Nifty ends flat after hitting historic 10k mark; Nifty Bank at record high

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The benchmark indices settled in red after the Nifty50 hit its crucial 10,000 mark for the first time ever as hopes for improving earnings, accelerating economic growth and government reforms boosted investors' confidence. 

Overseas, the dollar sagged to a more than one-year low and European stocks climbed on Tuesday, as investors bet that subdued US inflation and political strains in Washington would limit Federal Reserve interest rate moves for the rest of the year.

The Fed starts a two-day meeting later in the day to discuss its monetary stance and the timing of its long-awaited balance sheet reduction, a plan most likely to be detailed in September.  

4:14 PM

Journey to landmark 10,000 mark

 

Nifty took over nine years to hit 2000 from its base value of 1,000. CLICK HERE FOR THE PDF

4:11 PM

Vinod Nair, Head of Research, Geojit Financial Services

 

Nifty witnessed a historical day by touching 10,000 supported by better earnings from blue-chips and strong liquidity. However, profit booking at higher levels pulled the market to mild correction due to psychological effect, muted Q1 results from midcap companies and investors awaited tomorrow’s US Fed monetary policy meet.

3:50 PM

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,472 shares declined and 1,203 shares rose. A total of 167 shares were unchanged.

3:49 PM

In the broader market, the BSE Midcap added 0.5% to close at 15,312, while the BSE Smallcap ended at its record high of 16,054, up 0.1%. 

3:47 PM

Bharti Airtel ended flat at Rs 427 ahead of its June quarter results later in the evening. 

3:45 PM

Sectoral gainers and losers (source: NSE)

3:41 PM

Nifty Bank ends at record high (source: BSE)

3:39 PM

Markets at close

 

Sensex ended at 32,228, down 17 points, while the Nifty50 settled at 9,964, down nearly 2 points. 

3:20 PM

Asian Paints, India's biggest paint maker by market capitalisation, posted a 20% fall in first-quarter consolidated profit on Tuesday. The company said its decorative business was impacted in June ahead of the rollout of the Goods and Services Tax while higher material prices also squeezed margins.

Stock was trading flat at Rs 1,152. 

3:09 PM

European markets

 

Strength among commodity firms and banking stocks as well as a string of solid updates boosted European shares on Tuesday. The pan-European STOXX 600 index rose 0.3% bolstered by strength in mining firms and banks while blue chips gained 0.4%. Germany's DAX rose 0.1% and the commodity-heavy FTSE 100 was up 0.5%.

3:07 PM

Markets check

At 3:00 am, the Sensex was trading at 32,268, up 25 points, while the Nifty50 was ruling at 9,975, up 9 points. 

2:44 PM

BSE Midcap (0.5%) and BSE Smallcap indices (0.1%) outperform Sensex, Nifty

2:29 PM

Gautam Shah, CMT Associate Director, Chief Technical Analyst- JM Financial Services

 

It is truly a historic moment for the Indian markets that should be celebrated in every right. Markets levels are never about a destination, it’s the journey that matters and it’s been a special one for this year. The Indian investor needs to be congratulated for being an integral part and a catalyst for this move, something that we have not seen in the previous milestones.

 

One should not get carried away in believing that this run-up would continue for good. For the first time this year, the market looks overbought technically and hence could shed some weight in the near-term.

 

If this happens, it would be an healthy outcome. We see signification resistance around the 10,000-10,100 mark and do not think the market is ready to get past this hurdle in the current attempt. Profit-booking in trading/leverage positions is recommended. However, over the medium-term, we see the Indian market scaling greater heights and testing the 11,000 mark and hence investors are advised to stay put and add to positions on dips of 3-5%. The Metals and Auto sectors are likely to see continuing strength while IT and Pharma could end their long period of underperformance. 

1:58 PM

Top Sensex gainers and losers in noon deals (source: BSE)

1:56 PM

COMMENT: Mustafa Nadeem, CEO, Epic Research

 

Technically it is more of a psychological mark which was out there to be achieved and Nifty did it very smoothly. Going forward 2-3 days will be crucial as it will give a lot of cues for future course of direction. Bank Nifty leading the broader indices rally may continue to do better while some minor profit booking cannot be ruled out though the undertone remains bullish.

 

The global liquidity glut will continue to push the markets to new high and investors are looking for more gains from rising Indian equities. The implementation of reforms and signs of revival of economy is giving boost to expectation of market hitting new highs