Mumbai (Maharashtra) [India], The stock market closed on Friday unchanged despite an unprecedented rally earlier in the week.
The BSE Sensex closed down 53.07 points at 79,996.60, just shy of the 80,000 mark, while the NSE Nifty rose 21.70 points to close at 24,323.85.
This mixed close reflects a day of cautious trading as investors weighed profit-taking against optimism from positive sectoral performances and key corporate announcements. The Sensex, which recently hit an all-time high, faced a slight decline on the last day negotiation of the week. On the contrary, the Nifty managed to post a modest gain, supported by gains in specific sectors.
Among companies listed on Nifty, 34 reported profits, while 16 saw declines, showing a balanced but cautious market sentiment.
The top gainers were companies like ONGC, Reliance Industries and State Bank of India. ONGC stock was boosted by a rise in crude oil prices and a positive quarterly performance. Reliance Industries saw bullish momentum driven by strong performance in its retail and telecom segments, while State Bank of India benefited from strong banking sector performance and favorable interest rate conditions.
Other big winners were Britannia, driven by strong demand for consumer goods products, and Cipla, which saw a positive outlook in the pharmaceutical sector due to strong export orders.
On the contrary, several important companies suffered falls. HDFC Bank shares fell amid concerns over the impact of rising interest rates on loan growth. Titan saw a decline due to weaker-than-expected sales in its jewelery segment, while LTIMindtree was hit by concerns over spending and global competition in IT. Tata Steel struggled with falling steel prices and concerns on the dynamics of world trade. IndusInd Bank also saw a decline in its shares, driven by concerns over asset quality and exposure to stressed sectors.
The highlight of the day was Raymond shares, which soared more than 18% to a yearly high following the announcement that its board of directors approved the spin-off of its real estate business into Raymond Realty Ltd.
This strategic move is expected to create value for shareholders and refocus the company on its core business areas. Investors responded positively to the announcement, anticipating significant growth potential in the real estate sector. Varun Aggarwal, Founder and CEO, Profit Idea, said, "At a sectoral level, the market had mixed performances. Nifty Healthcare, Nifty Pharma, Nifty FMCG and Nifty PSU Bank led the gains, boosted by strong earnings reports and positive market sentiment. Healthcare and pharmaceutical sectors benefited from increased demand and strong export orders, while goods companies. consumption enjoyed solid consumer spending.
He added, "Public sector banks gained on the back of improved asset quality and capital infusions from the government. However, sectors like Nifty Financial Services, Nifty Private Bank and Nifty Auto faced losses. These sectors were hit due to profit booking and concerns about economic headwinds, including rising non-performing assets in financial services and private banks, as well as declining sales and supply chain disruptions in the sector. automotive".
Bajaj Auto saw a notable rise, with its shares rising over 2 per cent and hitting an intraday high of Rs 9,660 on the NSE. This rise was driven by the launch of its first petrol and CNG powered motorcycle, the 'Freedom 125' , priced at Rs 95,000.
The new model is expected to tap into the growing demand for fuel-efficient and environmentally friendly vehicles, boosting the company's performance in the market.
On the currency front, the Indian rupee appreciated 0.04 per cent against the US dollar amid mixed global economic signals. However, gains were limited by domestic market weakness and rising crude oil prices. Gold prices traded near resistance levels, influenced by anticipation of the US non-farm payrolls (NFP) report. The report is expected to show an increase of 190,000 jobs in June, which could significantly shape the Federal Reserve's future policies and impact global gold prices.
Indian shipbuilders such as Mazagon Dock Shipbuilders, Cochin Shipyard and Garden Reach Shipbuilders witnessed substantial market capitalization increases, collectively growing by nearly Rs 1.5 lakh crore by 2024.
This rise reflects strong investor confidence, driven by strong order books and government initiatives to boost the shipbuilding industry. Globally, Asian markets opened positively ahead of the release of crucial U.S. payroll and employment data. United States, indicating a favorable economic outlook.
This optimism weighed on Indian markets, contributing to positive sentiment despite the mixed performance of the domestic market.
As the trading week draws to a close, market participants remain cautious but optimistic, closely monitoring global economic indicators and domestic corporate developments for future trading signals.
