On Tuesday, the domestic stock market was trading in a range ahead of the weekly expiry of Nifty. The market remained in a range of gains throughout the day, with some fluctuations in the last hours, but the benchmark indices closed in the green for the third consecutive day. Sensex closed at 84,274, up 208 points. Nifty closed at 25,935, up 68 points. Nifty Bank fell 43 points and closed at 60,626. Rupee strengthened by 18 paise to close at 90.58/$.
pressure in textile stocks
Midcap and smallcap indices closed in the green, but sectoral activity was more pronounced. News of Bangladesh-US trade deal put pressure on textile stocks, while outcome-oriented stocks and certain heavyweights supported the market. At the end of trading, Nifty Mid Select closed at 13,953, up 84 points or 0.61%. Meanwhile, Nifty Smallcap rose 65 points or 0.38% to 17,451.
Today the textile sector was under maximum pressure in the market. The news of trade deal between Bangladesh and America increased the concern of Indian textile companies. Pearl Global fell nearly 9%. Gokaldas Exports fell 7.6%. Welspun Living slipped about 5.8%. Vardhman Textiles closed down around 4.7%.
Where did Nifty 50 rise and fall?
In the Nifty 50, Eternal (Zomato) rose around 5.4%, while Tata Steel rose 3%. Bajaj Auto closed nearly 2% higher. ONGC also rose about 2%. Profit-booking was seen in some big stocks. Bajaj Finance fell about 1.7%. HCL Tech fell 1.5%. Shriram Finance closed down 1.3%. Bharti Airtel slipped around 1.1%. There were sharp fluctuations in stocks reacting to the results. Iszek Heavy Engineering gained nearly 20%. Edelweiss gained about 9.4%. BSE gained about 6.3% after the results. On the other hand, Aurobindo Pharma witnessed a disappointing reaction, falling by about 7.5%.
In the last hour, Nifty was trading around 25,950, up almost 100 points. The Sensex was up 320 points, above 85,340. Bank Nifty was trading flat around 60,670. India VIX was down 4.94%. Media, auto and IT indices were trading higher. Pharma, healthcare and PSU bank indices were down.
Editor’s opinion of Anil Singhvi
– Strong support to Nifty 25750-25865, Bank Nifty 60250-60450
– Nifty 25975-26050, Bank Nifty 60775-60875 upper range
– As long as Nifty closes above 25550, Bank Nifty 60200, no worries
– Profit-booking at higher levels is common due to weekly expiry
stock in action
BSE:
– Stocks rise after strong results
– Our All-Time Favorite Stock
– Buying advice was given in ‘Results Review’ this morning
Tata Steel:
– Strength in metals in the global market
– Buying advice was given after the results yesterday
IT index showed pressure this morning. The PSU Bank index was also in decline. All other sectoral indices were in the green. The biggest increase was in consumer durables and chemicals. Meanwhile, Media, Pharmaceuticals and Healthcare were also trading higher. Eternal, ONGC, Cipla, Titan, BEL and Sun Pharma were among the top gainers on Nifty 50. Shriram Finance, Bajaj Finance, Wipro, HCL Tech, SBI Life, Indigo, Hindalco and HDFC Bank were among the top losers.
Today global markets are giving strong signals. US markets closed with gains for the second consecutive day, led by tech stocks, which may impact the opening of the domestic market today. From commodities to FII flows and results, there are many key triggers for the market today. Asian signals are also positive. GIFT Nifty is trading near 26,000, up nearly 75 points, while Dow futures are flat. Japan’s Nikkei has increased by almost 1,300 points to reach a record high.
