Sensex ends higher, Nifty Bank snaps three-day losing streak; key reasons

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Published: July 11, 2019 4:45:54 PM

After opening on a positive note for the first time post budget, benchmark equity indices -- Sensex and Nifty -- closed on higher levels Thursday amid upbeat global market sentiment after US Federal Reserve Chairman Jerome Powell hinted at a rate cut soon.

Share Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, स्टॉक मार्केट, शेयर बाजार, Indian Share Market Live, Indian Stock Market Live On Wednesday, the BSE Sensex closed down 173.78 points at 38,557.04 and the Nifty50 fell 57 points to 11,498.90.

After opening on a positive note for the first time post budget, benchmark equity indices — Sensex and Nifty — closed on higher levels Thursday amid upbeat global market sentiment after US Federal Reserve Chairman Jerome Powell hinted at a rate cut soon. After rising nearly 335 points during the day, the 30-share index settled 266.07 points or 0.69 per cent higher at 38,823.11. Similarly, the NSE Nifty ended 84 points, or 0.73 per cent, higher at 11,582.90. Nifty Bank snapped its three-day losing streak as  the index ended the day at 30,716.50, up 194.40 points, or 0.64 per cent.

On Wednesday, the BSE Sensex closed down 173.78 points at 38,557.04 and the Nifty50 fell 57 points to 11,498.90.

Hero MotoCorp was the top gainer in the Sensex pack, spurting 4.46 per cent. IndusInd Bank, Tata Motors, Vedanta, SBI, M&M, Sun Pharma, Tata Steel and HDFC twins too rose up to 3.63 per cent. On the other hand, Tech Mahindra, Yes Bank, TCS, L&T, Axis Bank and NTPC fell up to 1.27 per cent.

“We expect the markets to remain choppy in the near term in the backdrop of weak domestic cues. Given the economic slowdown we expect the earnings season to be tepid which will lead to stock specific volatility. Further, CPI inflation and IIP data (scheduled tomorrow) will provide direction to the markets. On the global front, on-going geo-political issues between US and Iran as well as crude oil prices and currency movement will keep the market participants on edge,” Ajit Mishra Vice President, Research, Religare Broking said.

Commenting on the market scenario, Milan Vaishnav, CMT, MSTA told Financial Express Online, “The markets worked on expected lines. The levels of 100-DMA, which presently remains at 11514 have held on a closing basis. So long as NIFTY keeps its head above this level, we will see the markets trading with a positive bias. Any breach of this level at close will invite weakness in the markets. We expect the follow-up move and see the likelihood of this technical pullback extending further.”

If the NIFTY is able to move past 11625, the possibilities of the index testing the 50-DMA level of 11712 cannot be ruled out over the coming days, he added. “This 50-DMA will be the next important resistance to watch for the markets going ahead from here. The important support to watch for at lower levels is the 100-DMA at 11514, the veteran analyst noted.

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