Stock market today: Indian stock market benchmarks- the Sensex and the Nifty 50 - ended with healthy gains on Monday, July 1, on gains led by select financial and IT heavyweights amid largely positive global cues.
Top Nifty 50 gainers today As many as 31 stocks ended in the green in the Nifty 50 index.
Nifty Media (up 2.42 per cent) and IT (up 1.97 per cent) ended as the top gainers among sectoral indices.
The Nifty Bank index rose 0.44 per cent, while the Private Bank index ended 0.52 per cent higher.
Technical views on Nifty 50 Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that the Nifty 50 formed a bullish candle on daily charts and is holding a higher bottom formation on intraday charts, which is largely positive.
Stock market today: Indian stock market benchmarks- the Sensex and the Nifty 50 - ended with healthy gains on Monday, July 1, on gains led by select financial and IT heavyweights amid largely positive global cues.
Major European markets traded in the green when the Sensex closed. France's CAC 40 jumped nearly 3 per cent briefly during the session as political uncertainty eased to a fair extent after the far-right party led in the first-round legislative elections.
According to a Reuters report, Marine Le Pen's far-right National Rally (RN) made historic gains to win the first round of a parliamentary election.
Positive global cues influenced the mood of the domestic market as the Sensex gained 443 points, or 0.56 per cent, to end at 79,476.19, while the Nifty 50 clocked a gain of 131 points, or 0.55 per cent, at 24,141.95.
Shares of HDFC Bank, ICICI Bank, Infosys, TCS and Bajaj Finance emerged as the top contributors to the gain in the Sensex index, in that order.
The mid-and small-cap segments saw even stronger buying interest, as the BSE Midcap and Smallcap indices hit fresh record highs of 46,711.27 and 52,981.03, respectively, during the session.
Eventually, the BSE Midcap index ended 1.11 per cent higher at 46,670.66, and the Smallcap index settled with a gain of 1.58 per cent at 52,951.73.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹443.1 lakh crore from nearly ₹439.2 lakh crore in the previous session, making investors richer by about ₹3.9 lakh crore in a single session.
Top Nifty 50 gainers today As many as 31 stocks ended in the green in the Nifty 50 index. Shares of Tech Mahindra (up 2.98 per cent), Wipro (up 2.40 per cent) and Bajaj Finance (up 2.06 per cent) closed as the top gainers in the index.
Top Nifty 50 losers today Shares of NTPC (down 2.06 per cent), Eicher Motors (down 0.92 per cent) and Apollo Hospital (down 0.82 per cent) ended as the top losers in the index.
Sectoral indices today All sectoral indices closed with gains, except for Nifty PSU Bank (down 0.76 per cent) and Realty (down 0.33 per cent).
Nifty Media (up 2.42 per cent) and IT (up 1.97 per cent) ended as the top gainers among sectoral indices.
The Nifty Bank index rose 0.44 per cent, while the Private Bank index ended 0.52 per cent higher. The Nifty Financial Services index closed with a healthy gain of 0.90 per cent.
Expert views on markets "The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the Fed in September. This optimism contributed to the strong performance of IT stocks. We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair's speech to indicate interest rates further," said Vinod Nair, Head of Research, Geojit Financial Services.
According to Ajit Mishra, SVP of research at Religare Broking, the consistent buying interest on dips suggests bullish control, likely continuing the current tone.
"The renewed strength in midcap and smallcap segments adds further positivity. Traders should focus on selecting sectors/themes with rotational participation and consider adding positions during pauses or dips," said Mishra.
Technical views on Nifty 50 Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that the Nifty 50 formed a bullish candle on daily charts and is holding a higher bottom formation on intraday charts, which is largely positive.
"We believe that the short-term texture of the market is positive, but we could see some profit booking at higher levels due to temporary overbought conditions," said Chouhan.
"For traders now, 24,000/79,000 would act as a sacrosanct support zone. While 24,200-24,300/79,700-80,000 could be the immediate profit, booking zones for the day traders. On the flip side, below 24,000/79,000, traders may prefer to exit from the trading long positions," said Chouhan.
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