Stock market closes flat after volatile trading on Thursday
Jul 11, 2024
Mumbai (Maharashtra) [India], July 11 : The stock market closed flat at the end of the trading session on Thursday. The NSE Nifty 50 ended marginally higher by 0.05 per cent to settle at 24,337, while the BSE Sensex closed slightly lower by 0.01 per cent at 79,914.26 points.
Market sentiment was subdued as investors awaited the first-quarter results of TCS and contended with the weekly expiry of Nifty futures and options contracts.
The stocks of ONGC, BPCL, Coal India, ITC, and Tata Motors gained on the National Stock Exchange (NSE) while Tata Consumer Products, Bajaj Finance, M&M, Divi's Laboratories, and NTPC underperformed, emerging as major laggards.
In the broader market, the BSE MidCap index edged up by 0.2 per cent, and the SmallCap index advanced by 0.5 per cent. Market breadth was positive with more than 2,100 stocks advancing compared to 1,660 declining on the BSE.
Of particular note in today's trading session were shipping firms, RVNL, and YES Bank, garnering attention. Raymond traded at an adjusted price post the de-merger of its Lifestyle unit.
"It was another mildly volatile day for Indian markets, as can be expected at all-time high levels. The time-wise consolidation is on in the markets. After the initial negative print, the Nifty and Sensex recovered to end nearly flat while the midcap and small cap indices ended positive. Banks which have been under pressure over the last few sessions managed to end in the green. Overall the markets are looking for cues from the earnings season. The US CPI this evening will set the tone for a possible September rate cut in the US," said Ajay Bagga, Market Expert, observing today's market.
"The recent Reserve Bank of India (RBI) decision allowing resident Indians to open bank accounts in foreign currencies at GIFT City is anticipated to significantly impact the investment landscape. This move aims to provide increased flexibility for global investing and spending, potentially redirecting funds that would otherwise be held in offshore hubs like Dubai or Singapore back into the Indian financial system. It is viewed as a progressive step towards enhancing the convertibility of the Indian rupee and positioning it as a global currency," said Varun Aggarwal MD, Profit Idea.
"The broader market is currently buzzing with excitement around the upcoming Union Budget 2024 and is likely to trigger momentum in the upcoming days. During this phase, automobile, semi-conductor, infrastructure, and green energy mid-cap and large-cap stocks could be in focus," said VLA Ambala, co-founder, Stock Market Today.
