Stock market closing: Sensex climbs over 600 points to close in green, LTIM, ONGC amongst top gainers

Both indices, Sensex and Nifty closed the day in the green. While Nifty closed at 24,800 points, up by 0.76%, Sensex inched up by 626.91 points to close at 81,343.46 points on 18th July, 2024.

LTI Mindtree (up by 3.48%), ONGC (up by 2.99%), Wipro (up by 2.41%), Bajaj Finserv (up by 2.39%) and TCS (up by 2.84%) were amongst the top gainers of the day. On the other hand, Hero Moto Corp (down by 1.49%), Coal India (down by 1.48%), Asian Paints (down by 1.40%), Grasim (down by 1.25%) and Bajaj Auto (down by 0.86%) were amongst the leading laggards.

Amongst broad market indices, Nifty next 50 closed in red, down by 1.09%. Nifty smallcap 100 dipped by 1.22%, while smallcap 250 shed 1.11% and smallcap 400 lost 1% during the day. Nifty microcap also closed the day in red, losing 1.04%.

Amongst sectoral indices. IT inched up by 2.22%, while media was biggest loser, down by 3.57%. Realty, metal and consumer durables also closed the day in red, while FMCG, auto and pharma closed the day in green.

Out of the 2,791 stocks traded during the day, 932 advanced while 1,793 declined. 66 stocks were unchanged. Around 145 stocks hit their 52-week high, while 19 stocks also hit their 52-week low prices. 87 stocks hit the upper circuit, or maximum permissible trading price during a single trading session, while 108 stocks remained in the lower circuit, or the lowest permissible trading price during a singular session.

Infosys, Tata Communications and Persistent Systems also announced their Q1FY25 results during the day. Infosys saw a 7.1% YoY rise in its net profit, taking it to Rs 6,368 crore. The company's revenue from operations also jumped up 3.6% YoY to reach Rs 39,315 crore. On the other hand, Persistent recorded $328.2 Million as revenue for Q1 FY25, witnessing a 16% YoY and 5.6% QoQ growth.

As for Tata Communications, the company's Q1 net profit dipped 13% to reach Rs 333 crore. However, its revenue for the quarter was up 18%, at Rs 5,633 crore.

Expert outlook

Osho Krishan, Senior Analyst, Technical & Derivatives, Angel One Ltd noted that the Indian equity market experienced a remarkably positive trading day, with the Nifty50 benchmark index reaching a new milestone of 24,800. Despite initial concerns caused by weak global cues, the market demonstrated resilience and confidence as the day progressed. The latter half of the session saw a strong upward movement, and the Nifty soared to settle at the 24,800 mark, securing a gain of 0.76%

"As far as levels are concerned, the 24,500 is now expected to provide strong support, before which some cushioning to upcoming blips could be seen around the 24,650 subzones. On the higher end, it's challenging to anticipate the exact resistance zone, but achieving the milestone of 25,000 is now seen as a significant target for the bulls, especially in the context of the pre-budget rally", he continued.

Aditya Gaggar Director of Progressive Shares noted extreme volatility in the morning trade today, as index swung on both sides. "On a sectoral front, media was the top loser by ending the day with a loss of over 3% followed by metal. Recovery was seen in the broader markets as well but not enough to outperform the frontline index as mid and smallcap shed by 0.96% & 1.22% respectively. By engulfing the previous candle, the Index has formed a big green candle which implies a strong comeback of bulls and now the psychological level of 25,000 will be considered as an immediate hurdle while on the lower side, 24,500 will serve as strong support", he highlighted.

As Ajit Mishra – SVP, Research, Religare Broking Ltd notes, "Markets have been inching higher as expected, driven by rotational buying in heavyweight stocks. We are now eyeing the new milestone of 25,000 in the Nifty. However, the recent underperformance of the broader indices is tempering the overall buoyancy. Amid these mixed signals, we reiterate our recommendation to focus on stock selection and prefer hedged positions, given the anticipated rise in volatility due to the upcoming Union Budget and ongoing earnings season".