Gains in tech, select financials and consumer durables offset weakness in metals, FMCG, and realty.
Indian equity markets snapped a six-week losing streak on Friday, with the Nifty index holding the 24,600 level in a range-bound expiry session. For the week, the benchmark indices gained nearly 0.5%.
A sentiment cheer came in for the markets in the last hour of trade after S&P Global upgraded India’s credit rating to ‘BBB’ from ‘BBB-‘, citing economic resilience and sustained fiscal consolidation.
On Thursday, the Sensex closed 57 points higher at 80,597, while the Nifty 50 ended up 11 points at 24,631. Broader markets underperformed, with the Nifty Midcap and the Smallcap indices falling 0.3%.
And the retail investor sentiment surrounding the Nifty 50 remained ‘bullish’ by market close on Stocktwits.
Stock Moves
Sectorally, metals, FMCG, and real estate ended in the red, while technology and consumer durables bucked the trend.
Muthoot Finance ended 10% higher on strong June quarter earnings. Ashok Leyland also finished 2% higher following a record revenue report in Q1. Other earnings movers include Max Healthcare (-4%) and IOC (-1.5%).
Wirpo and Infosys shares gained 2% on the back of an order win and a joint venture announcement.
Essar Shipping tanked 5% after the company received a notice from the Serious Fraud Investigation Office.
And JSW Cement saw a subdued listing on Dalal Street.
Stock Calls
Analyst Sunil Kotak noted that Brigade is bearish on its weekly charts. Its Relative Strength Index (RSI) below 40 indicates weakness in the short to medium term. However, he flagged a strong demand between ₹850 and ₹910. Kotak added that retracement can take this stock upward if the demand zone is respected.
Kapil Aggarwal recommended a Buy on Tourism Finance at the current market price between ₹290 and ₹300, for a target price of ₹337 and a stop loss of ₹282
And Aditya Thukral expects an uptrend continuation in Senores Pharma. He advised fresh long positions at ₹682, with a stop loss below ₹605, for a target price of ₹760 in the short term and ₹840 over the next 6-8 weeks.
Markets: What Next?
Globally, European markets traded mixed, while US stock futures indicate a cautious start on Wall Street. Global investors will be watching the crucial meeting between the US and Russian Presidents tomorrow for any developments regarding the Ukraine war.
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