Market Highlights, July 12: Sensex up 622pts, ends atop 80,500; Nifty holds 24,500; IT stocks dazzle
Stock Market Highlights on Friday, July 12, 2024: TCS shares soared nearly 7 per cent today after it posted better-than-expected June quarter (Q1) results. Infosys, Tech M, and HCL Tech followed suit
 "Sensex, Nifty, stock brokers")
Closing Bell on Friday, July 12, 2024: Benchmarks Sensex, and Nifty50 indices rose to record highs on Friday lifted by a solid rally in information technology (IT) stocks. The BSE Sensex hit surged nearly 1,000 points intraday to hit a record high of 80,893.5, while the Nifty50 zoomed to 24,592 ahead of the CPI inflation data for June.
TCS shares soared nearly 7 per cent today after it posted better-than-expected June quarter (Q1) results for FY25, hinting at a possible demand revival. Infosys, Tech M, and HCL Tech followed suit with up to 3.4 per cent gains. That apart, Axis Bank, RIL, JSW Steel, and Bajaj twins added up to 1.4 per cent, aiding the sentiment.
By close, the BSE Sensex stood at 80,519, up 622 points, and the Nifty50 shut shop at 24,502, up 196 points.
Both the benchmarks advanced up to 0.77 per cent as against a 0.22 per cent dip the BSE MidCap and 0.13 per cent in the BSE SmallCap.
Among sectors, the Nifty IT index rallied 4.5 per cent, and the Nifty Media gained 2 per cent. On the downside, the Nifty Realty index fell 1.5 per cent.
4:06 PM
Tech View :: 'Nifty looking to breakout; next target 24,950'
A long bull candle was formed on the daily chart of Nifty50 with minor upper shadow. Technically, this pattern indicates an attempt of upside breakout of the hurdle around 24,400-24,450 levels.
Nifty seems to have completed one day dip recently and started to move up. Similar action was noticed on the daily chart on 24th June and the Nifty continued its upside momentum later.
Nifty seems to have completed one day dip recently and started to move up. Similar action was noticed on the daily chart on 24th June and the Nifty continued its upside momentum later.
The short term trend of Nifty remains positive. Having moved above the hurdle of 24,400 levels, there is a possibility of Nifty moving towards the next upside target of 24,950 levels in the near term. Immediate support is at 24,350.
Views by: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Views by: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
3:58 PM
Views by: Ajit Mishra – SVP, Research, Religare Broking
Tech View :: 'Sustained moves above 24,500 needed to reach 25,000 on Nifty'
The rotational buying across heavyweights is helping the Nifty index maintain its positive momentum, but sustained levels above 24,500 are needed to reach the new milestone of 25,000.
We recommend traders continue with a “buy on dips” approach, focusing on stock selection and trade management. Besides domestic factors, participants should closely monitor global indices, especially the US markets, for cues.
We recommend traders continue with a “buy on dips” approach, focusing on stock selection and trade management. Besides domestic factors, participants should closely monitor global indices, especially the US markets, for cues.
Views by: Ajit Mishra – SVP, Research, Religare Broking
3:57 PM
Comment :: 'Expect stock-specific moves to gain traction due to earnings season'
Multiple tailwinds led the market to come out of the range bound trajectory. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. The chances of a rate cut in September are inching higher, which is evident in the fall of the dollar index. We expect stock-specific moves to gain traction due to the ongoing earnings season and upcoming budget; indeed, IT will be in the limelight due to the good start to the earnings and outlook
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
3:54 PM
Currency check :: Rupee gains 3 paise vs US dollar
3:51 PM
Prizor Viztech IPO :: SME issue subscribed nearly 9x so far on Day 1
3:49 PM
Sati Poly Plast :: SME IPO subscribed over 13x so far on Day 1
3:48 PM
Sahaj Solar IPO Day 2 :: SME issue subscribed over 75x
3:46 PM
Broader markets :: Mid, SmallCap indices see profit booking
3:44 PM
Sectoral trends :: IT index gains over 4% on revival hopes; Realty slips
3:42 PM
Sensex Heatmap :: IT stocks sizzle; TCS, Infy rally up to 6.6%
3:40 PM
Closing Bell :: Nifty ends above 24,500
3:39 PM
Closing Bell :: Sensex ends off record highs, still up 622 points
3:28 PM
HCL Tech Q1 Preview: Weak deals, client spending to dent profits by 5-7%
According to analysts, HCL Tech is likely to report a revenue increase of 6-7 per cent year-on-year (Y-o-Y) between Rs 27,900 crore to Rs 28,034 crore. However, sequentially revenues could dip by 1-2 per cent. The company registered revenues of Rs 26,296 crore in Q1FY24 and Rs 28,499 crore in the March quarter of FY24. READ MORE
3:16 PM
Prakash Industries surges 8% on getting final nod for Bhaskarpara coal mine
The company further added that the supplies of coal from this mine shall provide stability to the company's integrated steel operations as well as result in significant cost reductions.
Prakash Industries reported net sales of Rs 890.44 crore in January-March quarter of fiscal year 2023-24 (Q4FY24), marking a decrease of 11.88 per cent from Rs 1,010.54 crore in March 2023. READ MORE
3:05 PM
Oil India stock extends rally, up 17% in 2 days; market cap nears Rs 1 trn
In the past one month, the stock price of OIL has appreciated by 36 per cent, while, thus far in the calendar year 2024, the stock has zoomed 141 per cent. READ MORE
Topics : MARKET LIVE MARKET WRAP stock market trading Indian stock exchanges Indian stock markets BSE NSE NSE Nifty50 benchmark index Nifty50 S&P BSE Sensex BSE NSE equity BSE Sensex Indian equity markets
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First Published: Jul 12 2024 | 7:11 AM IST
