Taking Stock: Up, up and away. Sensex gains 340 points, Nifty conquers 19,500
Among sectors, Power, Oil & Gas and Realty were up 2 percent each, while Auto and Healthcare added 1 percent each.
The Indian market’s record run continues, with the 30-pack Sensex closing at a new high and the Nifty surpassing another milestone of 19,500 on July 6, making up for the previous day’s muted performance.
Buying across sectors saw the Sensex close 339.60 points or 0.52% higher at 65,785.64 and the Nifty was up 98.80 points or 0.51% at 19,497.30.
Despite a weak start, the market turned positive in the initial hours itself and extended gains as the day progressed, finishing near the day’s high.
The rally added Rs 1.77 lakh crore to investors' wealth as the market capitalisation of BSE-listed companies jumped to Rs 301.67 lakh crore from Rs 299.90 lakh crore in the previous session.
Biggest gainers on the Nifty included M&M, Apollo Hospitals, Power Grid Corporation, Reliance Industries and Tata Motors, while losers were Eicher Motors, HDFC Life Insurance, Maruti Suzuki, HCL Technologies and Bajaj Finance.
Among sectors, power, oil & gas and realty were up 2 percent each, while auto and healthcare added a percent each.
| INDEX | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Sensex | 65,280.45 | -505.19 | -0.77% |
| Nifty 50 | 19,331.80 | -165.50 | -0.85% |
| Nifty Bank | 44,925.00 | -414.90 | -0.92% |
| BIGGEST GAINER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Tata Motors | 618.20 | 17.40 | +2.90% |
| BIGGEST LOSER | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Adani Ports | 718.70 | -21.35 | -2.88% |
| BEST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty PSU Bank | 4459.10 | 43.45 | +0.98% |
| WORST SECTOR | PRICES | CHANGE | CHANGE% |
|---|---|---|---|
| Nifty FMCG | 52942.40 | -823.30 | -1.53% |
The BSE midcap index rose 0.8 percent and the smallcap index added 0.7 percent.
A long build-up was seen in Multi Commodity Exchange of India, M&M, while a short build-up was seen in Eicher Motors, RBL Bank and Jindal Steel.
Among individual stocks, a volume spike of more than 300 percent was seen in Hindustan Copper, PVR INOX, Gail India and Sun TV.
More than 200 stocks touched their 52-week high on the BSE, including RPP Infra Projects, Samvardhana Motherson International, Mangalore Refinery & Petrochemicals, Tata Motors, JK Tyre & Industries, InterGlobe Aviation, Hindustan Petroleum Corporation, DLF, Britannia Industries.
Outlook for July 7
Gaurav Bissa, VP, InCred Equities
Nifty opened on a flattish note, but it was in no mood to give up the gains it has enjoyed in the last few days. After 2 days of consolidation, the index came back strong and closed near high point of the day. The index was seen gaining strength as the day progressed even when Bank Nifty was underperforming, thanks to the strong push by Reliance Industries with support from auto stocks like M&M and Tata Motors.
The index has, however, witnessed negative divergence in RSI on the hourly charts which may restrict the pace of Nifty going forward. On 240mins charts, RSI has approached 84 levels which is near a 3-year resistance of 85-87 zone. This, combined with the rising trendline hurdle at 19600 can result in some profit booking in the index in the coming days. The immediate supports are placed at 19330 while medium term supports are placed at 19150-19200 levels.
Rupak De, Senior Technical analyst at LKP Securities:
The Nifty reached another all-time high after two days of consolidation, indicating a breakout in the upward direction. The overall trend appears positive as the index comfortably sits above a key short-term moving average (50DMA).
The immediate resistance is visible at 19500; a decisive breakout above 19500 may take the index towards 19725. Support on the lower end is pegged at 19350-19300.
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