Sensex, Nifty recoup losses to end flat, continue to gain for sixth-straight week; check top gainers

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July 24, 2020 4:48 PM

S&P BSE Sensex ended down 11 points while the Nifty 50 was just shy of the 11,200 mark. Domestic markets gained 3% during the week, considerably more than their global peers.

Share Market Today, Share Market LiveForeign portfolio investors were net buyers of Indian equities during the week buying stocks worth $679 million during the week.

Domestic benchmark indices managed to recoup most of the losses during Friday’s trading session to end the day flat. S&P BSE Sensex ended down 11 points while the Nifty 50 was just shy of the 11,200 mark. With this, domestic markets gained 3% during the week, considerably more than their global peers. This was the sixth consecutive week where Sensex and Nifty managed to advance on their gains. Analysts say that the weekly gain was led by the quarterly numbers that were announced during the week which were better than expected with companies coming with a positive outlook.

Top market movers: HCL Tech was the best performing stock on Sensex, gaining 4.2% during the day, followed by Reliance Industries, up 4.15% which was also one of the biggest contributors lifting the index higher. Private Sector lender Axis Bank slipped 3.32% and was closely followed by State Bank of India and ICICI Bank. All bank stocks, except IndusInd Bank were in the red. “Reliance Industries stock performance boosted the benchmark indices and helped limit further losses, while financials led the losses,” said Vinod Nair, Head of Research at Geojit Financial Services.

Weekly top gainers: Stocks were largely buoyant during the week as domestic benchmarks inchined higher. “Market mood was exuberant on progress in the development of a Covid-19 vaccine, better-than-expected 1QFY20 results by banks and consumer stocks, and hopes of another round of US fiscal stimulus. ICICI Bank, Power Grid and Reliance Industries were the top gainers while Sun Pharma, Hindustan Unilever and TCS lost the most in the BSE-30 Index,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Markets shun geopolitical tensions: Equity markets tanked over 300 points during the day as tensions between US and China flared up. Global markets were also affected by the brewing global tensions. Chinese stock markets were deep in red, followed by Hang Seng, Kospi, Topix, and Nikkei 225.

Foreign investors coming back: Foreign portfolio investors were net buyers of Indian equities during the week buying stocks worth $679 million during the week. Domestic institutional investors on the other hand sold equities worth $261 million.

What do the charts say: “The short term trend of Nifty is range bound with positive bias. Having placed at the hurdle of 11250, there is a possibility of minor downward correction by early next week. A sustainable move above 11250-11300 levels could pull Nifty towards 11550-600 in the next 1-2 weeks. Important lower support is placed at 11100-11050,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities

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