Market Wrap: Sensex, Nifty settle at fresh closing highs, extend gains into sixth straight session | Mint
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Business News/ Markets / Stock Markets/  Market Wrap: Sensex, Nifty settle at fresh closing highs, extend gains into sixth straight session
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Market Wrap: Sensex, Nifty settle at fresh closing highs, extend gains into sixth straight session

Stock market today: Sensex closed 474 points, or 0.71 per cent, higher at 67,571.90 while the Nifty closed the day at 19,979.15, up 146 points, or 0.74 per cent.

BSE Sensex hit its all-time high on July 20. REUTERS/Francis Mascarenhas (REUTERS)Premium
BSE Sensex hit its all-time high on July 20. REUTERS/Francis Mascarenhas (REUTERS)

The upward march of the domestic market continued for the sixth consecutive session too as equity benchmarks the Sensex and the Nifty closed at fresh record highs on Thursday (July 20) amid mixed global cues.

Domestic market sentiment remains upbeat on robust foreign capital inflow thanks to India's healthy macroeconomic outlook and expectations of the end of the monetary tightening cycle in the US after the July policy meeting. In-line Q1FY24 earnings so far have also underpinned market sentiment.

Experts say thefocus has now shifted to key central bank meetings next week while investors also awaited June quarter results of heavyweight Infosys and Hindustan Unilever today and Reliance Industries tomorrow.

“The crucial next moves from the major economy central bank meetings in Japan, Europe and the United States are all a focus of investor attention, and then the Bank of England in the first week of August," reported Reuters.

Read more: Infosys Q1 Results: Net profit rises 11% on year to 5,945 crore

Stock market today

Sensex opened 23 points lower at 67,074.34 against the previous close of 67,097.44 following mixed global cues. However, the index witnessed smart buying in the final hour of trade. Sensex hit its fresh record high of 67,619.17 and the Nifty also hit its fresh record high of 19,991.85 during the session.

Sensex finally closed 474 points, or 0.71 per cent, higher at 67,571.90 while the Nifty closed the day at 19,979.15, up 146 points, or 0.74 per cent. This was the fresh closing high of both indices. 

ICICI Bank and ITC were the top contributors to the gains in the Sensex index. On the other hand, Reliance Industries and Infosys ended as the top drags on the index.

Read more: ITC share price hits fresh 52-week high; mcap tops 6 lakh crore mark

The BSE Midcap also hit its fresh record high of 29,671.6 during the session but pared gains and closed at 29,623.67, up 0.05 per cent. The BSE Smallcap index also hit its fresh record high of 34,193.74 during the session but closed 0.19 per cent higher at 34,101.53.

As many as 230 stocks, including ITC, ICICI Bank, Sun Pharma, Ashok Leyland, Dr Reddy's Labs, Lupin and Tata Motors - DVR, hit their fresh 52-week highs in intraday trade on BSE.

Crude oil traded with mild gains as concerns over demand capped the prices. Brent Crude traded at $79.5 per barrel around 3:55 pm.

Top Nifty Gainers and Losers

Shares of ITC, Kotak Mahindra Bank and ICICI Bank ended as the top gainers in the Nifty index. On the flip side, shares of Infosys, UltraTech Cement and Bajaj Finserv closed as the top losers in the index.

As many as 38 stocks ended in the green in the Nifty index while 12 stocks ended in the red.

Sectoral Indices Today

Barring Nifty IT (down 0.66 per cent) and Consumer Durables (down 0.18 per cent), all sectoral indices ended with gains.

Nifty Bank, Private Bank, Financial Services, FMCG, Pharma and Healthcare indices rose over a per cent each.

Experts' Views on Markets

"Unlocking of value by heavyweights (like RIL & ITC) is apprising the main indices. The anticipation of good Q1 results from banks, is providing an extra boost to drive to new highs. Mixed cues from global peers are not disturbing the mood of the domestic market as FIIs inflows stay put to the prospects of the Indian economy," said Vinod Nair, Head of Research at Geojit Financial Services.

"The market is witnessing frenzied buying support from foreign investors, and it's just a matter of time before the benchmark Nifty will top the 20,000 mark. Such has been the rally that some of the mild negative flows, too, are getting discounted in this bull run," said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.

Technical Views on Markets

Chouhan pointed out that after a muted opening, Nifty took support near 19,750 and reversed. On daily charts, it formed a bullish candle and it is holding a higher bottom formation, which is largely positive.

However, Chouhan observed that the short-term texture of the market is overbought, hence there could be some profit booking at higher levels.

"For the trend-following traders, 19,850 would be the key level to watch out for and above the same, the market could move up to 20,100-20,150. On the flip side, below 19,850 traders may prefer to exit from long positions, as any further correction could see the index retest the level of 19,750-19,700," said Chouhan.

Rahul K Ghose, Founder & CEO of Hedged, an algorithm-powered advisory platform said that the Nifty's base with today's massive rally has now shifted to the 19,500 level.

"The last three weekly expiries have seen the same style of moves on the Nifty index having large upsurges. Even though the 20,000 level has been hit and everyone expects a correction," said Ghose.

"The open interest (OI) data on Nifty does not hint the same. Put writing is still strong with the 20,000 puts adding open interest for the July-end expiry, as well as, the August expiry. Bank Nifty as expected has been the primary driver for this rally with 46,000 puts also adding open interest for next week's expiry," said Ghose.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts and broking companies, not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 20 Jul 2023, 03:33 PM IST
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