- Dalal Street rose, supported by technology and consumer stocks.
- IT, consumer durables gained; banking stocks faced pressure.
- MRPL, Mrs Bectors, Dixon surged; ICICI Lombard declined.
Dalal Street traded with a positive but rangebound bias on Thursday, supported by buying in technology and consumer stocks. At around noon, the BSE Sensex was trading near 77,447, higher by about 262 points or 0.34 per cent. The Nifty 50 stood at 24,152, up 73 points or 0.30 per cent. Despite the gains, the Nifty remained below the key resistance zone of 24,200 to 24,250. The broader market also participated in the recovery, although gains were modest compared with the benchmark indices.
The Nifty Midcap 100 was up 43 points or 0.07 per cent at 62,986, while the Nifty Smallcap 100 gained around 29 points or 0.15 per cent to trade near 19,385. Banking stocks remained under pressure. The Nifty Bank slipped 124 points or 0.21 per cent to 57,634 as weakness in insurance and financial services counters offset gains in select lenders. The Nifty IT index emerged as the top sectoral performer, rising 1.58 per cent to 28,983. HCL Technologies, LTIMindtree, Tech Mahindra, Wipro and Infosys gained between 1 per cent and 3 per cent as investors positioned themselves ahead of Quarterly Results from Wipro and Tech Mahindra.
Also Read : Fuel Export Tax Shake-Up: Centre Hikes Diesel, ATF Duty, Cuts Petrol Levy
The Nifty Consumer Durables index also advanced 1.53 per cent to 39,532, supported by buying in discretionary consumption stocks. On the losing side, the Nifty Financial Services index declined 0.35 per cent, while the Nifty Bank slipped 0.21 per cent. The Nifty PSU Bank index also traded in the red as financial stocks remained under pressure. Among individual stocks, MRPL surged 11.3 per cent to Rs 175.30 after reporting a turnaround in profitability for Q1FY27, accompanied by a near doubling of revenue. Mrs Bectors Food jumped 11.65 per cent to Rs 189.20 after Abakkus Investment Managers acquired 29.4 lakh shares through a bulk deal. Dixon Technologies rallied as much as 7 per cent to Rs 14,680 after the Union Cabinet approved manufacturing schemes worth about Rs 1.9 lakh crore for mobile phones and Semiconductors.
ICICI Lombard fell around 12 per cent after its quarterly net profit declined 46 per cent due to higher claims, expenses and weaker investment income. According to the latest available provisional data for July 15, foreign institutional investors were net sellers of Rs 735.83 crore, while domestic institutional investors bought shares worth Rs 704.93 crore. Global cues remained mixed. Wall Street ended higher overnight, with the Dow gaining 0.3 per cent, the S&P 500 rising 0.4 per cent and the Nasdaq advancing 0.6 per cent.
Asian markets traded on a mixed note, while Brent crude hovered around USD 85 to USD 86 per barrel amid geopolitical tensions. For the remainder of the session, traders will track the 24,200 to 24,250 resistance zone on the Nifty, while 24,000 to 23,950 remains the immediate support area. Corporate earnings, crude oil movements and global developments may continue to drive stock specific volatility.
(“Disclaimer: This article uses information originally published by Dalal Street Investment Journal (DSIJ). The views expressed are those of the original authors and not necessarily of ABP Network Pvt. Ltd. This content is provided for general informational and educational purposes only and should not be construed as investment, financial, legal or tax advice. Readers are advised to conduct their own research and/or consult a qualified financial advisor before making any investment decisions. This content is for informational purposes only and should not be treated as investment advice. ABP Network, its employees and associates shall not be responsible or liable for any losses or damages arising directly or indirectly from the use of or reliance on this article or any information contained herein.”)
