FINAL TRADE: Indices end at fresh closing peaks; Sensex settles at 66,590, Nifty ends at 19,711

Stock market today: The benchmark indices ended at fresh closing peaks on July 17 (Monday) amid buying in financial stocks. The S&P BSE Sensex ended at 66,589.93 levels, up 529 points, or 0.80 per cent while the NSE's Nifty settled at 19,711.45, up 147 points, or 0.75 per cent. During the day, the Sensex scaled an all-time high of 66,656.21, while the 50-share Nifty hit a lifetime high of 19,731.85.

On the Sensex pack, SBI (up nearly 3 per cent) emerged as the top gainer, while Bharti Airtel (down nearly 1 per cent) was the biggest loser.

"The domestic economic environment looks favourable for the persistence of the current earnings upcycle in the medium term. Healthy credit demand is indicative of a strong economic environment. India’s economic resilience amid the global slowdown could attract FII flows in the medium term, potentially giving more legs to the current rally. Incremental data points across the globe suggest a possibility of faster-than-expected moderation in global inflation, limiting the quantum of further rate hikes. A faster-than-expected normalisation in the global environment would be positive for the corporate earnings cycle. Given the sharp run-up, investors may consider making incremental investments in a staggered manner to benefit from the ongoing earnings upcycle," said George Thomas, Fund Manager, Equity, Quantum AMC.

Broader market

Nifty Midcap 100 and Smallcap 100 both ended in positive territory. Midcap 100 ended 0.31 per cent higher at 36,641.25, and Smallcap 100 closed 0.88 per cent higher at 11,424.10. All indices in the broader market except for Nifty Midcap Select ended in the green.

Sectoral watch

Nifty Bank, which gave support to the benchmark index, closed over 1 per cent higher at 45,449.75.

"Bank Nifty deserves a special mention today as it has broken out of a falling channel, indicating that the consolidation phase is over and it is likely to witness a sharp surge over the next few trading sessions. On the upside, we expect it to target levels of 46,500 in the short term. Critical support on the downside is placed at 44,700," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Nifty Media also rose over 3 per cent. Expect for Nifty Auto and Realty all indices ended in green in Monday's trading session. 

Buzzing stocks 

State Bank of India (SBI), Wipro, Dr. Reddy's Laboratories, Grasim, and HDFC Bank were the top gainers on the NSE. Among other stocks, Suzlon Energy ended over 3 per cent higher after the company received an order of 100.8 MW. HDFC Bank shares closed 2 per cent higher after the company posted a 30 per cent jump in net profit.

Conversely, ONGC, Hero MotoCorp, Tata Motors, Titan, and Bharti Airtel ended as the top losers on the NSE. Bandhan Bank stock also slipped nearly 3 per cent after posting weak June quarter results. JSW Energy's scrip also closed over 3 per cent lower on the back of weak results. 

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