The BSE Sensex closed down 53.07 points at 79,996.60, just shy of the 80,000 mark, while the NSE Nifty rose 21.70 points to close at 24,323.85.
This mixed close reflects a day of cautious trading as investors weighed profit-taking against optimism from positive sectoral performances and key corporate announcements. The Sensex, which recently hit an all-time high, faced a slight decline on the last day negotiation of the week. On the contrary, the Nifty managed to post a modest gain, supported by gains in specific sectors.
Among companies listed on Nifty, 34 reported profits, while 16 saw declines, showing a balanced but cautious market sentiment.
The top gainers were companies like ONGC, Reliance Industries and State Bank of India. ONGC stock was boosted by a rise in crude oil prices and a positive quarterly performance. Reliance Industries saw bullish momentum driven by strong performance in its retail and telecom segments, while State Bank of India benefited from strong banking sector performance and favorable interest rate conditions.
Other big winners were Britannia, driven by strong demand for consumer goods products, and Cipla, which saw a positive outlook in the pharmaceutical sector due to strong export orders.
On the contrary, several important companies suffered falls. HDFC Bank shares fell amid concerns over the impact of rising interest rates on loan growth. Titan saw a decline due to weaker-than-expected sales in its jewelery segment, while LTIMindtree was hit by concerns over spending and global competition in IT. Tata Steel struggled with falling steel prices and concerns on the dynamics of world trade. IndusInd Bank also saw a decline in its shares, driven by concerns over asset quality and exposure to stressed sectors.
The highlight of the day was Raymond shares, which soared more than 18% to a yearly high following the announcement that its board of directors approved the spin-off of its real estate business into Raymond Realty Ltd.
This strategic move is expected to create value for shareholders and refocus the company on its core business areas. Investors responded positively to the announcement, anticipating significant growth potential in the real estate sector. Varun Aggarwal, Founder and CEO, Profit Idea, said, "At a sectoral level, the market had mixed performances. Nifty Healthcare, Nifty Pharma, Nifty FMCG and Nifty PSU Bank led the gains, boosted by strong earnings reports and positive market sentiment. Healthcare and pharmaceutical sectors benefited from increased demand and strong export orders, while goods companies. consumption enjoyed solid consumer spending.
He added, "Public sector banks gained on the back of improved asset quality and capital infusions from the government. However, sectors like Nifty Financial Services, Nifty Private Bank and Nifty Auto faced losses. These sectors were hit due to profit booking and concerns about economic headwinds, including rising non-performing assets in financial services and private banks, as well as declining sales and supply chain disruptions in the sector. automotive".
Bajaj Auto saw a notable rise, with its shares rising over 2 per cent and hitting an intraday high of Rs 9,660 on the NSE. This rise was driven by the launch of its first petrol and CNG powered motorcycle, the 'Freedom 125' , priced at Rs 95,000.
The new model is expected to tap into the growing demand for fuel-efficient and environmentally friendly vehicles, boosting the company's performance in the market.
On the currency front, the Indian rupee appreciated 0.04 per cent against the US dollar amid mixed global economic signals. However, gains were limited by domestic market weakness and rising crude oil prices. Gold prices traded near resistance levels, influenced by anticipation of the US non-farm payrolls (NFP) report. The report is expected to show an increase of 190,000 jobs in June, which could significantly shape the Federal Reserve's future policies and impact global gold prices.
Indian shipbuilders such as Mazagon Dock Shipbuilders, Cochin Shipyard and Garden Reach Shipbuilders witnessed substantial market capitalization increases, collectively growing by nearly Rs 1.5 lakh crore by 2024.
This rise reflects strong investor confidence, driven by strong order books and government initiatives to boost the shipbuilding industry. Globally, Asian markets opened positively ahead of the release of crucial U.S. payroll and employment data. United States, indicating a favorable economic outlook.
This optimism weighed on Indian markets, contributing to positive sentiment despite the mixed performance of the domestic market.
As the trading week draws to a close, market participants remain cautious but optimistic, closely monitoring global economic indicators and domestic corporate developments for future trading signals.
