Stock Market Highlights, July 1: Mid, SmallCap indices hit record highs; Sensex gains 443 pts

Stock market Highlights on Monday, July 1, 2024: Tech M, Bajaj Finance, Ultratech Cement, TCS, Infosys, JSW Steel, HUL, HDFC Bank, Tata Motors, ITC, ICICI Bank, Titan were the top gainers today

SI Reporter New Delhi

NSE, BSE, Indian stock market (Photo: Bloomberg)

7:47 AM

Nifty Outlook: Gravity-defying moves for mkts; cool-off on cards

It was an exceptional last week for the bulls as markets reached new milestones. The week began on a negative note on Monday, with prices testing the previous week's lows. However, the bulls saw this as an opportunity and pushed prices higher. Prices continued to climb for four consecutive sessions, surpassing the 24000 level for the first time.

On Friday, the market opened positively and hit a new high of 24174, but some profit-taking in the second half led to a close just above 24000, marking a weekly gain of over 2 per cent. Read more

7:42 AM

Stock market outlook July 01: Nifty may open flat amid mixed Asian cues

Today marks the beginning of the trading action for the second-half of calendar year 2024. In F1-CY2024, the benchmark indices – the S&P BSE Sensex and the Nifty 50 rallied around 10 per cent each. In fact, the Nifty has gained 6.5 per cent in the last four weeks.

“For the week ahead, focus will be on the release of US & Indian manufacturing PMI data and the Fed chair’s speech. The undercurrent is positive, with no major risk visible for the domestic market in the short term. All eyes will be on the Union Budget proposals which will dictate the market in the medium term.”, said Vinod Nair, Head of Research, Geojit Financial Services in a note.

Global mood

Markets, in the Asia-Pacific region, displayed a mixed trend this morning. Japan’s Nikkei gained 0.5 per cent. The Australian equity benchmarks – the S&P ASX 200 and All Ordinaries slipped 0.5 per cent each, while Kospi was down 0.3 per cent. Read more

7:40 AM

Is it wise to book profits in Nifty50, MidCap Select? What analysts say

NIFTY 50 INDEX Analysis:

The NIFTY 50 Index is currently trading at 24,010.60. A sharp rally in the near term has pushed the index into an overbought zone, as indicated by technical indicators like RSI, MACD, and Stochastic. This suggests that profit booking is likely, and a pullback on the charts can be expected in the coming days. Read more

7:38 AM

Buy & sell ideas for July 01 from Anand Rathi: Nestle, SBI Life, ONGC

SBI Life

In recent days, SBI Life stock has been consolidating within the Rs 1,440-1,480 range. This consolidation phase suggests that the stock was undergoing a period of accumulation or stabilisation after prior movements.

Notably, SBI Life has recently broken out of this consolidation range and is now sustaining levels above it, indicating a potential upward trend. The consolidation occurred around the 21-day, 50-day, and 100-day Exponential Moving Averages (DEMA), which is a positive technical sign. Read more

7:33 AM