Markets open flat, Nifty and Sensex maintain above 24K and 79K levels
Jul 01, 2024
Mumbai (Maharashtra) [India], July 1 : Indian markets began the first week of July on a flat note, with both major indices opening steady on Monday.
The Nifty 50 index maintained above 24,000 levels and traded at 24,022 after a marginal gain of 14 points at the time of this report. Similarly, the BSE Sensex sustained above 79,000 and opened flat with a gain of 40 points, reaching 79,086 points.
"The second half of the year starts today after a strong market performance in H1 of Calendar year 2024. We expect large-cap strength with sector rotation into IT, FMCG and Power stocks. The Union Budget and Q1, FY2025 remain the big catalysts this month for the Indian markets. Globally, election outcomes in France and UK will set the tone for Europe" said Ajay Bagga, Market and Banking expert.
He also added, "Overall expect Indian markets to have a good July with consolidation around the all-time highs followed by upwards momentum going into the Union Budget".
In the Nifty 50 index, the top five gainers were JSW Steel, Bharti Airtel, Maruti, Bajaj Auto, and Hero MotoCorp. Conversely, the top losers included NTPC, Power Grid, Apollo Hospitals, HDFC Life, and Kotak Life.
In the broader market on the National Stock Exchange, all indices except the Nifty Midcap Select opened with gains on Monday. Among the sectoral indices, Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty Realty saw declines in early trade.
In broader Asian markets, Japan's Nikkei 225 and Topix indices showed gains, while South Korea's Kospi index experienced a slight decline. Australian markets also saw a decrease, while Hong Kong remained closed for a public holiday.
In the oil markets, crude oil prices saw marginal increases, with WTI trading at USD 81.84 and Brent at USD 85.28 per barrel. The US Dollar Index (DXY) was down by 0.21 per cent at 105.63, influencing global currency dynamics.
The Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository Limited (NSDL).
The net investment by FPIs stood at Rs 16,672.2 crore during the last week, with a notable surge on Friday alone amounting to Rs 6,966.08 crore. This uptick marks a turnaround in FPI sentiment for the month.
