Bullish Day on D-Street, Sensex Rises 391 Pts, Nifty Crosses 24,400 Mark

Ira Singh
Khabar Khabaron Ki,09 July’24

The domestic share market indices saw a resurgence in the early trading on Tuesday, driven by purchases of blue-chip stocks and inflows from foreign funds.Inflows into equity mutual funds surged by 17 percent to Rs 40,608.19 crore in June, a fresh high according to the latest data released by the Association of Mutual Funds of India (AMFI) on July 9.

The Sensex and Nifty indices both recorded impressive gains, reflecting a wave of investor confidence. At close,the Sensex was up 391.26 points or 0.49 percent at 80,351.64, and the Nifty was up 112.65 points or 0.46 percent at 24,433.20. About 1771 shares advanced, 1664 shares declined, and 83 shares unchanged.This positive momentum was attributed to robust buying interest in high-quality, well- established companies, often considered safe bets in times of market uncertainty.

Maruti Suzuki, M&M, ITC, Titan Company and Divis Labs were the top gainers on the Nifty, while losers included ONGC, Tata Consumer, Reliance Industries, Shriram Finance and Bajaj Finance.

On the sectoral front, except IT and energy, all the sectoral indices ended in the green with auto, FMCG, Healthcare and Realty up 1-2 percent.The BSE midcap and smallcap indices ended on a positive note.

Rupee Close:
On 9 July’24,the Indian rupee appreciated 1 paisa to close at 83.49 against the US dollar on Tuesday, as gains from strong domestic equities and sliding global crude prices were negated by a surging greenback overseas.

Trading Guide:
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services reportedly quoted as saying,the market is exhibiting strength and is showing no signs of a sharp correction despite the high valuations. A healthy trend in the market is that fundamentally strong largecaps are seeing buying. The rising accumulation and delivery based buying in largecaps like RIL and ITC is a reflection of this healthy trend.

It appears that the market is waiting for triggers for a breakout from the present levels. This trigger may come from the Q1 results starting this week. If the management commentaries from the IT majors are positive, that can trigger an up move led by IT stocks. Another trigger for a breakout can come from the Budget to be presented on 23rd of this month.

Market experts have recommended buying these five buy or sell stocks — NALCO, Zuari Industries, Bajaj Auto, Ashok Leyland, and BoB.