Broad Market Holds Steady; FMCG and Metal Fall, IT Rises
Mumbai, July 13 – Weak signals from overseas markets injected volatility into India’s equity scene on Monday, but the day concluded with the broader market largely unchanged. The Nifty 50 and Sensex each opened lower, yet a pronounced rally in information technology stocks helped lift the indices back above their intra‑day lows.
The Sensex closed at 77,616.40, up 47.01 points (0.06%). The Nifty 50 finished at 24,211, gaining 4.10 points (0.02%).
During the session, the Sensex experienced a plunge of over 700 points before reversing the loss and gaining 47 points overall. The Nifty similarly recovered, adding four points from its trough.
Breadth indicators showed slight positivity: the Nifty Mid‑Cap rose 0.01% while the Nifty Small‑Cap added 0.03%.
Sector analysis revealed that FMCG and metals were the weakest performers. FMCG fell 0.99% and metals dropped 0.74%. In contrast, the IT sector posted the strongest advance, jumping 3.59%. Media stocks rose about 2%, consumer durables up 1%, and auto stocks added 0.4%. Private banks and PSU banks posted modest gains of 0.25% and 0.11% respectively.
Other lagging sectors included infrastructure (‑0.53%), realty (‑0.25%), pharma and energy, all closing in the red.
Individual stocks leading the rally were TCS (+5.51%) and HCLTech (+5.15%). Tech Mahindra, Infosys, Bajaj Auto and NTPC also posted gains ranging from 2.2% to 3.2%.
Shares that suffered the deepest declines comprised Grasim Industries, Tata Steel, Nestle India and Indigo.
On the geopolitical front, the United States intensified its strikes on Iran, prompting Tehran to accelerate attacks in the Gulf region. Heightened concerns over a critical oil‑shipping chokepoint drove Brent crude prices up roughly 3%.
From a technical perspective, the Nifty found support near its 20‑day EMA after a sharp opening dip. The index then generated a bullish candlestick pattern on the daily chart, suggesting strong buying interest at lower levels.
Current positioning keeps the Nifty above its 20‑day, 50‑day and 100‑day EMAs, indicating a prevailing bullish trend. The RSI is tightening within a limited band and is nearing a bullish crossover, which could fuel further upward movement.
Analysts identify immediate resistance around 24,330‑24,350. A decisive break above 24,350 could spark fresh buying and potentially push the index toward the 24,500 threshold. Support is expected near the 24,130‑24,100 range.