RIL, TCS, Maruti keep Sensex, Nifty in green in volatile trade; check what’s keeping investors busy

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Published: July 28, 2020 10:58 AM

Tech Mahindra was the top Sensex gainer in Tuesday's trade after the IT major announced that net profit was up 20.9 per cent sequentially, at Rs Rs 972.30 crore in the April-June quarter

Sensex, niftyWe need to go past 11300 to achieve a newer high. Until then we will continue seeing unenthusiastic moves in both directions

Following the firm global cues, headline indices BSE Sensex and Nifty 50 were trading in the positive territory in Tuesday’s volatile trade. The 30-share Sensex was trading around 38,075 level while the broader Nifty 50 index hovered around 11,175. Index heavyweights such as Reliance Industries (RIL), Tata Consultancy Services (TCS), M&M, Maruti Suzuki and Bharti Airtel were among top index contributors. Asian stock markets were mixed, South Korea’s Kospi gained 1.1 per cent while Japan’s Nikkei fell 0.13 per cent. In overnight trade on Wall Street, US stocks indices ended higher. The Dow Jones Industrial Average rose 0.43%, the S&P 500 gained 0.74% and the Nasdaq Composite added 1.67%. “The markets continue to remain in the range of 11100 – 11300. We need to go past 11300 to achieve a newer high. Until then we will continue seeing unenthusiastic moves in both directions,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Top Sensex gainers: Tech Mahindra was the top Sensex gainer in Tuesday’s trade after the IT major announced that net profit was up 20.9 per cent sequentially, at Rs Rs 972.30 crore in the April-June quarter. Tech Mahindra rose over 5 per cent in the early morning deals. It was followed by IndusInd bank, Bajaj-Auto, M&M, TCS, Maruti Suzuki, UltraTech Cement, HCL Tech, ITC and Infosys.

ICICI Bank top index laggard: ICICI Bank along with Axis Bank was the worst-performing stocks on BSE Sensex, down 2.37 per cent and 1.16 per cent, respectively. Meanwhile, Yes Bank shares tumbled nearly 11 per cent to Rs 11.10 apiece on BSE in early deals.

Nifty Auto index top sectoral gainer: The trend among Nifty sectoral indices was mixed. Nifty Auto, Nifty IT and Nifty Metal were top gainers, up 1.78 per cent, 1.38 per cent and 1.22 per cent, respectively. On the flip side, Nifty Bank and Nifty Financial Service were ruling lower.

FII and DII data: Foreign institutional investors (FIIs) sold shares worth Rs 453.31 crore, while domestic institutional investors (DIIs) also sold shares to the tune of Rs 977.88 crore on a net basis on Monday, according to the provisional data available on the NSE.

Key events on investors’ radar: “Earnings announcements from select Nifty majors and upcoming derivatives expiry of July month contracts will keep the participants busy. Globally, the US Fed meeting scheduled this week and key economic data announcements will also be on their radar. We suggest limiting leveraged trades and preferring index majors over others,” said Ajit Mishra, VP – Research, Religare Broking.

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