Late-day Rally Lifts Benchmark Indices Before F&O Expiry
Dear Trader –
The 30-share BSE benchmark Sensex recovered 570 pts from the day's low and settled at 66,118, rising 173 points or 0.26 per cent. The broader NSE Nifty Future surged 42.60 points or 0.22 per cent to end at 19,719.
From the Sensex pack, L&T, ITC, and Sun Pharma were the top gainers, rising 1.5-2 per cent. Maruti, Reliance Industries, Axis Bank and IndusInd Bank also closed higher, while Titan, SBI, and ICICI Bank closed lower.
On the sectoral front, Nifty Pharma surged 1.2 per cent, led by Granules India, Aurobindo Pharma, and Laurus Labs. Nifty PSU Bank, Nifty FMCG, and Nifty IT also closed higher. In the broader market, Nifty Midcap100 gained 0.9 per cent, and Smallcap100 advanced 0.75 per cent.
Meanwhile, the market capitalisation of all listed companies on the BSE surged by Rs 1.53 lakh crore to Rs 319.68 lakh crore. The market breadth was skewed in favour of the bulls. About 1,956 stocks gained, 1,704 declined, and 139 remained unchanged on the BSE.
FII and FPIs, on Wednesday, saw net sales of Rs 354.35 crore in the cash segment. A total of Rs.9929.52 crore was sold against a total purchase of Rs 9575.17 crore. Domestic institutional investors saw a net purchase of Rs 386.28 crore in the cash segment. A total of Rs 8033.40 crore was sold against a total purchase of Rs 8419.68 crore.
Meanwhile, The market inched higher in the second half, driven by positive openings in European markets. The FMCG and Pharma sectors outperformed, with investors adopting a defensive approach to navigate global challenges. However, persistent outflows of foreign funds and rising US bond yields are expected to keep the broader indices in bleak terrain, in the near term.
Technically, the important key resistances placed in August Nifty future are at 19719 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 19770 – 19838 levels. Immediate support is placed at 19606 – 19575 levels.
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