Indian market ended higher on August 13, erasing previous session losses, helping Nifty to close above 24,600, led by buying across the sectors.
The ease in US July CPI at 2.7 percent and decline in India's retail inflation to 1.6 percent, at eight-year low, added to the optimistic sentiment about rate cut by the respective central banks at the upcoming monetary policy meetings.
Amid positive global markets, the India indices opened firm and traded in positive territory throughout the session led by buying across the sectors, especially in auto, metal, pharma names.
At close, the Sensex was up 304.32 points or 0.38 percent at 80,539.91, and the Nifty was up 131.95 points or 0.54 percent at 24,619.35. BSE Midcap and Smallcap indices rose 0.5% each.
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Apollo Hospitals, Hindalco Industries, Hero MotoCorp, Dr Reddy's Labs, Cipla were among major gainers on the Nifty, while losers included IndusInd Bank, UltraTech Cement, Adani Ports, Titan Company, ITC.
All sectoral indices ended in the green with auto, metal, pharma up 1 percent each.
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Nykaa shares gained 5% as Q1 profit soared 79%, Bharat Dynamics shares surged nearly 6% on stellar Q1 earnings, Paytm shares rose 3% as RBI granted in-principle approval to subsidiary for online payment aggregation, Hindustan Aeronautics shares rose 2.5% post-Q1 earnings, Suzlon Energy shares shed 4% on CFO resignation, Honasa shares rose 6% post-Q1 earnings, ONGC share price gained 1% as Q1 profit rose 24%, NSDL share price lost 6% despite Q1 profit rising 15%.
Antony Waste shares rose 5% after arm bagged 2 contracts worth Rs 3,200 crore, Premier Explosives shares jumped 20% as Q1 profit more than doubled, Landmark Cars share price gained 11% after Q1 consolidated profit rose 117%, AurionPro shares added 7% on securing project of Rs 250 crore from MMRDA, Oswal Pumps shares rose 4.5% on winning order worth Rs 442 crore from Maharashtra Government, Reliance Infra shares were down 5% despite arbitral award win of Rs 526 crore, Godrej Industries shares rose 10% post Q1-results.
More than 100 stocks touched their 52-week highs on the BSE, including JM Financial, HBL Engineering, Apollo Hospitals, Authum Investment, Paytm, Sai Life Sciences, TVS Motor, Fortis Healthcare, Nuvoco Vistas, Indian Bank, Star Cement, among others. Click to View More
Outlook for August 14
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty remained strong throughout the day after initial hours of uncertainty, closing at a multi-day high and signaling improved sentiment amid tariff-related concerns. The daily RSI has recently entered a positive crossover and continues to hold this momentum after several days of indecision.
With sentiment showing signs of improvement, the likelihood of the Nifty moving above the 24,700 resistance has increased.
A decisive move above this level could trigger a rally towards 25,200 in the short term. On the lower side, support is placed at 24,337, below which the dynamics would once again turn in favor of the bears.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After showing weakness from the hurdle of 24700 levels on Tuesday, Nifty shifted into a sustainable upside amidst range bound movement on Wednesday and closed the day higher by 131 points. Nifty opened on a positive note and continued with gradual upside for better part of the session. The overhead resistance of 24700 remains intact and the market closed below it.
A small positive candle was formed on the daily chart with upper and lower shadow. Technically, this market action indicates gradual upmove in the market with lack of strong momentum.
The short term trend of Nifty remains positive. A decisive move above the crucial hurdle of 24700 levels could open further upside towards 25000 levels in the near term. Immediate support is placed at 24465 levels.
Shrikant Chouhan, Head Equity Research, Kotak Securities
After the volatile activity of the last 4 days, the market took a breather today. Nifty closed 130 points higher, while Sensex gained 300 points. Across sectors, intraday buying was seen in pharma, healthcare and Defense stocks, while select PSU banks and FMCG stocks witnessed profit booking at higher levels.
Technically, after an initial intraday corrective trend, the market reached 24660/80700 levels; however, it failed to sustain that level and closed marginally above the opening levels. The activity is indicating indecisiveness; however, the positive thing is that it closed above the 10-day EMA, which could pull the market towards the 20-day SMA, which is at 24800/81200.
Support is present at 24500/80300, below which it could gradually decline to 24400/80000 or 24350/79800 levels. It is advised to trade as per the given levels.
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.
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