Banks, RIL lift Sensex 397 pts; broader indices underperform

Stock market updates: Benchmark indices snapped their three-day losing streak and ended higher on Tuesday, lifted primarily by financial stocks. Besides, better-than-expected Chinese export data, which pushed global stocks to record high, further lent support to the markets.

ICICI Bank (up 2.7 per cent), HDFC, Axis Bank, Sun Pharma, and NTPC were the top gainers on the frontline S&P BSE Sensex which zoomed 397 points, or 0.76 per cent, to end at 52,770 levels. The Nifty50, on the other hand, ended above the psychological level of 15,800 at 15,812, up 120 points or 0.76 per cent.

In the broader markets, the BSE MidCap index ended flat while the BSE SmallCap index advanced 0.4 per cent.

4:39 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded upbeat and gained over half a percent, tracking favorable global cues. After the gap-up start, it hovered in a narrow range in the first half and inched marginally higher as the day progressed. Consequently, the Nifty index ended higher by 0.8% at 15,812 levels. Amongst the sectors, heavyweight i.e. banking and financials outperformed and ended higher by 1.4% followed by metal, auto and oil & gas. The broader markets performance was mixed wherein the midcap index ended flat whereas smallcap ended with gains of nearly a percent.

 

Global cues are upbeat however support from the banking pack is critical for any sustainable up move in the Nifty index. Besides, participants will also be eyeing the results of the IT major, Infosys Ltd, scheduled on Wednesday i.e. July 14. Amid all, we feel it’s prudent to maintain focus on the selection of stocks and managing overnight risk until we see the resumption of the uptrend.

4:21 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

A small body of positive candle was formed on Tuesday with long lower shadow and with unfilled opening upside gap. The negative implication of sell on intraday rise of Monday was nullified and Nifty closed higher on Tuesday. The crucial intraday resistance of 15800 has been broken on the upside and the Nifty closed just above it, as per day's close. This is positive indication and signal more upside in the short term.

 

Nifty is expected to revisit key overhead resistance of 15900-15915 levels of larger high low range in the next 1-2 sessions. In the last one month, the market has tested this hurdle for the three occasions and slipped into minor weakness from the highs in all the occasions. Technically, such repeated hitting of the hurdle and minor decline from the highs could eventually result in a sharp upside breakout of the resistance.

4:07 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Bulls were in cruise control today and market breadth was buoyant. Expectations of a good quarter for Textile exporters aided by a weak rupee kept several companies in this space buzzing through the day. We also witnessed profit booking in several Largecaps & High-Quality Midcaps that have had a good run-up in the last few months.

3:52 PM

MARKET VIEW :: Vinod Nair, Head of Research at Geojit Financial Services

Following favourable economic outcome and positive Asian markets, domestic bourses traded positive today. Asian shares sparked a rally after better-than-expected Chinese economic data and a bounce back in Chinese tech stocks. Though June CPI inflation continued to remain above RBI’s tolerance level, it eased to 6.26% from 6.30% in the previous month giving some relief to the market. Industrial production (IIP) for May grew 29.3% YoY essentially due to a lower base.

3:51 PM

Edelweiss Financial Services hits 5% upper circuit, ends at 52-week high

3:48 PM

Ashoka Buildcon wipes off 5% gains, ends flat

The stock had gained in intra-day trade after it received letter of acceptance (LOA) from National Highways Authority of India (NHAI) for the development of Memmadpur (Ambala) - Banur (IT City Chowk) - Kharar (Chandigarh) Corridor for a bid price of Rs 726 crore

3:46 PM

Tanla Platforms hits 5% upper circuit

> The company announced its board will consider buyback of equity shares of the company in their forthcoming board meeting.

3:44 PM

NMDC gains 4% as firm approves demerger between Co & NMDC Steel

3:42 PM

BSE Smallcap index gains 0.46%

>> Index hit all-time high of 26263.03 in trade earlier

3:40 PM

BSE Midcap index ends near flatline, up 0.01%

3:39 PM

Sector Watch :: Media, IT, FMCG indices end in the red

3:36 PM

ICICI Bank, HDFC twins contribute over 50% of total Sensex gains

3:35 PM

Sensex Heatmap :: Top gainers & losers at close

> Top gainers: ICICI Bank, HDFC, Axis Bank

> Top losers: HCL Tech, DRL, Tech Mahindra

3:32 PM

CLOSING BELL

Sensex snaps 3-day losing run, ends 397 points or 0.76% higher at 52,769.73. NSE Nifty settles at 15,812.35, up 119.75 points or 0.76% 

3:20 PM

Global markets :: Dow Jones Futures fall mildly