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  5. NIFTY50 and SENSEX open flat, Tata Motors, M&M and Hero MotoCorp top gainers

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NIFTY50 and SENSEX open flat, Tata Motors, M&M and Hero MotoCorp top gainers

Upstox
By Upstox News Desk

3 min read | Updated on July 08, 2024, 10:00 IST

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SUMMARY

Benchmark equity indices started the week on a flat note with a negative bias, while broader indices outperformed and made fresh highs. Meanwhile, Nifty IT is the top gainer and Nifty PSU Bank is the biggest loser.

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NIFTY50 and SENSEX open flat on Monday

On Monday, Indian equity benchmark indices opened the first trading session of the week on a negative note, with both the NIFTY50 and SENSEX trading marginally lower. On the other hand, in the broader markets, the Nifty Midcap 100 and Smallcap 100 index made record highs. Additionally, Nifty IT emerged as the top gainer, while Nifty PSU Bank was the top loser in the early trading session.

In Friday’s trade, Foreign Institutional Investors (FIIs) were net buyers, to the tune of Rs 1,241.33 crore. Over the past week, they have been net buyers, with a total inflow of Rs 6,874.66 crore.

Union Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 for the financial year 2024-25 on July 23, as announced by Union Minister of Parliamentary Affairs of India, Kiren Rijiju.

At 09:25 AM: The SENSEX was trading slightly lower by 0.02% below the 80,000 level, while the NIFTY50 was also slightly down by 0.05% trading around the 24,300 level. Furthermore, Bank Nifty declined by 0.11% trading below the 52,700 level. India VIX has gained by 4.79% and is trading above the 13-mark, indicating an increase in market volatility.
Broader indices - Looking at the broader indices, the Nifty Midcap 100 index was trading higher by 0.37% making a new record high at 57,339 level, while the Nifty Smallcap 100 gained by 0.75% and reached its all-time high level of 19,107.45.
Sectoral Performance - Within the sectoral landscape, Nifty I.T. (+0.51%), Nifty Auto (+0.49%) and Nifty FMCG (+0.28%) are among the top gainers, while Nifty PSU Bank (-0.98%), Nifty Bank (-0.38%) and Nifty Financial Services (-0.19%) are among the major sectors which are trading negatively.
Top Gainers and Losers - In the NIFTY50 space, Tata Motors (+1.4%), Apollo Hospitals (+0.7%) and ONGC (+0.6%) are among the top gainers. On the other hand, Titan (-3.5%),  Shriram Finance (-1.05%) and ICICI Bank (-0.44%) were the major losers.
U.S. Markets - Wall Street closed higher on Friday, with the Nasdaq and S&P 500 hitting record highs, as weak U.S. labour market data fuelled hopes for interest rate cuts in September. 

The U.S. 10-year yield climbed 60 basis points to 4.30, while the 2-year yield was up 36 basis points to 4.62 early Friday.

Commodities - On Monday, Oil prices remained steady as investors monitored potential energy supply disruptions with major Texas ports closing ahead of Tropical Storm Beryl, which is expected to strengthen into a hurricane and make landfall.

Brent crude futures edged up 11 cents (0.1%) to $86.65 a barrel, following a drop of 89 cents on Friday. U.S. West Texas Intermediate crude stood at $83.08 a barrel, down 8 cents, after a previous decline of 72 cents.

Stocks in F&O Ban - Stocks that are banned for trading in the F&O segment on July 08, 2024, are Aditya Birla Fashion and Retail, Bandhan Bank, Gujarat Narmada Valley Fertilizers & Chemicals, Hindustan Copper, India Cements and Piramal Enterprises.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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