Divis Labs, Titan Company, BPCL, Shriram Finance, and Adani Ports were the losers, while the top Nifty gainers were ONGC, ITC, HDFC Life, HUL, and Tata Consumer Products. In terms of sectors, auto, bank, healthcare, metal, real estate, power, telecom, and capital goods were up 0.6 — 1.5 percent and capital goods, FMCG, and oil and gas were down 0.4 — 0.8 percent.
The BSE smallcap and midcap indices had a slightly negative finish. Monday, July 8, saw a disappointing close for the major stock market indices Sensex and Nifty, as investors booked profits following the recent record-breaking surge in stocks.
The sluggish trend in local equities was further exacerbated by weak indications from Asian markets. The 30-share BSE Sensex dropped 36.22 points, or 0.05%, to close at 79,960.38 after starting the trading poorly. It dropped to 79,731.83 during the day by 264.77 points, or 0.33%. To 24,320.55, the NSE Nifty fell 3.30 points, or 0.01%.
Senior Vice President of Research at Religare Brokering, Ajit Sharma
It was a quiet session today as the Nifty index moved in a narrow range and ended the day essentially unchanged. The FMCG and energy sectors saw rises, while the metal, real estate, and pharmaceutical sectors saw declines. Overall, the trend was mixed. The wider indices closed somewhat lower, again exhibiting a muted trend.
We expect a time-wise correction in the Nifty index because heavyweight stock rotational purchasing has so far kept the fall in check. Nonetheless, there are still buying possibilities in a few categories and topics. When choosing stocks, traders should be cautious and give priority to sensible trade management techniques.
Senior Vice President (Research) Prashanth Tapse of Mehta.
Equities Owing to selective profit-taking in banking, telecom, and real estate sectors, the markets saw a range-bound session throughout the day and ended moderately lower. This was because there was no new trigger. Weak Asian indications also affected mood, and investors may continue to exercise prudence in the short term due to stretched valuations.
Senior Technical Analyst at LKP Securities, Rupak De.
Due to the lack of urgency on the part of market players to determine the direction of the market, the Nifty closed the day range-bound. Support is still at 24,240, and a decline below it could make the bulls less strong. Dips could be accepted until then. Resistance is observed at 24,375–24,400 on the upper end. The index may advance towards 24,600 if it rises above 24,400.
Technical Research Analyst at Sharekhan by BNP Paribas, Jatin Gedia.
Nifty began the day flat and steadied during the day to close slightly lower, down about three points, according to Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas. The daily charts show that the Nifty has encountered resistance from the 24370–24500 range. Over the course of the next few trading sessions, we anticipate range-bound price activity because the hourly charts’ Bollinger bands indicate contraction.
We anticipate that the Nifty will trade between 24100 and 24400 going forward.Bank Nifty saw a levelling off. We anticipate that the Bank Nifty will consolidate over the course of the next several trading sessions inside the wide range that the recent eight to ten trading sessions’ price action has generated, which is between 52000 and 53500.
Vinod Nair, Geojit Financial Services’ Head of Research.
Due to the lack of significant catalysts to sustain the present premium valuation in the foreseeable future, the market is entering a consolidation phase, which is encouraging investors to book some profits. The initial anticipation is low as the earnings season approaches. The period of margin expansion appears to be coming to an end with steady input prices and continuous price reductions, which will probably have an impact on valuations and earnings.
Director of Progressive Shares, Aditya Gaggar.
Due to a lack of momentum, the markets started the week’s trading around 24,330. The Index ended the day range bound, closing at 24,320.55 with a pitiful loss of 3.30 points. PSU Banks and Metal were the two biggest laggards among the sectors, with FMCG and Energy being the best achievers.
The day’s best performance was the Railway segment, when nearly every counter increased by more than 5-6%. The Index has created a DOJI candlestick pattern around its record levels, which denotes indecision on the part of bulls and bears. The Index is expected to trade choppy, with the immediate barrier at 24,400 and the downside cushioned at 24,220.
REMEDIUM LIFECARE.
The board approves the Rs 200 crore QIP issue; shares fall 3% In an exchange filing today, Remedium Lifecare stated that the board of the business approved raising capital by the issue of equity shares for a maximum total value of Rs 200 crore through qualified institutional placement (QIP) or another permitted method.
TRENDS AND ALERTS.
Verify Currency | Rupee has a flat end.
The Indian rupee closed at 83.50 per dollar on Monday, unchanged from its finish of 83.49 on Friday.
Market Close | Sensex, Nifty close flat;
FMCG gains, metals drag. On July 8, the erratic session concluded with Indian benchmark indices finishing flat. The Nifty was down 3.30 points, or 0.01 percent, at 24,320.50 at closure, while the Sensex was down 36.22 points, or 0.05 percent, at 79,960.38. A little over 1570 shares rose, 1988 shares fell, and 95 shares remained constant.
TOP NIFTY GAINERS of the day.
Top Nifty gainers were Divis Labs, Titan Company, BPCL, Shriram Finance, and Adani Ports; top losers included ONGC, ITC, HDFC Life, HUL, and Tata Consumer Products.
SECTOR PERFORMANCE.
Sectorally, auto, bank, healthcare, metal, real estate, power, telecom, and capital goods were all up 0.6–1.5 percent, while FMCG, oil & gas, and real estate were all down 0.4–0.8 percent.
The BSE smallcap and midcap indexes saw a little decline at the close. The Nifty is still on a favourable short-term trend. Before we see a further upward move over 24400 levels, this range movement may continue for the next one or two sessions. A strong advance over the crucial 24400 levels would pave the way for a swift upward shift in the market, according to HDFC Securities’ Nagaraj Shetti.
