The Indian market witnessed gains for the fifth consecutive day. On Thursday, Nifty closed 82 points higher at 24,168, while Sensex closed 254 points higher at 77,409. During intraday trading, Nifty touched a high of 24,189 and low of 24,036; It is currently forming a new base above 24,000. Broader markets also saw gains, with the smallcap index rising 0.7% and the midcap index rising 0.47%. Among sectoral indices, Financial Services, Healthcare, Pharma and PSU banks saw the biggest gains, while the IT index witnessed the biggest decline of -1.2%. Some weakness was also seen in the metal sector.
nifty gainers
Max Healthcare +6% (Positive Brokerage Report)
InterGlobe Aviation +2.68%
Trent +2.37%
BEL +2.13%
nifty losers
Infosys -2.52%
Tech Mahindra -1.19%
Maruti Suzuki -1.12%
Tata Consumer Products -1.07%
India-UK FTA will come into effect from July 15
Textile/Auto/Liquor Sector
Welspun Living +12.5%
Indo count +17%
Gokuldas Exports +7.8%
United Spirits +3.36%
How did the market open?
Nifty opened 12 points lower at 24,073, and Sensex opened 24 points lower at 77,131. Asian markets are trading in the green due to the news of Iran-US deal. Japan’s Nikkei rose about 1.75% and Korea’s Kospi rose 1.5%. It is noteworthy that the Indian market has maintained strong momentum in the last four sessions. Yesterday, Nifty closed 96 points higher at 24,085, while Sensex closed 347 points higher at 77,155. Meanwhile, crude oil prices fell to close at $78. Rupee opened weak today and fell by 13 paise to 94.66 against the dollar. There is good news for foreign investors; Yesterday, FIIs bought common stocks worth ₹101 crore in the cash market, while DIIs bought shares worth ₹1,561 crore.
**Key points of US-Iran deal**
US and Iran have agreed to end hostilities on all fronts.
The final agreement on the nuclear program is to be reached in 60 days.
US will lift the blockade in 30 days and withdraw the army.
Iran will ensure safe and unhindered movement of ships in the Strait of Hormuz.
US will create $300 billion fund for Iran’s development.
US is ready to lift the sanctions imposed on Iran.
**Fed kept interest rates intact**
The Federal Reserve met yesterday and new Chairman Kevin Wersh decided not to make any changes in interest rates this time. The Fed has adopted a dovish stance, although interest rates are likely to rise later this year. The Fed has also changed its inflation forecast.
**Where is the support for Nifty?**
HDFC Securities Technical Research Analyst Nagaraj Shetty said that the short-term trend of Nifty looks positive. If the index closes above 24,100, it is likely to move towards 24,500 levels. Immediate support is at 23,900. Nandish Shah, deputy vice president of the brokerage firm, said that Nifty has come up by more than 1,000 points from its recent low.