Closing Bell: Bull Run In Market Continues As Sensex & Nifty End At Record Highs; SBI & NTPC Lead Gains

On Monday, July 15, the Indian equity benchmark indices BSE Sensex and NSE Nifty extended their previous session gains to close at record highs. The Nifty 50 index made history by crossing the 24,600 mark for the first time, hitting an all-time high of 24,635 before closing at 24,587, up by 85 points. Similarly, the Sensex saw a rise, climbing 146 points to end the day at 80,665.

The rally in the Indian stock market was driven by robust performances from select index heavyweights, including State Bank of India (SBI), Oil and Natural Gas Corporation (ONGC), NTPC, and ITC. The Nifty Bank Index surged 177 points to close at 52,456, while the Midcap Index saw a gain of 491 points, ending at 57,664. Except for the IT sector, all other sectoral indices closed higher, with PSU Bank being the top gainer.

From the Sensex basket, major gainers included the State Bank of India, NTPC, UltraTech Cement, ITC, Mahindra & Mahindra, and Maruti Suzuki India. On the other hand, Asian Paints, Tata Steel, Axis Bank, Tata Consultancy Services, Tech Mahindra, and Titan Company were the biggest laggards.

While the benchmark indices clocked slim gains, the midcap segment of the market witnessed healthy gains. The BSE Midcap index closed 0.95% higher, while the Smallcap index rose 0.21%. Market sentiment was buoyed by expectations of a pro-growth budget, healthy Q1 earnings of India Inc, and the return of foreign capital inflow. However, investors remained selective ahead of the Budget announcement.

Over 300 stocks, including Tech Mahindra, ONGC, SBI Life, Wipro, Zomato, Lupin, HDFC AMC, GAIL, Dr Reddy's, Dabur, and Britannia, hit their fresh 52-week highs in intraday trade on BSE. The overall market capitalization of the firms listed on the BSE rose to nearly Rs 455.1 lakh crore from nearly Rs 452.4 lakh crore in the previous session, making investors richer by about Rs 2.7 lakh crore in a single session.

Despite early profit booking, IT stocks ended 2% off their highs. HCLTech, after a slight beat in its Q1 earnings, fell 4% from its highs but still managed to close in the green. On the other hand, HDFC Life reported a mixed set of earnings, resulting in a minor gain for the stock, while HDFC AMC ended the session positively following an in-line Q1 report.

Oil and gas stocks had a strong showing, with ONGC emerging as the top Nifty gainer, rising 4%. Midcap stocks also saw continued buying interest, with market breadth favouring advances. Among individual stocks, SBI, ONGC, NTPC, and ITC were the top contributors to the Nifty's upside.

Tyre stocks experienced a rally following MRF's announcement of a price hike, with stocks rising up to 5%. Vodafone Idea climbed 4% as the Supreme Court agreed to hear its plea in the AGR case. Aurobindo Pharma saw a 4% rise after announcing a share buyback plan.

IREDA hit a record high post its Q1 results, closing 2% higher, while Zen Tech reached the 5% upper circuit following the launch of a new AI tech product. Zomato also hit a record high after increasing its platform fee, pushing its market capitalization above Rs 2 lakh crore. Antony Waste rose 5% in response to a healthy quarterly business update, and Varun Beverages gained 3% after entering into an agreement with a PepsiCo company.

The BSE benchmark jumped 622 points or 0.78% to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points or 1.24% to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points or 0.77% to settle at a record closing high of 24,502.15.

The record highs achieved by the BSE Sensex and NSE Nifty on July 15 reflect the strong market sentiment driven by robust earnings, positive economic expectations, and strategic movements by key market players. As investors remain optimistic ahead of the upcoming Budget, the market is poised for continued growth, although selective betting and profit booking are expected to shape the trading sessions in the days to come.