Stock market today: Indian stock market benchmarks- the Nifty 50 and the Sensex - hit their fresh record highs on Tuesday, July 9, despite mixed global cues, while several automobile stocks, including Maruti Suzuki and Mahindra and Mahindra (M&M), clocked healthy gains.
Shares of Maruti, ICICI Bank, ITC and Mahindra and Mahindra remained the top contributors to the gains in the Nifty 50 index.
Nifty 50 hit its fresh all-time high of 24,443.60 while the Sensex made a fresh peak of 80,397.17 during the session.
Nifty 50 ended the day at 24,433.20, rising 113 points, or 0.46 per cent.
Technical views on Nifty 50 "Nifty 50 remained strong throughout the day, holding the support level of 24,300.
Stock market today: Indian stock market benchmarks- the Nifty 50 and the Sensex - hit their fresh record highs on Tuesday, July 9, despite mixed global cues, while several automobile stocks, including Maruti Suzuki and Mahindra and Mahindra (M&M), clocked healthy gains.
Auto stocks rose after reports emerged that the UP government had announced the complete registration tax waiver on strong hybrid cars.
After a flat close in the previous session, the Indian stock market saw healthy gains on Tuesday as investors continued betting on some fundamentally strong largecaps.
Shares of Maruti, ICICI Bank, ITC and Mahindra and Mahindra remained the top contributors to the gains in the Nifty 50 index.
However, investors also booked profits in select heavyweight stocks such as Reliance Industries and Infosys that ended as the top drags on the index.
Nifty 50 hit its fresh all-time high of 24,443.60 while the Sensex made a fresh peak of 80,397.17 during the session. Nifty 50 ended the day at 24,433.20, rising 113 points, or 0.46 per cent. The Sensex settled with a gain of 391 points, or 0.49 per cent, at 80,351.64. Both indices ended at their fresh closing highs.
Mid and smallcap indices also ended with gains but underperformed the benchmarks. The BSE Midcap index rose 0.36 per cent, and the Smallcap index climbed 0.22 per cent.
Global markets were mixed as investors waited for the US Federal Reserve Chair Jerome Powell's testimony before Congress on Tuesday and Wednesday amid growing hopes of a rate cut in September.
The overall market capitalisation of the firms listed on the BSE rose to nearly ₹451.3 lakh crore from nearly ₹449.7 lakh crore in the previous session, making investors earn nearly ₹1.6 lakh crore in a single session.
As many as 331 stocks, including ICICI Bank, Zomato, Dr Reddy's Labs, Lupin, GAIL and REC, hit their fresh 52-week highs in intraday trade on BSE.
Top gainers in Nifty 50 Maruti Suzuki (up 6.52 per cent), Divi's Labs (up 2.37 per cent) and Mahindra and Mahindra (up 2.23 per cent) ended as the top gainer stocks in the Nifty 50 index.
Top losers in Nifty 50 Shares of Reliance Industries (down 0.80 per cent), Tata Consumer (down 0.76 per cent) and Bajaj Finance (down 0.61 per cent) closed as the top losers in the index.
Sectoral indices today Nifty Auto index jumped 2.23 per cent, ending as the top gainer among sectoral indices. Nifty Consumer Durables (up 1.74 per cent), Pharma (up 1.57 per cent), PSU Bank (up 1.28 per cent), Healthcare (up 1.14 per cent), Realty (up 1.14 per cent) and FMCG (up 0.97 per cent) closed with significant gains.
Nifty Bank rose 0.27 per cent.
Nifty IT (down 0.20 per cent) and Oil & Gas (down 0.17 per cent) were the only losers among major sectoral indices on the NSE today.
Expert view on markets According to Vinod Nair, the head of research at Geojit Financial Services, consumption sectors like FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing. Continuous positive FII inflow also contributes to the prevailing positive sentiment.
"Investors eagerly await the first-quarter earnings results, which will guide market direction. With optimistic revenue growth expectations, the IT sector is expected to kickstart the season positively," said Nair.
Prashanth Tapse, senior VP of research at Mehta Equities, observed there is growing optimism that the Budget will be growth-oriented and the government will focus on sectors that would drive capex and consumption going ahead.
Most of the Nifty 50 companies are expected to post strong results in the first quarter earnings, which is also aiding the investors' sentiment, Tapse said.
Technical views on Nifty 50 "Nifty 50 remained strong throughout the day, holding the support level of 24,300. The sentiment is likely to remain positive as long as it stays above 24,300, where significant put writing has occurred. On the higher end, the 24,500-24,600 range might act as an immediate resistance zone. Overall, the sentiment may continue to favour the bulls in the near term unless the index falls below 24,300," said Rupak De, Senior Technical Analyst, LKP Securities.
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