Markets Today: Nifty closed above 10750, Bank Nifty index down 509 pts

 

It was a negative start for the Indian stock market today as indicated by the global cues. Bank Nifty was trading volatile in a narrow range. A profit booking in the private and PSU banking sectors was seen today. 

The cautiousness in the market was seen ahead of the Index of Industrial Production (IIP) data which is expected after the market hours. Traders were also worried about the Bank Of America Securities ( BofA) report that India’s GDP will contract by 3% in FY21 due to coronavirus pandemic.

Meanwhile, the government has launched the Rewa Ultra Mega Solar Power Project to the Nation. It is Asia’s largest 750 MW power project. The Rewa project will make the entire region a major hub for pure and clean energy in this decade.

On the global front, the Asian markets today are closed in the red. The European market opened in negative but currently trading marginally higher at 4.30 p.m IST. The Dow and Nasdaq futures are also trading in the negative zone.

 

Market today on spot levels: Sensex, Nifty and Bank Nifty index

 

At close, Nifty was down by 45.40 points or 0.41% and at 10768.05 while Sensex was declined by 143.36 points or 0.39% and at 36594.33. The Bank Nifty was trading volatile today, plunged 508.75 points or 2.22%, and closed at 22398.45 levels.

Nifty midcap and smallcap 100 indices closed lower today. The midcap index was down by 108.85 points or 0.71% while the smallcap index was declined by 9.90 points or 0.20% today.

The top gainers and losers in the Nifty50 index are Reliance, Sun Pharma, HUL, Britannia, and Bharti Airtel. The losers in the Nifty50 index for the day are Axis Bank, IndusInd Bank, Titan Company, GAIL, and HDFC. 

On a sectoral basis, Oil & Gas, Manufacturing, FMCG, Healthcare, and IT & Software are major gainers today. On the negative side, Banking & Finance, Infrastructure, Hospitality, Metals & Minings, and Automobile sectors dragged down the market today.

 

Nifty and Bank Nifty share price in futures markets today:

 

The Nifty share price today in futures opened at 10,772.40, a gap down opening of 51.15 points today. It has touched an intraday high at 10805 and a day’s low at 10696.45

The Nifty share price today in futures has given a movement of 108.55 points. In the end, it declined by 51.05 points or 0.47% and closed at 10772.50 levels

The Bank Nifty share price in futures opened in 22755.65. It made a negative opening of 152.45 points today. It has touched an intraday high at 22820 and a day’s low at 22325.40

During the day the Bank Nifty share price in futures has given a movement of 494.60 points. In the end, it was down by 483.10 points and closed at 22425 levels.

 

Conclusions:

Indian stock market today closed in the red as global market cues were also negative. The traders were worried about the global economic recovery after the second wave of coronavirus in the US and other parts of the world. Despite the concern of spike in coronavirus cases in India and negative global cues, Nifty managed to close above 10750.

Traders can follow the “Key factors that will influence the market next week” report on Saturday, 11th July. 

 

You can also read, Hedging: Meaning, Risk, Strategies, and types of Hedge 

                                                   

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Editor’s Desk