On Tuesday, Indian stock indices Sensex and Nifty -closed at a fresh record high. Sensex settled at 80,716.55 points, up 0.1 %, while Nifty settled at 24,613.00 points, up 0.1 %. While broader indices closed marginally higher, sectoral indices, most of them, settled in the red.
Nifty media declined the most at 1.03 %, while Nifty realty rose the most at 1.66 %, NSE data showed. The week gone by saw Indian stock markets touching fresh all-time highs. The upmove in the market was triggered by the latest moderation in US inflation, better-than-expected results in the IT space, and lack of negative market fundamentals.
From here, the market is likely to see stock-specific moves this week on the back of the ongoing earning season. The market participants also digested the elevated inflation data for June, besides eyeing the much-awaited Budget to be presented on July 23.
‘The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for Q1FY25 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective’, said Vinod Nair, Head of Research, Geojit Financial Services.
Sensex and Nifty have cumulatively accumulated 11-13 % returns so far in 2024-25. Strong buys by both foreign and domestic institutional buyers also have been supporting the stock markets. The Indian stock market will remain closed on Wednesday due to Muharram.
‘Technically, after an early morning intraday rally market witnessed some profit booking at higher levels. However, the short-term texture of the market is still positive’, said Shrikant Chouhan, Head Equity Research, Kotak Securities.
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