Stock market closes in red amid intraday volatility
Jul 02, 2024
Mumbai (Maharashtra) [India], July 2 : After experiencing significant fluctuations throughout the trading session, the Indian stock market closed in negative territory on Tuesday.
The BSE Sensex finished 34.73 points lower, settling at 79,441.45, while the NSE Nifty declined by 18.10 points to close at 24,123.85.
The day began on a promising note as both benchmark indices opened at record highs. The Sensex hit an intraday peak of 79,856, and the Nifty soared to a high of 24,236.
The performance of various sectors was mixed throughout the day. Notably, Nifty IT, Nifty Realty, Nifty Oil and Gas, and Nifty PSU Bank sectors saw gains.
Nifty IT stood out as the top performer, rising over 1 per cent during the session. In contrast, Nifty Healthcare and Nifty Auto sectors closed in the red.
In terms of market breadth within the Nifty companies, there were 21 advances and 28 declines.
Top gainers included LT, Wipro, Infosys, Tata Consumer Products, and HDFC Bank. Conversely, the top losers were Nifty Sriram Finance, Kotak Bank, Bharti Airtel, Tata Motors, and IndusInd Bank.
The broader market indices also reflected a mixed sentiment. The BSE MidCap index fell by 0.8 per cent, and the SmallCap index slipped by 0.1 per cent. Despite the overall negative trend, specific sectors such as Sugar Stocks and Paper Stocks managed to end the day on a positive note.
Varun Aggarwal, founder and managing director of Profit Idea, said, "The global markets presented a mixed picture. Chinese stocks closed lower, while shares in Hong Kong saw an upward trend. Investor sentiment globally was influenced by concerns over economic recovery prospects and upcoming policy signals."
Gold prices weakened on Tuesday due to a stronger US dollar. Investors are now keenly awaiting comments from Federal Reserve Chair Jerome Powell and key jobs data, which are expected to provide insights into future interest rate decisions.
Tuesday's trading session highlighted the market's sensitivity to various economic and sectoral factors, both domestically and internationally.
As investors navigate through these fluctuations, the focus will likely remain on broader economic indicators and global market trends.
