The stock market has been trading within a narrow range for the past week. The Nifty traded between 11,800 and 11,377. The Nifty fell to a key support level of 11,377 on Monday but bounced back.

The impact of global markets was evident in the performance of the Indian stock market last week. The US Federal Reserve has announced that interest rates will remain close to zero for the next three years, but the US market has fallen. The slump may have been due to market expectations that the US Fed would make more announcements that would stimulate the economy. The US market has also been adversely affected by the trend towards a correction as US technology stocks have become more expensive.

Pharma and IT stocks were the mainstays of the stock market last week. Last week, the Nifty Pharma index was up 9 per cent and the Nifty IT index was up 8 per cent. The performance of stocks in these two sectors helped the market. Most of the leading pharma and IT stocks traded at 52-week highs.

At the same time, selling pressure was seen in banking stocks. On September 28, the Supreme Court considered the petition seeking waiver of interest during the moratorium period and approached the banking stocks cautiously.

Pharma stocks have performed well over the past few days. On Thursday, we posted a video about the investment potential in pharma stocks. The Nifty Pharma index was up 5 per cent on Friday alone.

The market is expected to remain strong next week at 11,377 points. The next strong support level is 11,200, down from 11,377 points. If it rises to the top, the pressure level is at 11,800. Trading between 11,377 and 11,800 is expected to continue next week.

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The Sensex ended 15 points higher at 38,854 points. The day’s low was 38,711 points. The Sensex was at 38,978.52 points but could not cross the psychological level of 39,000.

|The Nifty was up 11,493 points at one point but could not rise above the 11,500 point level. It closed at 11,464 points. At one point in the trade, the indices lost ground but ended with gains.

Although the index gained, most of the index-based stocks lost ground. 21 stocks in the Nifty were up while 29 were down. Wipro, SBI, Tech Mahindra, TCS and Hero Motors were the top five gainers in the Nifty. TCS was up 2.81 per cent and SBI was up 2.80 per cent.

IT stocks were the main gainers on the day. The Nifty IT index was up 1.29 per cent.

The biggest losers in the Nifty were Zee Limited, IndusInd Bank, PowerGrid, BPCL and Coal India. Zee Ltd. fell 2.22 per cent.

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With 399-point gain, Nifty closed at 37, 418 points. It had touched 37,478 points during trading.

IT shares led the bulls in the market on the day. Three out of the five shares that made the highest gain on July 20 were from the IT sector. The shares of Infosys, HCL Tech, Tech Mahindra and Wipro registered gains of over 4%. The Nifty IT index gained over 2.60%.

Bank shares too made huge gains on the day. The Q1 results of HDFC Bank were declared the other day. In response to the exemplary performance, the share value of HDFC Bank had climbed 5% on July 20 morning.

Britannia, Infosys, HCL Tech, Tech Mahindra and Bajaj Finance were the five shares that made most gains in the market on July 20. Britannia rose 5.12%. Britannia and HCL Tech registered the highest price for the past 52 weeks.

Thirty-one of the Nifty 51 Index registered gains on the day. At the same time pharma shares registered losses on the day. Sun Pharma and Cipla were the shares that saw the highest losses on the day.

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