Market Closing Bell: It is a rangebound Tuesday for the markets with the broader indices oscillating in a tight range. The Nifty shut shop in the green at 19,341.4, up 0.18% and the Sensex ended trade at 65,075.82, up 0.12%. Realty, metal and power stocks were in the limelight in today’s session with the Nifty Realty Index clocking over 1% gains.
The top gainers included UPL, Hindalco Industries, Adani Ports, Hero MotoCorp and Tata Steel while the top losers for the day included Bharti Airtel, HUL, Axis Bank, Dr Reddy’s Laboratories and Reliance Industries. The street seemed disappointed about the absence of clear timelines regarding the telecom and retail IPOs.
Hero MotoCorp rolls out Karizma XMR 210 at Rs 1.7 lakh. The stock ended the session with a robust 2% gains. Tata Motors’ electric arm, Tata Passenger Electric Mobility launched a new brand identity, the stock ended in green too.
Sectoral indices benefit from festival demand
“The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides. For instance, the chemical sector emerged as a clear winner due to improvements in product prices stemming from stability in the demand and supply scenario. Meanwhile, the metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy. The benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate,” said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty Realty may see buying traction
“The Nifty Realty index has seen a strong up move in the current financial year but since the start of August month, it has undergone some profit booking/correction. The index has been hovering near the 20 DEMA for quite sometime and with today’s price development, we could witness some buying traction. On the levels front, 530-525 is likely to cushion any short-term blip. On the flip side, the 52-week high of 568 – 570 is expected to provide a sturdy hurdle in the comparable period, “said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One.
Bank Nifty faces resistance at 44,650
“The Bank Nifty index remains engaged in a struggle between bulls and bears, resulting in a phase of sideways trading. The option data reflects a broad range, with notable open interest concentrations at both the 44,000 put option and the 45,000 call option. In terms of immediate technical levels, the index faces a resistance obstacle at 44,650. A decisive breach above this level is anticipated to ignite a fresh upward movement, potentially steering the index towards the 45,000 mark,” said Rupak De, Senior Technical analyst at LKP Securities.