Wednesday, 17 July 2024
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Stock Market

Sensex, Nifty Close to Day’s High with Petronet Down More Than 9%  

  • Reliance Industries Ltd. and HDFC Bank Ltd. gains helped keep India’s benchmark stock indices.
  • Car and consumer durables stocks fell, while the oil and gas and telecommunications sectors rose.
  • The elevated yields on US bonds are another significant factor influencing the markets.

Reliance Industries Ltd. and HDFC Bank Ltd. gains helped keep India‘s benchmark stock indices, the Sensex and Nifty, trading close to their day’s high on Monday. Taking advantage of high-quality large-cap stocks is a wise move for investors who may choose to exercise caution in this period of elevated risk and uncertainty.

The Nifty might be looking for support at 18,950, then 18,900, and 18,850. On the other hand, 19,100 might be an immediate resistance level, and then 19,150, and 19,200.

Sensex and Nifty

Car and consumer durables stocks fell, while the oil and gas and telecommunications sectors rose. The Nifty recovered 190 points on Friday thanks to the market’s oversold position. But because of the market’s enduring risk-off attitude, the circumstances are not conducive to this uptrend continuing.

Since the ground war in Gaza started, there is a significant chance that the geopolitical crisis in the Middle East will worsen. Additionally, there may be many unknowns and unanticipated events.

The elevated yields on US bonds are another significant factor influencing the markets. This will be a short-term concern as the Fed is likely to maintain its hawkish stance given the strength of the US economy and the persistence of inflation above the Fed’s target.

At 12:48 p.m., the NSE Nifty 50 had gained 67.05 points, or 0.35%, to 19,114.30, while the S&P BSE Sensex had gained 250.63 points, or 0.39%, to 64,033.43.

Other news includes the establishment of a Rs 20,685 crore petrochemicals project in Dahej, Gujarat, by Petronet LNG, an interim dividend of Rs 7 per share approved by NIIT Learning Systems, and revenue declines of 18.7% and 40.2%, respectively, for UPL Q2 Consolidated Year-Over-Year and Adani Green Energy.

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