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Taking Stock: Market fails to hold record high; Nifty above 19,400, Sensex up 165 pts

BSE Midcap index touched a new high of 29,420.55 and Smallcap index record fresh high of 33,746.89.

July 13, 2023 / 16:16 IST
Hindalco Industries, TCS, Infosys, LTIMindtree and Tech Mahindra were among the top gainers on the Nifty, while losers were Power Grid Corporation, Coal India, BPCL, UPL and Maruti Suzuki.

Hindalco Industries, TCS, Infosys, LTIMindtree and Tech Mahindra were among the top gainers on the Nifty, while losers were Power Grid Corporation, Coal India, BPCL, UPL and Maruti Suzuki.

The equity market ended with modest gains in the highly volatile session on July 13, after hitting record highs led by information technology, metal and realty names.

At close, the Sensex was up 164.99 points or 0.25 percent at 65,558.89, and the Nifty was up 29.50 points or 0.15 percent at 19,413.80.

Amid positive global cues, the market started on a strong note and registered fresh record highs in the initial hours, with Sensex crossing 66,000 for the first time.

However, the market saw a sharp decline amid last-hour profit booking led by PSU bank, oil & gas and power names but managed to close the session on a positive note.

BSE Sensex and Nifty50 touched their record levels of 66,064.21 and 19,567, respectively.

BSE Midcap index touched a new high of 29,420.55 and Smallcap index recorded a fresh high of 33,746.89.

Sectors and stocks

Hindalco Industries, TCS, Infosys, LTIMindtree and Tech Mahindra were among the top gainers on the Nifty, while losers were Power Grid Corporation, Coal India, BPCL, UPL and Maruti Suzuki.

IndexPricesChangeChange%
Sensex80,267.62-97.32 -0.12%
Nifty 5024,611.10-23.80 -0.10%
Nifty Bank54,635.85174.85 +0.32%
Nifty 50 24,611.10 -23.80 (-0.10%)
Tue, Sep 30, 2025
Biggest GainerPricesChangeChange%
JSW Steel1,142.7020.50 +1.83%
Biggest LoserPricesChangeChange%
Interglobe Avi5,594.50-112.50 -1.97%
Best SectorPricesChangeChange%
Nifty PSU Bank7526.75136.00 +1.84%
Worst SectorPricesChangeChange%
Nifty Infra9007.20-44.65 -0.49%

BSE midcap and smallcap indices down 0.5 percent each.

Selling was seen in the auto, capital goods, FMCG, healthcare, oil & gas and power sectors while buying was witnessed in the bank, metal, realty and information technology names.

A long build-up was seen in Info Edge, Birlasoft and Coforge, while a short build-up was seen in Federal Bank, Delta Corp and Bank of Baroda.

Among individual stocks, a volume spike of more than 600 percent was seen in Granules India, BHEL and Federal Bank.

More than 200 stocks touched their 52-week high on the BSE, including ABB India, Zomato, Bajaj Auto, Ujjivan Financial Services, Tech Mahindra, Raymond, MOIL, Mahindra & Mahindra, Jindal Saw, Exide Industries.

Outlook for July 14

Ajit Mishra, SVP - Technical Research, Religare Broking

Markets traded volatile on the weekly expiry day but managed to end marginally higher. Initially, upbeat global cues triggered a gap-up start in Nifty, which was later followed by range bound move. However, a sharp decline in the second half trimmed the gains and it finally settled at 19413.75 levels. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT and realty posted strong gains while energy and auto were among the top losers.

Nifty’s failed attempt to break out from the 19300-19550 zone indicates further consolidation ahead. However, the prevailing buoyancy in the global markets, especially the US, would help in keeping the tone positive. Meanwhile, we recommend maintaining a cautious approach in the selection of stocks and focusing more on risk management.

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

The Nifty witnessed a volatile day of trade today. During the first half, it opened the gap up and also broke out of the seven days on the upside, however, as the day progressed it faced selling pressure at higher levels and sold off. It has come back in the range indicating a breakout failure. The Nifty is likely to consolidate in the range of 19300 – 19570 and until this range is decisively breached on either side we can expect the sideways price action to continue. Overall, the trend is positive, and Nifty is undergoing time-wise correction. The crucial support zone stands at 19360 – 19320 while the resistance zone is placed at 19550 – 19570.

As far as Bank Nifty is concerned, the Index continued to correct and traded in a downward-sloping channel. It has now reached the lower end of that channel and also the 50% Fibonacci retracement level (44600) which should attract buying interest. We expect the Bank Nifty to start recovering as it has now reached a crucial support zone. On the upside initially, we expect it to target 45000.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Jul 13, 2023 04:07 pm

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