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Both indices, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> opened the day in greens. While Nifty was trading at 24,423.30 points, up by 107 points, up by 0.44%. Sensex was trading at 80,164.68 points, up by 267 points, as of 9:30 am. <keyword id="20740180" type="General" weightage="20" keywordseo="LTI-Mindtree" source="keywords" meta.keywordsubtype="org" meta.entityname="LTI Mindtree" meta.hostid="261" meta.entityid="LTI Mindtree">LTI Mindtree</keyword> took a significant lead of over 2% in early morning trade. <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword>, Tata Steel, BPCL and <keyword id="19955371" type="General" weightage="20" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> were top gainers in early morning trade. On the other hand, Power Grid, HDFC Life, Apollo Hospitals, Dr. Reddy and HDFC bank were lagging. <keyword id="19950207" type="General" weightage="20" keywordseo="HCL-Tech" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Tech" meta.hostid="261" meta.entityid="HCL Tech">HCL Tech</keyword> is scheduled to release its Q1FY25 results later during the day. All broad market indices opened the day in green, except for India VIX which was down by 0.48%. Nifty bank, auto, financial services, FMCG, pharma, PSU banks, private bank, healthcare and realty opened the day in red. In early trade, Nifty IT and media took a significant lead of over 1%. Mr. Aditya Gaggar Director of Progressive Shares notes that their view on the index remains the same, i.e. as long as the Index holds a level of 24,200 uptrend will remain intact and on the higher side, 24,460 will be a critical hurdle. "From the energy sector, gas stocks picked up their momentum (Petronet). Sugar stocks from the FMCG sector are gradually strengthening their uptrend (Balrampur Chini and Dalmia Sugar). The direction of the IT sector depends upon how the market participant decodes the Q1FY25 earnings of giant <keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords" meta.keywordsubtype="org" meta.entityname="TCS" meta.hostid="261" meta.entityid="TCS">TCS</keyword>". "From the media segment, we are bullish on <keyword id="22381558" type="General" weightage="20" keywordseo="SunTV" source="keywords">SunTV</keyword>. Considering a strong rally in the Pharma space, we can expect a round of profit booking in the short run but the overall uptrend will remain intact. PSE stocks regained their lost spot as many of them have given a strong breakout from different patterns and we have identified some of them namely Engineers India , GMDC, MRPL, and SJVN", he said. IT giant TCS declared their Q1FY25 results. As Siddhesh Mehta, Research Analyst, SAMCO Securities highlighted, the company beat D-street estimates in terms of results. "The company reported a constant currency revenue growth of 4.4% in Q1FY25, up from 2.2% in Q4FY24. Despite the overall macroeconomic environment continuing to indicate uncertainty, with profits declining by 3.18% QoQ, all major markets displayed sequential growth. While revenue growth for India's largest IT services companies in Q1FY25 remains strong, profit and margin pressures persist", he continued. TCS opened the day in green, trading at Rs 4,018.8, up by 2.42%.

Stock market 12 July: Sensex inches up over 80k, LTI Mindtree, Tata Steel, BPCL take early lead

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> saw a muted start to the week's opening on Monday. While Sensex was trading at 79,274.72 points, down by over 430 points, while Nifty was at 24,222.35, dipping by 0.6%. <keyword id="22754224" type="General" weightage="20" keywordseo="Grasim-Paints" source="keywords">Grasim Paints</keyword>, JSW Steel, Cipla gained over 1% each, while <keyword id="20026009" type="General" weightage="20" keywordseo="Asian-Paints" source="keywords">Asian Paints</keyword> and <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords">Tata Motors</keyword> also gained lead during early trade. <keyword id="22754225" type="General" weightage="20" keywordseo="Adani-Entertainment" source="keywords">Adani Entertainment</keyword>, <keyword id="20051210" type="General" weightage="20" keywordseo="Adani-Ports" source="keywords">Adani Ports</keyword>, <keyword id="19903558" type="General" weightage="20" keywordseo="NTPC" source="keywords">NTPC</keyword>, <keyword id="19906098" type="General" weightage="20" keywordseo="SBI-Life" source="keywords">SBI Life</keyword> and Tata Consumers were amidst the leading laggards. Aditya Gaggar, director of Progressive Shares notes that a range of 23,970-24,400 is a make or break for Nifty, and a breakout on either side will open the door for a further 300-400 points. The same observation was also seen in BankNifty with a range of 49,730-50,730. "Some stocks look strong on a technical front Balrampur Chini and United Spirits, HUL, and ITC. The media segment shows stock-specific buying (Network18 &amp; SunTV). The pharma sector has extended its strong uptrend and breakout in a few counters are indicating further rally in the sector (Alkem Labs, IPCA Labs, and Mankind Pharma)", he continued. All broad market indices dipped during early trade, about 1% each, with the exception of India VIX, which inched up about 5.57%. Only consumer durables and realty saw shoots of greens during opening trade today, while media dipped over 1%. Shrikant Chouhan, Head Equity Research, Kotak Securities, highlights that "benchmark indices experienced profit booking at higher levels last week. Nifty closed 1.42% down, while Sensex closed 1,260 points lower. The metal index declined by nearly 3%, while healthcare and pharma stocks held positive momentum despite weak market sentiment. The market slipped below the 20-day SMA (simple moving average) during the week but recovered some losses in the second half and eventually closed at 24,367/79,722. "For the week, 23,800/78,000 and 24,500/80,100 are expected to be the major support and resistance levels. Above 24,500/80,100, the market may continue the pullback formation until 24,700/80,600 or even 24,900/81,200. On the other hand, below 24,100/78,600, selling pressure may increase, potentially leading to a drop to the 50-day SMA and 23,800/78,000", he said. "The suggested strategy is to reduce long positions until the market crosses 24,500 levels. Considering trading bets above 24,500 is advisable as there may be a technical breakout that could push the market towards 24,900 levels. Below 23,800, it could fall to 23,300 levels", continued Chouhan.

