Market Closing Podcast on July 03, 2018

Moneycontrol News

The S&P BSE Sensex recovered sharply from opening lows and closed with gains of over 100 points on Tuesday while the Nifty50 witnessed a touch and go moment with 10,700 levels.

The gains remain capped as investors remained cautious ahead of a July 6 deadline when the US is set to impose tariffs on $34 billion worth of goods from China. Beijing is then expected to respond with charges of its own on US goods, reports CNBC.

Going forward, swing high of Friday’s trading session of 10,736 will act as an immediate resistance for the index while support is placed at 10,604 which was the intraday low recorded on the same day.

"Markets opened the day flat and a rally which soon ensued too the indices higher throughout the session to close at the highest point for the day. The Nifty closed with gains of over half a percent, while the bank nifty did not fare as well and closed flat for the session," Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.

"Pharma and IT were the best-performing stocks for the session whereas ICICI and HDFC Bank were some of the worst performers. Markets are stuck in a small range and we think this rangebound activity might continue for some more time lacking larger cues," he said.

Kamath further added that he maintains a bearish outlook on the market at the current juncture and would not advocate entering fresh longs at this point.

For today, the S&P BSE Sensex rallied 114 points or 0.32 percent while the Nifty50 gained 42 points to close just a shade below its crucial level of 10,700 at 10,699.90.

Sectorally, the Nifty PSU Bank slipped 0.78 percent, followed by the Nifty Metal index which was down 0.37 percent, and the Nifty Bank index which slipped 0.10 percent.

The Nifty Pharma index rose 2.2 percent, followed by the Nifty IT index which gained 1.07 percent, and the Nifty Auto index was up 1.06 percent.

The Nifty Midcap index rose 1.3 percent while the Nifty Smallcap 100 index rose 0.7 percent.