FINAL TRADE: Indices end flat; Sensex at 66,355.71, Nifty at 19,681; Asian Paints top loser post-Q1 result

Stock market today: The domestic equity market ended flat on Tuesday (July 25) amid selling in heavyweights Asian Paints, ITC, and L&T. At close, the NSE Nifty 50 was up 8.25 points at 19,680.60, and the S&P BSE Sensex settled at 66,355.71, down 29.07 points. Asian Paints ended as the top loser on the NSE after the company released its June quarter results (Q1FY24). 

"Taking cues from the global market Nifty ended on a flat note, where Nifty Metal, Nifty Energy, and Nifty Auto outperformed today and were up by 2.94 per cent, 1.28 per cent and 0.95 per cent respectively. Investors may be wary as the Fed meeting later this week was the reason for the flat Nifty while Nifty Metal outperform on the back of better-than-expected numbers reported by Tata Steel and expectations for growth of metal prices. Hindalco Industries, JSW Steel, Tata Steel, NTPC, and Adani Ports were top gainers while losers were Asian Paints, ITC, Britannia Industries, IndusInd Bank, and Larsen and Toubro," said Rajesh Sinha, Sr. Research Analyst, BONANZA PORTFOLIO LTD.

“Technically, after a two days correction, the market witnessed range-bound activity near the 10-day SMA (Simple Moving Average). On daily charts, the index has formed a small bearish candle and on intraday charts it is witnessing selling pressure at higher levels. For day traders, 19620 would be the key support level, and if the index trades above the same, we could expect a quick pullback rally till 19720-19750. On the flip side, dismissal of 19620 could accelerate selling pressure, and below the same, the index could slip till 19570-19550,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.\

Broader market 

Broder market indices ended mixed. Nifty Midcap 100 index edged up by 0.39 per cent whereas Smallcap 100 was down by 0.11 per cent. 

Sectoral watch 

Nifty Bank ended lower by 0.17 per cent at 45,845, followed by Nifty FMCG, IT, and Realty. Buying in metal stocks boosted the Nifty Metal index which ended nearly 3 per cent higher. 

"Bank Nifty closed in the red today for the third consecutive day. It witnessed selling pressure after opening on a positive note indicating that it was unable to sustain at higher levels. On the downside, 45670 – 45460 which are the 38.2% and 50% Fibonacci retracement levels are likely to act as a strong support zone from a short-term perspective. Overall, the trend is still positive and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46500 is the expected target," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Buzzing stocks 

Metal stocks were the major gainers in Tuesday's trading session with Hindalco, JSW Steel, and Tata Steel ending major winners on NSE. Among other stocks, Jyothy Labs stock touched the upper circuit and ended 20 per cent higher post Q1 results. Jubilant FoodWorks shares ended over 2 per cent higher ahead of the results. 

Conversely, Chennai Petroleum Corporation stock ended over 9 per cent lower post Q1 results.  Mahindra Holidays shares settled over 3 per cent lower. Asian Paints stock ended over 4 per cent lower post Q1 results. 

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