Stock Market Highlights, July 19: Sensex tanks 739 pts, Nifty gives up 24,550 ahead of Budget week
Stock Market Highlights on Friday, July 19, 2024: The selling in the broader market was even steeper with the BSE MidCap and SmallCap indices falling 2.2 per cent each
 "Stock Market Highlights, July 19: Sensex tanks 739 pts, Nifty gives up 24,550 ahead of Budget week")
Closing Bell on Friday, July 19, 2024: It was a one way street for Dalal Street investors on Friday as weak global sentiment weighed heavily and amid profit booking by investors ahead of the Union Budget 2024 presentation next week.
The strength in the information technology (IT) stocks also waned by fag-end, leading to a broad-based selling.
The strength in the information technology (IT) stocks also waned by fag-end, leading to a broad-based selling.
The BSE Sensex slumped 739 points, or 0.91 per cent, to end at 80,605 levels, while the Nifty50 gave up 24,550-mark to end at 24,531, down 270 points or 1 per cent.
Notably, the indices had hit record highs of 81,588 and 24,855, respectively, in the morning trade.
26 of the 30 Sensex index stocks, and 46 of the 50 Nifty stocks settled with losses. The top losers on the benchmarks were Tata Steel, BPCL, JSW Steel, Hindalco, NTPC, Tata Motors, ONGC, Coal India, and Ultratech Cement, which fell between 3 per cent and 5 per cent.
The selling in the broader market was even steeper with the BSE MidCap and SmallCap indices falling 2.2 per cent each.
All the sectoral indices ended in the red zone, led by the Nifty Metal (4 per cent), the Nifty Realty (2.66 per cent), and the Nifty Auto (2.4 per cent).
4:04 PM
Tech View :: 'Weakness can continue in Nifty; support at 24,350'
On the daily charts, we can observe that the Nifty has faced resistance at the zone of 24,850 – 24,900 where Fibonacci levels were placed.
The negative divergence and crossover on the momentum indicator indicate that the weakness can continue.
In terms of levels, 24,400 – 24,350 is the crucial support zone while 24,730 – 24,780 shall act as a crucial resistance from short term perspective.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The negative divergence and crossover on the momentum indicator indicate that the weakness can continue.
In terms of levels, 24,400 – 24,350 is the crucial support zone while 24,730 – 24,780 shall act as a crucial resistance from short term perspective.
Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
4:00 PM
Tech View :: Options data shows bearish sentiment for Bank Nifty
Bank Nifty closed at its day’s low, forming a bearish candlestick on the daily chart.
The active call writing and put covering suggest weaker sentiment.
Traders should maintain a sell-on-rise strategy, with resistance at 52,500.
Bullish positions are recommended only if the index closes above 52,500.
Further weakness is expected if it closes below its 21-day EMA at 52,000.
Views by: Rupak De, Senior Technical Analyst, LKP Securities
The active call writing and put covering suggest weaker sentiment.
Traders should maintain a sell-on-rise strategy, with resistance at 52,500.
Bullish positions are recommended only if the index closes above 52,500.
Further weakness is expected if it closes below its 21-day EMA at 52,000.
Views by: Rupak De, Senior Technical Analyst, LKP Securities
3:52 PM
Budget and Markets :: Policy outlook key to sustain recent Nifty50 rally
The sharp rally post-election results has been aided by a reversal in foreign institutional investors' flows into the positive territory and a sustained inflow into domestic mutual funds.
Considering the slow start to earnings growth in Q1 FY25, policy direction in the upcoming Budget 2024 will be key to sustain it, as the forward P/E premium of India over MSCI emerging markets has touched +2SD above the mean level.
We maintain our Nifty50 target of 25,683, a marginal upside from the current levels, with a preference for large- caps.
We maintain our Overweight rating on the capital goods, cement, electronics manufacturing services (EMS) and financial sectors.
Views by: InCred Equities
Considering the slow start to earnings growth in Q1 FY25, policy direction in the upcoming Budget 2024 will be key to sustain it, as the forward P/E premium of India over MSCI emerging markets has touched +2SD above the mean level.
We maintain our Nifty50 target of 25,683, a marginal upside from the current levels, with a preference for large- caps.
We maintain our Overweight rating on the capital goods, cement, electronics manufacturing services (EMS) and financial sectors.
Views by: InCred Equities
3:47 PM
Currency check :: Rupee ends flat at 83.66/$
3:45 PM
Broader markets :: Mid, SmallCap indices slide over 2% each
3:43 PM
Sectoral trends :: All sector indices settle in the red zone
3:42 PM
Sensex Heatmap :: 26 of the 30 index stocks nurse losses; Infy, ITC buck trend
3:40 PM
Closing Bell :: Nifty ends below 24,550
3:39 PM
Closing Bell :: Sensex falls over 700 pts, ends below 81,000
3:19 PM
ICICI Bank, TCS, Grasim: 5 F&O stocks with high PCR for your watchlist
TCS
Support: Rs 4,250
Resistance: Rs 4,420
TCS PCR stands at 1.3; with highest OI in Puts seen at Rs 4,000 Strike followed by Rs 4,200 and Rs 4,100. Fresh Put writing was visible at Rs 4,300 and Rs 4,350 Strikes; indicating likely support for the stock around Rs 4,250 levels going ahead. READ MORE
Topics : MARKET LIVE MARKET WRAP Market news Indian stock market Q1 results S&P BSE Sensex Nifty50 Infosys Reliance Industries stock market trading global markets sell-off global market rout
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First Published: Jul 19 2024 | 7:52 AM IST