Sensex adds 428 pts, Nifty ends near 16,150; PSBs, OMCs rally; RIL down 1%
CLOSING BELL: It was, largely, a broad-based rally where the Nifty PSU Bank index advanced the most, up 3.4 per cent
 "MARKETS: Sensex up 400 pts, Nifty holds 16100; financials firm, RIL down 1%")
CLOSING BELL
Stock market highlights: Bulls had firm control over benchmark indices for a second straight day on Thursday as falling commodity prices eased inflationary concerns. Vilatility index, India VIX, cooled off over 6 per cent on weekly F&O expiry day.
According to analysts at Morgan Stanley, inflation risk has peaked in Asian economies, including India. It believes interest rate hikes may moderate going ahead with growth concerns creeping in. READ MORE
Stock market highlights: Bulls had firm control over benchmark indices for a second straight day on Thursday as falling commodity prices eased inflationary concerns. Vilatility index, India VIX, cooled off over 6 per cent on weekly F&O expiry day.
According to analysts at Morgan Stanley, inflation risk has peaked in Asian economies, including India. It believes interest rate hikes may moderate going ahead with growth concerns creeping in. READ MORE
Overall, the BSE Sensex jumped 427.5 point, or 0.8 per cent, to end at 54,178.5 levels, while the Nifty50 ended at 16,133, up 143 points or 0.89 per cent. Both the indices hit intra-day highs of 54,255 and 16,151, respectively.
21 of the 30 Sensex constituents, and 38 of the Nifty50 constituents closeed in the positive zone led by Hindalco, Titan Company, Tata Steel, L&T, Tata Motors, JSW Steel, UPL, and IndusInd Bank. These stocks rallied in the range of 3-6 per cent.
On the flipside, Dr Reddy's Labs, Cipla, Bajaj Finance, Bharti Airtel, Nestle India, Reliance Industries, and HUL fell around 1 per cent each. It was, largely, a broad-based rally where the Nifty PSU Bank index advanced the most, up 3.4 per cent. The Nifty FMCG index, meanwhile, settled 0.08 per cent down.
In the broader markets, the BSE MidCap and SmallCap indices edged over 1 per cent higher.
4:07 PM
Views by Rupak De, Senior Technical Analyst at LKP Securities.
Nifty tech view: Index may move above 16,400 in short-term if 16K mark sustained
The Nifty started gap up and remained in a range throughout the day, keeping the morning gain intact.
At the end of the session, the Nifty managed to close above its 50-day moving average, suggesting a bullish trend reversal.
The momentum indicator has been in a bullish crossover for the last few days, indicating ongoing bullish momentum. Over the short term, the headline index may move towards 16400 if it sustains above 16100.
On the lower end, support is visible at 16000.
At the end of the session, the Nifty managed to close above its 50-day moving average, suggesting a bullish trend reversal.
The momentum indicator has been in a bullish crossover for the last few days, indicating ongoing bullish momentum. Over the short term, the headline index may move towards 16400 if it sustains above 16100.
On the lower end, support is visible at 16000.
Views by Rupak De, Senior Technical Analyst at LKP Securities.
4:05 PM
Views by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Closing view: Investors seeing room to pick up sound stocks
Buoyancy across global indices and short-covering in local stocks helped benchmark Nifty & Sensex to close above their psychological levels.
After the sell-off in recent months, valuations are now off their peak and this is giving investors some room to pick & choose stocks, which are fundamentally sound despite the prevailing negative sentiment.
Technically, after a promising pullback rally the Nifty is comfortably trading above the 16000 mark which is broadly positive.
However, post the strong uptrend rally, the market, on daily charts, has formed a small Hammer candle which is indicating a strong possibility of an intraday correction.
As long as the index is trading above 16000, the short term uptrend formation remains intact. Above 16000, the index could hit the level of 16200-16275.
On the flip side, traders may prefer to exit from long positions, if the index trades below 16000. On further correction, the index could retest the level of 15950-15900.
After the sell-off in recent months, valuations are now off their peak and this is giving investors some room to pick & choose stocks, which are fundamentally sound despite the prevailing negative sentiment.
Technically, after a promising pullback rally the Nifty is comfortably trading above the 16000 mark which is broadly positive.
However, post the strong uptrend rally, the market, on daily charts, has formed a small Hammer candle which is indicating a strong possibility of an intraday correction.
As long as the index is trading above 16000, the short term uptrend formation remains intact. Above 16000, the index could hit the level of 16200-16275.
On the flip side, traders may prefer to exit from long positions, if the index trades below 16000. On further correction, the index could retest the level of 15950-15900.
Views by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
4:04 PM
Views by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Closing view:
Buoyancy across global indices and short-covering in local stocks helped benchmark Nifty & Sensex to close above their psychological levels.
After the sell-off in recent months, valuations are now off their peak and this is giving investors some room to pick & choose stocks, which are fundamentally sound despite the prevailing negative sentiment.
Technically, after a promising pullback rally the Nifty is comfortably trading above the 16000 mark which is broadly positive.
However, post the strong uptrend rally, the market, on daily charts, has formed a small Hammer candle which is indicating a strong possibility of an intraday correction.
As long as the index is trading above 16000, the short term uptrend formation remains intact. Above 16000, the index could hit the level of 16200-16275.
On the flip side, traders may prefer to exit from long positions, if the index trades below 16000. On further correction, the index could retest the level of 15950-15900.
After the sell-off in recent months, valuations are now off their peak and this is giving investors some room to pick & choose stocks, which are fundamentally sound despite the prevailing negative sentiment.
Technically, after a promising pullback rally the Nifty is comfortably trading above the 16000 mark which is broadly positive.
However, post the strong uptrend rally, the market, on daily charts, has formed a small Hammer candle which is indicating a strong possibility of an intraday correction.
As long as the index is trading above 16000, the short term uptrend formation remains intact. Above 16000, the index could hit the level of 16200-16275.
On the flip side, traders may prefer to exit from long positions, if the index trades below 16000. On further correction, the index could retest the level of 15950-15900.
Views by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
4:02 PM
Rupee gains by 12 paise to close at 79.18/$
3:59 PM
Ethos edges higher on signing distribution pact with Jacob & Co
3:57 PM
Man Infra moves 2% up; co to jointly develop a luxurious project in Mumbai
3:56 PM
BHEL rises 2.3%; co commissions floating solar PV plant
3:54 PM
Royal Orchid soars 6.6% on launch of two more hill station hotels
3:52 PM
Nykaa parent gains 3.6% after men's innerwear brand launch
3:49 PM
PSBs soar over 3% on Nifty, Realty, Consumer Durables next winners
3:47 PM
Broader markets log stronger gains vs benchmarks
3:46 PM
Nifty losers: Dr Reddy's, Cipla, Nestle top drags
3:45 PM
Nifty winners: Steel majors, Tata Motors rise 4-7%
3:43 PM
Sensex heatmap: Titan shines; Reliance, HUL, Airtel cap upside
3:42 PM
Closing Bell: Nifty ends near 16,150; 38 of 50 shares close in green
Topics : Sensex MARKET LIVE MARKET WRAP Indian markets Nifty BSE NSE Midcap smallcap stocks Market trends Buzzing stocks stocks to watch Trading strategies stock market investing Crude Oil Price Brent crude Piramal Enterprises TVS Motor Dr Reddys Titan
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jul 07 2022 | 8:04 AM IST
