The Indian benchmark indices extended their recovery for a second consecutive session on July 10, with both the Sensex and Nifty gaining around 1 percent, supported by broad-based buying across sectors.
Amid positive global cues, the market opened on a firm note and extended its gains through the session, with the Nifty 50 touching an intraday high of 24,228.45. The rally was led by IT stocks after Tata Consultancy Services (TCS) reported its June quarter earnings, while buying in realty, metal, banking stocks further boosted sentiment.At close, the Sensex was up 827.57 points or 1.08 percent at 77,569.39, and the Nifty was up 244.10 points or 1.02 percent at 24,206.90.For the week, BSE Sensex and Nifty fell 0.2% each.The broader markets outperformed the benchmark indices, with the Nifty Midcap 100 rising 1.4 percent and the Nifty Smallcap 100 advancing 1.5 percent. Both indices scaled fresh record highs.
Biggest Nifty gainers were Jio Financial, HDFC Life, Adani Enterprises, SBI Life Insurance, Reliance Industries, while losers included Dr Reddys Labs, Eternal, Bharti Airtel, Nestle and Sun Pharma.Sectoral performance remained broadly positive, with all major indices ending in the green. Realty stocks emerged as the top performers, with the Nifty Realty index surging 3.5 percent, followed by the Nifty PSU Bank index, which rallied 3 percent. The Nifty IT index gained 2 percent, aided by gains in TCS after its June quarter earnings.Among other sectors, the Nifty Metal index rose 1.5 percent, Nifty Bank climbed 1.4 percent, while Oil & Gas, Private Bank, Energy, Infrastructure and Consumer Durables indices gained between 1 percent and 1.3 percent. The Auto index added 0.72 percent.
Around 140 stocks touched their 52-week high on the BSE, including Capri Global, JK Bank, Aether Industries, Anand Rathi, Oracle Fin Services, Nuvama Wealth, Sona BLW, Welspun Corp, Grasim Industries, Star Health, Nykaa, Delhivery, Jindal Saw among others.
The Indian rupee erased some of the intraday gains but ended marginally higher at 95.32 per US dollar, from the previous close of 95.38.
Among individual stocks, Ion Exchange shares surged 17% on winning international contract of Rs 503 crore, Wheels India climbed 4% after its board approved a Rs 400 crore fund-raising proposal.Waterways Leisure slipped 1.7% after the company announced a 1:10 stock split. Pace Digitek gained 1.6% after its subsidiary, Lineage Power, signed two strategic memoranda of understanding (MoUs) with Onward Solar Power and Kalpa Power for the supply of Battery Energy Storage Systems (BESS).Vikram Solar advanced 5% after entering into a solar cell supply agreement with Evervolt Solar Technology India. Meanwhile, TCS gained 1% after reporting a 4.6 percent year-on-year rise in June quarter net profit to Rs 13,349 crore, while revenue increased 13.9 percent to Rs 72,275 crore.Outlook for July 13Abhinav Tiwari Research Analyst at BonanzaToday, the Indian equities ended positively, as Nifty 50 and Sensex ended higher by 244 and 828 points respectively. IT stocks gained after TCS reported better than expected Q1 FY27 results. The company posted a revenue growth of 13.9%.Looking ahead, the market's direction will largely depend on the ongoing Q1 FY27 earnings season. Strong earnings, healthy domestic inflows and a good monsoon provide support. However, geopolitical tensions in the Middle East and any sharp rise in crude oil prices remain key risks for the market.Rupak De, Senior Technical Analyst at LKP SecuritiesThe index has moved back above the falling trendline, confirming a revival in the prevailing trend. Momentum indicators also support the bullish outlook, with the RSI re-entering a bullish crossover on the hourly chart.The shift in Put writing towards higher strike prices further reinforces the improving market sentiment. Additionally, India VIX has slipped further below its 200-day moving average, indicating easing fear in the market.Overall, the near-term sentiment remains favourable for the bulls. On the upside, immediate resistance is seen at 24,500, while on the downside, strong support is placed at 24,000.Sudeep Shah, Head - Technical and Derivatives Research at SBI SecuritiesNifty opened with a gap-up but traded in a narrow range throughout the session and closed at 24,207, up 1.02%.The index formed a relatively small body bullish candle with a minor upper wick, reflecting intraday indecision. It has successfully reclaimed its 100-day EMA and recovered a major portion of the sharp 516-point decline witnessed on Wednesday. The RSI has inched higher, indicating a gradual build-up of bullish momentum.Going ahead, the immediate resistance for Nifty is placed in the 24350-24400 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 24550, followed by 24700 in the short term. On the downside, the immediate support for Nifty is placed in the 24050-24000 zone.
