per cent) closed as the top gainers.
On the flip side, shares of LTIMindtree (down 1.63 per cent), Asian Paints (down 1.34 per cent) and Grasim (down 1.33 per cent) closed as the top losers in the index.
Shares of SBI, ONGC, NTPC, ITC and Bajaj Auto closed as the top five contributors to the gains in the Nifty 50 index, while shares of Axis Bank, Asian Paints, TCS, Grasim and ICICI Bank ended as the top five drags on the index.
Barring Nifty IT (down 0.29 per cent), all sectoral indices ended with gains on the NSE.
Nifty PSU Bank index clocked a strong gain of 3.07 per cent. Oil & Gas (up 1.99 per cent), Media (up 1.53 per cent), Realty (1.34 per cent), Healthcare (up 1.28 per cent), Pharma (up 1.13 per cent) and Auto (1.09 per cent) also recorded significant gains.
Nifty Bank rose 0.34 per cent, while the Private Bank index ended flat.
According to Shrikant Chouhan, the head of equity research at Kotak Securities, the breakout continuation formation on intraday charts is indicating a further uptrend from the current levels.
“For the trend-following traders now, 24,500/80,500 would be the critical support level. Above this, the market could continue the uptrend momentum to 24,650-24,700/81,000-81,200. On the flip side, below 24,500/80,500, the uptrend would be vulnerable,” said Chouhan.
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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