Stock market today: Indian stock market benchmarks—the Sensex and the Nifty 50—closed flat on Monday, July 8, as gains in shares of heavyweights such as ITC, Reliance Industries and Infosys were offset by losses in those of HDFC Bank, Titan, TCS and Mahindra and Mahindra amid mixed global cues.
The tug of war between bulls and bears continued as investors bought stocks with attractive valuations and booked profits in those trading at a premium.
The Sensex opened at 79,915 against its previous close of 79,996.60 and traded in the red for most part of the session. The index finally closed 36 points, or 0.05 per cent, lower at 79,960.38. On the other hand, the Nifty 50 opened at 24,329.45 against its previous close of 24,323.85 and closed 3 points lower at 24,320.55.
FMCG stocks clocked healthy gains today as ITC, Hindustan Unilever and Nestle ended as the top three gainers in the Sensex index. However, in terms of index contribution, ITC, Reliance and Infosys were the top three movers of the Sensex index. On the flip side, shares of HDFC Bank, Titan, TCS and Mahindra and Mahindra were the top drags on the index.
While the benchmarks ended flat, the midcap and smallcap indices on the BSE closed with losses. The BSE Midcap index fell 0.14 per cent; the Smallcap index ended 0.22 per cent lower.
Investors are betting on stocks selectively as concerns over market valuation have risen. The upcoming Budget and India Inc.’s Q1FY25 earnings are the key factors that will decide the market’s mood.
Moreover, speculations over the US Fed’s rate cuts have also been keeping investors busy. After Friday’s jobs report, which showed job growth slowed marginally in June in the US, expectations have risen that the US Federal Reserve will cut rates in its September meeting.
(More to come)
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HomeMarketsStock MarketsStock market today: Sensex, Nifty 50 end flat; Reliance share price hits a fresh record high
