Stock market today: Nifty 50, Sensex end flat; M&M, Bajaj Finance among top drags; US inflation data in focus

Stock market today: The Nifty 50 closed nearly 9 points, or 0.03 per cent, lower at 24,315.95, while the Sensex settled 27 points, or 0.03 per cent, down at 79,897.34.

Nishant Kumar
Updated11 Jul 2024, 04:12 PM IST
Stock market today: Nifty 50, Sensex end flat; M&M, Bajaj Finance among top drags; US inflation data in focus
Stock market today: Nifty 50, Sensex end flat; M&M, Bajaj Finance among top drags; US inflation data in focus(Agencies)

Stock market today: Indian stock market benchmarks- the Sensex and the Nifty 50- closed flat on Thursday, July 11, as gains in shares of ITC, ONGC, Tata Motors and SBI were offset by losses in those of Mahindra and Mahindra (M&M), Bajaj Finance, Larsen and Toubro and HDFC Bank.

Benchmark indices remained sideways on Thursday, continuing the trend of selectively picking some stocks while booking profits in others. Experts point out that the market is struggling to break out of its range due to a lack of fresh triggers. This trend may persist until the Budget announcement on July 23.

The focus was also on the US CPI which is due later today as it will shape expectations of rate cuts by the US Fed. Fed Chair Jerome Powell, in his testimony to Congress on Wednesday, said the central bank needs more data to start cutting rates.

Also Read | Jerome Powell says more good data would strengthen case for rate cuts by Fed

The Nifty 50 closed nearly 9 points, or 0.03 per cent, lower at 24,315.95, while the Sensex settled 27 points, or 0.03 per cent, down at 79,897.34.

Shares of ITC, ONGC, Tata Motors, SBI and Coal India stood as the top five Nifty movers. On the flip side, shares of Mahindra and Mahindra, Bajaj Finance, Larsen and Toubro (L&T), HDFC Bank and ICICI Bank ended as the top five drags on the index.

The BSE Midcap and Smallcap indices outperformed the benchmarks, rising 0.34 per cent and 0.57 per cent, respectively.

The overall market capitalisation of the firms listed on BSE rose to nearly 451.3 lakh crore from nearly 450.1 lakh crore in the previous session, making investors richer by over 1 lakh crore in a day.

Investors awaited the June quarter earnings of TCS. The stock ended 0.33 per cent up at 3,922.70 on BSE. 

Top Nifty 50 gainers today

Shares of ONGC (up 2.40 per cent), Coal India (up 2.20 per cent) and BPCL (up 2.13 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of Tata Consumer (down 1.79 per cent), Bajaj Finance (down 1.36 per cent) and Divi's Labs (down 1.19 per cent) ended as the top losers in the index.

Also Read | Top Gainers and Losers today on 11 July, 2024: Oil & Natural Gas Corporation, Bharat Petroleum Corporation, Tata Consumer, Bajaj Finance among most active stocks; Check full list here

Sectoral indices today

Nifty Oil and Gas (up 1.10 per cent) and Media (up 1.03 per cent) clocked healthy gains. On the flip side, Nifty Realty (down 1.49 per cent) and Pharma (down 0.60 per cent) lost significantly.

Nifty Bank rose 0.16 per cent, while the PSU Bank and Private Bank indices moved up by 0.17 per cent and 0.16 per cent, respectively.


Expert views on markets

"The main indices are trading in a narrow range, struggling to justify its premium valuation ahead of the Q1 earnings season, which is forecast to be subdued. However, the broader market is exhibiting marginal momentum, led by a shift in FIIs inflow and Budget expectations. Attention is now focused on the US inflation data, which is estimated to moderate and positively influence Fed's interest rate decisions," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

According to Shrikant Chouhan, Head Equity Research, Kotak Securities, for the bulls now, 24,400/80,150 would be the immediate breakout zone. Above the same, the market could rally up to 24,500-24,575/80,500-80,700.

On the flip side, below 24,200/79,470 the selling pressure is likely to accelerate. Below this, the market could slip to 24,100-24,075/79,100-79,000, said Chouhan.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:11 Jul 2024, 04:12 PM IST
HomeMarketsStock MarketsStock market today: Nifty 50, Sensex end flat; M&M, Bajaj Finance among top drags; US inflation data in focus

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