Indian stock market benchmarks, the Sensex and the Nifty 50, closed flat on Monday, July 8, as a tug of war between bulls and bears continued. Gains in shares of heavyweights such as ITC, Reliance Industries, and Infosys were offset by losses in HDFC Bank, Titan, TCS, and Mahindra and Mahindra amid mixed global cues.
The Sensex opened lower at 79,915 and closed 36 points down at 79,960.38, while the Nifty 50 opened at 24,329.45 and closed 3 points lower at 24,320.55. FMCG stocks saw healthy gains, with ITC, Hindustan Unilever, and Nestle ending as the top gainers in the Sensex index.
Reliance Industries hit a fresh record high before closing higher at ₹3,202.10 apiece. The company’s credit rating was reaffirmed by CARE Ratings, boosting investor confidence. However, midcap and smallcap indices closed with losses on the BSE.
Investors are selectively betting on stocks amidst concerns over market valuation. The upcoming Budget and Q1FY25 earnings of India Inc. are key factors influencing market sentiment. Speculations over US Fed rate cuts are also keeping investors busy, with expectations rising after Friday’s jobs report.
Top gainers in the Nifty 50 included ONGC, ITC, and HDFC Life, while top losers were Titan, Divi’s Labs, and BPCL. Most sectoral indices on the NSE ended with losses, with Nifty PSU Bank, Consumer Durables, and Metal seeing significant declines.
Experts suggest that the market is turning to a consolidation phase due to lack of major triggers. Technical views on Nifty 50 indicate a choppy trade with resistance at 24,400 and support at 24,220. Investors are advised to consult certified experts before making any investment decisions.
In conclusion, the Indian stock market closed flat on Monday, with investors cautiously navigating through mixed global cues and upcoming events that will shape market sentiment in the near term.
