Market Updates: Nifty closed in positive, Bank Nifty down 101 pts today

 

Indian stock market opened in the green after getting positive cues from the global market and later traded in a tight range today. The Bank Nifty opened in the green and erased its morning gains and closed in the red. Nifty closed above 10,600 on the spot level.

The Indian service PMI stood at 33.7 in June compared with 12.6 in May. A reading below 50 indicates contraction in the business activity. The Composite PMI Output Index, the combined service and manufacturing PMI output rose to 37.8 in June from 14.8 in May. Though the PMI number increased compared to the previous month, it is in contraction.

Market sentiments got positive support after the Reserve Bank Of India’s report that bank credit and deposit grew 6.18% and 11% to Rs 102.45 lakh crore and Rs 138.67 lakh crore respectively in 19th June ended fortnight. However, the increasing coronavirus infection in India prevailed some cautiousness in the market.

On the global front, Asian markets were closed in the green. The Asian market sentiments were positive due to improved job data in the US and strong Chinese Service PMI data. The European markets are trading marginally lower today at 5 pm IST. Dow and Nasdaq futures are trading almost flat on 3rd July.

 

Market Updates: Sensex, Nifty and Bank Nifty on the spot levels

 

Indian market at the close- Nifty gained 55.70 points or 0.53% and at 10607.40 while Sensex was up by 177.72 points or 0.50% and at 36021.42. The Bank Nifty erased its morning gains for the second consecutive day today. It was down by 100.80 points or 0.46% and at 21852.40 levels.

The Nifty midcap and smallcap indices were also closed in the green today. The midcap index gained 97.90 points 0.66% and at 15042.65. The Nifty smallcap index was up by only 10.35 points or 0.22% and closed at 4706 today.

The top five gainers in the Nifty50 index for the day are Bharti Airtel, Adani Port, Eicher Motors, Hero Motor Corp, and TCS. The top losers in the Nifty50 index are JSW Steel, IndusInd Bank, Tata Steel, HDFC Bank, and Zee Entertainment. The most active stocks during the day in the Nifty50 index are Bajaj Finance, Reliance, and HDFC Bank.

On the sectoral front, Capital Goods, Insurance, Infrastructure, IT & Software, and Telecom are closed 1-3% up today. On the other side Banking & Finance, Manufacturing, Media, Metals & Mining, and Agri sectors closed marginally lower today.

 

Derivative Market: Nifty, Bank Nifty share price today

 

The Nifty share price today in futures opened at 10597.65. It made a positive opening of 57.95 points today. It has touched an intraday high at 10605.70 and a day’s low at 10533.

The Nifty share price today in futures has given a movement of 72.70 points. In the end, Nifty gained by 28.3 points or 0.27% and closed at 10568 levels

The Bank Nifty share price in futures opened in 22149. It made a gap up opening of 171.7 points today. It has touched an intraday high at 22162.05 and a day’s low at 21750

During the day the Bank Nifty share price in futures has given a movement of 412.05 points. In the end, it declined 145.1 points or 0.66% and closed at 21832.20

 

Conclusions:

Indian stock market closed in the positive note for the third trading session today with the support of the global market and positive domestic macro data. The market has acknowledged the recovery of the Indian economy through various data released recently. 

Though there is a concern about the increasing cases of coronavirus infection in India and FIIs selling in the cash market. The Indian market is still looking positive and will continue its upward journey in the coming week. Nifty is looking positive in the near term.

Traders can visit our website tomorrow for Weekly Market Updates and Key Factors that will influence the market next week.

 

You can also read, Nifty50 Stocks list | Index | Share price  

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