Indian market on a bullish run; Infosys impresses

The Indian market is surging enthusiastically without signs of fatigue or correction. Bulls believe the weakness in foreign markets won't impact India. Increasing interest from foreign investors is fuelling the ongoing rally. After a 0.75% surge on Thursday, the Nifty reached 24,800 and now aims for 25,000. The Sensex, which fluctuated over 1,100 points, closed above 81,000. There will still be selling pressure from profit-taking today. Declining profits in industries such as cement and paint challenge market expectations.

IT sector boost

IT stocks lifted the market yesterday. Infosys posted results exceeding expectations after trading hours. Business growth forecasts were raised from 1%-3% to 3%-4%, with management expecting profit margins to remain high.

Reliance results awaited

Reliance Industries' results are expected today.

GIFT Nifty signals

In the derivatives market, GIFT Nifty closed at 24,818.5 on Thursday night and opened at 24,840 this morning, indicating a positive start for the Indian market.

US & European markets

European markets fell again on Thursday. The European Central Bank reviewed its monetary policy without cutting interest rates. Technology stocks declined. Volvo Cars surged 11% after reporting record profits.

US markets dropped on Thursday. While technology stocks weighed down the market the previous day, all sectors were weak yesterday. Investors prioritised profit-taking. Taiwan Semiconductor (TSMC), which had fallen on the last day, announced strong results, projecting high future growth. Nvidia rose after a few days of decline. Domino's Pizza reported good profit growth, but its stock fell 13%.

The Dow Jones Industrial Average fell 533.06 points (1.29%) to 40,665.00. The S&P 500 dropped 43.68 points (0.78%) to 5544.59. The Nasdaq declined 125.70 points (0.74%) to 17,871.20.

US futures show slight gains today, with the Dow up 0.09%, the S&P up 0.16%, and the Nasdaq up 0.27%.

Asian markets

Asian markets opened lower today. Indices in Australia and South Korea fell by 1%. The Japanese market turned positive, while the Chinese market declined.

The Indian market rebounded from early fluctuations on Thursday, closing with significant gains. The Sensex reached 81,522.55, and the Nifty climbed to 24,837.75, setting new records. The strong performance dispelled doubts about the market's upward momentum. IT, FMCG, banking, and auto sectors led the surge, with the IT index rising by 2.2%.

The Sensex jumped 626.91 points (0.78%) to close at 81,343.46. The Nifty rose 187.85 points (0.76%) to end at 24,800.85. The Bank Nifty gained 0.43% (223.90 points) to close at 52,620.70.

The mid-cap index fell by 0.96% to 57,111.10, and the small-cap index dropped by 1.22% to 18,829.20.

Foreign investment surge

Foreign investors are buying heavily, purchasing shares worth ₹5483.63 crore in the cash market yesterday. This month, they have sold shares only on one day. Domestic funds and institutions sold shares worth ₹2904.25 crore yesterday.

The Nifty crossing 24,800 has excited the bulls, with 25,000 being the next target. Infosys' better-than-expected results should maintain this momentum. However, declines in Western markets and profit-taking pressures could hinder the rally. The indices have support at 24,590 and 24,500, with resistance at 24,845 and 24,920.

Gold declines

Gold fell yesterday due to new concerns about US trade policy. After closing at $2445.50 per ounce yesterday, gold dropped to $2427 this morning, down more than 1% from Thursday morning's level.

In Kerala, gold prices dropped by ₹80 to ₹54,920 per sovereign on Thursday. Prices may decline further today.

Silver prices are at $29.55 per ounce. In Kerala, silver remains at ₹99,000 per kilogram.

The dollar index rose to 104.17 on Thursday and is at 104.20 this morning.

The rupee weakened on Thursday, closing at ₹83.65 per dollar, up seven paise.

Crude oil prices fall

Crude oil prices are declining. Brent crude closed at $84.86 and fell to $84.56 this morning. WTI crude is at $83.13, and UAE's Murban crude is at $84.45.

Industrial metals decline

Industrial metals are sharply lower. The market expects reduced demand from China. The Chinese Communist Party did not unveil any plans to boost growth rates at its recent plenum. Copper fell by 2.01% to $9341.20 per tonne. Aluminium dropped by 0.70% to $2385 per tonne. Tin, lead, and zinc fell by 4.81%, 2.29%, and 1.64%, respectively.

Cryptocurrencies decline again

Cryptocurrencies fell again. Bitcoin is near $63,700, and Ether dropped to $3410.

Market indicators (18 July 2024, Thursday)

Sensex 30 - 81,343.46 (+0.78%)

Nifty 50 - 24,800.85 (+0.76%)

Bank Nifty - 52,620.70 (+0.43%)

Mid Cap 100 - 57,111.10 (-0.96%)

Small Cap 100 - 18,829.20 (-1.22%)

Dow Jones 30 - 40,665.00 (-1.29%)

S&P 500 - 5544.59 (-0.78%)

Nasdaq - 17,871.20 (-0.70%)

Dollar ($) - ₹83.65 (+₹0.08)

Dollar index - 104.17 (+0.42)

Gold (ounce) - $2445.50 (-$13.30)

Gold (sovereign) - ₹54,920 (-₹80)

Crude (Brent) oil - $84.86 (-$00.33)