Sensex rises over 150 points in early trade; Nifty tops 19,350; Gland Pharma, Reliance Industries jump up to 6.87%
The 30-share BSE Sensex pack rose 170 points or 0.26 per cent to trade at 65,450, while the broader NSE Nifty moved 39 points or 0.20 per cent up to trade at 19,371. Mid- and small-cap shares were mixed as Nifty Midcap 100 fell 0.13 per cent and small-cap rose 0.17 per cent.
- Jul 10, 2023,
- Updated Jul 10, 2023 9:46 AM IST
Indian equity benchmarks traded higher in Monday's early deals, led by gains in energy, state-owned banks and metal stocks. The 30-share BSE Sensex pack rose 170 points or 0.26 per cent to trade at 65,450, while the broader NSE Nifty moved 39 points or 0.20 per cent up to trade at 19,371. Mid- and small-cap shares were mixed as Nifty Midcap 100 fell 0.13 per cent and small-cap rose 0.17 per cent.
On the global front, Asian equities were trading on a mixed note today. Wall Street equities were subdued on Friday.
Back home, foreign institutional investors (FIIs) bought Rs 790 crore of Indian equities on a net basis on Friday, while domestic investors sold Rs 2,964 crore of shares, as per provisional NSE data.
For traders, corporate earnings for the June quarter, scheduled to begin this week, would be the next key trigger for domestic equities.
After the recent surge that took the benchmark indices to new highs, the market is likely to move to a consolidation mode. FIIs may again buy aggressively since India continues to be a consensus favourite destination for FIIs. In brief, the market is likely to move into a consolidation phase. Financials will support the market during dips since the Q1 results will be good and valuations are reasonable," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Eight out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Oil & Gas, Nifty Metal and Nifty Bank were outperforming the NSE platform by rising as much as 0.92 per cent, 0.49 per cent and 0.38 per cent, respectively.
On the stock-specific front, Reliance Industries was the top gainer in the Nifty pack as the stock gained 3.05 per cent to trade at Rs 2,715.75. Bajaj Auto, HDFC Life, Tata Motors and JSW Steel rose up to 1.52 per cent.
In contrast, HCL Tech, PowerGrid, Tech Mahindra, Divi's Labs, Titan and Bajaj Finance were among the top laggards.
The overall market breadth was positive as 1,535 shares were advancing while 999 were declining on BSE.
On the 30-share BSE index, Reliance, HDFC twins (HDFC Bank and HDFC), SBI, Axis Bank, SBI, L&T and Tata Motors were among the top gainers.
Also, Gland Pharma and Century Plyboards surged up to 6.87 per cent. In contrast, Hindustan Zinc, Angel One and Suzlon Energy slipped up to 4.55 per cent.
Sensex had declined 505 points or 0.77 per cent to settle at 65,280.45 in the previous session, while Nifty had plunged 166 points or 0.85 per cent to end the session at 19,331.80.
Nifty outlook
"Nifty once again witnessed resistance near the 19,500 zone and with heavy profit booking seen slipped down to close near the 19,350 zone with again the bias and sentiment turning into cautious approach to some extent. We maintain the near-term support zone near 19,300 levels as said earlier, whereas the upside target remains intact at 19,800-19,900 levels and select stocks continue to show momentum with strength. The support for the day is seen at 19,200 levels while the resistance is seen at 19,450 levels," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
Nifty Bank outlook
"Nifty Bank also witnessed profit booking after resisting near 45,400 zone and slipped to close near the low of 44,900 levels with bias turning little bit cautious. The important levels for the index as mentioned earlier, remain intact with near-term support at around 44,500 levels while on the upside has potential to go further till 46,200-46,400 zone if a decisive breach above 45,500 is sustained. Nifty Bank would have the daily range of 44,600-45,300 levels," Parekh stated.
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Indian equity benchmarks traded higher in Monday's early deals, led by gains in energy, state-owned banks and metal stocks. The 30-share BSE Sensex pack rose 170 points or 0.26 per cent to trade at 65,450, while the broader NSE Nifty moved 39 points or 0.20 per cent up to trade at 19,371. Mid- and small-cap shares were mixed as Nifty Midcap 100 fell 0.13 per cent and small-cap rose 0.17 per cent.
On the global front, Asian equities were trading on a mixed note today. Wall Street equities were subdued on Friday.
Back home, foreign institutional investors (FIIs) bought Rs 790 crore of Indian equities on a net basis on Friday, while domestic investors sold Rs 2,964 crore of shares, as per provisional NSE data.
For traders, corporate earnings for the June quarter, scheduled to begin this week, would be the next key trigger for domestic equities.
After the recent surge that took the benchmark indices to new highs, the market is likely to move to a consolidation mode. FIIs may again buy aggressively since India continues to be a consensus favourite destination for FIIs. In brief, the market is likely to move into a consolidation phase. Financials will support the market during dips since the Q1 results will be good and valuations are reasonable," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Eight out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Oil & Gas, Nifty Metal and Nifty Bank were outperforming the NSE platform by rising as much as 0.92 per cent, 0.49 per cent and 0.38 per cent, respectively.
On the stock-specific front, Reliance Industries was the top gainer in the Nifty pack as the stock gained 3.05 per cent to trade at Rs 2,715.75. Bajaj Auto, HDFC Life, Tata Motors and JSW Steel rose up to 1.52 per cent.
In contrast, HCL Tech, PowerGrid, Tech Mahindra, Divi's Labs, Titan and Bajaj Finance were among the top laggards.
The overall market breadth was positive as 1,535 shares were advancing while 999 were declining on BSE.
On the 30-share BSE index, Reliance, HDFC twins (HDFC Bank and HDFC), SBI, Axis Bank, SBI, L&T and Tata Motors were among the top gainers.
Also, Gland Pharma and Century Plyboards surged up to 6.87 per cent. In contrast, Hindustan Zinc, Angel One and Suzlon Energy slipped up to 4.55 per cent.
Sensex had declined 505 points or 0.77 per cent to settle at 65,280.45 in the previous session, while Nifty had plunged 166 points or 0.85 per cent to end the session at 19,331.80.
Nifty outlook
"Nifty once again witnessed resistance near the 19,500 zone and with heavy profit booking seen slipped down to close near the 19,350 zone with again the bias and sentiment turning into cautious approach to some extent. We maintain the near-term support zone near 19,300 levels as said earlier, whereas the upside target remains intact at 19,800-19,900 levels and select stocks continue to show momentum with strength. The support for the day is seen at 19,200 levels while the resistance is seen at 19,450 levels," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
Nifty Bank outlook
"Nifty Bank also witnessed profit booking after resisting near 45,400 zone and slipped to close near the low of 44,900 levels with bias turning little bit cautious. The important levels for the index as mentioned earlier, remain intact with near-term support at around 44,500 levels while on the upside has potential to go further till 46,200-46,400 zone if a decisive breach above 45,500 is sustained. Nifty Bank would have the daily range of 44,600-45,300 levels," Parekh stated.
Also read: Suzlon Energy shares in focus on Rs 2,000 crore fundraising plan
Also read: RIL shares in focus as value unlocking begins via JFS. Listing period, likely listing price & more