Stock market closing: Nifty, Sensex close the day with minor gains, Bajaj Finserv, Mahindra and Mahindra amongst top gainers
Jul 29, 2024, 16:28 IST
Both indices, Sensex and Nifty ended the day's trade with marginal gains. While Nifty closed at 24,836.10 points, up by 0.01%, Sensex closed at 81,355.84 points, up by 0.03%.
Divis Labs (up by 2.93%), BPCL (up by 2.92%), LT (up by 2.58%), Bajaj Finserv (up by 1.99%) and Mahindra and Mahindra (up by 1.98%) were amongst the leading gainers during the day, while Bharti Airtel (down by 2.08%), Titan (down by 1.95%), Cipla (down by 1.40%), ITC (down by 1.18%) and Tata Consumers (down by 1.12%) were amidst the leading laggards.
All broad market indices closed the day in green, with Nifty Next 50 up by 1.21%, midcap 100 up by 1.03%, small cap 100 up by 1%, India VIX up by 5.69% and smallcap 250 up by 1.07%. As for sectoral indices, with the exception of financial services (down by 0.01%), FMCG (down by 0.34%), IT (down by 0.38%) and consumer durables (down by 0.01%), all other indices closed in green. Media was up by 1.80%, PSU banks rallied by 2.25%, realty was up by 1.43% and oil and gas rallied by 1.04%.
Out of the 2,827 stocks traded during the day, 1,629 stocks advanced, while 1,102 saw declines, while another 96 remained unchanged. 245 stocks hit their 52-week high, while 16 stocks also hit their 52-week low. 179 stocks remained in the upper circuit during the day, while 16 stocks also hit the lower circuit, or the minimum permissible trading price during a singular trading session, during the day.
Aditya Gaggar, director of Progressive Shares noted that Indian bourses commenced the week at yet another record level of 24,940. After a minor dip in the morning trade, Banking counters set the stage for the Index to surpass the psychological barrier of 25,000 but a hidden bearish divergence in the RSI pulled BankNifty lower which put pressure on the Index to trade lower to end the day at 24,836.10 with a minuscule gain of 1.25 points.
"On a sectoral front, PSU Banks and Media were the outperformers while FMCG and IT ended the session in red. Despite a steep reversal in the markets, Mid and Smallcaps held their gains to outshine the Frontline Index. On the daily chart, the Index has formed a small red candle with a probable bearish divergence in RSI indicating a temporary pause in its journey towards the north. A level of 25,000 will continue to act as an immediate resistance while 22,560 is a strong support point", he continued.
Shrikant Chouhan, Head – Equity Research, Kotak Securities highlights that after today's volatile trading session, PSU bank index outperformed and rallied 2.35% whereas intraday profit booking were seen in selective FMCG and IT stocks. The market opened with a positive note but due to profit booking at higher levels, it failed to touch 24,950/81,750 levels. From the day's highest level, market shed over 200 /750 points.
"We are of the view that, the intraday market texture is non-directional hence buying on intraday correction and sell on rallies would be the ideal strategy for the day traders. For traders now, 24,700-24,650/81,000-80,800 would be the key support areas while 24,950 -25,000/81,750-82,000 would act as a crucial resistance areas for the bulls. On the flip side, below 24,650/80,800 uptrend would be vulnerable", he continued.
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Divis Labs (up by 2.93%), BPCL (up by 2.92%), LT (up by 2.58%), Bajaj Finserv (up by 1.99%) and Mahindra and Mahindra (up by 1.98%) were amongst the leading gainers during the day, while Bharti Airtel (down by 2.08%), Titan (down by 1.95%), Cipla (down by 1.40%), ITC (down by 1.18%) and Tata Consumers (down by 1.12%) were amidst the leading laggards.
All broad market indices closed the day in green, with Nifty Next 50 up by 1.21%, midcap 100 up by 1.03%, small cap 100 up by 1%, India VIX up by 5.69% and smallcap 250 up by 1.07%. As for sectoral indices, with the exception of financial services (down by 0.01%), FMCG (down by 0.34%), IT (down by 0.38%) and consumer durables (down by 0.01%), all other indices closed in green. Media was up by 1.80%, PSU banks rallied by 2.25%, realty was up by 1.43% and oil and gas rallied by 1.04%.
Out of the 2,827 stocks traded during the day, 1,629 stocks advanced, while 1,102 saw declines, while another 96 remained unchanged. 245 stocks hit their 52-week high, while 16 stocks also hit their 52-week low. 179 stocks remained in the upper circuit during the day, while 16 stocks also hit the lower circuit, or the minimum permissible trading price during a singular trading session, during the day.
Aditya Gaggar, director of Progressive Shares noted that Indian bourses commenced the week at yet another record level of 24,940. After a minor dip in the morning trade, Banking counters set the stage for the Index to surpass the psychological barrier of 25,000 but a hidden bearish divergence in the RSI pulled BankNifty lower which put pressure on the Index to trade lower to end the day at 24,836.10 with a minuscule gain of 1.25 points.
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Shrikant Chouhan, Head – Equity Research, Kotak Securities highlights that after today's volatile trading session, PSU bank index outperformed and rallied 2.35% whereas intraday profit booking were seen in selective FMCG and IT stocks. The market opened with a positive note but due to profit booking at higher levels, it failed to touch 24,950/81,750 levels. From the day's highest level, market shed over 200 /750 points.
"We are of the view that, the intraday market texture is non-directional hence buying on intraday correction and sell on rallies would be the ideal strategy for the day traders. For traders now, 24,700-24,650/81,000-80,800 would be the key support areas while 24,950 -25,000/81,750-82,000 would act as a crucial resistance areas for the bulls. On the flip side, below 24,650/80,800 uptrend would be vulnerable", he continued.