Both Nifty and Sensex closed the day in green, with Nifty trading at Rs24,141.95 points, up by 0.55%, and Sensex up 0.56%, or 443 points to close at 79,476.19 points. During the day, Nifty touched an intraday high of 24,164 points, and an intraday low of 23,992.70 points.

All broad market indices ended the day in green, with Nifty midcap 100 inching up by 1%, smallcap 100 going up by 1.51%, smallcap 50 rallying by 1.63%, smallcap 250 moving up by 1.5% and microcaps jumping up by a significant 2.35%.

As for sectoral indices, Nifty media and IT led the day, inching up by 2.42% and 1.97% respectively. On the other hand, all other indices, except for PSU bank (down by 0.76%) and realty (down by 0.33%) ended the day in green.

Out of the 2,834 stocks traded during the day, 1,960 saw advances, while 796 others saw decline. Around 209 stocks hit their 52-week high, and 18 stocks hit their 52-week low price during the day. 186 stocks hit the upper circuit during the day, while 69 stocks also stuck the lower circuit during today’s trading session.

Stocks and sectors in action

According to Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd, “the markets began the week positively, gaining nearly half a percent, extending the ongoing uptrend. Starting flat, the Nifty gradually climbed and nearly reached Friday’s highs, closing at 24,141.95 levels. Sector-wise, there was a mixed trend with IT, financials, and metals showing decent gains, while energy and realty dipped about half a percent. The broader indices performed well, with both midcap and smallcap indices gaining approximately 1.5% each”.

“The consistent buying interest on dips suggests bullish control, likely continuing the current tone. The renewed strength in midcap and smallcap segments adds further positivity. Traders should focus on selecting sectors/themes with rotational participation and consider adding positions during pauses or dips”, he continued.

During the day, Tech Mahindra (up by 2.98%), Wipro (up by 2.40%), Bajaj Finance (up by 2.06%), Grasim (up by 2.04%) and UltraTech cement (1.99%) remained amidst the day’s top gainers on Nifty. On the other hand, NTPC (down by 2.06%), Eicher Motors (down by 0.92%), Apollo Hospitals (down by 0.82%), SBI (down by 0.72%) and Dr. Reddy’s (down by 0.66%) were amongst the day’s laggards.

Expert View

According to Mr. Aditya Gaggar, director of Progressive Shares, “Nifty50 started the July month marginally lower but a sharp upmove in the IT counters pushed the index higher to end the session at a record closing level of 24,141.95 with gains of 131.35 points. As far as sectors are concerned, media was the top gainer while PSU Bank was the major laggard by ending the day with a loss of 0.76%. During the day, buying traction was witnessed in the cement stocks. By breaching its congestion, mid and smallcaps advanced over 0.90% and outperformed the benchmark index. We believe that the Index is heading toward the 24,250-24,400 zone while the support level is shifted higher at 23,940”.

Shrikant Chouhan, Head Equity Research, Kotak Securities noted that the index witnessed positive momentum today. “Nifty ends 131 points higher while the Sensex was up by 443 points. Among sectors, media index was the top gainer, rallied 2.40% whereas selective PSU Banks and energy stocks witnessed intraday profit booking at higher levels. Technically, after muted open the market took the support near 24,000/79,000 and bounce back sharply. On daily charts, it has formed bullish candle and on intraday charts, it is holding higher bottom formation, which is largely positive. We are of the view that, the short-term texture of the market is positive but due to temporary overbought conditions, we could see some profit booking at higher levels”.

“For traders now, 24,000/79,000 would act as a sacrosanct support zone. While 24,200-24,300/79,700-80,000 could be the immediate profit booking zones for the day traders. On the flip side, below 24,000/79,000 traders may prefer to exit out from the trading long positions”, he further cautioned.