Indian equity benchmarks extended their gains for a third consecutive session on July 3, supported by strong buying in information technology and pharmaceutical stocks amid improving global sentiment and easing concerns over aggressive US interest rate hikes.
The Sensex gained 262.23 points, or 0.34 percent, to close at 77,763.91, while the Nifty 50 advanced 95 points, or 0.39 percent, to settle at 24,270.85.
The rally added to the week's gains, with both benchmark indices rising nearly 1 percent so far and heading towards a fourth straight week of advances.
Sensex climbed 262 points to 77,763.91
Nifty 50 ended 95 points higher at 24,270.85
Benchmarks have gained about 1.7 percent over the last three trading sessions
IT, pharma and healthcare stocks led the rally
Midcap stocks underperformed, while smallcaps ended almost flat
Rupee strengthened by 14 paise to close at 95.21 against the dollar
Brent crude remained below $72 a barrel, supporting market sentiment
Markets remained resilient despite bouts of profit booking, helped by favourable global cues and hopes that the US Federal Reserve may adopt a less aggressive approach to interest rate increases following softer-than-expected US labour market data.
Lower crude oil prices also improved investor sentiment, as softer energy costs are expected to support India's inflation outlook, external balances and overall macroeconomic stability.
Renewed buying interest in IT stocks and optimism surrounding India-Japan economic cooperation also aided the market.
Sectoral performance was led by defensive and technology stocks.
Top-performing sectors included:
Realty: up 2.19 percent
Healthcare: up 1.80 percent
IT: up 1.76 percent
Pharma: up 1.72 percent
The laggards were:
PSU Bank: down 1.54 percent
Media: down 0.45 percent
Auto: down 0.44 percent
Bank Nifty slipped 0.16 percent.
Unlike the benchmark indices, the broader market delivered a mixed performance.
Nifty Midcap 100 declined 0.19 percent
Nifty Smallcap 100 edged up 0.04 percent
Among Nifty 50 stocks, the biggest gainers were:
HCL Technologies
Max Healthcare Institute
Sun Pharma
Dr Reddy's Laboratories
Bajaj Finserv
Major losers included:
Axis Bank
SBI
Larsen & Toubro
Bajaj Auto
Adani Ports
Investor participation remained healthy.
Nearly 196 stocks touched fresh 52-week highs on the BSE, including Sun Pharma, IndusInd Bank, Apollo Hospitals, Federal Bank, Grasim Industries, Marico and Pidilite Industries.
Around 68 stocks hit fresh 52-week lows.
The most actively traded stocks on the NSE by volume included PC Jeweller, Vodafone Idea and Vedanta group companies.
Technical indicators continue to suggest a positive trend after the Nifty broke above the 24,100 level, which coincides with its 100-day moving average.
Key levels to watch include:
Immediate support: 24,150-24,100
Stronger support: 24,050
Immediate resistance: 24,400-24,450
Next upside targets: 24,500-24,600, with potential to extend towards 24,750 if momentum remains strong.
Market experts believe the short-term trend remains favourable as long as the Nifty sustains above its recent breakout zone, while lower market volatility continues to support investor confidence.
