Sensex ends range-bound session 274 pts up; financials weigh, IT, RIL gain

CLOSING BELL ON JULY 11, 2023: The NSE Nifty ended 84 points or 0.4 per cent higher, while the Bank Nifty and Nifty Financial Services declined 0.2 per cent and 0.4 per cent, respectively on Tuesday.

SI Reporter New Delhi

Stock Market Highlights: The key benchmark indices displayed a firm trend for the major part of the trading day on Tuesday led by gains in auto and IT shares. Index heavyweight Reliance too aided the up move. However, frontline indices pared gains towards the close on account of selling pressure in financial shares ahead of the key inflation numbers tomorrow.

The S&P BSE Sensex rallied to the day’s high of 65,871, but eventually ended 274 points higher at 65,618. Reliance, ITC and Infosys were the top contributors to the BSE benchmark, while HDFC twins the top laggards today.

However, within the IT space, TCS ended flat, while HCL Technologies declined 0.8 per cent a day ahead of their Q1 results. READ Earnings Preview - TCS I HCL Tech

The NSE Nifty once topped the 19,500-level for the third time in the last four trading days, but finished with a gain of 84 points or 0.4 per cent at 19,439.

The broader indices outperformed the benchmark. The NSE MidCap 50 and the SmallCap 100 rallied over a per cent each.

Sectorally, the Nifty FMCG, Healthcare and Consumer Durables indices jumped over a per cent each. Whereas, the late selling saw the Bank Nifty and Nifty Financial Services index end in red, down 0.2 per cent and 0.4 per cent.

4:06 PM

Tech View :: 'Technical indicators suggest a potential decline in the market'

The overall trend remains bullish for the Nifty50 index as it sustained above the near term moving average on Tuesday. The RSI indicated a bearish crossover, suggesting a potential decline in the market. There is a support level at 19,400/19,300, which might prevent further downside movement. On the upside, there is a resistance level at 19,550, which could potentially limit upward movement in the market.

Views by: Rupak De, Senior Technical analyst at LKP Securities

4:04 PM

Tech View :: 'Bank Nifty has a strong resistance at 45,200'

The Bank Nifty index is currently experiencing continued dominance from bears as selling pressure persists from higher levels. The index is facing a strong resistance zone at 45,200, which has proven difficult to surpass.At present, the index is trading near a crucial support zone of 44,800-44,750. If this support zone is breached, it is likely to lead to further downside movement towards the 20-day moving average (20DMA), which is positioned at the 44,500-44,000 range.The Bank Nifty index has been trading within a broad range of 44,500-45,500. In such a range-bound scenario, it is advisable for traders to utilize opportunities presented by both the upside and downside movements.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

3:59 PM

Comment :: 'Market now awaits the Q1 result'

The market now awaits the Q1 results, IT sector which kicks off tomorrow, where expectations are muted with a focus on the sustenance of margin and improvement in long-term guidance. The positivity also stems from China's anticipated stimulus to withstand economic growth and hope on the moderation in US inflation data. The overall valuation for India is marginally above the long-term average, which is fair given strong earnings expectations on FY24.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:58 PM

Comment :: 'Utilize this phase to gradually accumulate stocks on dips'

The pressure in the banking pack is capping the upside while others are trying their best to push the markets higher. Though it may further delay the resumption of the trend, the tone is likely to remain positive. Besides, we are closely eyeing the US markets for cues and their sustained recovery could trigger the next leg of up move. Meanwhile, we reiterate our view to focus on stock selection and utilizing this phase to gradually accumulate them on dips.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:57 PM

Global markets :: US index futures in green

3:56 PM

Global markets :: Record UK wage growth adds to inflation fears; Euro indices mixed

Source: CNBC

3:54 PM

Bond market :: Yields on 10-year G-Sec ease on Tuesday

3:53 PM

Currency check :: Rupee ends at 82.37/$ against Monday’s close of 82.57/$

Source: Bloomberg

3:50 PM

BSE Stats :: Gainers outnumber losers by 400 stocks

3:48 PM

Buzzing stock :: Vadilal Industries fall 5.5% after it issues clarification on Bain Capital takeover

Co says:

>> Vadilal Industries Limited regularly evaluates various opportunities for restructuring, investments or divestments in the course of its business.

>> There is no information which has not been announced by the Company to the stock exchanges and which should have been announced by the Company.

Note: Reports earlier suggested Bain Capital is in talks to buy ice cream maker Vadilal