Sensex, Nifty gain for 2nd straight day on positive global cues; check what boosted investor sentiment

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Published: July 2, 2020 4:20 PM

Barring Nifty PSU Bank, all the Nifty sectoral indices traded in the green today. Nifty Auto and Nifty IT were top sectoral gainers, up 2.89 per cent and 2.65 per cent, respectively

Sensex, NiftyThe broader market performed in line with frontline indices. S&P BSE Midcap index gained 1.04 per cent or 136.58 points to end at 13,215

Amidst buying support in IT and auto sectors, BSE Sensex and Nifty 50 settled higher in Thursday’s trade on the back of positive global cues. The 30-share Sensex gained 430 points or 1.21 per cent to close the session at 35,844, while the broader Nifty 50 index advanced 122 points or 1.17 per cent to settle at 10,552. Index heavyweights such as HDFC, Infosys, Reliance Industries (RIL), TCS, M&M and ITC contributed the most to indices’ gains. “Indian benchmark indices have sustained their momentum while upsides seem to be limited. Investors are advised to watch out for any signs of trend reversal and keep booking short term profits,” said Vinod Nair, Head of Research at Geojit Financial Services.

M&M jumps 6% on strong June tractor sales: Mahindra & Mahindra (M&M) was the top Sensex gainer, up 6 per cent. The auto major was followed by Titan Company, HCL Tech, Tata Steel, Infosys, TCS, HDFC, Tech Mahindra and Maruti Suzuki. On the other, eight out of 30 Sensex stocks finished trade in negative territory with Axis Bank falling the most, down 2.24 per cent. Hindustan Unilever (HUL), ICICI Bank, Kotak Mahindra Bank, Bharti Airtel, NTPC, Nestle India and Asian Paints were other laggards on the pack.

Nifty Auto, Nifty IT jump: Barring Nifty PSU Bank, all the Nifty sectoral indices traded in the green today. Nifty Auto and Nifty IT were top sectoral gainers, up 2.89 per cent and 2.65 per cent, respectively.

Broader market: The broader market performed in line with frontline indices. S&P BSE Midcap index gained 1.04 per cent or 136.58 points to end at 13,215, while BSE Smallcap index rose 115 points or 0.92 per cent to settle at 12,543, as compared to a 1.21 per cent gain in BSE Sensex.

India VIX: India VIX, the volatility index, contracted by more than 5.74 per cent to close above 26.50. VIX helps the traders to gauge the movement of the market for the next 30 days. Market breadth remained in favour of bulls. For a couple of gainers, there was only one loser.

Technical outlook: “Technically, with the Nifty moving up further after breaking out of the 10194-10410 range on Thursday, the underlying trend remains up. Once Nifty closes above 10554, the upward momentum could gather further pace,” said Deepak Jasani, Head Retail Research, HDFC Securities.

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