📷 Image Credits: Benzinga India
On Thursday Nifty 50 closed 0.03% down at 24,315.95. At the close of trade, 23 stocks advanced, while 26 declined and one remained unchanged. ONGC led the day’s gainers with a 2.21% increase, closing at ₹304.75, up from its last close at ₹298.15. BPCL followed with a 2.08% rise, ending the day at ₹306.60, compared to its previous close at ₹300.35.
Top Gainers:
Coal India, ITC and Tata Motors made the rest of the winners with gains ranging between 1.90% and 1.52%. Conversely, Tata Consumer Products topped the list of losers, with a decrease of 1.69%, closing at ₹1,131.40, down from ₹1,150.80. Bajaj Finance also saw a decline, with its stock price dropping 1.48% to end at ₹6,950.30.
Vinod Nair, head of research at Geojit Financial Services, commented on the market situation, stating, “The main indices are trading in a narrow range, struggling to justify its premium valuation ahead of the Q1 earnings season, which is forecast to be subdued. However, the broader market is exhibiting marginal momentum, led by a shift in FIIs inflow and budget expectations.” Rupak De, senior technical analyst at LKP Securities, added, “The Nifty remained volatile throughout the day before closing flat. In the near term, the Nifty might trade sideways, with 24,150 and 24,400 acting as the key levels.
A decisive fall below 24,150 might trigger panic in the market, while a decisive move above 24,400 might induce a rally towards 24,650.”
The Indian stock market benchmarks—the Sensex and the Nifty 50—ended with losses, snapping their four-day winning run on Friday, June 28. Benchmarks hit their fresh all-time highs but succumbed to profit booking at higher levels as investors booked profit amid mixed global cues. The Nifty 50 hit a fresh record high of 24,174 during the session but failed to hold altitude and ended 0.14% lower at 24,010.60, with 26 stocks in the green and 24 in the red.
The market scenario prompted profit taking in banking stocks, leading to the downfall in key benchmark indices. Prashanth Tapse, Senior VP (Research) at Mehta Equities, noted that both Sensex and Nifty 50 managed to close above their psychological levels of 79k and 24k, respectively, despite the volatility and late selling. The mid and small-cap segments bucked the trend in benchmarks and ended with gains, with the overall market capitalization rising significantly.
The session saw over 250 stocks hitting their fresh 52-week highs, including Bharti Airtel, Reliance Industries, JSW Steel, and Tech Mahindra. Reliance Industries and Bharti Airtel saw contrasting performances, with Reliance witnessing gains as they hiked some tariff plans, while Bharti Airtel faced profit booking.
The market’s recent rally, underpinned by various factors like economic growth outlook, monsoon expectations, and retail investor inflows, has been substantial. However, the market is now in search of fresh triggers to continue the rally. Large-cap and mid/small-cap segments have displayed differing patterns, with retail investors showing strong interest in the latter.
Overall, the market outlook remains positive despite the recent profit booking, with a focus on the upcoming budget and GDP forecasts along with FIIs’ resurgence. However, vigilance is advised, with Nifty’s movements around key levels indicating potential future market directions.
