How Did Indian Indices Overcome Weak Global Cues to Reach New Peaks?

At the close, the Nifty 50 was at 24,800.85 up by 0.76%

The Indian stock market continues its record-breaking run! Today, the Nifty 50 soared past a crucial milestone, closing above 24,800 for the very first time. But can the party continue, or will we see a correction?

This surge comes after a few days of consolidation, indicating a decisive breakout for the index. Experts are bullish, pointing to positive momentum indicators and a series of “higher highs” in recent sessions. This momentum could propel the Nifty towards the much-anticipated 25,000 mark, possibly even before the upcoming Union Budget on July 23rd!

The ride wasn’t entirely smooth, though. The day started with some volatility, but buying interest in IT, banking, and FMCG stocks pushed the index higher. Notably, 24,500 seems to be a new support level, offering a buffer against potential dips.

The question on everyone’s mind: Will the Nifty touch 25,000 before the Budget? With positive technical indicators and strong sectoral performance, it seems like a strong possibility. However, only time will tell if this upward trend can be sustained.

Bank Nifty: Up by 0.43%

The Bank Nifty, a key index for banking stocks, started lower but managed to climb 0.43% by the closing bell, settling comfortably at 52,620.70. This indicates investor confidence returning to the banking sector.

Similarly, the BSE Sensex, a broader market index encompassing various sectors, mirrored the Nifty’s performance. The Sensex rose by a healthy 0.78%, reaching a new closing high of 81,343.46.

In the sectorial front, the IT sector emerged as a clear winner, surging a notable 2.22%. Leading the charge were LTIMindtree, which skyrocketed by a whopping 3.48%, and Tata Consultancy Services, which climbed 2.84%.

However, not all sectors shared the same fate. The media industry took a significant hit, plummeting a concerning 3.57%. This downturn was particularly evident with Zee Entertainment Enterprises, which nosedived a staggering 8.22%, and Hathway Cable & Datacom, which also fell sharply by 6.90%.

FIIs/FPIs recorded a buy value of Rs. 25,520.62 crore and a sale value of Rs. 20,036.99 crore, resulting in a net investment of Rs. 5,483.63 crore.

In contrast, DIIs reported a buy value of Rs. 15,676.29 crore and a higher sale value of Rs. 18,580.54 crore, leading to a net outflow of Rs. -2,904.25 crore.

Bank Nifty

The Nifty Banking sector had some gainers and some losers for the day.

The gainers included State Bank of India with a 1.34% increase, ICICI Bank with a 0.72% increase, Federal Bank with a 0.58% increase, Kotak Bank with a 0.54% increase, and Axis Bank with a 0.46% increase.

On the other hand, the biggest losers in the sector included Bandhan Bank with a 1.10% decline, Bank of Baroda with a 1.01% decline, Punjab National Bank with a 0.82% decline, IDFC First Bank with a 0.36% decline, and HDFC Bank with a 0.29% decline. These results suggest that some of the banking stocks performed better for the day.

Gold and Silver

Today 22 Carat Gold Price Per Gram in India (INR)

Today 24 Carat Gold Price Per Gram in India (INR)

Today Silver Price 1 Gram/KG in India (INR)

Rupee Hits All-Time Low Against Dollar: Will Record Stock Market Save the Day?

The Indian Rupee is facing some headwinds. Today, it depreciated by 6 paise, settling at a new all-time low of 83.64 against the US Dollar. This decline can be attributed to two main factors: a strengthening US Dollar in global markets and rising crude oil prices.

While the situation isn’t ideal, there are a few silver linings. Positive performance in the domestic stock market and recent foreign investments are helping to cushion the blow.

So, is this the start of a long-term trend, or just a temporary blip? The answer isn’t clear-cut. Fluctuations in crude oil prices and the overall strength of the US Dollar will continue to play a role. However, strong domestic markets could offer some support to the Rupee.

