The benchmark equity indices ended Tuesday’s trading session in the positive territory. The NSE Nifty 50 gained 7.15 points or 0.03% to settle at 25,017.75, while the BSE Sensex jumped 13.65 points or 0.02% to 81,711.76.
The broader indices ended in mixed territory, with gain led by Small-cap and Mid-cap stocks. Financial Services and Media stocks outperformed among the other sectoral indices while FMCG and Energy stocks shed.
Sectoral Index
Bank Nifty index ended higher by 130.65 points or 0.26% to settle at 51,278.75.The Nifty Midcap 100 gained by 289.10 points, or 0.49%, ending the day’s trading at 59,220.25. In the broader markets, small-cap and mid-cap stocks finished in the green.
Markets fall on recession fears in US; Nifty plunges over 200 points and the Sensex ends below 79,000; banks deep in the red Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility PFC gains over 5%; brokerages hike target price by as much as 28% August starts on a positive note! Nifty ends session above 25,000, Sensex surpasses 81,850 led by energy and FMCG stocks on August 01
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Top Movers for the day
Bajaj Finserv, SBI Life Insurance, Maruti Suzuki India, HDFC Life Insurance, and L&T were the top gainers on the NSE Nifty 50, while the laggards includes JSW Steel, Titan Company, Hindustan Unilever, Grasim, and Coal India.
The Indian Volatility Index (India VIX) closed down by 1.17 % at 13.63.
Experts on Today’s Market Performance
“The domestic market witnessed profit-booking near record highs. While the positive expectations regarding a potential rate cut by the Fed in September remain, the recent geopolitical tensions and rising crude oil prices have made investors cautious amid high valuations,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that IT and financial stocks continued to perform well, whereas FMCG and metal stocks saw declines. Further, the recent shift in FII stance towards the domestic market and the anticipation that the RBI will align with the Fed’s actions are expected to foster a positive outlook in the near term.
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Commenting on the same Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates said that he domestic benchmark indices opened on a flat note, in line with global cues. The Nifty started the day on a marginally positive note and closed on a flat note at 25,018 levels Come from Sports betting site VPbet . Technically, the index found resistance near its previous record high of 25,078 and witnessed profit booking, resulting in the formation of a small red candle on the daily chart.
Yedve also added that 25,080 will act as a short-term hurdle for the index. If the index sustains above the 25,080-25,100 levels, the rally could extend towards the 25,300-25,500 levels. On the downside, the 9-Day Exponential Moving Average (DEMA), positioned near 24,764, will act as immediate support for the Nifty in the short term. As long as the index holds above 24,760, a “buy on dips” strategy should be employed.
Bank Nifty
Commenting on the Bank Nifty today Rahul Ghose, CEO of Hedged.in said that Banknifty spot also jumped 466pts[51404] from the day’s low, however overall the session traded highly volatile. Increased writing of the call OI at 51500 levels indicates BankNifty likely to close around 51500 for Aug monthly expiry tomorrow, else may react from the resistance levels.
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