Indian Equity Indices Rebound, Reliance & HDFC Lead
Dear Trader…
A bounceback in IT stocks after their recent slide, and a report of Blackstone investment in Cipla boosting pharma stocks helped 30-share BSE benchmark Sensex gain 480 points or 0.74% to settle at 65,721. The broader Nifty Future surged 108 points or 0.56% to end at 19576. From the Sensex pack, IndusInd Bank, Tech Mahindra, Wipro and Airtel were the top gainers, rising 2-3%. HCL Tech, Axis Bank, HDFC Bank, and Reliance Industries also closed with gains. On the flip side, SBI closed 3% lower post Q1 results. NTPC, Maruti, Bajaj Finserv, and Power Grid also ended lower.
On the sectoral front, Nifty IT rose 1.55% and Nifty Pharma advanced 0.94%. Nifty Financial Services and Nifty Bank also closed higher. In the broader market, Nifty Midcap100 gained 0.82%, and Smallcap100 rose 0.76%. Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 1.8 lakh crore to Rs 304.09 lakh crore. The market breadth was skewed in favour of the bulls. About 2,236 stocks gained, 1,331 declined, and 153 remained unchanged on the BSE.
FII and FPIs, on Friday saw a net sold of Rs. 556.32 crore in the cash segment. A total of Rs. 9230.55 crore was sold against a total purchase of Rs. 8674.33 crore. Domestic institutional investors saw a net purchase of Rs. 366.61 crore in the cash segment. A total of Rs. 8012.04 crore was sold against a total purchase of Rs. 8378.65 crore.
Meanwhile, Positive earnings reports provided a much-needed boost to the domestic market, aiding its recovery from the impact of weak global cues. The pharma sector sustained its positive momentum, with the trend being extended by the IT and banking stocks. However, increasing US bond yields continued to distract the global market, impeding the inflow of foreign funds into the domestic market.
Technically, the important key resistances are placed in August Nifty future are at 19576 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19606 - 19676 levels. Immediate support is placed at 19505 - 19474 levels.
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