The equity indices closed higher on Tuesday, with the Sensex rising 274 points and the Nifty gaining 84 points or 0.43%. A total of 1,870 stocks advanced on the BSE, while 1,627 declined.
“Global markets are awaiting US inflation data on Wednesday to see if price pressures are continuing to moderate, which could provide clues on the interest rate outlook. A range of 19,300-19,523 needs to be tracked as a support and resistance for Nifty. Any level above 19,523 would resume an uptrend, while a level below 19,300 could lead to correction”, said Devarsh Vakil, deputy head of retail research, HDFC Securities.
Among sectoral indices, Nifty auto, FMCG, pharma and healthcare rose more than a percent each. Nifty financial services was the top loser for the day. Top gainers in the NSE were Eicher Motors (2.78%), Sun Pharma (2.77%), Tata Consumer (2.04%), Apollo Hospital (1.81%) and Maruti (1.68%).
“The market now awaits Q1 results. The IT sector kicks off the earnings season on Wednesday, where expectations are muted with a focus on sustenance of margin and improvement in long-term guidance”, said Vinod Nair, head of research at Geojit Financial Services.TCS and HCL Tech will announce their Q1 results on July 12, to be followed by Wipro on July 13.
“Nifty July Futures have closed around 19,500 levels. The major support for short-term traders lies at 19,420, while for positional investors, it is at 19,240. Once the resistance of 19,580 is breached, we can easily see a rally of 150 points in Nifty”, said Prashant Sawant, founder of Catalyst Wealth.
According to provisional data with the exchanges, FIIs bought shares worth Rs 1,197.38 crore and DII sold shares worth Rs 7.25 crore.