Stock Market Today: SBI, ONGC, NTPC Help Nifty, Sensex Close At Record High
The NSE Nifty 50 settled 81.75 points or 0.33% higher at 24,583.90, and the S&P BSE Sensex ended 145.52 points or 0.18% higher at 80,664.86.
KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
The local currency weakened 7 paise to close at 83.60 against the US dollar.
It closed at 83.53 on Friday.
Source: Bloomberg
SBI, ONGC, NTPC Help Nifty, Sensex Close At Record High: Market Wrap
Indian benchmarks ended at fresh closing high in the first session of the week tracking sharp gains in State Bank of India, Oil and Natural Gas Corp Ltd., and NTPC Ltd.
The NSE Nifty 50 settled 81.75 points or 0.33% higher at 24,583.90, and the S&P BSE Sensex ended 145.52 points or 0.18% higher at 80,664.86.
Intraday, the Nifty 50 rose 0.54% to a fresh high of 24,635.05, and the Sensex rose 0.43% to a fresh high of 80,862.54.
"A lackluster trade was seen after a knee-jerk reaction in the opening and the Index settled at 24,586.70 with gains of 84.55 points. Barring IT, all other sectors ended the day in green with PSU Bank being the top gainer followed by Media," said Aditya Gaggar, director, Progressive Shares.
The Mid and Smallcap indices advanced over 0.50% and outperformed the Frontline Index. The Index has formed a DOJI candlestick pattern at a record level which indicates a reversal, but considering a strong uptrend such correction if any, will be considered a buying opportunity. The downside seems to be protected at 24,400 while on the higher side level of 24,740 will serve as an immediate hurdle, Gaggar added.
State Bank of India, Oil and Natural Gas Corp, NTPC Ltd., ITC Ltd., and Bajaj Auto Ltd. added to the benchmark index.
Axis Bank Ltd., Asian Paints Ltd., Tata Consultancy Services Ltd., Grasim Industries Ltd., and Tata Steel Ltd. weighed on the benchmark.
On NSE, 11 sectors ended higher, and one declined out of 12. The NSE Nifty IT declined the most, and the NSE Nifty PSU Bank rose the most.
Broader indices outperformed. S&P BSE Midcap closed 0.95% higher and S&P BSE Smallcap ended 0.21% higher.
Seventeen out of 20 sectoral indices on the BSE ended higher. BSE Oil & Gas was the top gainer.
Around 2,050 stocks advanced, 1,992 fell, and 126 stocks remained unchanged on the BSE.
MRF To Effect Price Hike On Some Categories Of Tyres.
MRF price hike to come into effect from July 18
Price revision expected for truck, car radials
No clarity of price hike for two-wheeler tyres
No clarity on quantum of price hike expected
Source: Three MRF dealers in Mumbai, Ahmedabad
CESC'S Unit In Pact With Suzlon
CESC Ltd.'s step-down arm Purvah Green Power in pact with Suzlon Energy for supply & maintenance of wind turbines.
Source: Exchange filing
Government On India-UK FTA
Seeing eagerness on UK’s part to complete the deal
New government at helm in UK, will work on FTA soon
Source: Government official
