Stock market today: Frontline indices, the Sensex and the Nifty 50, extended gains for the fourth consecutive session on Monday, 6 July, as the revival of the monsoon and FIIs turning buyers this month underpinned investor risk appetite.
The Sensex ended 521 points, or 0.67%, higher at 78,285, while the Nifty 50 closed at 24,430, up 160 points, or 0.66%. The mid and small-cap segments also rose. The Nifty Midcap 100 and Smallcap 100 indices closed with decent gains of 0.45% and 0.75%, respectively.
Investors earned over ₹2 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to ₹482 lakh crore from ₹480 lakh crore in the previous session.
Over the last sessions, the Sensex has gained over 1,800 points, or 2.4%, while the NSE counterpart has risen by 565 points, or 2.4%. Investors have earned ₹8 lakh crore in four sessions, as the m-cap of firms listed on the BSE was ₹474 lakh crore on 30 June.
Meanwhile, the rupee fell 20 paise to close at 95.38 against the dollar, even as the Brent crude benchmark traded half a per cent lower at around $72 per barrel around 3:30 pm on Monday.
What moved the market today?
Market sentiment is gradually turning positive as geopolitical risks have eased significantly, crude oil prices are trading near $72 per barrel, and softer US jobs data have tempered expectations of US Federal Reserve rate hikes this year.
The revival of monsoon, signs of FPI trend reversal, and anticipation of earnings recovery from the second half of FY27 are also attracting long-term investors to the market.
Till 3 July, FPIs bought Indian stocks worth ₹708 crore, as per NSDL data.
“Indian equities traded with a positive bias despite mixed global cues, supported by stable crude prices. Continued softness in crude would support inflation, the current account balance, OMC profitability, and overall macro stability,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Globally, profit-booking in crowded AI-led trades impacted the global market while India could perform well, led by large caps due to the improvement in FIIs inflows trend,” said Nair.
Top Nifty 50 gainers and losers today
While the Nifty 50 ended higher, 26 stocks ended in the red in the index. Kotak Mahindra Bank, Max Healthcare Institute, and TCS ended as the top laggards in the index.
On the other hand, HDFC Bank, Hindalco, and ONGC ended as the top gainers in the index.
Sectoral indices today
Barring Nifty Media (down 0.95%), PSU Bank (down 0.88%), and IT (down 0.59%), all sectoral indices ended in the green.
Nifty Realty (up 1.81%), Consumer Durables (up 1.48%), Auto (up 1.36%), Oil and Gas (up 1.12%), and Metal (up 0.98%) ended with healthy gains. Nifty Bank jumped 0.61%, while Financial Services climbed 0.44%.
“Financials were supported by expectations of healthy private bank earnings, while autos benefited from strong volume trends and improving demand outlook. Realty remained buoyed by resilient housing demand,” said Nair.
Most traded stocks today
PC Jeweller, Vodafone Idea, Motisons Jewellers, Ola Electric Mobility, Vedanta Oil and Gas, and Vedanta Iron and Steel were the most traded stocks in volume on the NSE.
Almost 200 stocks hit 52-week highs
As many as 197 stocks, including Adani Enterprises, Apollo Hospitals Enterprise, AU Small Finance Bank, Cholamandalam Investment and Finance Company, Indusind Bank, and Lupin, hit their 52-week highs on the BSE.
On the flip side, KPIT Technologies, Asian Granito India, and National Standard (India) were among the 90 stocks that hit their 52-week lows in intraday trade on the BSE.
Nifty’s technical outlook
As per Shrikant Chouhan, the head of equity research at Kotak Securities, 24,350 would be a crucial level.
“As long as the index trades above 24,350, positive momentum is likely to continue. On the higher side, the index could move up to 24,500–24,600. On the flip side, below 24,350, a quick intraday correction cannot be ruled out, which can make the index retest the levels of 24,200–24,250,” said Chouhan.
Sudeep Shah, the head of technical and derivatives research at SBI Securities, said the 24,570–24,600 zone may act as the next crucial resistance area for Nifty, as the previous swing high is positioned around these levels.
“A decisive and sustained move above 24,600 would further strengthen the bullish setup and could trigger an accelerated upside move towards 24,750, followed by 24,900 in the short term,” said Shah.
“On the downside, the support base has shifted higher and is now placed in the 24,300–24,280 zone. As long as the index sustains above this support band, the positive momentum is likely to remain intact, and any dip towards these levels could attract buying interest,” Shah said.
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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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