Sensex gains 196 points; Nifty holds above 11,000; SBI, Sun Pharma top gainers

Vinod Nair, Head of Research, Geojit Financial Services

Market regained 11000 mark, given the strong earnings and benign yield despite rise in inflation. Notably, mid & small cap participated in today’s up move, which were underperforming in recent times due to rich valuation. Additionally, drop in oil price and strengthening  rupee may contain inflationary pressure. PSU banks outperformed due to prospects of govt’s recapitalization plan.

Market breadth remains positive 

Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,442 stocks rallied, 1,123 stocks declined, while 155 stocks remained unchanged.

Broader markets outperform 

In the broader market, the BSE Midcap and the BSE Smallcap indices added 2.1 per cent and 1.1 per cent, respectively, outperforming the benchmark indices.

Markets at close

Slide in global crude oil prices along with expectations of healthy quarterly results buoyed Sensex and Nifty with both the indices settling higher on Tuesday.

Markets at close

Sensex rises 196.19 pts to end at 36,519.96; Nifty gains 71.20 pts to close above 11,000 level at 11008.05.

IOC, HPCL, BPCL top gainers on Nifty; rally up to 6% as oil prices tank

Shares of oil marketing companies (OMCs) such as IOC, HPCL and BPCL rallied up to 6 per cent on Tuesday as oil prices extended losses on Tuesday after sliding more than 4 per cent on Monday to hit a three-month low. Shares of Hindustan Petroleum Corp and Indian Oil Corp gained 6.56 per cent to Rs 281.70 and 4.76 per cent to Rs 165, respectively on the NSE. Bharat Petroleum Corporation added 3.47 per cent to Rs 395.50. HPCL, IOC and BPCL were the top gainers on the Nifty index.

Rakesh Jhunjhunwala buys 1 lakh shares of this pharma firm; stock soars

Impact of ace investor Rakesh Jhunjhunwala on a stock he chooses to focus on is virtually instantly visible. The same effect was seen today. Lupin share price rallied over 1 per cent after Jhunjhunwala bought additional 1 lakh shares of the pharma major in the June quarter. Reacting to the news, the stock added as much as 1.35 per cent to Rs 829.50 on the BSE. Rakesh Jhunjhunwala owned 86,98,605 shares or 1.92 per cent stake in Lupin at the end of the March quarter of financial year 2017-18. According to latest shareholding pattern available on the BSE, Jhunjhunwala increased his holding in Lupin by 1 lakh shares in the June quarter. 

Sensex heatmap

Source: BSE

Market breadth positive 

Market breadth, indicating the overall health of the market, turned positive. On the BSE, 860 stocks rallied, 555 stocks declined, while 70 stocks remained unchanged.

Markets at open

At 9:30 am, the Sensex was trading at 36,439, up 115.35 points, while the broader Nifty50 was ruling at 10,976, up 40.10 points. 

FAST MONEY: SpiceJet, Lupin among key intraday trading ideas

MRPL (Buy)

Target: Rs 76
Stoploss: Rs 73

• Brent, WTI crude slipped 4.5% overnight
• Brent dipped below $72, WTI below $68

Anil Singhvi's Market Strategy for July 17: OMC, Paints are positive; HPCL, BPCL, IOC stocks of the day

Small trade range on Nifty stands at 19,000-11,000 and the bigger trading range lies between 10850-11025. In the case of BankNifty, the small trade range lies between 26,600-26,800 and the bigger range is at 26,500-26,950. 

Markets on Monday

The Sensex and Nifty ended lower on Monday, as a dip in oil prices hurt energy stocks such as Reliance Industries, while ICICI Bank fell on reports that the bank has hired a law firm to look into allegations of irregularities in some loan accounts.  The Sensex ended at 36,323, down 217.86 points, while the broader Nifty50 settled at 10,936, down 82.05 points. In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 2.5 per cent each, underperforming the benchmark indices.

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