The market maintained its upward trend and began the month of July with considerable strength, with key benchmark indices reaching new all-time highs on July 3. This surge was primarily driven by the performance of sectors such as metal, oil & gas, and financials. The overall bullish momentum can be attributed to the positive impact of robust June GST collections, widespread monsoon coverage across the country in recent days, significant inflows of foreign funds, and India's strong performance across various economic indicators.
NIFTY: The index opened 57 points higher at 19,246 and made a high of 19,345 before closing at 19,322. Nifty has formed a bullish candlestick pattern on the daily chart, making higher highs and higher lows for the 4th consecutive day. Its immediate resistance level is now placed at 19,450 while support is at 19,000.
BANK NIFTY: The index opened 210 points higher at 44,957 and closed at 45,158. Bank Nifty has formed a bullish candlestick pattern with a long upper shadow and a small lower shadow on the daily chart. Its immediate resistance level is now placed at 45,500 while support is at 44,500.
Stocks in Spotlight
▪ Mahindra & Mahindra Ltd: Stock gained 1% after the company reported a 21% increase in domestic passenger vehicle sales at 32,588 units in June 2023 over last year.
▪ Mazagon Dock Shipbuilders: Stock gained nearly 8% in early trade to hit a 52-week high of Rs 1,342 after the company signed a contract worth Rs 2,725 with the Ministry of Defence
▪ BSE Ltd: Stock rallied over 10% after its board announced a possible buyback on July 6, according to a filing with the National Stock Exchange.
▪ European stock markets climbed Monday after closing the first half of the year 8.8% higher.
▪ Saudi Arabia and Russia, the largest oil exporters, increased oil production cuts, leading to higher prices amid global economic concerns and potential US Federal Reserve interest rate hikes.
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