Sensex rallies 502 pts, ends above 66K; Nifty near 19,600; IT stocks sizzle

CLOSING BELL ON JULY 14, 2023: The BSE benchmark index scaled a fresh summit at 66,160, while the NSE Nifty50 registered a record high at 19,595.

Image SI Reporter New Delhi
Sensex, Nifty, stock market, BSE, NSE

Stock Market Highlights: The key benchmark indices rallied sharply in the last half-hour of trades on Friday led by strong gains in IT, and a recovery in banking shares. 

The S&P BSE Sensex scaled a fresh summit at 66,160, and eventually ended with a gain of 502 points at 66,061. The NSE Nifty50 hit a new high at 19,595, and finished 151 points stronger at 19,565. In the process, the benchmark indices signed-off the week 1.2 per cent higher, respectively.

Among the Sensex 30 shares, TCS soared 5 per cent as the Q1 earnings driven rally continued for the second straight trading session. Tech Mahindra and Infosys also vaulted 4.5 per cent each. HCL Technologies and Wipro were up around 3 per cent each.

Tata Steel, Nestle, Hindustan Unilever, Asian Paints, ICICI Bank and Larsen & Toubro were the other prominent gainers. On the other hand, Mahindra & Mahindra and PowerGrid Corporation slipped over a per cent each. 

In the broader market, the BSE MidCap index jumped 1 per cent, while the SmallCap index spurted 1.1 per cent. The overall breadth too was fairly positive, with nearly two stocks advancing for every declining share on the BSE.

Sectorally, the BSE IT index zoomed 4.3 per cent. The Metal and Realty indices were up over a per cent each. 
Primary Market Update

Utkarsh Small Finance Bank IPO was subscribed over 100 times as of 03:30 PM on the final day of the offer period. Retail portion received bids up to 69.5 times, HNIs (Non-institutional segment) 81.2 times and Employee 15.8 times. The QIBs (Qualified Institutional Buyers) segment also witnessed strong demand with over 123 times subscription. 


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4:00 PM

Comment :: 'Need sustainable close above 19,550'

It is a firm close but we need sustainability above 19,550 in Nifty for continuation of the up move. The prevailing buoyancy in global markets combined with rotational buying across sectors is favoring the same. We thus reiterate our positive view and suggest focusing on identifying quality stocks across sectors. 

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking
3:57 PM

Comment :: What drove the markets to all-time highs today?

The controlled inflation in the US has instilled optimism among investors that a 25-bps rate hike would be adequate to stabilise the US economy. This improved prospect has contributed to the strong buying of Indian IT stocks despite muted Q1 earnings. Furthermore, the broad-based rally in the domestic market was supported by India's consecutive third month decrease in wholesale prices, along with the positive involvement of FIIs.

Views by: Vinod Nair, Head of Research at Geojit Financial Services
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>> PAT down close to 195 YoY

>> NII at Rs 2,491 crore, down 1% YoY

>> Gross NPA at 6.76% Vs 4.87% QoQ
>> Net NPA at 2.18% Vs 1.17% QoQ
>> Gross NPA at Rs 6,960.4 cr Vs Rs 5,298.6 cr QoQ
>> Net NPA at Rs 2,140.7 cr Vs Rs 1,228.3 cr QoQ
3:50 PM

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3:47 PM

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3:37 PM

Sectoral trends :: Broad-based gains lift markets; IT index advances over 4%, Media index 4%

3:35 PM

Sensex Heatmap :: 20 of 30 index stocks end with gains; TCS jumps 5%, Tech M 4.5%

3:34 PM

CLOSING BELL :: Nifty surges 151 pts, ends above 19,550

3:33 PM

CLOSING BELL :: Sensex lifts off to unchartered zone, ends above 66K for the first time

3:20 PM

Market Check :: Nifty inches closer to 19,600

3:10 PM

Market Check:: Sensex at day's high, up over 400 pts


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First Published: Jul 14 2023 | 07:24 AM IST

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