01 Jul , 2024 By : Debdeep Gupta
Benchmark indices Nifty and Sensex edged higher, trading in the green on July 1 even as selling pressure continued to rise. Energy and realty stocks were major drags while the auto sector rose the most.
At about 9:30 am, the Sensex was up 0.14 percent at 79,145.95 and the Nifty was traded higher by 0.15 percent at 24,047. About 2,054 shares advanced, 971 shares declined, and 118 shares unchanged.
"This is a big fight between the bulls and the bears and bulls are largely in control even as we witness profit booking," Kranthi Bathini, Director of Equity Strategy at WealthMills Securities. He also added that the market is likely to consolidate this week in the 2,400 range and trade with a positive bias.
Of the 13 sectoral indices, bank, energy, and infra were trading lower with energy being the biggest loser. Major stocks such as NTPC, Power Grid Corp, and Adani Green were the major laggards. The auto and metal index were the best performers, data showed.
The Auto sector was also in focus today as it traded almost one percent higher on the back June sales data. Analysts suggest that retail sales are likely to remain subdued, except for a few select outperformers. Analysts attribute this to heatwaves, which have reduced footfalls and inquiries across various categories. The performance is expected to be mixed, with growth driven by two-wheelers and passenger vehicles, while commercial vehicle sales are likely to remain flat. Tractor sales are expected to dip for the month. However, Nuvama predicts that two-wheeler and tractor volumes may grow in high single-digits.
The broader market, including midcaps and small-caps, outperformed the headline indices after trading 0.2 and 0.7 percent, respectively.
The fear gauge, India VIX, rose 2 percent to be at around the 14.05 level on July 01.
"If the index closes above the 24,200 level, it could potentially rise to 24,400 and 24,500. Conversely, if the index closes below the 23,800 level, it could see a correction down to 23,600 and 23,400, which would act as buy-on-dips levels," Sumeet Bagadia, executive director at Choice Broking said.
Hero MotoCorp, Bharti Airtel, Maruti Suzuki, JSW Steel, and Bajaj Auto were the top gainers on the Nifty. NTPC, Power Grid Corp, Apollo Hospital, HDFC Life Insurance, and Kotak Mahindra Bank were laggards.
0 Comment