FINAL TRADE: Sensex up 64 pts, Nifty closes at 19,356; Tata Steel jumps 3%
Stock market today: Reliance Industries (RIL) was the biggest gainer on the index, up 3.78 per cent, followed by Tata Steel (up 3.36 per cent), and Bharti Airtel (up 1.56 per cent).
Stock market today: The benchmark indices, the S&P BSE Sensex and the NSE Nifty ended in the green on Monday, July 10; however, the gains were capped amid selling in the majority of the sectors. At close, the 30-share index of the BSE stood at 65,344.17, up 64 points, or 0.10 per cent while the NSE's Nifty settled at 19,355.90, up 24 points, or 0.12 per cent. Reliance Industries (RIL) was the biggest gainer on the index, up 3.78 per cent, followed by Tata Steel (up 3.36 per cent), and Bharti Airtel (up 1.56 per cent).
Stocks in focus
Shares of Mukesh Ambani-led Reliance Industries (RIL) jumped 4.5 per cent to hit a 52-week high of Rs 2,755 apiece on the BSE intraday on July 10. The stock rallied after the oil-to-telecom conglomerate announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). The stock ended at Rs 2,735, up 3.78 per cent on the BSE. Titan Company shares slipped as much as nearly 4 per cent to touch the day's low of Rs 3,030.25 from the previous close of Rs 3,144 on the NSE. The stock took a beating after global brokerage Morgan Stanley downgraded the stock to equal weight with a target price of Rs 3,207. The stock ended at Rs 3044, down 3.20 per cent.
Shares of Hindustan Zinc (HZL) fell over 5 per cent after Vedanta Group subsidiary's board announced a dividend of Rs 7 per equity share for the financial year 2022–23 of the face value of Rs 2 per share, i.e., a 350 per cent payout, on Saturday, July 8, to its shareholders. The scrip settled 3.73 per cent lower at Rs 327.80.
BROADER MARKET INDICES
The S&P BSE MidCap index was down 0.45 per cent at 28,868.67 points while the S&P BSE SmallCap index ended at 33,042.06, down 0.26 per cent.
EXPERT VIEW | Nandish Shah, Deputy Vice President, Retail Research, HDFC Securities
Nifty went nowhere after opening and remained within the range of the previous session. Nifty ended with a gain of 24 points to close at 19,356. Nifty managed to protect its level above the 5-day EMA, placing it at 19,344. Bank Nifty underperformed by closing with minor losses.
The Nifty Midcap 100 and Nifty Small Cap 100 Indexes underperformed the benchmark indexes today, where they fell by 0.38 per cent and 0.58 per cent, respectively. Declining shares outnumbered advancing shares as the advance-decline ratio stood at 0.68 on the BSE, the lowest since June 23.
NSE cash market volumes were lower as compared to the last ten-day average. Amongst the sectoral Indices, Nifty IT, Media, and Reality were the top losers, while Nifty Metal and the OIL/GAS Index ended in the green.
Nifty seems to have stuck in the trading range of 19,300–19,500. A breakout from this range on either side would decide the direction of the market.
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04:10 PM IST