Sensex, Nifty lose momentum after hitting record highs; IT stocks gain
By Koustav Das: Benchmark stock market indices ended marginally higher on Thursday after hitting record highs during intraday trade.
The S&P BSE Sensex ended 164.99 points higher at 65,558.89, while the NSE Nifty 50 settled 29.45 points higher at 19,413.75. Broader market indices also lost momentum towards the end of the session and most were trading in negative territory.
Nifty IT was the top gainer among sectoral indices, rising 1.75 per cent due to improved global sentiments. Nifty Financial Services and Nifty Realty were the other top gainers in today’s trading session.
The top five gainers on the stock market were TCS, Hindalco, Infosys, Tech Mahindra and Bajaj Finserv. On the other hand, the top five losers were Power Grid, Coal India, UPL, Maruti and BPCL.
Ameya Ranadive, research analyst at Choice, said, “The Indian indices began the trading session with a positive gap, exhibiting upward movement during the first half before encountering a loss of momentum.”
“Despite the highly volatile market conditions on July 13, the NIFTY managed to hold the crucial level of 19,400, while the Bank Nifty maintained its position around 44,650. Amidst this fluctuation, benchmark indices concluded the day on a higher note,” he added.
“The market displayed signs of profit booking at higher levels, indicating a potential lack of strength to surpass the crucial resistance zone of 19,550-19,600. Currently trading within the broader range of 19,550-19,300 levels, the Nifty finds immediate support at 19,300. A breach of this level may trigger a period of profit booking. Until then, market participants are advised to view the market as a ‘buy on dip’ opportunity.”
