The BSE Sensex fell 29.07 points or 0.04 per cent to settle at 66,355.71. The NSE Nifty gained 8.25 points or 0.04 per cent to end at 19,680.60
Indian benchmark equity indices ended almost flat in a volatile trading session on Tuesday as investors traded cautiously, awaiting cues from the US Federal Reserve’s policy stance. Foreign fund outflows and rising crude oil prices also affected investor sentiment, traders said.
The BSE Sensex fell 29.07 points or 0.04 per cent to settle at 66,355.71. The NSE Nifty gained 8.25 points or 0.04 per cent to end at 19,680.60.
"The Nifty index is currently experiencing profit booking around the psychological level of 20,000, but there are no significant signs of weakness in the market. The 20-day moving average (20-DMA), which aligns with the 19,500 level, is crucial as it serves as a critical support level. Only if the Nifty falls below this level can we anticipate a potential correction in the market. On the upside, the immediate resistance area lies between 19,800 and 20,000," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
"The Banknifty index is performing relatively well, with a critical support area between 45,000 and 45,200. A substantial decline is expected only if the Bank Nifty breaches this support level. On the upside, the resistance zone is identified at 46,600 to 47,000," he said.
Gour added, "Market participants should closely monitor the outcome of the upcoming Federal Open Market Committee (FOMC) meeting as it will provide a crucial global cue for the market. Additionally, investors should be prepared for earnings reactions on individual counters. Currently, the F&O cues are neutral ahead of July's F&O expiry."
Top Stocks To Watch On 26 July:
Tata Motors
The automobile company reported a consolidated net profit of Rs 3,203 crore for the first quarter of the financial year 2023–24 on the back of solid sales of its luxury car unit, Jaguar and Land Rover (JLR). Consolidated revenue for the quarter increased 42.5 per cent year-on-year to Rs 101,528 crore in the reported quarter from Rs 71,227.76 crore in the year-ago period.
Larsen and Toubro
L&T posted a consolidated net profit for the quarter ended June 2023 at Rs 2,493 crore, a growth of 46.5 per cent compared to Rs 1,702.07 crore in the same quarter last year. Revenue from operations for the period stood at Rs 47,882 crore, up 33.6 per cent from Rs 35,853 crore in the corresponding quarter of fiscal 2023. The company will buyback as much as Rs 10,000 crore worth of shares, its first-ever return of capital to shareholders.
Yatharth Hospital
Noida-based hospital chain Yatharth Hospital and Trauma Care Services is set to launch its initial public offering (IPO) on Wednesday, 26 July. The company will have a three-day initial share sale that ends on 28 July. It has fixed a price band of Rs 285-300 per share, while the face value of each equity share is Rs 10. The company is aiming to raise a total of Rs 686.55 crore at the upper-price band.
Asian Paints
The paint maker appointed R Seshasayee as Chairman from 1 October 2023 to 22 January 2027. Currently, Seshasayee is serving as an independent director of the company.
Union Bank of India
The lender has signed a strategic partnership with IBM to act as a system integrator in its digital push. It has embarked on Project Sambhav to create a Digital Bank.