Stock Market Today: BSE Sensex Up 200+ Points; Nifty50 Above 24,350

On Thursday, the Indian stock market opened well; both the BSE Sensex and Nifty50 indices showed gains. While the Nifty50 shot above 24,350, the BSE Sensex stormed past 84,101 points. The BSE Sensex was at 80,148.11, up by 223 points or 0.28%, at 9:16 AM; the Nifty50 was at 24,385.20, up by 61 points or 0.25%.

Given Tata Consultancy Services (TCS) is about to reveal its first-quarter results, today’s market action is expected to center on IT company shares. Head of Retail Research at Motilal Oswal Siddhartha Khemka pointed out the market’s possibility for consolidation in the upper zone and advised long-term investors to use any downturn as a buying chance. Starting with TCS, he observed that the IT industry will remain in front of attention with the start of corporate earnings reporting.

Though indicators of profit booking around the 24,400-24,500 levels, Nagaraj Shetti of HDFC Securities noted on the near-term upswing of the market. With instant support at the 24,150 level, he advised that a move above 24,465 might offset this bearish view.

Globally, S&P 500 futures stayed constant while Hong Kong’s Hang Seng futures and Japan’s Topix rise showed different trajectories. While the British pound peaked in a month at $1.28545 in early Asian trade, the U.S. dollar fell somewhat. This strength matched comments made by Bank of England officials on moderation of expectations for an August interest rate cut. Declining crude inventories and a drop in gasoline stocks indicated increasing demand, hence driving a minor increase in oil prices. U.S. West Texas Intermediate (WTI) crude hit $82.47 per barrel while Brent futures jumped to $85.43 per barrel.

While domestic institutional investors acquired shares valued Rs 1,082 crore, international portfolio investors were net purchasers on Wednesday with Rs 583 crore purchases. On Tuesday, foreign institutional investors (FIIs) had a net long position of Rs 3.85 lakh crore; on Wednesday, it dropped to Rs 3.38 lakh crore.

Highlights of the stock market, July 10

While the Nifty neared 24,300, the Sensex finished down by 427 points, falling short of the 80,000 milestone. For the Nifty index, analysts have determined important degrees of support and resistance. At 24,270, immediate support is observed; should this level be exceeded, potential drops towards 24,100-24,000. Resistance is found between 24,350 and 24,400 with short covering potential over 24,400.

Nifty Analysis of Bank Performance

Under selling pressure at higher levels, the Bank Nifty index struggles to top the 52,500 mark where call writers are active. The index is almost at a critical support zone of 52,000-51,800. Maintaining this level could set off a rally toward 52,500; failing to keep this support could cause more falls toward the 51,300-51,000 zone.

Generally, especially in the IT industry, today’s market action will be actively monitored as investors wait for TCS’s earnings release and track world market developments.

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