Market wrap: ICICI Lombard, IndiGo among top gainers & losers on Nifty and Sensex today

The Indian stock market closed on a muted note, with benchmark index Sensex closing almost unchanged on expiry day and Nifty ending below 24,100 as investors digested the rising uncertainties around the Iran-US war.

Sensex gained a mere 1 point to end at around 77,187, and Nifty 50 dropped about 6 points to close at nearly 24,073 on Thursday. Broader markets slipped into the red, with Nifty Midcap 100 and Nifty Smallcap 100 indices closing up to 0.4% lower.

Here are today’s top gainers on Nifty

Here are today’s top gainers on Sensex

Here are today’s top losers on Nifty

Here are today’s top losers on Sensex

What lies ahead?

Market participants remained cautious amid the weekly Sensex expiry, resulting in elevated intraday volatility, Bajaj Broking noted, adding that investor sentiment was further tempered by the continued weakness in the Indian rupee and elevated Brent crude oil prices, which kept the benchmark indices largely range-bound.

With many companies reporting their Q1 results in the coming days, the market is likely to respond to the results, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.

“Financials-both banks and NBFCs- are likely to report a good set of numbers aided by robust credit growth now running at 18%. Automobiles is a sector to watch closely since the growth numbers for Q1 would be impressive and the sector continues to exhibit momentum, aided by GST cuts and easy availability of finance. Most segments of the sector -cars, SUVs, two-wheelers, commercial vehicles, exports- are doing well. Digital platform companies, too, will be reporting good growth numbers. Announcement of bonus issue by Paytm in the July 20th board meeting is an important news,” according to the analyst.


Technical view on Nifty

The Nifty index continues to trade within a narrow range, reflecting a consolidation phase with a neutral undertone, said Vatsal Bhuva, Technical Analyst at LKP Securities. The analyst noted that the index technically is expected to find strong support in the 23,950–24,000 zone, while the 24,250–24,300 region is likely to act as an immediate resistance, with a broader hurdle placed near 24,500.

“Option chain data also indicates the highest put writing at the 24,000 strike, reinforcing it as a key support level. Considering the current technical setup, a buy-on-dips near support and sell-on-rise near resistance strategy remains appropriate,” Bhuva further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)