Nifty and Sensex kicked off the month
Both Nifty and Sensex kicked off the month above the 24K and 79K mark respectively. The top five performers for the day in the Nifty 50 index were JSW Steel, Bharti Airtel, Maruti, Bajaj Auto, and Hero MotoCorp. Indian market took a calm start today with both major indices holding steady. The Nifty 50 index managed to hold its ground above 24,000 levels, trading at 24,022. Meanwhile, BSE Sensex remains above 79,000, starting flat.
The day’s top-five gainers in the Nifty 50 index included JSW Steel, Bharti Airtel, Maruti, Bajaj Auto, and Hero MotoCorp. On the flip side, the day’s top losers were NTPC, Power Grid, Apollo Hospitals, HDFC Life and Kotak Life. On the broader stage of the National Stock Exchange, all indices excluding the Nifty Midcap Select kicked off with gains. Sector-wise, Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty Realty saw a slight dip.
What about the global stock market scene?
A mixed bag in wider Asian markets, with Japan’s Nikkei 225 and Topix indices on the rise, and South Korea’s Kospi index seeing a small drop. Down Under, markets took a hit as well, while Hong Kong took the day off. Oil Price Updates: Crude oil prices experienced a small bump, with WTI being traded at USD 81.84 and Brent at USD 85.28 per barrel. The US Dollar Index (DXY) saw a slight decrease of 0.21 per cent, resulting in a shift at 105.63 in the worldwide currency trends.
Expert Market Predictions
Market and Banking expert, Ajay Bagga, stated that the year’s second half, starting today, should follow a strong H1 for the Calendar Year 2024. Expectations are set high with a shift towards IT, FMCG and Power stocks along with a positive July. This month, the Indian market’s big players are the Union Budget and Q1, FY2025. Election results in France and UK will set Europe’s tones. The India Market is hoping for consolidation at all-time highs and an upwards push into the Union Budget”.