Taking Stock: Market closes near day's high; Nifty near 19,850, Sensex rises 302 points
Biggest gainers on the Nifty included NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement and Bajaj Finserv, while losers were Hindalco Industries, Bajaj Auto, Hero MotoCorp, TCS and Maruti Suzuki
The BSE midcap index and smallcap indices added 0.6 percent each.
Indian benchmark indices continued the winning run for the fifth consecutive session on July 19, amid buying across sectors. At close, the Sensex was up 302.30 points or 0.45 percent at 67,097.44, and the Nifty was up 83.90 points or 0.42 percent at 19,833.20.
The market opened on a positive note and tested fresh record highs but failed to hold on to the gains and witnessed profit booking. However, last hour buying helped it to close near the day's high level.
Sectors and stocks
Biggest gainers on the Nifty included NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement and Bajaj Finserv, while losers were Hindalco Industries, Bajaj Auto, Hero MotoCorp, TCS and Maruti Suzuki.
All sectors ended in the green with PSU Bank up 2 percent, while power, healthcare and oil & gas were up 0.5 percent each.
The BSE midcap index and smallcap indices added 0.6 percent each.
A long build-up was seen in Polycab India, Punjab National Bank and Indian Hotels, while a short build-up was seen in ICICI Prudential Life Insurance Company, Coforge and Bharat Forge.
Among individual stocks, a volume spike of more than 200 percent was seen in NTPC, Grasim Industries and ITC.
| INDEX | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Sensex | 67,097.44 | 302.30 | +0.45% |
| Nifty 50 | 19,833.15 | 83.90 | +0.42% |
| Nifty Bank | 45,669.30 | 258.45 | +0.57% |
| BIGGEST GAINER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| NTPC | 192.55 | 5.20 | +2.78% |
| BIGGEST LOSER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Hindalco | 439.20 | -5.30 | -1.19% |
| BEST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty PSU Bank | 4520.45 | 86.50 | +1.95% |
| WORST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty IT | 31353.50 | -17.70 | -0.06% |
Polycab India, Voltamp Transformers, Reliance Industries, ABB India, Mastek, Indusind Bank, NCC, Va Tech Wabag, Can Fin Homes, Ujjivan Financial Services, Titagarh Rail Systems, SJVN, Snowman Logistics, Karnataka Bank, touched their 52-week high on the BSE.
Outlook for July 20
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Market's record breaking spree continued on Dalal Street, as we are in the midst of a strong bull run backed by robust foreign fund inflows, strong growth prospects, even monsoon spread out and stable corporate earnings so far, which have increased the appetite for local stocks. Technically, the Nifty got support near 19725 and bounced back sharply.
The index has formed a higher bottom formation on intraday charts which is indicating further uptrend from the current levels. As long as the index is holding 19725, the positive sentiment is likely to continue. Above the same, the market could rally till 19950-19975. On the flip side, dismissal of 19725 could trigger short term correction. Below the same, we could expect a one quick correction till 19650-19615.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty witnessed consolidation for the most part of the day. It was during the final hour of trade that the action picked up and the Nifty closed with a handsome gain of ~84 points. On the daily chart, we can observe that the Nifty has consolidated between 19700 – 19850 in the past couple of trading sessions. Today it tested the lower end of that range and witnessed buying interest indicating that it is a strong support, and the floor is set for the next leg of up move.
The up move can target levels of 19964 – 20000. The daily and the hourly momentum indicator is providing divergent signals which could lead to a short-term consolidation however, the overall structure seems to be turning in the favor of the bulls and hence we shall continue to maintain a positive outlook on the index. In terms of levels, 19740 – 19700 shall act as a crucial support zone while 19964 – 20000 shall act as an immediate hurdle zone.
Bank Nifty consolidated within the range of the previous trading session (45906 – 45281) and has thus formed an Inside bar pattern which makes the extremes of the range crucial levels from a short-term perspective. A breach of the extremes shall lead to a move in that particular direction. We expect the breakout to be on the upside and expect the Nifty to target levels of 46500.
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