Stock market opening: Sensex, Nifty see muted start, Asian Paints, Grasim take lead

Both <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="100" keywordseo="Nifty" source="keywords">Nifty</keyword> opened the day in green. As of 9:35 am, Sensex was trading at 79,451.13 points, down by 0.032%, while Nifty was trading at 24,192.40 points, up by 0.21%. During early morning trade, Eicher Motors, <keyword id="19945574" type="General" weightage="20" keywordseo="Wipro" source="keywords">Wipro</keyword>, <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords">Tech Mahindra</keyword>, HCL Tech and ONGC were leading, while <keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword>, Tata Motors, Bajaj Finance and Adani Enterprises were amongst the laggards. As for broad market indices, except for India VIX, which was down by 0.05%, all others opened in green. On BSE, TCS, Bharti Airtel, TCS, and Nestle India were trading in green, while Tata Steel, Asian Paints, JSW Steel, and IndusInd Bank were trading in red. <h2>Stocks in Action </h2>Eicher Motors informed NSE of its monthly sales figures. On a YoY basis, the company's motorcycle sales jumped by 8%, from 20,535 between April and June 2023 to 22,221 between April and June 2024. In general, the auto sector reported muted passenger (PV) and commercial vehicle (CV) sales numbers. Maruti Suzuki's total sales volumes increased by 12% YoY. Mahindra &amp; Mahindra's PV volumes grew by 23% year over year in June 2024. Tata Motors PV volumes declined by 8% year over year in June 2024 TVS Motor total volumes increased by 6% year over year in June 2024. Overall, total PV retail volumes declined by 8% YoY in June 2024 Amidst sectoral indices, Nifty auto, financial services, FMCG, private bank and healthcare were in red, while IT took a solid lead and was up by 1.1% during early morning trade. According to Aditya Gaggar, director of Progressive Shares, the "bullish engulfing pattern on the daily charts indicates the presence of 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. The auto-ancillary stocks extended their outperformance, boosting our confidence to remain overweight. Heavyweight <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> is on the cusp of a major pattern breakout, and post the breakout, one can expect an outperformance by <keyword id="22183748" type="General" weightage="20" keywordseo="BankNifty" source="keywords">BankNifty</keyword>". "The IT segment extended its journey toward the north and is likely to continue. The media sector has given a breakout, and some of the counters are on the verge of providing a major breakout (SunTV and Saregama). From a medium to long term horizon, investors should focus on the agro/specialty chemicals segment. By forming a strong bullish candle, mid and small caps have ended the congestion phase and are likely to resume outperformance. As per Shrikant Chouhan, Head Equity Research, Kotak Securities, "we believe the short-term texture of the market is positive, but due to temporary overbought conditions, we may see some profit booking at higher levels. For day traders right now, 24,000/79,000 will act as a sacrosanct support zone. While 24,250-24,300/79,800-80,000 can be immediate profit booking zones for day traders,. On the other hand, below 24000/79000, traders may prefer to exit long positions."

Stock market today: Nifty, Sensex open in green; Wipro, Tech Mahindra take lead in early trade

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Stock market 12 July: Sensex inches up over 80k, LTI Mindtree, Tata Steel, BPCL take early lead

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Stock market opening: Sensex, Nifty see muted start, Asian Paints, Grasim take lead

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Stock market today: Nifty, Sensex open in green; Wipro, Tech Mahindra take lead in early trade

Ira Alok Puranik

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