Stock market today: A day after crashing more than 2% each, equity benchmarks, the Sensex and the Nifty 50, resumed their upward march on value buying as investors’ focus shifts to Q1 earnings and domestic macro trends.
However, fresh hostilities between the US and Iran and an uptick in crude oil prices capped gains for the benchmarks.
The Sensex ended 238 points, or 0.31%, higher at 76,741.82, while the Nifty 50 ended at 23,962.80, up 81 points, or 0.34%.
The mid and small-cap segments witnessed strong buying, as the Nifty Midcap 100 and Smallcap 100 indices jumped 1.38% and 1.80%, respectively.
Investors earned nearly ₹5 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to ₹476 lakh crore from ₹471.2 lakh crore in the previous session.
What moved the market today?
Stock-specific moves lifted the benchmarks even as the Middle East conflict remains a key risk. Stocks such as Bharti Airtel, HDFC Bank, and Sun Pharma contributed the most to the rise in the Sensex, while Infosys, Axis Bank, and Maruti were among the top drags.
The focus is now on Q1 earnings and global cues. IT major TCS is to release its June quarter numbers later today.
“Indian equity markets staged a moderate rebound, aided by supportive global cues, though investors remained watchful of the geopolitical developments that had triggered the last trading day’s sell-off,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Domestically, sentiment remains relatively resilient, underpinned by an improved outlook for the second half of the year, a recovery in rainfall conditions, and better valuation levels. That said, the latest US Fed minutes flagged renewed inflation concerns, which could weigh on the performance of the global market,” said Nair.
Top Nifty 50 gainers and losers today
As many as 33 stocks advanced in the Nifty 50 index, while the remaining 17 declined.
Sun Pharma, Bharti Airtel, Bajaj Finserv, InterGlobe Aviation (IndiGo), and Eternal ended as the top gainers in the index, rising 2-3%.
On the flip side, Dr Reddy’s Labs, Maruti, ONGC, and Infosys ended as the top laggards in the index.
Sectoral indices today
Nifty Realty (up 3.54%), Media (up 2.09%), Consumer Durables (up 1.68%), PSU Bank (up 1.62%), and Healthcare (up 1%) clocked solid gains. Bank Nifty jumped 0.90%.
Nifty’s technical view
As per Sudeep Shah, the head of technical and derivatives research at SBI Securities, the 23,800–23,780 zone may act as an immediate support area, as several previous swing lows are positioned in this region.
Shah believes a sustained move below 23,780 could intensify the selling pressure and drag the index towards 23,600, followed by 23,450 in the near term. On the upside, the 24,070–24,100 zone may act as an immediate hurdle area for the index.
Vipin Kumar, AVP- Research at Globe Capital Market, highlighted that the index is trading below its 100- and 200-day EMAs, and the intraday up move faced stiff resistance around the 100-day EMA, reflecting weakness.
“The chart structure for the Nifty index remains negative as long as it stays below the 24200–24300 spot zone on a closing basis. On the downside, 23,800 will act as strong support. A decisive break below 23,800 might drag the index towards 23,600-23,400 in the short term,” said Kumar.
Rupak De, Senior Technical Analyst at LKP Securities, said on the daily chart, the index has formed a bullish harami pattern just above the 50-day EMA, making the current technical setup encouraging. However, the daily RSI remains in a bearish crossover, suggesting that caution is still warranted.
“The overall market sentiment is likely to improve significantly if the Nifty manages to sustain above the 24,000 mark. On the upside, immediate resistance is placed at 24,200, followed by 24,400. On the downside, immediate support is seen at 23,900 and 23,800,” said De.
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