FINAL TRADE: Indices end in the green; Nifty settles at 18,816.70; Tata Motors hits 7-year high

Stock market today: The bulls made an impressive comeback on Dalal Street on Tuesday after opening in the red. At close, the S&P BSE Sensex ended at 63,327.70, up 159 points, or 0.25 per cent while the NSE's Nifty closed the session at 18,816.70, up 61 points, or 0.33 per cent. Tata Motors emerged as the top gainer on the Sensex with over 3 per cent gains. The stock hit a 7-year high of Rs 584 during the session. It eventually ended at Rs 583.30, up over 3 per cent.

"A decisive intraday upside recovery has emerged from the day's low of 18660 levels, and the upside bounce continued till the mid-to later part of the session. A reasonable positive candle was formed on the daily chart with a long lower shadow. Technically, this pattern indicates the strength of a near-term uptrend in the market with a buy-on-minor dips opportunity. Hence, one may expect Nifty to zoom into all-time highs (above 18887-top of December 1, 2022) in the next few sessions. The near-term uptrend in Nifty remains intact, and one may expect Nifty to reach up to 19,100–19,200 levels in the next one to two weeks. Immediate support is placed at 18,650 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Broader markets 

The Nifty Midcap 100 and Smallcap 100 closed higher by 0.49 per cent and 0.52 per cent, respectively. In the broader market except for India VIX, all the indices ended in green territory.

Sectoral watch

Nifty Bank gained 421 points or 0.30 per cent and closed at 43,766.5.

"The see-saw movement in the Nifty Index is likely to continue unless Bank Nifty has a bullish closing above the 44,200 mark. The open interest (OI) data is also moving in a see-saw pattern and is not giving any conclusive evidence for the current weekly expiry. Short straddles for this weekly expiry on the Nifty Index with closer-by offsets, that is, a close-by call offset and a slightly further away put offset. This could be one way to look at playing the last two days of this weekly expiration. Although today's Nifty and Bank Nifty candles hint at a possible formation of a morning star, the levels of 18,900 and 44,200 are the levels that need to be tracked by short-term traders," said Rahul Ghose, Founder & CEO, Hedged.

Except for the Nifty Pharma, Media, and Healthcare index, all the sectoral indices ended higher.

Buzzing stocks 

Insurance stocks extended their gaining streak, HDFC Life Insurance closed near its 52-week high, and other stocks rose too. HDFC AMC recorded the biggest single-day gain after Abrdn sold its entire 10 per cent stake. Power Finance Corporation and REC Limited hit fresh 52-week highs. Shriram Finance gained 7 per cent after TPG sold its entire stake. Tata Motors surged to its highest levels in seven years ahead of PM Modi’s meeting with Tesla's chief.

Conversely, IIFL Securities fell 16 per cent as SEBI prohibited the company from registering new clients for two years. CONCOR was among the top midcap losers; shares slipped nearly 4 per cent after a negative brokerage report. Timken stock also slipped 7 per cent after a change of hands for over 10 per cent equity via block deals.

Global market 

In Asian markets, Tokyo ended in the green, while Seoul, Shanghai, and Hong Kong settled in the negative territory. Equity markets in Europe were trading mostly lower. The US markets were closed on Monday in observance of the Juneteenth holiday.

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