NIFTY ENDED WITH GAINS WHILE NIFTY BANK CLOSED ALMOST ON A FLAT NOTE

NIFTY:

The NIFTY opened at 19576.85 with a gap up of 59 points. Initially, the index moved lower but quickly found support and started moving sideways, after recording its intraday low at 19524.80. The index started a rally in the afternoon and went above 19600. However, prices have found strong resistance there and then again formed a range that lasted till the end. The NIFTY recorded its intraday high at 19620.45 and finally closed at 19597.30 near its day’s highs with a gain of 80.30 points or 0.41% up. PHARMA and IT outperformed and closed with a gain of over 1% followed by REALTY and AUTO. MEDIA, BANK, and METAL under performed and closed with minor losses. The short-term trend is sideways now but the bias is bullish. The NIFTY closed higher for the second consecutive trading day but moved very narrowly for the past two days. We may see a sharp move here soon.

BANK NIFTY:

The BANK NIFTY opened at 44993.70 with a gap up of 135 points. The index initially moved lower, filled the gap, and then found support around 44800. Prices bounced up but could not move much higher and faced resistance around 45000. The index kept on swinging within these two levels for the whole day, recorded its intraday low at 44773.85 and its intraday high at 45011.35. Prices finally closed at 44833 with a loss of just 25 points PSU BANK has underperformed today, saw a sharp down move, and ended with a loss of 0.60% PVT BANK outperformed, saw a mild upside rally. and ended with a gain of just 0.09%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while SBIN contributed the lowest. BANK NIFTY moved very narrowly today and closed almost on a flat note. The short-term trend is sideways now as the index has stopped moving down for the past two days.

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News Updates

• India’s benchmark stock indices advanced for the second straight day on Monday, as healthcare and telecommunication sectors advanced, while power and utilities stocks declined. The S&P BSE Sensex closed 232.23 points higher, or 0.35%, at 65,953.48, while the NSE Nifty 50 ended 80.30 points higher, or 0.41%, at 19,597.30

• Reliance Industries Goes Slow On Non-Core Investments As Net Debt Hits $9 Billion The company’s standalone net debt rose to Rs 72,897 crore as of March from Rs 12,328 crore a year earlier.

• Max Healthcare Institute Ltd on Monday reported a 27 per cent rise in its profit after tax (PAT) in the quarter that ended on June 30 to Rs 291 crore as compared to Rs 229 crore in the same quarter last year. As compared to Rs 320 crore in the quarter that ended on March 31, the PAT was down 9 per cent. The company’s gross revenue during the quarter was up 17 per cent to its highest-ever figures of Rs 1,719 crore as compared to Rs 1,473 crore in the June quarter of 2022. Sequentially, the revenue was up 5 per cent from Rs 1,637 crore.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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