Morning Outlook 10th July, 2024

 

Key benchmark indices ended at record high on July 9 led by buying across the sectors. The Sensex was up 391.26 points or 0.49 percent at 80,351.64, and the Nifty was up 112.70 points or 0.46 percent at 24,433.20. Both domestic and global factors continue to drive the market momentum. Currently, consumption sectors like FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing.

Investors are eagerly awaiting the first-quarter earnings results, which will guide market direction. The IT sector, with optimistic revenue growth expectations, is expected to positively kickstart the season. Additionally, continuous positive FII inflow contributes to the prevailing positive sentiment.

Top gainers on the Nifty included Maruti Suzuki, M&M, ITC, Titan Company and Divis Labs, while losers were ONGC, Tata Consumer, Reliance Industries, Shriram Finance and Bajaj Finance. Except IT and energy, all the sectoral indices ended in the green with auto, FMCG, Healthcare and Realty up 1-2 percent.

The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget which can have potential economic implications.

In last 4 trading sessions the index was range-bound but today it broke its trading range and closed above the immediate resistance levels now next resistance seen at 24500-24600, and support at 24150-24280.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Nestle shareholders approve unchanged royalty payment of 4.5% to parent companyshares.
• Pitti Engineering launches Rs 360 crore QIP, floor price at Rs 1,054.25; raises lot size to ₹20-30 lakh
• RBI approves Govind Singh’s reappointment as MD & CEO of Utkarsh Small Finance Bank for 3 years
• RS Software consolidated Q1 net profit down at Rs 5 crore from Rs 6.7 crore, QoQ23.5% YoY
• Diamond Power Infrastructure bags order from Adani EnergyIPO

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

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