The Indian equity market escalated to fresh record high and extended the winning run for the fourth straight session on July 18 led by IT, banking and FMCG names.
At close, the Sensex was up 626.91 points or 0.78 percent at 81,343.46, and the Nifty was up 187.85 points or 0.76 percent at 24,800.85.
The BSE Sensex and Nifty50 touched fresh record highs of 81,522.55 and 24,837.75, respectively, during intraday trade.
Amid weak global cues, the Indian indices opened lower with Nifty below 24,550, but recovered in the initial hours and witnessed lackluster trading in the first half. However, buying in FMCG, IT and banking helped benchmarks to hit all-time highs.
TCS, LTIMindtree, ONGC, Bajaj Finserv and Wipro were among the top gainers on the Nifty, while losers included Asian Paints, Hero MotoCorp, Grasim, Coal India and Bajaj Auto.
Among sectors, bank, auto, IT, FMCG and telecom rose 0.3-2 percent, while capital goods, metal, power, media were down 1-3.5 percent.
The BSE midcap and smallcap index shed one percent each.
Outlook for July 19
Aditya Gaggar Director of Progressive Shares
Extreme volatility was seen in the morning trade as the Index swung on both sides. From the mid-session, one-way upmove was witnessed in the Index with the support of FMCG and IT counters and helped to end the session at a fresh record level of 24,800.85 with gains of 187.85 points. On a sectoral front, Media was the top loser by ending the day with a loss of over 3% followed by Metal. Recovery was seen in the Broader markets as well but not enough to outperform the Frontline Index as Mid and Smallcap shed by 0.96% & 1.22% respectively.
By engulfing the previous candle, the Index has formed a big green candle which implies a strong comeback of bulls and now the psychological level of 25,000 will be considered as an immediate hurdle while on the lower side, 24,500 will serve as strong support.
Rupak De, Senior Technical Analyst, LKP Securities
The index remained volatile during the session, engulfing previous doji pattern. The trend and momentum remain positive, with the index staying above critical short-term moving averages and a positive crossover in the daily RSI. In the short term, the trend is likely to remain positive as long as the index stays above 24,500. On the higher end, the current trend might take the index towards 25,000 in the near term.
The Bank Nifty formed a bullish engulfing pattern following a consolidation. Additionally, the index found support at the 21 EMA, and the RSI has entered a bullish crossover. The trend is likely to remain positive as long as the index stays above 52,000. On the higher end, it might move towards 53,000/53,300 in the short term.
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