13 July : Benchmark equity indices ended almost unchanged on Monday after recovering from their intraday lows, supported by strong buying in information technology shares.
Gains in IT stocks balanced weakness in FMCG and metal counters, helping the market finish in positive territory.
The Sensex rose 47.01 points, or 0.06 per cent, to close at 77,616.40. The Nifty added 4.10 points, or 0.02 per cent, to settle at 24,211.
Market analysts said the 24,300–24,400 range remains the immediate resistance zone for the Nifty.
They noted that the upper end of this band coincides with the 200-day Exponential Moving Average (EMA), making it a significant technical hurdle.
A sustained move above this level could push the index towards the 24,500–24,600 range.
They added that the 24,000 mark continues to serve as a crucial psychological support level for the broader recovery.
Technology shares led the rebound, with Tata Consultancy Services (TCS), HCLTech and Tech Mahindra emerging as the top gainers on the Nifty.
The Nifty IT index outperformed other sectoral indices, while the Nifty FMCG and Nifty Metal indices ended as the biggest laggards.
The broader market also finished marginally higher. The Nifty MidCap index gained 0.01 per cent, while the Nifty SmallCap index advanced 0.03 per cent.
Meanwhile, the rupee weakened around 0.26 per cent to 95.60 against the US dollar after crude oil prices surged by more than 4 per cent.
Analysts said rising oil prices increased concerns over India’s import bill and weighed on the domestic currency.
They expect the rupee to trade in the 95.20–96.00 range in the near term.
