The Indian equity markets continued their northbound journey on fourth straight session on July 18, with the Sensex and Nifty crossing 67,000 and 19,800 respectively, amid buying seen in the information technology, power and capital goods stock.
At close, the Sensex was up 205.21 points or 0.31 percent at 66,795.14, and the Nifty was up 37.80 points or 0.19 percent at 19,749.30.
Amid mixed global cues, the market started the day on a strong note with fresh record highs but profit booking in the second half erased most of the intraday gains. BSE Sensex and Nifty50 touched their fresh record levels of 67,007.02 and 19,819.45, respectively.
Sectors and stocks
Infosys, Asian Paints, HCL Technologies, Reliance Industries and Hero MotoCorp were among the top gainers on the Nifty, while losers included LTIMindtree, Britannia Industries, State Bank of India, HDFC Life and Titan Company.
BSE midcap index ended flat, while smallcap index shed 0.4 percent.
Among sectors, metal and realty indices down nearly 1 percent each and PSU Bank index fell 1 percent, while power index up 0.6 percent and information technology index up 1 percent.
A long build-up was seen in Polycab India, Glenmark Pharma and Infosys, while a short build-up was seen in LTIMindtree, Zee Enetrtainment and India Cements.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,710.76 | -7.25 | -0.01% |
| Nifty 50 | 24,741.00 | 6.70 | +0.03% |
| Nifty Bank | 54,114.55 | 39.10 | +0.07% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Eicher Motors | 6,580.50 | 155.50 | +2.42% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| ITC | 407.35 | -8.55 | -2.06% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26320.60 | 325.75 | +1.25% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 34635.80 | -507.30 | -1.44% |
Among individual stocks, a volume spike of more than 400 percent was seen in Punjab National Bank, Polycab India and Havells India.
SMS Pharmaceuticals, RPP Infra Projects, HDFC Asset Management Company, Ashok Leyland, Colgate-Palmolive, Minda Corporation, ICICI Bank, Time Technoplast, Supreme Industries, Welspun Corp, touched their 52-week high on the BSE.
Outlook for July 19
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Market is flush with FII inflows, which is the major driving force behind the rally in benchmark indices. While the market may be in an overbought zone, the undertone remains bullish due to India's strong economic performance and hopes that the US rate hike cycle could be nearing the end on the back of moderating inflation.
However, technically, intraday correction formation is indicating that a range bound activity is likely to continue in the near future. For Nifty, 19700 could be the key support level for day traders, below which a quick intraday correction till 19650-19600 is seen. On the flip side, as long as the index is trading above 19700, the uptrend wave is likely to continue and could rally till 19825-19875.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty witnessed follow-through buying interest and closed with gains for the third consecutive trading session. It closed up ~40 points. On the daily charts, we can observe that the Nifty has been rising after breaking out of the range of 19300 – 19600. It is rising along the expanding upper Bollinger band indicating that the positive momentum is likely to continue.
Considering the sharp runup there can be consolidation, however, the overall trend is positive, and in case a dip occurs it should be bought into. On the upside, the short-term target is placed at 19900. In terms of levels, 19630 – 19580 shall act as a crucial support zone while 19880 – 19900 shall act as an immediate hurdle zone.
Bank Nifty consolidated after a sharp surge in the previous trading session. This consolidation is a healthy sign, and any dip should be used as a buying opportunity. The daily momentum indicator has a positive crossover and thus any sip is a buying opportunity. On the upside we expect the Bank Nifty to target levels of 46000 and 46500.
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