Sensex rises 130 points, Nifty closes above 24,050 led by banking, oil & gas stocks
Mumbai Jul, y 15
The Indian stock market lost early gains and ended marginally higher on Wednessday led by banking, oil & gas and consumer durable stocks, with Sensex rising over 130 points and Nifty closing above 24,050 level amid mixed global cues.
Nifty closed higher at 24,078.50, up 26.45 points or 0.11 per cent, while Sensex ended at 77,185.43, up 130.49 points or 0.17 per cent.
Sectorally, Nifty Cement emerged as a top gainer, inching over a per cent while most of the sectors traded in the green. Among losers, Nifty Metal was the top drag, sliding 1.11 per cent. Broad market indices traded in the positive zone.
On BSE, UltraTech Cement, Eternal, SBI, IndiGo, Asian Paints, HDFC Bank, Maruti, Sun Pharma, Adani Ports, Reliance, ITC, BEL, ICICI Bank, among others, were the top gainers. Meanwhile, Power Grid, Tata Steel, LT, Kotak Bank, TCS, Hindustan Unilever among others were the top drags.
Brent crude was trading at USD 85.30 per barrel, while the US West Texas Intermediate crude oil was trading at USD 80.05 per barrel at the time of reporting. At the same time, the yellow metal was trading at USD 4,027.69 per ounce. Gold prices eased on Wednesday after surging more than 2 per cent in the previous session, as higher oil prices stoked inflation concerns and clouded the outlook for U.S. interest rates, reducing the appeal of non-yielding bullion.
Spot gold fell 0.6 per cent to USD 4,028.13 an ounce by 0614 GMT, while U.S. gold futures for August delivery declined 0.9 per cent to USD 4,033.90.
Market analyst Vipin Dixena noted, "Banking, oil & gas and consumer durable stocks helped the Nifty to recover from intraday low and close in the positive."
"Nifty closed nearly flat to mildly positive/negative around the 24,000 zone today, as the index remained range-bound and faced resistance near the 24,130-24,150 band. The index is trading below the 50-day EMA, while RSI suggest momentum is still weak, keeping the near-term trend cautious," Dixena said.
— ANI
Reader Comments
A flat close is better than a loss, I guess. But the cautious tone from the analyst is worrying—RSI weak, 50-day EMA below. For retail investors like me, it's a waiting game. Let's see if the budget next week brings some momentum.
Banking and oil & gas saved the day, but Nifty Metal ka fall (-1.11%) shows that global cues are still shaky. I'm holding my stocks, but not adding new positions until we see clear breakout above 24,150. Patience is key in this market! 💪
Happy to see Nifty above 24,000! But I agree with the analyst—momentum is weak. The gold price drop due to oil inflation concerns is a sign to be careful. For now, I'm sticking with my ITC and Asian Paints investments. Let's see what tomorrow brings! ✨
Market seems to be taking a breather after that recent rally. The resistance at 24,130-24,150 is a real barrier. I'd like to see some volume pick-up before jumping in. Oil prices at $85 are concerning too—inflation could spoil the party.
Aaj ka performance thoda mixed tha. Banking ne achi performance di, lekin metals gir gaye. I'm watching UltraTech Cement and SBI for fresh buys. Gold price drop se thoda fayda ho sakta hai agar inflation control mein rahe. 📈
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