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Stock Market Highlights, July 29: Benchmarks end flat after hitting record highs; most sectors gain

Stock Market Highlights on Monday, July 29: Among the broader indices, Midcap outperformed the others, as the Nifty Midcap 100 index hit a fresh 52-week high of 58,455.10

SI Reporter New Delhi

Stock Market highlights on Monday, July 29: After opening at record highs, benchmarks Sensex, and Nifty lost momentum during the second half and settled on a flat note on Monday. The BSE Sensex settled at 81,356, up 0.03 per cent or 23 points. The index hit an all-time high of 81,908.43 during early trade.

The NSE Nifty50, on the other hand, ended at 24,836, up 0.01 per cent or 1 point. The index soared to a record high of 24,999.75, merely 0.25 points shy of 25,000.

Out of the 50 listed stocks on the Nifty50, 25 settled lower with Bharti Airtel, Titan, Cipla, ITC, and Tata Consumer being the top laggards. On the contrary, 25 stocks settled higher with gains continued by Divi's Labs, BPCL, Larsen & Toubro, Bajaj Finserv, and Mahindra & Mahindra.

Among the broader indices, mid-cap stocks outperformed the others as the Nifty MidCap 100 index hit a fresh record high of 58,455.10. The index settled at 58,364.65, up 1 .03 per cent.

The Nifty SmallCap index, too, ended 1 per cent higher.

PSU Bank, Media, and Realty indices led by gains with a rally of up 2.25 per cent among the other sectoral indices, while FMCG, IT, and select financial services settled lower.

3:54 PM

Tech View :: Check key levels on Nifty, Bank Nifty here

Nifty50

iOn the daily chart, we can observe that the Nifty has rallied around 800 points in the last three trading sessions. The hourly momentum indicator has triggered a fresh negative crossover suggesting loss of momentum. Thus, there is a high probability that the Nifty is likely to consolidate over the next few trading sessions. On the downside, crucial support is placed at 24,650 – 24,600 where the key hourly moving averages are placed. On the upside, 25,000 is the key psychological hurdle from short term perspective.

Bank Nifty

Bank Nifty has also witnessed an extremely volatile day of trade today. It faced resistance at the falling trend line (52,300) derived by joining the previous couple of swing highs. On the downside, 51,200 – 51,000 is a crucial support zone. Thus, the bank Nifty is also suggesting rangebound price action over the next few trading sessions. In terms of levels, 51800 – 52000 is an immediate hurdle while support is placed at 51,200 – 51,000.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:42 PM

Market Comment :: 'Investors monitoring US Fed, BoJ decisions'

An ease in the US personal consumption expenditure to 2.5% and the subsequent drop in the US 10-year yield have fuelled optimism that the Fed might cut rates in September, leading to a global rally. However, profit-booking was triggered in the domestic market given trading in the overbought territory and closed flat. Policy meeting is scheduled for the Fed, BOJ and BOE this week, and investors are closely monitoring the developments. It is anticipated that the BOE may implement a 25-bps rate cut in response to easing inflation.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:41 PM

Currency Update :: Rupee ends at record low, down 1 paise vs US dollar

3:39 PM

Broader markets :: SmallCap index outshines peers

3:38 PM

Sectoral trends :: IT, FMCG stocks see minor profit booking

3:36 PM

Sensex Heatmap :: Over 15 stocks advance on Sensex today; L&T, Bajaj Finserv lead

3:34 PM

Closing Bell :: Nifty ends below 24,850 after nearing 25,000 intraday

3:32 PM

Closing Bell :: Sensex ends flat after hitting record high intraday

>> BSE Sensex hit an all-time record high of 81,908 on July 29, 2024

3:26 PM

Axis Securities picks PI Industries as 'Stock Pick of the Week'; Check Why

Meanwhile, the shares of PI Industries started today's session at Rs 4204.80 and traded northward, hitting a 52-week high of Rs 4430 on the BSE on Monday. At around 02:30 PM, the stock was quoted at Rs 4395.90, up 4.54 per cent from its previous close of Rs 4204.80 on the BSE. READ MORE

3:15 PM

Ceigall India to open Rs 1,253-crore IPO at Rs 380-401 per share price band

About Ceigall India IPO:

Ceigall India IPO is a book built issue which consists of a fresh issue of 17.1 million shares aggregating to Rs 684.25 crore and an offer for sale of 14.2 million shares aggregating to Rs 568.41 crore. READ MORE

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