Mélange Finance

Today’s Market Happening

The domestic indices Today’s Market Happening on a strong positive note, as indicated by the SGX Nifty

Indices end on a positive note

The domestic indices opened on a strong positive note, as indicated by the SGX Nifty, while the other Asian counterparts were on a flat but positive note. The indices continued to trade higher after the open, but traded sideways for the majority of the time before witnessing a spike in the final minutes of trading, eventually helping the index to end on a higher note. The Up move was backed by a rally in Realty, Metals and Banking stocks. The benchmark Nifty index gained over 100 points to end higher for the second straight day. Whereas the Nifty Bank index also ended higher for the second day in a row after the index gained over 400 points to end near day’s high.   

Broader Market Movement

Looking at the broader market performance, the rally was supported by the midcap and small cap indices, both ending in the positive territory. The midcap index gained 0.53 percent, while the small cap index gained 0.79 percent. Looking at the sector performance, the Nifty Realty index, Metal and Nifty Bank were the top performing sectors of the day, with Realty index being the top gainer, gaining nearly 3%, and Nifty Metal index snapping a three-day losing streak, led by gains in Vedanta and Hindalco. The Nifty IT and Pharma sectors, on the other hand, remained under pressure. On the stocks front, 36 of the Nifty 50 stocks ended in the green, with Hindalco, ONGC, and SBIN among the top gainers and HDFC Life, Tech Mahindra, and DR Reddy among the top losers, losing more than a percent.

Stocks in News

D-Mart shares rose more than 2% intraday after the company reported an increase in standalone revenue from operations in the first quarter of FY22 compared to the same quarter last fiscal. The stock finished with a gain of more than 1%.

Global Data Front

Over the course of the trading day on Friday, the US benchmark indices made a strong move to the upside. The rally propelled all three major averages to new closing highs. The gains on Wall Street came after the Labor Department released a report showing a continued reacceleration in the pace of job growth in the United States in the month of June. The report showed non-farm payroll employment spiked by 850,000 jobs in June after surging by an upwardly revised 583,000 jobs in May. For the recently concluded week, the Nasdaq spiked by 2 percent, the S&P 500 surged up by 1.7 percent and the Dow jumped by 1.1 percent. The futures of Wall Street’s three major indices were trading on a mixed note, with the Dow Jones Futures up 0.06 percent, the Nasdaq Futures down 0.10 percent, and the S&P 500 Futures down 0.05 percent. While on the European front, the indices are trading on a positive note.

To Summarise, the benchmark index Nifty ended near day’s high at 15834, up 112 points or 0.71 percent, while the 30-share BSE Sensex ended at 52880, up 395 points or 0.75 percent. On the Nifty, the levels to watch on the upside are 15950 – 16000, while the levels to watch on the downside are 15650 – 15550.

This article was shared to Prittle Prattle News as a Press Release.

By Reporter

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