The NSE Nifty in the Indian Stock Markets inched 8.95 points lower to 16,249.85 in early trade.
Extending its winning streak to the fourth straight session, equity benchmark Sensex ended 123.07 points higher at a fresh record on Thursday amid gains in index majors Reliance Industries, HDFC Bank and ITC.
After scaling its lifetime peak of 54,717.24 during the day, the 30-share index settled 123.07 points or 0.23 per cent higher at its record high of 54,492.84.
In similar movement, the broader NSE Nifty rose 35.80 points or 0.22 per cent to an all-time peak of 16,294.60. It touched an intra-day record of 16,349.45.
Bharti Airtel was the top gainer in the Sensex pack, surging around 4 per cent, followed by ITC, Tech Mahindra, Tata Steel and HCL Tech.
On the other hand, SBI, IndusInd Bank, Bajaj Finance and ICICI Bank were among the laggards.
"Domestic benchmark indices extended gains as rebound in IT and metals supported them to scale new highs.
"Additionally, recovery in FMCG stocks and RIL supported market," said Binod Modi, head - strategy at Reliance Securities.
However, it was again not a broad-based rally as profit booking in mid-cap and small-cap stocks remained visible with Nifty mid-cap and small-cap indices declining for the third consecutive day, he added.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo closed with gains.
The Foreign institutional investors sold Rs. 720 crores while the Domestic institutional investors bought Rs. 732 crores.
The FII’s resuming to buy in a big way for the last 2 days will help the bulls to make a move towards 16400 nifty levels soon.
Most experts expect the Indian Stock Market to continue to be upwards with the Friday being expected at 16300-400 Nifty levels.
There seems to be a possibility of the Banking & Financials, I.T., Pharma Sector, going up in the coming days.
Axis Bank, HDFC Bank, Icici Bank, Federal Bank, Indusind Bank will move up in case of any positive triggers.
NBFC’S – HDFC Ltd, Equitas Holding, India Bulls Housing Finance, PEL, Bajaj Twins, Shriram Transport Finance will be under the radar of the traders.
Banks like SBI, Canara Bank, Bank of Baroda can be accumulated in a SIP manner for decent gains in near future.
The I.T Sector delivered better than expected results and this is helping the markets to hold on to the positive sentiments.
Pharma stocks like Sun Pharma, Cadila, Dr. Reddy’s, Lupin, Divi’s Lab, Cipla, are expected to do good in the near term.
The market seemed to be turning Bullish on global cues and the traders will be looking to take nifty upwards to 16500 Levels.
The stocks to keep an eye on in the Indian stock market will be the Banking Sector, I.T Sector, Pharma Sector Stocks.
Keep these stocks under your radar for Trading and investments on Friday
# 5 Banking Stocks: Axis Bank, Icici Bank, Federal Bank, HDFC Bank, Indusind Bank.
#5 NBFC Stocks: HDFC LTD, India Bulls Housing Finance, Bajaj Finserve, Bajaj Finance, PEL.
# 5 Pharma Stocks: Divi Labs, Cadila, Cipla, Dr. Reddy’s, Sun Pharma.
#5 Information Technology Stocks: LTTS, Mastek, TCS, Mphasis, Cyient.
#10 Other Main Stocks to watch out for on this Friday Morning in the Indian Equity Markets:
Tata Metallics, Graphite, Deepak Nitrate, JSW Steel, Reliance, Tata Motors, Munjal Auto, Sail, Ashok Leyland, Minda Industries.
The view in the Indian stock Market is that the volatility in the markets will remain.
#Stocks to Watch for Trading from LakshmiShree in-house Technical Expert Ansul Jain-
6th August Stock Picks — Axis Bank & LT
Watch YouTube Video Analysis here– https://www.youtube.com/watch?v=_ALiy1cacEc
Best wishes for a Cheerful Friday in the Indian stock market!
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