RIL shines in lacklustre trade; Sensex ends 64 pts up; broader indices slip
CLOSING BELL ON JULY 10, 2023: Reliance alone contributed 302 points to the BSE Sensex as the stock finished 3.8 per cent higher. The NSE Nifty 50 was up 24 points at 19,356 on Monday.
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Stock Market Highlights: Even as the broader indices languished in the negative zone throughout Monday, the frontline indices manage to eke out gains thanks to the significant outperformance by Reliance Industries. That apart, metal stocks also notched gains, while auto and IT shares experienced weakness.
The S&P BSE Sensex hit a high of 65,633 on Monday, and thereafter slipped into red to a low of 65,246 for a brief period before signing-off the day with a gain of 64 points at 65,344. The NSE Nifty 50 was up 24 points at 19,356.
Reliance Industries alone contributed 302 points to the BSE benchmark today, as the stock ended nearly 4 per cent higher. The company has fixed July 20, 2023 as the record date to determine shareholders entitled to receive shares in its new financial services entity.
Tata Steel was the other major gainer among the Sensex 30 shares, up 3.3 per cent. Bharti Airtel, Sun Pharma and IndusInd Bank were the other prominent gainers. Whereas, HCL Tech, Titan and PowerGrid Corporation slipped 2-3 per cent each.
In the broader market, the BSE MidCap index slipped 0.5 per cent, while the SmallCap index declined 0.3 per cent.
Debutant Cyient DLM finished with a solid gain of almost 59 per cent at Rs 421 when compared with its issue price of Rs 265 per share.
In the broader market, the BSE MidCap index slipped 0.5 per cent, while the SmallCap index declined 0.3 per cent.
Debutant Cyient DLM finished with a solid gain of almost 59 per cent at Rs 421 when compared with its issue price of Rs 265 per share.
4:04 PM
Tech View :: 'Buy dips in Nifty, Bank Nifty'
The Nifty witnessed a range-bound trading session and consolidated within the range (19,524 – 19,303) of the previous trading session. It closed in the green by ~24 points. On the daily charts, we can observe that the Nifty is in the process of retracing the rise it has witnessed in the previous couple of weeks. The crucial Fibonacci retracement level and gap area coincide around 192,00 – 19,180 which could act as a support zone from a short-term perspective and on the upside 19,520 – 19,550 shall act as an immediate hurdle zone from a short-term perspective. The daily momentum indicator has a positive crossover and thus this dip should be bought into.
As far as Bank Nifty is concerned, the Index continued to trade with a negative bias. It witnessed follow-through selling pressure and filled the gap area between 44,800 – 44,900 created on July 3, 2023. The Bank Nifty is in the process of retracing the rise it witnessed in the last couple of weeks and there are multiple supports in the form of Fibonacci retracement levels around 44,840 – 44,587 which could arrest the downside. The correction is providing an opportunity for an entry and this is a dip that should be bought into.
Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
3:57 PM
Comment :: 'More consolidation likely; limit leveraged positions'
Indications are in favor of further consolidation in the index and the recent dip in the US markets is also weighing on the sentiment. It is thus advisable to limit leveraged positions and wait for the resumption of the trend.
Views by: Ajit Mishra, SVP- Technical Research Religare Broking
Views by: Ajit Mishra, SVP- Technical Research Religare Broking
3:52 PM
Currency check :: Rupee ends at 82.57/$ against Friday’s close of 82.74/$
3:48 PM
Market Check :: Losers outnumber gainers on BSE; m-cap nears Rs 300 trn
3:46 PM
Market Check :: Top losers on the BSE today
3:45 PM
Market Check :: Top gainers on the BSE today
3:44 PM
Buzzing stock :: Vadila Ind sprints 14% on report Bain Capital is in talks to buy the ice cream maker
3:43 PM
Buzzing stock :: Olectra Greentech surges over 40% in 3 days on Rs 10,000-cr order from MSRTC
3:42 PM
Buzzing stock :: Prism Johnson slips 6% on 1,420-acre land transfer plan to Ramco Cements
3:40 PM
Buzzing stock :: Cyient DLM ends 59% higher over issue price
3:39 PM
Buzzing stock :: Reliance Industries rallies 4% on finance unit listing, retail buyback plans
3:38 PM
Broader indices slide amid profit booking; MidCap index slips the most
3:36 PM
Sector check :: All but Metal index settle in the negative zone
3:35 PM
Sensex Heatmap :: RIL helps to keep the 30-pack index afloat
3:34 PM
CLOSING BELL :: Nifty holds 19,350
Topics : Stock Market MARKET WRAP MARKET LIVE Markets Markets Sensex Nifty Q1 results Reliance Retail Reliance Industries Vedanta Tata Motors HDFC Bank Nykaa BSE NSE
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First Published: Jul 10 2023 | 7:28 AM IST
