Sensex, Nifty 50 open in green today; Eicher Motors, Hero Motocorp, Axis Bank in gainers list
The Sensex opens at 38,064, up 32 points or 0.09 per cent, while the Nifty was at 11,356, up 10 points or 0.09 per cent, after declining for three consecutive trading sessions.
The benchmark indices, the BSE Sensex and the NSE Nifty, opened in the green today. The Sensex opened at 38,064, up 32 points or 0.09 per cent, while the Nifty 50 was at 11,356, up 10 points or 0.09 per cent, after declining for three consecutive trading sessions. Among major gainers in the early trade include Eicher Motors, Hero Motocorp, Axis Bank, Asian Paints, Titan, Cipla, Voltas, Bosch and Bharti Airtel, while while losers are Yes Bank, DHFL, Zee Entertainment, HDFC, HDFC Bank, Indiabulls Housing, IOC, Tech Mahindra, IOC and Bajaj Auto.
Except auto and metal all other sectoral indices are trading with marginal gains led by IT, pharma, FMCG and infra.
According to Zee Business's Managing Editor Anil Singhvi's Market Strategy for July 23, the small day range for trading on Nifty stands at 11,300-11,400 while the medium and bigger ranges lie between 11,250-11,425 and 11,200-11,500. The small day range for trading on Bank Nifty stands at 29,200-29,500 while the medium-range reside at 29,000-29,700, he said.
Singhvi advised to sell Kotak Mahindra Bank Futures: Loan growth at 9 quarter low, cautious outlook, weak asset quality, high PE at 40, price to book value 5 times. Stop loss 1475 and target 1420, 1400, 1380.
— Zee Business (@ZeeBusiness) July 23, 2019
On the global front, expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks on Tuesday, while the pound sagged as Britain braced for a new prime minister who could pave the way for a no-deal exit from the European Union.
In currency markets, the pound was a touch lower at $1.2477 and headed for its third session of losses, while Sterling was under pressure due to the likelihood of eurosceptic Boris Johnson becoming Britain`s next prime minister, said a Reuters report.