Indian equity indices ended on a flat note after failing to hold on early gains, with Nifty 50 finishing below 25,100 on across-the-board selling.
At close, the Sensex was down 13.53 points or 0.02 percent at 82,186.81, and the Nifty was down 29.80 points or 0.12 percent at 25,060.90. BSE Midcap index shed 0.6 percent, while smallcap index down ended marginally lower.
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Eternal, HDFC Life, Titan Company, Hindalco Industries, Bharat Electronics were among major gainers on the Nifty, while losers were Shriram Finance, Jio Financial, Eicher Motors, Adani Ports, Tata Motors.
All sectoral indices ended in the red with media index falling 2.5 percent, PSU Bank index down 1.6 percent, realty index down 1 percent, auto index lower by 0.6 percent and pharma index down 0.9 percent.
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Godavari Biorefineries' shares rose 5 percent on securing Chinese patent for anti-cancer molecule, SML Isuzu shares surged 10 percent after net profit rose 44% on year to Rs 67 crore, Eternal shares zoomed 10 percent on positive commentary from the management, and 360 ONE WAM shares crashed 6 percent after a large block deal.
Rajoo Engineers' shares ended down 2.5 percent on allotment of shares to qualified institutional buyers, Piramal Pharma shares fell 3 percent on sale of Thane unit, Tilaknagar Industries shares extend rally for a seventh day ahead of board meet tomorrow.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 75,273.45 | 1,205.00 | +1.63% |
| Nifty 50 | 23,306.45 | 394.05 | +1.72% |
| Nifty Bank | 53,708.10 | 1,102.45 | +2.10% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 956.00 | 52.40 | +5.80% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tech Mahindra | 1,408.50 | -24.20 | -1.69% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 8581.05 | 223.50 | +2.67% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 29671.30 | 22.40 | +0.08% |
More than 140 stocks on the BSE touched their 52-week highs, including Eternal, Gujarat Mineral, Ramco Cements, Dalmia Bharat, Shree Cements, Vishal Mega Mart, JK Lakshmi Cement, UPL, Schneider Electric, Fortis Healthcare, UTI AMC, Aadhar Housing, ICICI Bank, EID Parry, among others. Click to View More
Outlook for July 23
Ajit Mishra – SVP, Research, Religare Broking
Markets remained range-bound and ended almost flat, indicating a pause amid mixed signals. After an initial uptick, the Nifty gradually drifted lower in the first half, followed by a sideways move until the close. Most key sectors ended in the red, with pharma, realty, and auto emerging as the top losers. The broader indices also mirrored the trend, shedding nearly half a percent each.
The market continues to lack clear direction amid mixed earnings announcements and muted global cues. We maintain a cautious stance until the Nifty decisively reclaims the 25,250 mark, while immediate support is seen at 24,900. Meanwhile, traders should adopt a hedged approach and focus on fundamentally strong counters, with an emphasis on earnings performance.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has remained mostly range-bound, facing resistance at the 21-EMA during the initial trades. On the hourly chart, the index failed to move above the 50-EMA. Overall, consolidation may continue in the coming days, as the index is not showing any signs of a breakout from the current trading zone. On the lower end, 24,900 continues to act as strong support, while resistance is placed at 25,260 — a breakout above which could lead to increased strength in the market.
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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