Taking Stock: Over 4-month high! Sensex reclaims 38,000; Nifty back above 11,200

Taking Stock: Over 4-month high! Sensex reclaims 38,000; Nifty back above 11,200

Recognizing the positive trends in global markets, benchmark indices hit a four-month high of 38,000 for the Sensex. And 11,200 for the Nifty on July 23.

The S&P BSE Sensex was up 268 points at 38,140 and the Nifty 50 was up 82 points at 11,215.

Nifty50 rallied 82 points to 11, 215.

“The benchmark indices ended the day with gains, following positivity in the global markets. Global markets set aside the rising US-China tensions and focused on potential vaccine developments. And better than expected earnings numbers,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Except for IT, most major indices ended higher. Liquidity seems to be driving the markets. “Any dip looks like it will be bought into and is likely to be short-lived, especially in the current mood of the markets when the negatives are being overlooked,” he said.

By sectors, the action in energy, healthcare, realty, and auto indicators, while profit and bookings were seen in IT and telecom sectors.

Before the broader market, the S&P BSE Mid-AP Index was up 0.98 percent and the S&P BSE Small-AP Index was up 0.61 percent.

Top Nifty gainers included RIL, ICICI Bank, SBI, and Eicher Motors.

Top Nifty losers included HUL, Shree Cements, and Axis Bank.

Stocks & Sectors:

Among all the sectors, the S&P BSE Energy Index rose 2.3 percent, the S&P BSE Healthcare Index rose 1.6 percent and the S&P BSE Realty Index ended 1.5 percent higher.

The S&P BSE IT index was down 0.6 percent, while the S&P BSE Telecom Index was down 0.3 percent.

More than 100% of the volume found in Spike BEL, Asian Paints, BPCL, and Century Textiles.

Long Buildup in stocks like Apollo Hospitals, Eicher Motors, and RIL.

Short Buildup in stocks like Century Textiles, Shree Cements, and Axis Bank.

Rossari Biotech, Dixon Technologies, RIL, PI Industries, and JK Cement were among the 100 stocks on the BSE to hit a fresh 52-week high.

Stocks in News:

Dilip Buildcon stock rose more than 11 percent after receiving approval for a Rs 4,167.70 crore EPC project in Gujarat.

Rossari Biotech stock rose 12 percent on July 23 to 57.65 percent premium over the IPO price.

PNB Housing Finance share jumped 5 percent after the company posted 9.5 percent fall in its YoY consolidated net profit for the June quarter at Rs 257 crore versus Rs 284 crore and revenue was down 16.2 percent at Rs 1,870 crore versus Rs 2,231 crore, reported CNBC-TV18.

The future retail share price fell 5 percent on July 22 as the company failed to pay $ 14 million (approximately Rs 105 crore) in interest arrears on offshore bonds worth $ 500 million by 2025.

Balaji Telefilms stock jumped 10 percent after the company narrowed losses to Rs 19.84 crore in the fourth quarter ended on March 31, 2020.

The Hindustan Zinc share price was up over 4 percent. Brokerage firm Prabhudas Lilladher has an ‘accumulate’ call on the stock with a target price of Rs 200.

Technical View:

The Nifty has set a bullish candle on the daily charts. The index appears to be moving in a range and the break above 11,238 will take the Nifty to 11,400-11,500 levels.

The Nifty is likely to fall sideways with a negative bias for the next two trading sessions.

Traders are advised to remain neutral, but intraday traders are expected to go longer if the Nifty exceeds the 11,250 level, experts say.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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