Today’s Market Summarised

Nifty testing 15,800 in the day with good bullishness.

Nifty opened the day at 15,796 with a 100-point gap-up and fell. Support was taken around the 15,750 zones, and just after 11 PM, it moved back up. Even with these moves, 15,800 was taken as a consolidation zone. Nifty closed the day at 15,812, up 120 points or 0.76%.

Bank Nifty opened at 35,495 with a gap-up and moved down to consolidate. But just like Nifty, the index found strength just before noon. It broke 35,500 but could not reach the 35,800 mark. Bank Nifty closed at 35,673, up 474 points or 1.35%.

Finance stocks performed the best with Fin Nifty(+1.48%) and Bank Nifty(+1.35%) moving up. Most other sectors consolidated.

Most Asian markets closed in the green. European markets are all trading flat.

News Picks

With Q2 results to be out soon by 24th, ICICI Bank(+2.8%) closed as Nifty’s top gainer. Other financial stocks including HDFC(+2.7%) and Axis Bank(+2.2%) also featured in the gainers’ list.

Adani stocks remained weak after the Annual General Meeting yesterday. Adani Ports(-1.96%) closed as the top-loser in Nifty 50. Adani Green(-1.4%), Power(-1.3%) and Enterprises(-0.2%) also closed in the red, without any confidence from the meeting.

IT stocks remained muted in the day taking rest after the June rally. HCL Tech(-1.1%), TechM(-0.6%), Wipro(-0.19%) and Infy(-0.19%) closed in the red even with the last minute upward move across the sector.

NMDC(+3.7%) moved up near the end after the company’s board approved the demerger of the company and NMDC Steel.

Tyre stocks gained in the day led by Apollo Tyres(+2.6%), MRF(+3.6%), JK Tyres(+3%), and CEAT(+2.2%) closed with gains. Slowly reaching back to their 52-week highs again. Other auto-ancillary stocks including Mothersumi(+2.5%) and Bharat Forge(+1.7%) also moved up. 

The Government is aiming to bring an insurance law amendment in the monsoon session of parliament starting July 19th. SBI Life(+1.86%) hit a fresh 52-week high and featured in Nifty 50 top gainers along with HDFC Life(+1.5%).

Multibagger market-linked stocks including CDSL(+15.7%), BSE(+10.7%), CAMS(+5.1%) and MCX(+7.9%) rallied in the day. IEX also gained(+3.6%). Read all about MCX here.

Some textile-linked stocks including Arvind(+6.2%), AB Fashion(+7.6%), TRENT(+3%), Raymond(+5.1%), Bombay Dyeing(+3.2%), Welspun India(+2.9%) and Pearl Global(+20%) moved up in the day. And Kitex closed at 10% upper circuit, now gaining nearly 70% in the last 4 days. The government is expected to approve the Rebate of State Levies(ROSL) on textiles scheme extension till 2024 along with a boost for textile exporters.

Ramakrishna Forgings bags multi-year order from European OEM(Original Equipment Manufacturer) for Rs 132 crores. The stock closed 1% up. 

Revolt Motors reopens the booking of Electric Bikes. Rattan India stock closed 4% up. Maharashtra Minister Aditya Thackeray will announce EV Policy today. Greaves Cotton(+4%), Tata Motors(+1.1%) also closed in the green.

NTPC REL is preparing to set up India’s first Green Hydrogen Mobility Project in Ladakh. NTPC REL is a 100 percent subsidiary of NTPC(+1.7%).

DuPont plans to acquire a stake in water treatment company Ion Exchange. The stock closed 4.7% up on BSE.

Lupin(+1%) launches Tavaborole Topical Solution in the US, used to treat fungal toenail infections. The stock gained while other pharma stocks looked weak.

Pennar Industries(market cap: Rs 454 crores) bags order worth Rs 571 crores. The stock closed 10.4% up. The company is engaged in the manufacture of hot-rolled and cold-rolled products of steel.

NMDC approves the demerger between the company and NMDC Steel. The stock closed 4.7% up.

Markets Ahead

Yesterday, Nifty closed in the red and we saw FIIs turning net sellers as expected. But if those numbers turn out to be net buying for today, then we can expect some bullish in the coming days of the week. 

Nifty closed above 15,800 today, which is a good sign but Bank Nifty is yet to break its crucial resistance at 35,800. We can also see a lot of call option contracts at the 36,000 level this week, showing that the level will also be important. Private banks including HDFC Bank showed strength closing above 1,500. 1,520 will have to be watched. Reliance is trying and failing to cross 2,100 for the last 2 days, and may give a move tomorrow with the positive telecom data for Jio coming out yesterday.

Did you catch the move today in MCX, IEX, CDSL and CAMS? Let us know in the comments section of the marketfeed app. Definitely, a lot of us have them in our portfolios. We did manage to catch these intraday moves in the Live Feed section of the marketfeed app as well. Click on the names to read our articles on these companies. 

Keep an eye on DMART stock. It has been consolidating near the 52-week high zone for a while now.