Another day, another high. The Indian equity benchmarks continued to cross milestones on June 30, helped by gains in auto and information technology stocks as all sectors traded in the green.
The 30-pack Sensex gained 803.14 points, or 1.26 percent, to close at a new high of 64,718.56. The broad-based Nifty was up 216.90 points, or 1.14 percent, and saw its best closing at 19,189.
The Sensex touched fresh record highs of 64,768.58 and the Nifty 19,201.70, intraday, while adding nearly 3 percent each for the week.
The market capitalisation of BSE-listed companies jumped Rs 2.36 lakh crore to Rs 296.47 lakh crore on June 30 from Rs 294.11 lakh crore in the previous session in which Rs 2.2 lakh crore was added to investor wealth.
Sectors and stocks
The biggest Nifty gainers were M&M, Infosys, IndusInd Bank, Hero MotoCorp and Sun Pharma. The losers included Adani Ports, Divis Laboratories, Adani Enterprises, Apollo Hospitals and Bajaj Auto.
All sectoral indices ended in the green, with the information technology index up 2.5 percent and PSU Bank index up 2 percent. Auto and capital goods indices gained 2 percent each.
The BSE midcap and smallcap indices gained 0.5 percent each.
A long build-up was seen in HDFC AMC, Indiabulls Housing Finance and Biocon, while a short build-up was seen in Multi Commodity Exchange of India, JK Cement and Dalmia Bharat.
Among individual stocks, a volume spike of more than 100 percent was seen in Multi Commodity Exchange of India, L&T Finance Holdings and HDFC AMC.
Glenmark Pharmaceuticals, Titan, L&T, M&M, HCL Technologies Coforge, Axis Bank, IndusInd Bank, Aditya Birla Capital, L&T Finance Holdings, 63 Moons Technologies, MRF, Larsen & Toubro, Mahindra & Mahindra, Lupin, Power Grid Corporation, NTPC and Titan Company touched their 52-week high on the BSE.
Outlook for July 3
Amol Athawale, Technical Analyst (DVP), Kotak Securities
There is a clear picture emerging that India has been showing strong resilience on all growth parameters and is poised to do well. With most global economies, including China, witnessing degrowth, India has emerged as a green shot in a bleak scenario, hence investors are reposing strong faith in local stocks.
Technically, a breakout continuation formation on daily charts and a long bullish candle on weekly charts support further uptrend. For bulls, 19,050 and 19,000 will act as key support zones, while 19,300-19,400 would be crucial resistance areas. However, below 19,000, traders may look at exiting long positions.
For Bank Nifty, as long as it stays above 44300, the breakout texture is likely to continue and it can move to 45,000-45,300.
Rupak De, senior technical analyst, LKP Securities
The bulls continued to dominate the market as the Nifty reached a new all-time high. The surge followed a breakout from a period of consolidation, indicating strong bullish reversal. The overall trend appears positive in the near term as the index has consistently remained above its moving average.
The momentum indicator RSI has shown a bullish crossover on the daily timeframe, suggesting strong momentum.
There is potential for the index to move towards 19450 in the short term, however, on the downside, support is at 19,000. Overall, the market is exhibiting bullish characteristics, with the Nifty reaching new highs as long as it sustains above 19,000.
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