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
 "BSE, NSE, Indian share market, Stock market")
(Photo: Bloomberg)
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.
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.
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
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.
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
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Topics : Sensex Stock Market MARKET LIVE MARKET WRAP Gift Nifty NSE stock market trading BSE Market news BSE NSE equity
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First Published: Jul 08 2024 | 7:58 AM IST
