Dalal Street staged a sharp late-hour rally, driven by optimism over the U.S.-Japan trade deal and the India-UK free-trade agreement.
Given the current market landscape, experts suggested that traders should adopt a cautious 'buy-on-dips' strategy and book partial profits on up-moves.
Auto, IT and Oil & Gas stocks led gains while the broader market opened little changed.
FPIs offloaded Indian equities worth Rs 3,548 crore on July 22, while DIIs stepped in with net purchases of Rs 5,239 crore.
Tata Motors, Shriram Finance, Bharti Airtel, Apollo Hospitals, Bajaj Finance were among top gainers on the Nifty, while losers were Tata Consumer, HUL, Bharat Electronics, UltraTech Cement and Grasim Industries.
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.
Gold rate today: Yellow metal's August contracts on the MCX opened at Rs 99,300 per 10 grams today.
The Nifty 50 and Sensex were little changed in the last hour of trade on July 22, while all sectoral indices sank into the red.
Several sectoral indices such as the Nifty Auto, Nifty Realty, and Nifty Pharma indices saw strong selling pressure in the afternoon session on July 22.
Investors and traders will be eyeing a series of factors for further cues, ranging from the ongoing earnings season, trade deal chatter, along with institutional flows.
The frontline indices Nifty 50 and Sensex settled on a strong note in the previous session, breaking their two-day losing streak.
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.
Eternal, ICICI Bank, HDFC Bank, HDFC Life and M&M were among major gainers on the Nifty, while losers were IndusInd Bank, Reliance Industries, Wipro, HCL Tech and Eicher Motors.
The Midcap 100 index mirrored positive trends while smallcap stocks ended flat on July 21
Accord to experts, given the current environment of elevated volatility and mixed global cues, traders should adopt a cautious sell-on-rise strategy.
India VIX edged up over 1 percent, indicating a slight uptick in market volatility.
Indian equities ended lower on Friday, with benchmark indices losing nearly a percent amid broad-based weakness and rising investor jitters.
Eternal, ICICI Bank, HDFC Bank, HDFC Life and M&M were among major gainers on the Nifty, while losers were IndusInd Bank, Reliance Industries, Wipro, HCL Tech and Eicher Motors.
Commodity traders will also closely watch China’s Politburo meeting, expected by month-end, for signals on the country’s economic policy trajectory for the rest of the year.
Gold rate today: Yellow metal's August contracts on the MCX opened at Rs 97,320 per 10 grams on July 18.
Except media and metal, all other sectoral indices ended in the red with pharma, Private Bank, PSU bank, FMCG, capital goods, consumer durables, telecom down 0.5-1 percent.
The broader market reflected similar weakness, with India VIX inching up over 1 percent, indicating a slight rise in volatility.
Benchmark indices Sensex and Nifty extended losses for a second session on July 18, with the Nifty testing the 25,000 mark. Axis Bank’s weak Q1 earnings pulled down banking stocks, while Wipro held up after a Q1 beat. Metal and media stocks showed some resilience, even as broader sentiment remained subdued
Global uncertainty and a muted start to the earnings season are weighing on investor sentiment.
Back home, late selling on weekly expiry day dragged the Nifty below 25,200 and sent the Sensex down over 350 points.