Stock market today: Market benchmarks, the Sensex and the Nifty 50, extended gains for the third consecutive session on Friday, 3 July, with IT and pharma stocks as the top gainers, amid mixed global cues.
The Sensex ended 262 points, or 0.34%, higher at 77,763.91, while the Nifty 50 rose by 95 points, or 0.39%, to end at 24,270.85.
The mid and small-cap segments underperformed; the Nifty Midcap 100 index slipped by 0.19%, while the Smallcap 100 index inched up by 0.04%.
With three consecutive sessions of gains, the Sensex has risen by nearly 1,300 points, or 1.7%. The NSE counterpart has risen by more than 400 points, or 1.7% in three days.
For the week, the Sensex and the Nifty have risen by almost 1% each, extending gains for the fourth consecutive week.
What moved the stock market today?
Market benchmarks ended higher on buying in select heavyweights from the IT, pharma, and banking sectors amid largely positive global cues, amid expectations of less-aggressive rate hikes by the US Federal Reserve.
Softer US jobs data for June and a significant decline in crude oil prices from their recent peaks have tempered expectations of Fed rate hikes this year.
“Domestic markets closed the session higher, despite intermittent volatility and profit-booking, aided by supportive global cues and growing expectations of a more accommodative global rate environment following softer US labour market data,” Vinod Nair, Head of Research, Geojit Investments, observed.
“Sentiment was further lifted by positive outcomes from the India–Japan Summit and continued recovery in the IT sector. On the domestic front, softening crude oil prices remain a key macro tailwind, supporting the inflation outlook, external balances, and overall economic stability,” Nair added.
Crude oil benchmark Brent crude inched up slightly but traded below $72 per barrel. Meanwhile, the Indian rupee climbed 14 paise to close at 95.21 per dollar.
Top Nifty gainers and losers today
As many as 33 stocks ended higher in the Nifty index, with HCL Technologies, Max Healthcare Institute, Sun Pharma, Dr. Reddy’s Laboratories, and Bajaj Finserv as the top gainers.
On the other hand, Axis Bank, SBI, Larsen & Toubro, Bajaj Auto, and Adani Ports ended as the top laggards in the index.
Sectoral indices today
Nifty Realty (up 2.19%), Healthcare (up 1.80%), IT (up 1.76%), and Pharma (up 1.72%) clocked strong gains, while PSU Bank (down 1.54%), Media (down 0.45%), and Auto (down 0.44%) lost. Bank Nifty ended with a minor loss of 0.16%.
Most traded stocks today
PC Jeweller, Vodafone Idea, Vedanta Iron and Steel, Vedanta Oil and Gas, and Vedanta Power were the most traded stocks in volume on the NSE.
Nearly 200 stocks hit 52-week highs
As many as 196 stocks, including Sun Pharma, Adani Ports, IndusInd Bank, Apollo Hospitals Enterprise, Federal Bank, Grasim Industries, Marico, and Pidilite Industries, hit their 52-week highs in intraday trade on the BSE.
Some 68 stocks, including R Systems International, Salona Cotspin, and National Standard (India), hit their 52-week lows in intraday trade on the BSE.
Nifty’s tech view
As per Nilesh Jain, VP, Head of Technical and Derivative research at Centrum Finverse, the Nifty 50 confirmed a breakout from a symmetrical triangle pattern on the daily chart by decisively moving above the 24,100 mark, which also coincides with its 100-DMA.
Jain believes the overall technical structure remains constructive, and as long as the index sustains above the breakout zone, we expect a gradual move towards 24,550 in the near term.
“Momentum indicators continue to support the bullish outlook, with the MACD maintaining a buy crossover above the zero line and the RSI holding comfortably above the 60 mark, indicating sustained buying strength. Adding to the positive sentiment, India VIX declined nearly 9% during the week to close below the 12 mark, signalling easing volatility and creating a favourable environment for the ongoing upward momentum,” said Jain.
Sudeep Shah, the head of technical and derivatives research at SBI Securities, said that the immediate resistance for Nifty is in the 24,400-24,450 zone, and any sustained move above this zone could extend the pullback towards 24600, followed by 24750 in the short term.
On the downside, the immediate support for Nifty is placed in the 24,150-24,100 zone, said Shah.
As per Vipin Kumar, AVP- Research at Globe Capital Market, sustaining above 24,260 could lead the index to 24,500-24,600 in the near term. Conversely, a fall below 24,050 would likely drag the index back to 23,800.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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