Around 140 stocks touched their 52-week high on the BSE, including Capri Global, JK Bank, Aether Industries, Anand Rathi, Oracle Fin Services, Nuvama Wealth, Sona BLW, Welspun Corp, Grasim Industries, Star Health, Nykaa, Delhivery, Jindal Saw among others.
The Indian rupee erased some of the intraday gains but ended marginally higher at 95.32 per US dollar, from the previous close of 95.38.
Among individual stocks, Ion Exchange shares surged 17% on winning international contract of Rs 503 crore, Wheels India climbed 4% after its board approved a Rs 400 crore fund-raising proposal.Waterways Leisure slipped 1.7% after the company announced a 1:10 stock split. Pace Digitek gained 1.6% after its subsidiary, Lineage Power, signed two strategic memoranda of understanding (MoUs) with Onward Solar Power and Kalpa Power for the supply of Battery Energy Storage Systems (BESS).Vikram Solar advanced 5% after entering into a solar cell supply agreement with Evervolt Solar Technology India. Meanwhile, TCS gained 1% after reporting a 4.6 percent year-on-year rise in June quarter net profit to Rs 13,349 crore, while revenue increased 13.9 percent to Rs 72,275 crore.Outlook for July 13Abhinav Tiwari Research Analyst at BonanzaToday, the Indian equities ended positively, as Nifty 50 and Sensex ended higher by 244 and 828 points respectively. IT stocks gained after TCS reported better than expected Q1 FY27 results. The company posted a revenue growth of 13.9%.Looking ahead, the market's direction will largely depend on the ongoing Q1 FY27 earnings season. Strong earnings, healthy domestic inflows and a good monsoon provide support. However, geopolitical tensions in the Middle East and any sharp rise in crude oil prices remain key risks for the market.Rupak De, Senior Technical Analyst at LKP SecuritiesThe index has moved back above the falling trendline, confirming a revival in the prevailing trend. Momentum indicators also support the bullish outlook, with the RSI re-entering a bullish crossover on the hourly chart.The shift in Put writing towards higher strike prices further reinforces the improving market sentiment. Additionally, India VIX has slipped further below its 200-day moving average, indicating easing fear in the market.Overall, the near-term sentiment remains favourable for the bulls. On the upside, immediate resistance is seen at 24,500, while on the downside, strong support is placed at 24,000.Sudeep Shah, Head - Technical and Derivatives Research at SBI SecuritiesNifty opened with a gap-up but traded in a narrow range throughout the session and closed at 24,207, up 1.02%.The index formed a relatively small body bullish candle with a minor upper wick, reflecting intraday indecision. It has successfully reclaimed its 100-day EMA and recovered a major portion of the sharp 516-point decline witnessed on Wednesday. The RSI has inched higher, indicating a gradual build-up of bullish momentum.Going ahead, the immediate resistance for Nifty is placed in the 24350-24400 zone. Any sustainable move above this zone could result in Nifty extending its pullback towards 24550, followed by 24700 in the short term. On the downside, the immediate support for Nifty is placed in the 24050-24000 zone.
written by Rakesh Patil
Source: Network18
No comments:
Post a Comment