Market LIVE Updates: Nifty crosses 19,000, Sensex above 64,000; all sectors in the green

Taking Stock: Market hits record high on expiry day; investors' wealth rises by Rs 2.2 lk cr

The BSE midcap index up 0.7 percent, while smallcap index ended on flat note.... Read More

The benchmark indices achieved new all-time highs, with the Nifty reaching 19,011.25 and the Sensex reaching 64,050.44. The Metal and Pharma sectors outperformed, rallying over 1.5 percent. Technically, the index displayed a breakout formation and a bullish candle, indicating further upward momentum.

Traders will closely watch the 18,900/63,700 level as a trend decider. Above this level, the index could rally towards 19,100-19,150/64,300-64,400. Caution is advised below 18,900/63,700, with traders considering exiting long positions. Analysts remain optimistic, emphasizing the importance of monitoring support and resistance levels.

The Bank Nifty index experienced a strong bullish momentum as the bulls maintained control and pushed the index higher throughout the day. The previous resistance level of 44000 has now transformed into a strong support level, providing a cushion for the bulls.

On the upside, the immediate hurdle is now at 44500, where call writing is visible. Once this level is surpassed, it is likely to lead to further upside towards the 45000 mark. Traders and investors should adopt a buy approach, using the mentioned support level as a stop loss and waiting for higher levels to be achieved.

In light of Prime Minister Modi's successful visits to Australia, the United States, and Egypt, it is evident that these trips mark the beginning of a transformative period for the Indian economy. The overwhelmingly positive response received during these visits is expected to have a profound impact on India's global perception. This shift in mindset about India will likely attract substantial investments into the country, propelling economic growth to new heights. Furthermore, the recent milestone achieved by the Nifty, with its crossing of the 19,000 mark for the first time and a record-breaking closing, adds further optimism to the Indian market. The Nifty's strong performance indicates growing investor confidence in the Indian economy and its potential for future growth.

As Benchmark Indices scaled new highs in trade today, sheer buoyancy of stock prices even in the broader markets made several seasoned investors waiting on the sidelines for a meaningful correction mere spectators. The Financial Services Index almost kissed 20K today to register yearly highs as credit demand is picking up even as the Monsoon is seen covering lost ground in several parts of the country. Investors also witnessed a listed Airline in India cross a mcap of Rs 1lac crore in today's trade.

Nifty advanced for the second consecutive day to scale fresh life highs on June 28. At close, Nifty was up 0.82% or 154.7 points at 18972.1. Volumes on the NSE were higher than recent average on the monthly F&O expiry day. Broad market indices rose less than the Nifty even as the advance decline ratio closed at 1.14:1.

Global stocks were mostly higher on Wednesday as surprisingly upbeat U.S. economic news eased global growth concerns.

The current upward momentum could continue and 19000-19200 band could be the next resistance for Nifty in the near term. 18646 could be the support on corrections.

Domestic equities had a dream run with Nifty and Sensex scaling a lifetime high. The index remained in momentum throughout the session to close with handsome gains of 155 points (+0.8%) at 18972 levels. Even Nifty Bank made a new high of 44508 levels. All sectors ended in green with strength seen in Metals, Pharma, and Oil & Gas.

After making several attempts in the past few days, Nifty finally managed to cross its previous highs. Strong institutional flows, healthy macros, and robust earnings growth drove the domestic market toward its new highs. Further, robust U.S. consumer and home sales data soothed the investors’ sentiments. With the onset of the monsoon and RBI taking a rate pause, we expect market momentum to continue and remain buoyant.

After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The market's bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors.

It turned out to be an excellent session for bulls as Nifty touched a new milestone of “19000” and gained nearly a percent. The tone was positive from the beginning which further strengthened as the day progressed. Most of the sectors contributed to the move wherein pharma, energy and auto were among the top gainers. Meanwhile, the broader indices failed to attract much traction and ended with modest gains.

The move shows that bulls are in control however lack of decisiveness in the banking pack at the higher level is capping the momentum. We maintain our positive view and suggest aligning positions accordingly. At the same time, traders shouldn’t go overboard and stay focused on risk management citing the possibility of intermediate volatility.

Indian markets are at an all-time high, driven by strong inflows from the FII the past few months. From a macro standpoint, India stands out relative to peer countries, with inflation moderating, investing activity and growth picking up.

Growth hurdles of Indian economy has corrected to a large extent. Infrastructure has been improving consistently, corporate balance sheet strength has improved, and financial system is in a robust state to fund the potential growth.

Despite the recent rally, fundamentals point to the possibility of strong earnings growth in medium term. Valuations around the long-term average makes a strong case for reasonable returns as earnings upcycle gains strength. Investors could be better off by staying invested and maintain their equity allocation in line with long term asset allocation plans.

Indian rupee closed flat at 82.05 per dollar against previous close of 82.03.

: Benchmark indices ended higher with Nifty around 19,000.

At close, the Sensex was up 499.39 points or 0.79% at 63,915.42, and the Nifty was up 154.70 points or 0.82% at 18,972.10. About 1713 shares advanced, 1676 shares declined, and 137 shares unchanged.

Biggest gainers on the Nifty were Adani Enterprises, Adani Ports, JSW Steel, Bajaj Auto and Tata Motors, while losers were HDFC Life, Tech Mahindra, Hero MotoCorp, Apollo Hospitals and M&M.

All the sectoral indices ended in the green with metal, power, pharma and capital goods up 1 percent each.

The BSE midcap index up 0.7 percent, while smallcap index ended on flat note.

Overall Indian markets (Nifty) have remained flat (week on week) barring today’s uptick which resulted in Nifty making new highs. Bank Nifty has under-performed during this period and is poised to lead the rally into July on back of the HDFC merger. The US markets continued the positive data with consumer confidence climbing to highest levels since January 2022, new home sales jumped 12.2% to highest levels since February 2022, and lastly home prices were up 0.9% in April for the top 20 cities in US.

The above data increasing makes a case that while there might be another rate hike, but increasingly the odds of recession are reducing making way for a soft landing. This is reflected in the market buoyancy, which eases concerns on the EMs. Crude prices have remained stable to weak despite the Russian coup attempt, weaker crude prices are largely driven by poor China macro as compared to global health being questioned.

In our view till 18450 on Nifty the market bias will remain on the upside only if 18450 is broken should there be a trend reversal in the market.