Ira Singh
Khabar Khabaron Ki,05 July’24
The Indian equity benchmark indices Nifty and Sensex snapped the two-day record run streak and traded lower on Friday,as investors book partial profit after a stellar rally this week.Nifty Bank index (primarily declined due to a fall in HDFC Bank, the leading private lender)and auto stocks pulled the index down.At close, the Sensex was down 53.07 points or 0.07 percent at 79,996.60, and the Nifty was up 21.70 points or 0.09 percent at 24,323.85. About 1845 shares advanced, 1562 shares declined, and 76 shares unchanged.
ONGC, Reliance Industries, State Bank of India, HUL, Britannia Industries were the top gainers on the Nifty, while losers included HDFC Bank, Titan Company, Tata Steel, M&M and LTIMindtree.
On the sectoral front, capital goods, FMCG, healthcare, oil & gas and power up 1 percent each. The Nifty Bank index shed nearly 1 percent.The BSE midcap and smallcap indices added 0.7 percent each.
Market This Week
● Market records gain for 5th straight week, longest since December 2023,
● Sensex & Nifty rise 1 percent each, Midcap index gains more than 2 percent,
● Nifty Bank relatively underperforms, moves nearly 1 percent higher
Rupee Close:
On 05 July’24,the Indian rupee rises 1 paisa to close at 83.49 against US dollar on Friday, as muted domestic equities and rise in crude oil prices capped gains for the local unit. Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly stated,the domestic market traded with a mixed bias, with the heavy-weight banking sector acting as a laggard. Adding to the worry are the top lending banks, which recorded a sequential decline in deposit growth in the June quarter. While Midcap and Small Cap outperformed and the respective BSE indices hit an all-time high. Globally, investors now await the US non-farm payroll data to be released later today to gauge the trajectory of the US Fed’s potential rate cuts.
Market experts recommended buying thse five breakout stocks today — MBL Infra, Astrazeneca Pharma, Ge Power, Galaxy Surfactants, and NELCO.