Amid volatility Stock markets close flat; broad valuations high, say analysts
Jul 30, 2024
New Delhi [India], July 30 : Indian stock markets ended flat on Tuesday after a volatile trading session. The Nifty 50 index attempted to touch the historic 25,000 mark but closed below.
The BSE Sensex closed with a gain of 99 points at 81,455.40, while the Nifty 50 index gained 21 points only to close at 24,857.30 points.
The BSE Sensex peaked at 81,815.27, while the Nifty 50 reached a high of 24,971.75 during the trading session.
Top gainers on the NSE Nifty 50 included Divis Lab, BPCL, L&T, Bajaj Finserv, and UltraTech Cement. Conversely, Titan Company, Bharti Airtel, Cipla, Kotak Mahindra Bank, and ITC were among the main laggards.
In the broader market on NSE, Sectorally, Nifty Consumer Durable led with a gain of 1.12 per cent, while Nifty FMCG, Nifty IT, Nifty Nifty Pharma Nifty PSU Bank closed with decline.
"The broad market valuations are currently high, but sectors with strong growth prospects, such as manufacturing, electronics, IT, renewables, healthcare, e-commerce, infra, agriculture, and consumption, remain attractive. Some areas are expensive, so it is crucial to focus on stock fundamentals, avoid overvalued stocks, and adopt an accumulation strategy" said Antu Thomas, Senior Research Analyst, Geojit Financial Services.
Oil prices dropped on Tuesday, extending their decline from the previous session due to concerns over demand in China, the world's largest crude importer, and as the market discounted the risk of escalating conflict in the Middle East.
In the commodity market, gold prices remained steady as investors awaited the Federal Reserve policy meeting and a series of US data releases this week that could provide more insights into the rate-cut timeline.
On Tuesday, Nifty at National Stock Exchange or NSE, opened in green territory at 24,839.40, up 3.30 points, a marginal 0.01 per cent up, while the BSE Sensex opened with the red mark at 81349.30, down 6.56 points or 0.01 per cent.
