Market continued its northbound journey and also started the July month on a stronger note as the benchmarks hit fresh record highs with Sensex crossing 65,000 for the first time on July 3 led by metal, oil & gas and financials.
During closing, the Sensex was up 486.49 points or 0.75 percent at 65,205.05, and the Nifty was up 133.50 points or 0.70 percent at 19,322.50.
The market opened gap-up at fresh record levels and extended the gains as the day progressed with Sensex and Nifty touching fresh record highs of 65,300.35 and 19,345.10, intraday. However, selling in pharma and Information Technology stocks limiting the gains.
The market capitalisation of BSE-listed companies jumped Rs 1.82 lakh crore to Rs 298.30 lakh crore on July 3 from Rs 296.48 lakh crore in the previous session.
Also Read: India’s manufacturing PMI strongest in Asia, but it also signals higher core inflation
Sectors and stocks
The biggest Nifty gainers were Grasim Industries, ITC, BPCL, Reliance Industries and Bajaj Finance. The losers included Bajaj Auto, Power Grid Corp, Sun Pharma, Cipla and Dr Reddy's Laboratories.
Among sectors metal, oil & gas, FMCG and PSU Bank are up 1-3 percent, while Information Technology and Pharma indices are down 0.5-1 percent.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,710.76 | -7.25 | -0.01% |
| Nifty 50 | 24,741.00 | 6.70 | +0.03% |
| Nifty Bank | 54,114.55 | 39.10 | +0.07% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Eicher Motors | 6,580.50 | 155.50 | +2.42% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| ITC | 407.35 | -8.55 | -2.06% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26320.60 | 325.75 | +1.25% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 34635.80 | -507.30 | -1.44% |
The BSE midcap index was up 0.3 percent and smallcap index rose 0.5 percent.
Nifty Bank index also touched a new high of 45,353.20, ending with 0.92 percent gains at 45,158.10.
A long build-up was seen in IDFC, Canara Bank and L&T FINANCE HOLDINGS, while a short build-up was seen in Persistent Systems, Laurua Lab and Bandhan Bank.
Among individual stocks, a volume spike of more than 200 percent was seen in IDFC, IOC and Gujarat Gas.
More than 200 stock touched their 52-week high on the BSE, including Mazagon Dock Shipbuilders, SJVN, NTPC, Karnatak Bank, Tata Motors, Suzlon Energy, JSW Steel, L&T Finance Holdings, IOC, IDFC, HDFC, HCL Technologies, Bank of Baroda, and Ashok Leyland.
Outlook for July 4
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
The market's record breaking momentum continued as the robust June GST collections, and the monsoon covering most parts of the country in last few days brought cheers to investors.
The rally has been mostly due to strong foreign fund inflows and India performing well on most of the economic parameters could further strengthen the fund flows in the near term.
Technically, the Nifty hovered between 19250 to 19335 price range, with the short term technical set up still in to the positive side. However, due to temporary overbought conditions we could see some profit booking at higher levels. For traders, 19250-19180 would be the key levels to watch out while 19400-19435 could act as a crucial resistance zone.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty witnessed a gap up opening for the fourth consecutive day and continued to inch higher throughout the day to close with gains of ~130 points. On the daily charts we can observe that the Nifty has witnessed a perpendicular rally in the last five trading sessions. it has rallied around 675 points without a meaningful pullback. The hourly momentum indicator has triggered a negative crossover which indicates loss of momentum however we shall await evidence on the price front to forecast a consolidation. A break of today’s low (19234) shall be the first signs to look for a consolidation to set in and until then the strategy to trade would be hold on to the long positions with a trailing stoploss mechanism.
Overall, the uptrend is intact, and we expect levels of 19500. In terms of levels, 19230– 19200 shall act as a crucial support zone while 19380 – 19400 shall act as a crucial resistance zone.
As far as Bank Nifty is concerned, the Index has witnessed follow through buying interest and is hitting New All-time highs along with the Nifty which is a bullish sign. The daily Bollinger bands are expanding and the prices are moving along the upper band indicating that the positive momentum is likely to continue. The daily momentum indicator has triggered a fresh positive crossover which is a buy signal. Thus, both price and momentum indicator is suggesting a further upside in the Bank Nifty. On the upside we expect it to target levels of 45500.
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