Sensex Today: Domestic benchmark indices rose in the fag-end of a choppy session, amid gains in PSU and select private banks, financial services, and select heavyweight stocks. At close, the Sensex was up 246.47 points or 0.45 per cent at 54,767.62, and the Nifty was up 62 points or 0.38 per cent at 16,340.50.
Top Gainers & Losers
Axis Bank, IndusInd Bank, M&M, Tata Steel, Ultratech Cement, Bajaj Finserv, Bharti Airtel, SBI, Coal India, Eicher Motors, and ICICI Bank were the top rulers, up between 1-2.3 per cent. On the flipside, ONGC, Nestle India, HDFC Life, Sun Pharma, Tata Consumer, Cipla, Hero MotoCorp, and SBI Life ended lower, down up to 2.6 per cent.
The broader markets, however, outperformed the frontline indices through the day. The BSE MidCap and Smallcap indicies settled up to 0.8 per cent up.
Among sectors, except oil & gas and pharma, all other indices ended in the green with realty and PSU Bank gained over 2 per cent each.
Among stocks, Surya Roshini rose over 4 per cent on winning an order worth Rs 91 crores.
Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “FPI selling, which has been a major drag on the Market since October 21, is showing a marginally different trend. Even though FPIs continue to be net sellers, they bought on 4 days this month. This means some FPIs are seeing value in some segments. The sharp corrections in IT stocks have made their valuations attractive. High-quality financials, whose values were depressed by sustained FPI selling, are bouncing back since their fundamentals are improving.”
“It is important to note that CPI inflation in India, though high, is trending down: from 7.79 per cent in April to 7.04 per cent in May to 7.01 per cent in June. This is in sharp contrast to the US and Europe where inflation has been steadily rising. With moderation in commodity prices, this trend can sustain. Commodity price moderation is imparting resilience to commodity users like autos, FMCG and consumer durables. Increasing capex is assisting the capital goods segment. These are important indicators for investors. The near-term is likely to witness stock specific action in response to the Q1 results,” he added.
Rupee at Record Low
The rupee touched the 80-per-dollar mark for the first time on Tuesday. The local currency opened the day at 79.98 against the US dollar on July 19 against the previous close of 79.97. Then it immediately dropped to 80.
Global Cues
Asian shares slipped on Tuesday, following overnight declines on Wall Street, and the dollar hovered below last week’s peak, but traders’ main focus was approaching central bank meetings and the early stages of the U.S. earnings season.
Tokyo stocks opened higher on Tuesday after a three-day weekend, with investors encouraged by Wall Street rallies last week, despite US falls the day before. The benchmark Nikkei 225 index was up 0.73 percent, or 195.76 points, at 26,984.23 in early trade, while the broader Topix index edged up 0.66 percent, or 12.52 points, to 1,905.02.
Wall Street ended lower on Monday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year. The Dow Jones Industrial Average fell 215.65 points, or 0.69%, to 31,072.61, the S&P 500 lost 32.31 points, or 0.84%, to 3,830.85 and the Nasdaq Composite dropped 92.37 points, or 0.81%, to 11,360.05.
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