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Equity market continues to soar as global cues give it wings
Mumbai, July 21, 2020
The Indian equity market continued on its northward trajectory on Tuesday as both the key indices surged by over one per cent.
The indices zoomed higher after a gap up opening, in sync with global cues.
It was the fourth consecutive positive closing for the NSE Nifty.
Sector-wise, BSE Oil and Gas, Bankex, Realty and Power indices ended in the green, while BSE Telecom, FMCG and Healthcare indices slipped.
The Nifty50 closed at 11,162.25, higher by 140.05 points or 1.27 per cent from the previous close of 11,022.20 points.
The Sensex closed at 37,930.33, higher by 511.34 points or 1.37 per cent from the previous close of 37,418.99.
It had opened at 37,823.61 and touched an intra-day high of 37,990.55 and a low of 37,742.05 points.
"Technically, with the Nifty rallying strongly for the fourth consecutive session, the bulls remain in control," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Further upsides are likely once the immediate resistance of 11,180 is taken out. Weakness could emerge if the support of 11,113 is broken."
According to Vinod Nair, Head of Research at Geojit Financial Services: "Benchmark indices again showcased volatility but showcased positive momentum, in sync with global cues. EU leaders have finally reached an agreement on a massive stimulus plan to combat the pandemic impact. News about successful progression of Covid-19 Vaccine trials also boosted the global markets while positive quarterly earnings results, especially from the leaders, provided an additional support to the Indian markets."
"Although the market uptrend remains intact, investors are advised to be cautious since it seems to be in overvalued territory. Result-heavy day today, and stock specific commentary will be looked at."