Indian Benchmark Indices Closed at Record Highs

Indian equity indices continued the gain for the third trading session and closed on high levels on Thursday. The Nifty opened at 23,480.95 up 158 points from Wednesday’s close and made an all-time high of 23,481.05 but closed lower at 23,398.90 up 75.95 points or 0.33%. The S&P BSE Sensex ended 204.33 points, or 0.27%, higher at 76,810.90. Heavy-weight stocks like Larsen & Toubro, HDFC Bank, Mahindra & Mahindra, Tata Consultancy Services, and Titan Co. contributed in the gains of Nifty 50. While ICICI Bank, Hindustan Unilever, Axis Bank, Bharti Airtel, and ITC weighed on the index.

The broader market outperformed the benchmark index; The S&P BSE Midcap ended 0.79% higher, while the S&P BSE Smallcap closed 0.89% higher. On BSE, 2,353 stocks advanced, 1,536 stocks declined and 95 remained unchanged. Among the Sectoral index, the Nifty Realty index (up 2.24%), the Nifty Consumer Durables index (up 1.73%) and the Nifty IT index (up 1.03%) outperformed the Nifty 50 index. Meanwhile, the Nifty Media index (down 1.09%), the Nitty FMCG index (down 0.66%) and the Nifty Private Bank index (down 0.19%) underperformed the Nifty 50 index.

Nifty is facing Resistance at 23,500 and the support at 23,200 levels, breaking this zone would trigger further momentum.

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• Benchmark indices Nifty and Sensex ended the session in green at record closing highs after paring partial intraday gains on June 13. At close, the Sensex was up 204 points or 0.3percent at 76,810, and the Nifty was up 76 points at 23,398. About 2,046 shares advanced, 1,370 shares declined, and 83 shares unchanged. Earlier in the day, the Nifty clocked a fresh high of 23,481 intraday. The Sensex gained 0.8 percent to intraday high of 77,145.

• Sugar stocks rallied up to 13 percent on July 13 driven by expectations of a hike in the minimum sale price (MSP) for the 2024-25 season. Currently, the MSP stands at Rs 31 per kilogram, while the industry is demanding an increase to Rs 41 per kilogram.

• A joint venture between Reliance Industries’ Jio Platforms and Luxembourg-based SES to provide gigabit fibre internet has won approval from the Indian space regulator to operate satellites there, a government executive said. The three approvals issued to Orbit Connect India – which aims to provide satellite-based high-speed internet access – come as companies from Amazon.com to Elon Musk’s Starlink have been vying for the go-ahead to launch satellite communication services in the world’s most populous nation.

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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