Taking Stock: Market at fresh record high; Sensex rises 502 pts, Nifty above 19,550
For the week, both the benchmarks added a percent each.
Stock Market Today
The market continued to post record highs on July 14, mostly led by information technology stock. At close, the Sensex was up 502.01 points or 0.77 percent at 66,060.90, and the Nifty was up 150.70 points or 0.78 percent at 19,564.50.
On the back of firm global cues, the market started on a positive note and remained rangebound for most part of the session. However, last-hour buying helped benchmarks to record fresh highs.
Today, BSE Sensex and Nifty50 touched their fresh record levels of 66,159.79 and 19,595.35, respectively.
For the week, both benchmarks added a percent each.
Sectors and stocks
The biggest gainers on the Nifty were TCS, Infosys, Tech Mahindra, LTIMindtree and HCL Technologies, while losers included HDFC Life, M&M, Power Grid Corporation, Titan Company and Dr Reddy’s Laboratories.
BSE midcap and smallcap indices added 1 percent each.
All the sectoral indices ended in the green with Information Technology index up over 4 percent and metal and realty indices up 1 percent each.
| INDEX | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Sensex | 66,060.90 | 502.01 | +0.77% |
| Nifty 50 | 19,564.50 | 150.75 | +0.78% |
| Nifty Bank | 44,819.30 | 154.25 | +0.35% |
| BIGGEST GAINER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| TCS | 3,514.65 | 174.10 | +5.21% |
| BIGGEST LOSER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| HDFC Life | 670.05 | -10.55 | -1.55% |
| BEST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty IT | 30945.50 | 1317.30 | +4.45% |
| WORST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty Energy | 25332.50 | -1.90 | -0.01% |
A long build-up was seen in RBL Bank, Mphasis and L&T Technology Services, while a short build-up was seen in REC, HDFC Life Insurance Company and Power Grid Corporation.
Among individual stocks, a volume spike of more than 200 percent was seen in Zee Entertainment Enterprises, Indiamart Intermesh and Oracle Financial Services Software.
Coforge, Century Textiles, Bajaj Holdings & Investment, Jindal Steel & Power, RBL Bank, ONGC, ICICI Bank, HDFC Asset Management Company, Colgate-Palmolive, Tech Mahindra, Zydus Lifesciences, NCC, touched their 52-week high on the BSE.
Outlook for July 17
Amol Athawale, Vice President - Technical Research, Kotak Securities
A spectacular rally in IT stocks following better-than-expected earnings from select frontline technology companies triggered a late upsurge, which propelled Sensex to close above the 66,000 mark.
The market seems to be flooded with strong FII inflows, and with US inflation moderating investors are hoping for a rate hike pause by the Federal Reserve later this month.
On daily and weekly charts, Nifty has formed a bullish candle along with a breakout formation on intraday charts, which supports a further uptrend from the current levels.
For the trend-following traders now, 19,450 would be the trend-decider level and could move up to 19,800. Below 19,450, we could expect one quick correction till 19,400-19,300.
For Bank Nifty, the 20-day SMA (Simple Moving Average) or 44,500 would be the trend decider level. Above the same, the index could retest the level of 45,250-45,600. On the other side, below 44,500 the Bank Nifty could slip to the 50-day SMA or 44,000.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets ended the final session on a strong note and gained nearly a percent. After the initial uptick, Nifty traded muted in the middle but a sharp surge in the last half an hour completely changed the tone. Consequently, Nifty settled at a new high i.e. 19,564.50 levels. Most sectors ended higher wherein IT pack was the highlight, followed by metal and realty pack. The broader indices were also in sync and gained in the range of 1.2-1.5 percent.
It is a firm close but we need sustainability above 19,550 in Nifty for continuation of the up move. The prevailing buoyancy in global markets combined with rotational buying across sectors is favouring the same. We thus reiterate our positive view and suggest focusing on identifying quality stocks across sectors.
SOURCE- MONEYCONTROL
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