Indian Shares Close Flat Amid Sectoral Slide and Valuation Caution
Dear Trader…
After swinging between gains and losses, Indian equity markets closed marginally lower following a topsy-turvy session on Tuesday, dragged by index heavyweight Reliance, Power Grid and banking stocks, and on profit booking after a recent rise. The S&P BSE benchmark Sensex declined 68 points or 0.10 per cent to settle at 66,459, while the broader Nifty Future dropped 31.40 points or 0.16 per cent to end at 19,812.
From the Sensex pack, Power Grid was the top laggard, falling over five per cent as the firm reported a decline in consolidated net profit in Q1. Bajaj Finserv, IndusInd Bank, SBI, Maruti, Reliance, and Asian Paints also ended in the red.
On the flip side, NTPC, Tech Mahindra, HCL Tech, M&M, Axis Bank, and TCS closed higher. Sector-wise, Nifty PSU Bank declined 0.52 per cent and Nifty Realty fell 1.77 per cent. Whereas, Nifty IT and Nifty Metal closed higher. In the broader market, Nifty Midcap100 ended flat, while Smallcap100 gained 0.68 per cent. The market breadth was skewed in the favour of the bulls. About 2,070 stocks gained, 1,491 declined, and 167 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net sold of Rs. 92.85 crore in the cash segment. A total of Rs. 8748.04 crore was sold against a total purchase of Rs. 8655.19 crore. Domestic institutional investors saw a net purchase of Rs. 1035.69 crore in the cash segment. A total of Rs. 7120.44 crore was sold against a total purchase of Rs. 8156.13 crore.
Meanwhile, the domestic indices traded with a negative bias below the flattish trend, impacted by global peers. Despite this, mid and small-cap stocks continued to outperform the benchmark index. IT stocks rallied on hopes of a soft landing for the US economy. India's manufacturing activity remained robust, although marginally it moderated for the second consecutive month in July. The market direction in the upcoming days will be influenced by key data points, including auto sales figures, US PMI, and US job data.
Technically, the important key resistances are placed in July Nifty future are at 19812 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19880 - 19909 levels. Immediate support is placed at 19770 - 19737 levels.
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