Market Updates Today: Nifty closed above 10,900, Oil & Gas sector was top gainer

 

Top gainers and losers in Nifty today: Indian stock market opened in positive today as per SGX Nifty indication. The Nifty was trading range-bound while Bank Nifty was volatile today. In the end, the market extended its morning gains and closed in the positive territory.

The market sentiments were positive as the finance ministry said that banks have sanctioned loans of about Rs 1.23 lakh crore. This is under the Rs 3 Lakh crore Emergency Credit Line Guarantee Scheme ( ECLGS) for the MSME sector. However, disbursement against this was Rs 68,311 crores as on 15th July.

Meanwhile, investments through participatory notes (P-notes) in the domestic capital market has increased to Rs 62,128 crore till June end. P-notes are issued by registered foreign investors (FPIs) to overseas investors, who wish to be part of the Indian equity market without registering themselves directly.

On the global front, Asian markets were closed in mixed even after Indonesia’s central bank reduced its key interest rate for the fourth time this year on Thursday. The European markets are also trading in mixed, FTSE and DAX are trading almost 0.50% higher whereas CAC is down by 0.13%. The US Dow futures and Nasdaq futures are trading higher today.

 

Top gainers and losers for the day

 

At close, Nifty gained 161.75 points or 1.51% and at 10901.70 while Sensex was up by 548.46 points or 1.51% and at 37020. The Bank Nifty was volatile today it gained 369.65 points or 1.72% and closed at 21966.80.

The Nifty midcap and smallcap 100 indices gained more than 1% today. The midcap index gained 208.55 points and at 15242.30 level and smallcap index was up by 63.15 points and closed at 4851.95 levels. Vodafone Idea (+13.38%) is the top gainers in the Nifty midcap while HEG (+ 14.46%) is the top gainers in the smallcap index today.

The top gainers in the Nifty50 index are BPCL, ONGC, Bharti Infratel, GAIL, and Titan Company. The losers in the Nifty50 index are Hindalco, Britannia, TCS, Nestle, and Infosys. Reliance, Infosys, and Bajaj Finance were the most active stocks during the day.

On a sectoral basis, Except IT & Software all other sectors closed in the green today. The top gainers for the day are Oil & Gas, Banking & Finance, Automobiles, Metals & Minings, and Telecom sectors.

 

Derivative Markets Today: Nifty and Bank Nifty share price in futures

 

The Nifty share price in futures opened at 10,751.30, it made a positive opening of 37.45 points today. It has touched an intraday high at 10935.95 and a day’s low at 10736

The Nifty share price in futures has given a movement of 199.95 points. In the end, it gained 217.15 points or 2.03% and closed at 10931 levels

The Bank Nifty share price in futures opened in 21459.45, it made a gap down opening of 111.85 points today. It has touched an intraday high at 22081 and a day’s low at 21459.45

During the day the Bank Nifty share price in futures has given a movement of 621.55 points. In the end, it gained by 509.65 points or 2.36% and closed at 22080.95 levels.

 

Conclusions:

Indian market opened in the positive and traded range-bound for most of the day. In the last hour, the market extended its early gains and closed near the day’s high. The oil & gas sector is the top gainer in the Nifty today. Indian markets are now trading at four months high and inching towards 11,200 levels. 

The market is looking positive after today’s break out. Traders can follow our weekly market reports tomorrow and key factors that are going to influence the market next week.

 

You can also read, Coronavirus impact on various sectors & Indian economic growth

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Editor’s Desk