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Stock Market Highlights, July 8: Indices end flat after listless day; PSBs fall, FMCGs buck trend

Stock Market Highlights on July 8: The broader indices, though, hit all-time highs in the intraday trade, ended with a negative bias as well

SI Reporter New Delhi
BSE, NSE, Indian share market, Stock market
(Photo: Bloomberg)

1 min read Last Updated : Jul 08 2024 | 3:52 PM IST

Key Events

3:52 PM

Tech View :: 'Nifty, Bank Nifty to enter consolidation phase'

Nifty50
On the daily charts, we can observe that the Nifty has faced resistance from the zone of 24,370 – 24,500. Bollinger bands on the hourly charts suggest contraction and hence we are expecting range-bound price action over the next few trading sessions. Going ahead, we expect the Nifty to trade in the range 24,100 – 24,400.
 
Bank Nifty
Bank Nifty witnessed a consolidation. The price action of the last eight to ten trading sessions has created a broad range of 52,000 – 53,500 and we expect the Bank Nifty to consolidate within this range over the next few trading sessions.

Views by:  Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:51 PM

Comment :: 'Period of margin expansion concluding; valuations at risk'

The market is turning to a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits. The earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.
 

3:49 PM

Currency check :: Rupee ends at 83.50/$

3:47 PM

Broader markets :: Mid, SmallCap indices slip after hitting record highs in morning trade

3:45 PM

Sectoral trends :: FMCG index shines on a dull day

3:43 PM

Sensex Heatmap :: FMCG shares help index trim losses

3:40 PM

Closing Bell :: Nifty ends below 24,350

3:37 PM

Closing Bell :: Sensex ends off lows amid listless session

3:28 PM

ONGC nears record high, up 5% on strong growth prospects; OIL at new peak

Brokerage firm JM Financial Institutional Securities reiterated its 'BUY' rating on ONGC (revised target price (TP) of Rs 325) and Oil India (revised TP of Rs 555) given strong 4-6 per cent dividend potential and also because CMP is discounting only ~$65/bbl net crude realisation. The brokerage firm said its TP is based on $75/bbl net crude realisation. READ MORE

3:15 PM

Shalby Ltd's net profit falls 20% in June quarter of FY25; stock slips 7%

Shalby Ltd has a total market capitalisation of Rs 3,233 crore. The company’s stock price has stayed the same year to date, down marginally by 0.60 per cent, while in the last one year it has shot up by 68.32 per cent. READ MORE

3:03 PM

Economic vision and not stimulus in Modi 3.0 budget: Goldman Sachs

The government, Goldman Sachs believes, is likely to stick to the announced fiscal deficit target of 5.1 per cent of gross domestic product (GDP) for FY25. READ MORE

2:52 PM

Thermax stock hits new high, up 4% on securing order worth of Rs 513 crore

Thermax, in an exchange filing, said Thermax Babcock & Wilcox Energy Solutions Limited, a wholly-owned subsidiary of the company, has concluded an order of Rs 513 crore for supply of 2X 550 TPH boiler. READ MORE


2:39 PM

Bank of Baroda shares fall 4% on weak loan, deposit growth in Q1FY25

The fall in the share price of the PSB came after the lender reported a weak loan growth in the April-June quarter (Q1) of FY25 on a sequential basis. READ MORE


2:28 PM

ALERT:: Remedium Lifecare board okays Rs 200 cr QIP issue; stock down 3%

Remedium Lifecare in an exchange filing today said the company's board approved raising funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 200 crore by way of qualified institutional placement (QIP) or other permissible mode. 


2:17 PM

Magellanic Cloud's shares rise 10% as drone spraying system gets DGCA nod

Shares of Magellanic Cloud rose up to 9.90 per cent, hitting its 52-week high at Rs 688 per share on the BSE in Monday’s intraday deals. This came after the company on Saturday announced that its subsidiary, Scandron Private Limited, has received ‘Type Certification’ for unmanned aircraft system (UAS) model "SNDAG010QX8" from the Directorate General of Civil Aviation (DGCA).  READ MORE

Closing Bell on Monday, July 8, 2024: Benchmarks Sensex, and Nifty50 indices stayed in the negative zone on Monday even as broader Mid, and SmallCap indices hit fresh record highs.

The BSE Sensex index fell 265 points in morning deals, but  recouped losses to end at 79,960, down 36 points or 0.05 per cent. On the NSE, the Nifty50 fell below the 24,250-mark but managed to close at 24,321, down 3 points or 0.01 per cent.

The recovery from day's low was supported by ITC, Hindustan Unilever (HUL), Nestle India, HCL Tech, Reliance Industries (RIL), Tata Motors, Infosys, and IndusInd Bank. 

On the downside, Titan Company, HDFC Bank, TCS, Tata Steel, Adani Ports, Sun Pharma, and Asian Paints exerted pressure. 

The broader indices, though, hit all-time highs in the intraday trade, ended with a negative bias as well. The BSE MidCap, and SmallCap indices closed 0.14 per cent and 0.22 per cent lower, respectively.

Among sectors, all but the Nifty FMCG index slipped intrade. The Nifty Metal, PSU Bank, and Consumer Durable indices fell over 1 per cent each, while the Nifty FMCG added 1.6 per cent.

Topics :SensexStock MarketMARKET LIVEMARKET WRAPGift NiftyNSEstock market tradingBSEMarket newsBSE NSE equity

First Published: Jul 08 2024 | 7:58 AM IST

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