Stock Market Highlights, July 11: Mid, small-caps outshine Sensex, Nifty; Oil, shipping stocks soar
Stock Market Highlights on Thursday, July 11, 2024: The BSE Sensex ended at session 27 points lower at 79,897, while the Nifty50 closed at 24,316, down 8.5 points
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Closing Bell on Thursday, July 11, 2024: Indian benchmarks -- Sensex, and Nifty50 indices -- extended weakness into second day on Thursday amid selling in L&T, HDFC Bank, Bajaj Finance, ICICI Bank, Sun Pharma, and Bharti Airtel.
The frontline indices, however, ended sharply off lows aided by gains in shares of Tata Motors, ITC, Kotak Bank, TCS, SBI, Asian Paints, and Titan Company.
Overall, the BSE Sensex ended at session barely 27 points lower at 79,897 level, while the Nifty50 closed at 24,316, down 8.5 points. The BSE benchmark had hit an intraday low of 79,464 and the NSE benchmark had touched 24,194.
In the broader markets, the BSE MidCap index gained 0.34 per cent, and the BSE SmallCap advanced 0.57 per cent.
In the broader market shares of shipping firms, and individually, RVNL and YES Bank stole the limelight. Among others, Raymond today traded at an adjusted price, post de-merger of its Lifestyle unit,.
Among sectors, the Nifty Media index closed 1 per cent higher, followed by the Nifty FMCG (0.3 per cent). On the downside, the Nifty Realty fell 1.5 per cent.
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Tech View :: 'Nifty, Bank Nifty finding support at lower levels'
Nifty50
On the daily charts, we can observe that dips towards the lower boundary 24,100 are being bought into, suggesting strong support at 24,150 – 24,100 zone. Going ahead, we expect the range bound price action to continue. Ideally dips towards the support zone should be used as a buying opportunity.
Bank Nifty
Bank Nifty's weekly Put-Call Ratio (PCR) improved from 0.67 to 0.81, implying puts being written during the fall today, and thus strong support base being built around 52,000 levels.
Thus, a crucial support base is placed in the zone 52,000 – 51,900 and only a breach below this zone shall lead to further weakness.
Until then the rangebound price action with bullish bias between 53,500 – 52,000 is likely to continue.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Thus, a crucial support base is placed in the zone 52,000 – 51,900 and only a breach below this zone shall lead to further weakness.
Until then the rangebound price action with bullish bias between 53,500 – 52,000 is likely to continue.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
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Comment :: 'Benchmarks struggling to justify valuations ahead of Q1'
The main indices are trading in a narrow range, struggling to justify their premium valuation ahead of the Q1 earnings season, which is forecast to be subdued.
However, the broader market is exhibiting marginal momentum, led by a shift in FIIs inflow and budget expectations.
Globally, attention is now focused on the US inflation data, which is estimated to moderate and positively influence Fed's interest rate decisions
Views by: Vinod Nair, Head of Research, Geojit Financial Services
However, the broader market is exhibiting marginal momentum, led by a shift in FIIs inflow and budget expectations.
Globally, attention is now focused on the US inflation data, which is estimated to moderate and positively influence Fed's interest rate decisions
Views by: Vinod Nair, Head of Research, Geojit Financial Services
3:50 PM
Currency check :: Rupee ends 4 paise weaker
3:49 PM
Sahaj Solar IPO :: Issue subscribed 28.5x till 3:45 PM on Day 1
>> Bidding for the day ends at 5 PM
>> IPO closes on July 15, 2024
>> IPO closes on July 15, 2024
3:46 PM
New stock on the block :: Ambey Labs ends with 31% premium over issue price
>> Ambey Labs stock listed at Rs 85 on NSE SME vs issue price of Rs 68
>> Hits 5% upper circuit intraday
>> Ends at Rs 89.25, up 31% over issue price
>> Hits 5% upper circuit intraday
>> Ends at Rs 89.25, up 31% over issue price
3:42 PM
Broader markets :: Mid, SmallCap indices outperform
3:41 PM
Sectoral trends :: Most indices end on either side of flatline
3:39 PM
Sensex Heatmap :: Index ends flat as gainers equal losers
3:38 PM
Closing Bell :: Nifty holds 24,300 at close
3:38 PM
Closing Bell :: Sensex ends 433 points off lows
3:24 PM
ALERT :: Goldiam International receives export orders worth of Rs 60 crore
>> The company has received additional new Export Orders worth of Rs 60 crore for manufacturing of lab-grown diamond studded gold jewellery.
>> With this order, the company has aggregate booked order for manufacturing of diamond studded gold jewellery is of Rs 150 crore.
>> With this order, the company has aggregate booked order for manufacturing of diamond studded gold jewellery is of Rs 150 crore.
3:13 PM
SME IPO Alert :: Sahaj Solar subscribed over 25x so far on Day 1
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Reliance Industries' subsidiary Ethane plans over $500 mn offshore loan
In 2016, Reliance Ethane had raised a loan of $572 million with a 12-year tenor to purchase six new ethane carriers. READ MORE
2:50 PM![]()
ONGC, Oil India, Selan on fire; Here's what fueled up to 13% rally in oil explorers
Hardeep Singh Puri, minister of Petroleum and Natural Gas in India, said E&P offers investment opportunities worth $100 billion by 2030. READ MORE
2:36 PM![]()
Ashish Kacholia-owned stock up 86% in 27 days; zooms 169% from March low
Shares of Balu Forge Industries hit a new high of Rs 415, surging 9 per cent on the BSE in Thursday's intra-day trade in otherwise a weak market. READ MORE
Topics : MARKET LIVE MARKET WRAP stock market trading Indian stock exchanges Indian stock market BSE NSE NSE Nifty50 benchmark index nikkei Markets Sensex Nifty S&P BSE Sensex BSE stocks Nifty50 Indian equities
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First Published: Jul 11 2024 | 7:10 AM IST
