Stock market today: Frontline indices, the Sensex and the Nifty 50, ended flat on Monday, 13 July, thanks to gains in select IT and banking heavyweights, while crude oil prices remained elevated amid escalating tensions in the Middle East.
As per media reports, Iran has escalated attacks across the Gulf after the US expanded strikes on the Middle Eastern country. Tensions in the region raised concerns about energy shipments through the vital Strait of Hormuz, driving Brent crude prices up by 3%.
The Sensex fell more than 700 points at one point during the session, but erased all losses to end 47 points, or 0.06%, higher at 77,616.40. The NSE counterpart Nifty 50 closed the day with a minor gain of 4 points, or 0.02%, at 24,211.
Infosys, TCS, HCL Tech, and Kotak Mahindra Bank provided the biggest support to the Sensex, whereas HDFC Bank, Reliance Industries, and Bharti Airtel exerted the greatest downward pressure on the index.
Broader markets also mirrored the trend in the benchmarks, with the Nifty Midcap 100 and Smallcap 100 indices ending flat.
The overall market capitalisation of BSE-listed firms rose to over ₹482 lakh crore from ₹481.75 lakh crore in the previous session.
Vinod Nair, the head of research at Geojit Investments, highlighted that the stock market witnessed a strong intraday recovery, encouraging IT business updates and attractive valuations.
Despite selling pressure continuing in the global markets driven by concerns over an AI-led valuation bubble, the negative impact on Indian IT stocks has eased in recent weeks, which is another positive development, said Nair.
FII selling in the Indian IT sector has also moderated, which could support a future shift in fund flows to India, he added.
“The initial batch of broader Q1 earnings has come in better than expected, suggesting that earnings downgrades for the quarter may be less severe than previously anticipated. At the same time, Indian market valuations appear more reasonable, indicating a strong start to the Q1 earnings season,” said Nair.
Top Nifty gainers and losers today
Out of 50 stocks in the Nifty index, 29 declined while the rest ended higher.
Grasim Industries, Tata Steel, Nestle India, Eternal, and InterGlobe Aviation (IndiGo) ended as the top laggards in the index. On the other hand, TCS, HCL Technologies, Infosys, Tech Mahindra, and Bajaj Auto ended as the top gainers in the index.
Sectoral indices today
The Nifty IT index surged 3.59%, with all stocks ending in the green, rising between 1-5%. Nifty Media also closed with a healthy gain of 2.09%. Nifty Consumer Durables rose by 1.15%.
Nifty Bank, PSU Bank and Private Bank indices ended 0.15%, 0.11%, and 0.25% higher, respectively.
On the other hand, Nifty FMCG fell 1%. The Metal pack also declined by 0.69%.
Most traded stocks today
PC Jeweller, Vodafone Idea, Kalyan Jewellers India, Vedanta Iron and Steel, Motisons Jewellers, and Cupid were the most traded stocks in volume on the NSE.
185 stocks hit 52-week highs
As many as 185 stocks, including Federal Bank, JSW Infrastructure, FSN E-Commerce Ventures (Nykaa), Oracle Financial Services Software (OFSS), One 97 Communications (Paytm), The Phoenix Mills, and Torrent Pharmaceuticals, hit their 52-week highs in intraday trade on the BSE.
On the other hand, some 78 stocks, including Elitecon International, National Standard (India), and TechNVision Ventures, hit their 52-week lows in intraday trade on the BSE.
Nifty’s technical view
According to Bajaj Broking, the index may extend consolidation in the range of 23,800-24,350.
The brokerage firm believes the bias remains positive and dips towards 24,100-24,150 should be used as a buying opportunity for an up move towards the upper band of the range placed around 24,350.
“In the short term, a breakout above 24,350 will signal strength and resumption of the up move towards 24,600 levels, being the high of April 2026, in the coming week. Short-term support is placed at 23,800-24,000 levels, being the confluence of the almost identical low of the last 4 weeks and 50 days EMA,” said Bajaj Broking.
Shrikant Chouhan, the head of equity research at Kotak Securities, said the 20-day SMA, or 24,000, would act as a key support zone for short-term traders. As long as the market trades above this level, the uptrend may continue.
On the higher side, 24,275 would act as an immediate resistance for day traders. If the market successfully breaks that level, the rally could continue till 24,350-24,500. On the flip side, below 24,000, the uptrend would become vulnerable, said Chouhan.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
