Taking Stock: Market bounces back; Nifty at 24,150, Sensex up 443 points
Market Today
Indian benchmark indices erased previous session losses and ended higher on July 1 led by IT, auto and FMCG stocks. At close, the Sensex was up 443.46 points or 0.56 percent at 79,476.19, and the Nifty was up 131.40 points or 0.55 percent at 24,142.
After a flat start, the market gained strength, with Nifty crossing 24,150 and inched closer to record levels of 24,174 led by buying across the sectors barring power, PSU Bank and realty.
Top Nifty gainers included Tech Mahindra, Wipro, Bajaj Finance, UltraTech Cement and Grasim Industries, while losers were NTPC, Eicher Motors, Dr Reddy’s Labs, SBI and Apollo Hospitals.
Among sectors, except power, PSU Bank and realty, all other indices ended in the green with IT index rose nearly two percent.
The broader indices hit a fresh record high with the BSE midcap and smallcap index adding more than 1 percent each.
More than 300 stocks touched their 52-week high on the BSE, including Tech Mahindra, Grasim Industries, UltraTech Cement, PB Fintech, Persistent Systems, ACC, L&T Finance, Emami, Oracle Financial Services, Indraprastha Gas, Glenmark Pharma, Biocon, LIC Housing Finance, among others. Click to View Full List
Outlook for July 2
Aditya Gaggar Director of Progressive Shares
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Nifty50 started the July month marginally lower but a sharp upmove in the IT counters pushed the Index higher to end the session at a record closing level of 24,141.95 with gains of 131.35 points. As far as sectors are concerned, Media was the top gainer while PSU Bank was the major laggard by ending the day with a loss of 0.76%.
During the day, buying traction was witnessed in the Cement stocks. By breaching its congestion, Mid and Smallcaps advanced over 0.90% and outperformed the Benchmark Index.
Bullish Engulfing on the daily chart indicates the presence of a strong momentum and we believe that the Index is heading toward the 24,250-24,400 zone while the support level is shifted higher at 23,940.
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