Market Morning: Sensex, Nifty open in green, JSW, Tata Comms. in action

Both Sensex and Nifty began the day in greens. As of 9:45 am, Nifty was up by 0.23% trading at 23,591.45 points, while Sensex was trading at 77,544.36 points, up by 0.28% . All broad market indices, including Nifty smallcap, midcap, microcap and multi-cap were in greens during early trade during the day, except for India VIX, which was trading at 13.98, down by 0.53%.

As for sectoral indices, except for Nifty FMCG (down by 0.08%), IT (down by 0.09%), pharma (down by 0.02%) and realty (down by 0.79%), all other sectors were in green. Early during the day's trade, Ultratech Cement, Divis Labs, HDFC Bank, Coal India and Hindalco emerged as gainers, while Asian Paints, HCL Tech, Kotak Bank, Grasim and Titan lost ground.

As per Mr. Aditya Gaggar, director of Progressive Shares, "a sharp recovery from the lower levels helped the Index to settle 24th June trade higher at 23,538. GIFT Nifty indicates a positive opening of the Indian equities but awaiting a clear breakout on either side. Trend reversal can be expected in the FMCG space as the sector sharply reversed after testing its support level. Selective buying can be expected in the pharma segment. Positive traction was observed in the ceramic stocks and we believe the momentum will likely extend further, so keep an eye for Kajaria and Somany Ceramics".

According to Shrikant Chouhan, Head Equity Research, Kotak Securities, "We believe the larger market texture is still non-directional; hence; level-based trading would be ideal for day traders. For day traders, 23,350/76,700 or 10-day simple moving average would be the key support levels. Above that, the market could rally to 23,600 or 23,700/77,500 or 77,800. On the other side, selling pressure is likely to increase below 23,350/76,800. Below that, the market can slip towards 23,200-23,000/76,400-75,800. For the day, buying is advisable if the index corrects to 23,430/23,400 levels. Keep a stop loss at 23,350".

Stocks in action
Tata Communications limited has announced that its 38th Annual general meeting will be held on July 17th, 2024. During early trade, the stock was trading at Rs 1,854.95, up by 0.50%.

Kalpataru Projects International Limited (KPIL) informed the NSE that it has acquired new orders worth Rs 2,333 crore via its joint ventures and international subsidiaries. The stock was trading at Rs 1,195.10, up by 1.85% during early trade.

JSW Steel USA, which is a subsidiary of JSW Steel Ltd. announced an investment of $110 million in
steel plate mill modernization projects in its facility in Baytown, Texas. The stock was trading at Rs 936.40, up by 0.11%.

Sun Pharmaceutical successfully completed the merger of Taro Pharmaceutical Industries with its subsidiary company. As part of this, the company acquired all outstanding ordinary shares of Taro other than those already held by Sun Pharma or its affiliates. The stock was trading at Rs 1,495.55, up by 0.07%