In a rangebound session on July 4, the benchmark indices ended higher with Nifty around 25,450, led by buying across the sectors barring metals. At close, the Sensex was up 193.42 points or 0.23 percent at 83,432.89, and the Nifty was up 55.7 points or 0.22 percent at 25,461
For the week, BSE Sensex and Nifty fell 0.7 percent each.
Except auto, telecom, metal, all other sectoral indices ended in the green with bank, pharma, oil & gas, IT, realty, media up 0.4-1 percent.
Bajaj Finance, Infosys, Dr Reddy's Labs, ICICI Bank, HUL were among major gainers on the Nifty, while losers included Trent, Tata Steel, Eicher Motors, Tech Mahindra and IndusInd Bank.
The broader indices underperformed the main indices and ended on a flat note.
Read More: How Jane Street manipulated index closing on expiry days
In stock specific action, Sterling Powergensys shares jumped 5 percent on receiving offer letter for mega projects from Government of Maharashtra, Mahanagar Gas shares gained 2 percent after PNGRB approved reforms in natural gas pipeline tariff regulations, Bajaj Finance shares ended higher following Q1 business update.
Suryoday Small Finance Bank shares gained 2 percent after Q1 advances jumped 20%, deposits rose 39%, Poonawalla Fincorp shares hit 52-week high after AUM jumped 52.9% in June, Angel One shares fell 6 percent post June quarter business update, Bandhan Bank shares fell 2 percent after Q1 CASA ratio drops.
More than 120 stocks on the BSE touched their 52-week highs, including Glenmark Pharma, CreditAccess Grameen, Kama Holdings, Laurus Labs, Marico, LT Finance, Fortis Healthcare, Asahi India, Divis Labs, Poonawalla Fincorp, Max Healthcare, JM Financial, among others. Click to View More
Global Markets
Wall Street rallied on Thursday to post record closing highs, as chipmaker Nvidia rose closer to a $4 trillion valuation and a surprisingly strong U.S. jobs report cheered investors, who shrugged off dimming chances for an interest rate cut this month.
Asian shares traded in a tight range Friday as renewed trade tensions ahead of next week’s deadline for higher levies outweighed a record-extending rally in US stocks.
Outlook for July 7
Rupak De, Senior Technical Analyst at LKP Securities
The daily chart of the Nifty shows the formation of a hammer pattern, which is generally considered a bullish reversal signal. Key support lies at 25,300, and as long as the index remains above this level, bullish sentiment is expected to persist, with the potential for a swift rebound.
On the higher side, the index could advance towards 25,800–26,100 in the near term.
Immediate resistance is placed at 25,500; a breakout above this level could further strengthen the upward momentum.
Ajit Mishra – SVP, Research, Religare Broking
Markets remained volatile for yet another session and ended on a flat note. The tone was negative in the first half; however, a decent recovery in heavyweight stocks pared all the losses as the day progressed, helping the index close near the day’s high at the 25,461 level. A mixed trend persisted across sectors, with realty, IT, and pharma edging higher, while metal and auto ended in the red. The broader indices moved in line with the benchmark and also closed nearly unchanged amid volatility.
With all eyes on the impending US-India trade deal as the tariff deadline approaches, participants are hopeful for a favorable outcome, which could provide the much-needed trigger for the next leg of the market up move.
We recommend maintaining a “buy on dips” approach until the Nifty decisively breaks below the 25,200 level, with a strong focus on stock selection.
Despite the recent outperformance, the broader indices are still holding up well; however, one should remain cautious, given the potential for profit booking at higher 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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