The big question remains: will the Rupee continue to weaken, or will it find its footing and bounce back? Only time will tell, but one thing’s for sure – the coming days will be interesting to watch for currency market enthusiasts.

Stocks Highlights

LTIMindtree Takes Flight: LTIMindtree surged an impressive 3.48%, reaching a new price of Rs. 5,756.00. This upswing was fueled by a bullish technical indicator, the Daily MACD crossover, which historically has led to an average price gain of 4.73% within 10 days over the past decade. Looking at the bigger picture, LTIMindtree has also outperformed the Nifty 100 over the past 3 years, delivering a return of 41.3% compared to the Nifty’s 52.57%. Additionally, the company boasts a healthy financial position, spending a minimal portion of its revenue on interest expenses and investing heavily in its workforce.

Hero MotoCorp Hits the Brakes: On the other hand, Hero MotoCorp witnessed a decline of 1.49%, closing at Rs. 5,495.00. Despite this dip, the company’s long-term prospects remain promising. They’ve consistently grown their revenue year-on-year, exceeding their own 3-year CAGR (Compound Annual Growth Rate). Furthermore, Hero MotoCorp has outperformed the Nifty 100 with a stellar 3-year return of 84.49%. Similar to LTIMindtree, they manage their finances well, keeping interest expenses low and allocating resources towards employee development.

Advance Decline Ratio

Today, the advance-decline ratio was 0.48, and the market breadth was negative. The volatility index India Vix increased by 2.02 to settle at 14.51 and the FIIs were net buyers today.

DAILY MARKET ACTION
Advancers – 870
Decliners – 1813
52Wk High – 145
52Wk Low – 19
High Band Hitters – 87
Low Band Hitters – 108
200d SMA – 21718
50d SMA – 23312
20d SMA – 24166

Top Gainers and Losers Stocks

The top gainers were LTIM (+3.48%), ONGC (+2.99%), TCS (+2.84%), Wipro (+2.41%), and Bajaj Finserv (+2.39%).

The top losers were Hero MotoCorp (-1.49%), Coal India (-1.48%), Asian Paint (-1.40%), Grasim (-1.25%), and Bajaj Auto (-0.86%).

Top Gainers and Losers Sectors

The top gainers sector were IT (+2.22%), FMCG (+0.96%), Financial Services (+0.57%), Auto (+0.37%), and Oil & Gas (+0.03%).

The top losers sector were Media (-3.57%), Consumer Durables (-0.96%), Metal (-0.87%), and Realty (-0.32%).

SECTORS – NOTABLE ACTION
IT +2.22%
FMCG +0.96%
FINANCIAL SERVICES +0.57%
MEDIA -3.57%
CONSUMER DURABLES -0.96%
METAL -0.87%

Stocks Ban List

(SEBI) F&O ban list (PEL open at +980.00 and close at -962.70), (BALRAMCHIN open at +449.50 and close at -449.70), (VEDL open at -458.95 and close at -451.40), (HINDCOPPER open at -328.40 and close at -320.20), (GMRINFRA open at -97.02 and close at -95.93), (RBLBANK open at -245.00 and close at -242.60), (CHAMBLFERT open at -505.00 and close at +511.65), and (GNFC open at +687.00 and close at -679.60) are not currently on the stock exchange.

A stock enters the Ban List if its MWPL is above 95%. Implying that, Ban List shows the Futures and Options (FnO) stocks whose combined open interest in all FnO contracts for a given period crosses 95% of Market-Wide Position Limit.

TATACHEM, SAIL, BANDHANBNK, IDEA, IDFCFIRSTB, NMDC, RAMCOCEM, MANAPPURAM, IEX, HAL, PVRINOX, LTF, BIOCON, IRCTC, and PNB stocks has the possibilities of entrance in the ban list.

CHAMBLFERT, and GNFC stocks has the possibilities of exit from ban list.

Daily Pivots

As per the above pivots data, 24500 to 25000 is the Nifty 50 trading range.

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This article is only for educational purposes and is not an investment advice.