Nifty ends above 15,800, Sensex near record high; financials lead

Indian shares started the week on a positive note and ended higher for the second straight session on July 5, with the Nifty closing above the psychologically important 15,800-mark.

At close, the Sensex was up 395.33 points, or 0.75 percent, at 52,880, closing in on the record high of 53, 126 touched on June 28. The Nifty was up 112.20 points, or 0.71 percent, at 15,834.40.

“The markets have been in fine form for the entire duration of the trade today. However, we should take a call on the upside only when we cross 15,900 on a closing basis. That would trigger renewed interest and momentum which should take the Nifty to 16,100. The index is still range-bound between 15,400 and 159,00,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Among sectors, the Nifty bank, metal and PSU bank indices rose 1 percent each, while some selling was seen in IT names. BSE midcap and smallcap indices rose 0.3-0.8 percent.

Hindalco Industries, ONGC, SBI, Tata Steel and Coal India were among the top gainers on the Nifty. Top losers were HDFC Life, Tech Mahindra, Dr Reddy’s Labs, BPCL and Britannia Industries.

Stocks & sectors

On the BSE, bank, metal and realty indices added 1-3 percent, while selling was seen in power names.

Among individual stocks, a volume spike of more than 300 percent was seen in Pidilite Industries, IRCTC and Godrej Consumer Products.

Long buildup was seen in IRCTC, Bosch and Trent, while short buildup was seen in NMDC, Aarti Industries and Britannia Industries.

More than 550 stocks, including CoforgeZee Media Corporation, Rolta India, Pidilite Industries and Mawana Sugars, hit a fresh 52-week high on the BSE.

Technical View

The Nifty negated its lower lows formation of the last four sessions and formed a bullish candle on the daily scale followed by a hammer on July 2.

“The Nifty has to hold above 15,800 zones to witness an up move towards 15,915 and 16,000 zones, while on the downside, support can be seen at 15,700 and 15,600 zones,” said Chandan Taparia of Motilal Oswal Financial Services.