The Indian stock market experienced a day of significant swings, ultimately closing with minor gains. Despite starting on a positive note, the Sensex, Nifty, and Midcap Index failed to sustain their record levels and faced intra-day fluctuations.

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In the final hour of trading, the market witnessed a sharp fall, primarily driven by a decline in banking stocks.

However, the IT sector provided some respite as TCS and Infosys helped lift the Nifty index. The BSE Sensex saw a rise of 165 points, closing at 65,559, while the Nifty 50 recorded a gain of 29 points, settling at 19,414.

While the Nifty Bank managed to register a gain of 26 points, reaching 44,665, the Midcap Index faced a slip of 294 points, closing at 36,114.

Hindalco Industries, TCS, Infosys, Tech Mahindra and Bajaj Finserv emerged as the leading gainers on the Nifty 50. On the other hand, Power Grid Corporation, Coal India, BPCL, UPL, and Maruti Suzuki were the top losers.

"The indices witnessed a volatile weekly expiry session, wherein a tug of war could be seen in the benchmark index. However, the technical structure remains unchanged post the whipsaws move. On the technical front, the indicators still showcase overbought sentiments, but the bulls are resilient in letting loose their grip. As far as levels are concerned, an authoritative closure above 19500 could only trigger the next leg of rally towards 19600-19650. On the flip side, a series of support zone could be seen from 19350-19300 on an immediate basis, while the sacrosanct support lies at the bullish gap of 19200-19235," said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One.

Among the individual stocks, TCS emerged as one of the top gainers on the Nifty, despite reporting weaker than expected Q4 results. On the other hand, HCL Tech managed to close the session in the green, although it faced a 2 percent dip from its earlier highs.

Profit booking was witnessed in the PSU banking sector, resulting in a 3 percent fall in the Nifty PSU Bank index from its highs. Meanwhile, metal stocks experienced a rise due to China's stimulus measures and a decline in the dollar index, with Hindalco recording a notable 3 percent increase.

Power Grid, however, ended the day as the top loser on the Nifty, influenced by a negative brokerage note, leading to a 3 percent decline in its stock.

Federal Bank reported a rise in non-performing assets (NPAs) and a fall in net interest margin (NIM) on a quarter-on-quarter (QoQ) basis, causing its stock to slip by 5 percent

The negative sentiment from the previous day continued to affect Delta Corp and Nazara Tech, extending their fall as a result of the GST rate hike.

Also read: Stock Market Highlights: Sensex, Nifty 50 end significantly off day's high as PSU Banks, Auto, FMCG sell-off

First Published:Jul 13, 2023 3:55 PM IST