Indian stock market opens flat after record high
Jul 10, 2024
Mumbai (Maharashtra) [India], July 10 : Indian stock markets opened the day's trading with minor gains on Wednesday. The Sensex opened at 80,481.36, up 29.72 points or 0.16 per cent, while the Nifty opened at 24,459.85, up 26.65 points or 0.11 per cent.
Indian benchmark indices closed in the green on Tuesday after touching a fresh all-time high.
The broader indices opened showing a mixed trend during the day's opening. Nifty Bank opened in red, lower by 40 points or 0.08 per cent to settle at 52,528.80.
Among the sectoral indices at the National Stock Exchange (NSE), the Bank, Auto, Financial Services, Media, Metal, PSU Banks, and Private banks opened in the red territory.
The sectoral indices of FMCG, IT, Pharma, Realty, Healthcare, Consumer Durables, Oil and Gas, Midsmall Healthcare opened in the red territory.
The top gainers on NSE during the opening of the market were Maruti, Eicher Motors, Grasim, Britannia, and Divis Laboratories.
The stocks of Mahindra and Mahindra, Kotak Bank, JSW Steel, Axis Bank, and Dr Reddy remained the top losers on NSE during the market opening.
Commenting on the market trends, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, "Two important factors that have been contributing to the ongoing bull market in India are the global rally and the sustained flows into the Indian market from retail investors. These two factors continue to be intact."
"The US market is doing extremely well with the S&P 500 returning 17.6 per cent YTD against Nifty's 12.38 per cent return YTD. The flows into the market from retail investors continue unabated with SIP inflows touching Rs 21262 crores in June. These positive trends can impart resilience to the market even though valuation comfort is low now, he added.
"In India, though Nifty and BSE Sensex scaled all time highs after days of consolidation, this is a most skeptically viewed rally. That provides it further strength and we expect a break out of the range bound levels for Indian markets provided earnings reports this season deliver a healthy scorecard and provided there is no negative in the Union Budget," said Ajay Bagga, market and Banking expert.
Shares in Asia-Pacific have exhibited a mixed trend with the Asia Dow up 0.88 per cent, while Japan's Nikkei 225 is down 0.25 per cent, and Hong Kong's Hang Seng is marginally higher by 0.06 per cent. The Shanghai Composite closed up 1.26 per cent.
Foreign institutional investors (FIIs) bought Rs 314.46 crore worth of shares, contrasting with domestic institutional investors (DIIs) purchasing shares valued at Rs 1,416.46 crore on July 9, 2024, based on provisional NSE data.
