SENSEX, NIFTY HIT RECORD CLOSING HIGH; BROADER MARKET SOAR

SENSEX, NIFTY HIT RECORD CLOSING HIGH; BROADER MARKET SOAR

WORLD MARKETS

Dow and S & P 500 rose 0.8% and 0.5% respectively while Nasdaq, after gaining nearly a percent at the open, slipped to end flat.

Google-parent Alphabet jumped 4% after the company reported expectations-topping results after the market close on Monday.

Earlier Shanghai Composite surged 1.5% after China said it would use fiscal action to support its economy. The offshore yuan fell to a 13-month low.

WTI oil rose nearly a percent.

European markets gained 0.5%-1.2%. A purchasing managers index (PMIs) for the euro area came in at 54.3 in July from 54.9 in June.

AT HOME

Sensex and Nifty gained 0.3% and 0.45% respectively to end at record closing high. Sensex added 106 points to settle at 36825 while Nifty finished at 11134, up 50 points. BSE mid-cap and small-cap indices soared 1.5% and 1.8% respectively. Except a 0.1% lower Bankex and 0.01% lower Energy index, all the BSE sectoral indices ended in green with Basic Material and Metal indices leading the tally, up 3.7% and 2.9% respectively.

FIIs net bought stocks and stock futures worth Rs 104 cr ad 472 cr respectively but net sold index futures worth Rs 35 cr. DIIs were net buyers to the tune of Rs 514 cr.

Rupee ended at 68.94/$, depreciating 9 paise compared to previous close.

Asian Paints reported in-line with estimated topline but operational performance and bottomline beat estimates. Revenue rose 15% to Rs 4390 cr. EBITDA surged 31.4% to Rs 874.5 cr, margins expanded by 250 bps to 19.9% and profit was up 29.6% at Rs 571 cr.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.1%-0.8% and SGX Nifty is suggesting a marginally higher start today.

After crossover of 11078 hurdle, we have been working with upside targets of 11171 and 11230 respectively. Yesterday, Nifty, after touching a high of 11143, closed at 11134 and

11171 continues to be immediate upside target above which 11230 would be the next target to eye.

Immediate support on the hourly chart has moved up to 11020, with the stop-loss of which, existing longs should be held on to.

L & T and Hero MotoCorp will report their quarterly earnings today.