Sensex, Nifty settle at record closing high; L&T, Asian Paints top gainers
Cement and auto stocks surged on hopes of improved results, while reports suggested a surge in exports to BRICS nations. Cement maker ACC jumped as much as 13.3 per cent after posting a market-beating quarterly profit.
The Sensex and Nifty hit their respective record closing highs, gaining for the third straight session on Tuesday. Cement and auto stocks surged on hopes of improved results, while reports suggested a surge in exports to BRICS nations. Cement maker ACC jumped as much as 13.3 per cent after posting a market-beating quarterly profit.
Besides, positive cues from other Asian markets and sustained foreign capital inflows, also influenced sentiments. Overseas, Japan's Nikkei rose 0.60 per cent, Shanghai Composite Index 1.59 per cent and Hong Kong's Hang Seng 1.50 per cent in early trade. The US Dow Jones Industrial Average ended 0.06 per cent lower yesterday and Nasdaq closed up 0.28 per cent.
Ace investor Rakesh Jhunjhunwala may dislike predicting the outcome of elections, but no discussion with him can be over without asking him to speak on general elections 2019 outcome. In a latest TV interview, the market guru predicted that Prime Minister Narendra Modi will come back to power once again in 2019.
"I would very much like Mr Modi to come back and see what is the agenda of the opposition? Unless there is some real disillusionment with the Modi government and this is going to be fought on personalities. India will go on," Jhunjhunwala said in an interview to ET Now adding, he can give it in writing that the BJP government will come back to power in 2019.
11) Sensex, Nifty hits record highs: The Sensex ended at 36,825, up 106.50 points, while the broader Nifty50 settled at 11,134, up 49.55 points. In the broader market, the BSE Midcap and the BSE Smallcap indices outperformed to rally 1.8 per cent and 2.3 per cent, respectively.
10) Rupee extends losses: The rupee weakened by 21 paise to 69.08 against the US dollar today, hurt by fresh demand for the American currency from importers.
9) Sensex heatmap
11,100 and 27,000 are going to be the deciding level on Nifty and BankNifty. Small trade range on Nifty lies between 11,000-11,125 and the bigger range stands at 10,950-11,175. In the case of BankNifty, the small trading range stands at 26,875-27,175 and the bigger range lies between 26,725-27,250.
7) Fast Money: 20 best calls for Intra-day @ July 24th, 2018
6) WATCH VIDEO: Key triggers for markets today
5) Market breadth remains positive: Market breadth, indicating the overall health of the market, remained positive. On the BSE, 868 stocks rallied, 337 stocks declined, while 47 stocks remained unchanged.
4) Markets at open: At 9:25 am, the Sensex was trading at 36,831, up 113.11 points, while the broader Nifty50 was ruling at 11,116, up 31.65 points. In the broader market, the BSE Midcap and the BSE Smallcap indices rallied 0.6 per cent each.
Idea Cellular: Vodafone India and Idea Cellular and are likely to pay up the Rs 7,268 crore in dues towards spectrum charges demanded by the government to get final nod from the Department of Telecommunications (DoT) as any recourse to litigation would mean potential delay in the $23 bn merger.
Target: Rs 875
Stoploss: Rs 840
- Short-covering in July F&O contracts; fresh buying in August
- The stock is under physical delivery series
The benchmark indices ended higher on Monday with the Sensex climbing to a record close, as consumer goods stocks gained after the GST Council cut rates on over 100 items, including footwear, refrigerator, washing machine and small screen TV, while exempting the widely demanded sanitary napkins from the levy. The revised tax rates will come into effect from July 27.
The Sensex ended at 36,718, up 222.23 points, while the broader Nifty50 settled at 11,084, up 74.55 points. The Sensex opened higher at 36,501.05 and gathered momentum on massive buying to hit an all-time intra-day high of 36,749.69 as FMCG major ITC, Hindustan Unilever and Asian Paints rallied.