Pharma, IT Stocks Drive Benchmark Indices Up Amid Data-heavy Week
Dear Trader…
The 30-share BSE benchmark Sensex surged 232 points or 0.35% to settle at 65,953, helped also by financial and auto stocks. The broader NSE Nifty rose 84.80 points or 0.43% to end at 19,661. Broader indexes mirrored their larger peers, with the more domestic-focused midcaps and smallcaps adding 0.51% and 0.22%, respectively.
The market capitalisation of all listed companies on BSE surged by Rs 1.22 lakh crore to Rs 305.38 lakh crore. The market breadth was skewed in favour of the bulls. About 2,026 stocks gained, 1,663 declined, and 198 remained unchanged on the BSE.
Among Sensex stocks, M&M and Sun Pharma were the top gainers, rising 4.2% and 2%, respectively. Bajaj Finserv, TCS, Infosys, HUL, JSW Steel, Wipro, and Maruti also closed higher. On the other hand, SBI, Tata Motors, Axis Bank, Bajaj Finance and Kotak Bank ended lower.
Broader indices mirrored their larger peers, with the more domestic-focused midcaps and smallcaps adding 0.51% and 0.22%, respectively. Nine of the 13 major sectoral indices logged gains, with the pharma index jumping 1.56% to a record high.
FII and FPIs, on Monday saw a net sales of Rs.1892.77 crore in the cash segment. A total of Rs.13602.16 crore was sold against a total purchase of Rs.11709.39 crore. Domestic institutional investors saw a net purchase of Rs.1080.80 crore in the cash segment. A total of Rs. 6410.60 crore was sales against a total purchase of Rs. 7491.40 crore.
Meanwhile, Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI's monetary policy. The Indian market began the data-heavy week with modest gains, primarily propelled by strong performances in the pharma and IT sectors
Technically, the important key resistances are placed in August Nifty future are at 19661 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 19707 – 19808 levels. Immediate support is placed at 19606 – 19574 levels.
Disclaimer ;- The securities quoted are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Before act Please Agree Disclaimer, Terms & Condition, Privacy Policy & Agreement on https://www.nikhilbhatt.in (Education Purpose Only)
