Mumbai Stock Market Closes Flat as Investors Await TCS Results
The stock market in Mumbai, Maharashtra, ended the trading session on Thursday with little change. The NSE Nifty 50 rose slightly by 0.05% to 24,337, while the BSE Sensex dipped by 0.01% to 79,914.26 points.
Investors were cautious as they awaited the first-quarter results of Tata Consultancy Services (TCS) and dealt with the weekly expiry of Nifty futures and options contracts. Stocks like ONGC, BPCL, Coal India, ITC, and Tata Motors performed well on the National Stock Exchange (NSE), whereas Tata Consumer Products, Bajaj Finance, M&M, Divi’s Laboratories, and NTPC did not fare as well.
In the broader market, the BSE MidCap index increased by 0.2%, and the SmallCap index went up by 0.5%. More than 2,100 stocks advanced compared to 1,660 that declined on the BSE. Shipping firms, RVNL, and YES Bank were notable in today’s trading session. Raymond traded at an adjusted price following the de-merger of its Lifestyle unit.
Market expert Ajay Bagga commented, “It was another mildly volatile day for Indian markets, as can be expected at all-time high levels. The time-wise consolidation is on in the markets. After the initial negative print, the Nifty and Sensex recovered to end nearly flat while the midcap and small cap indices ended positive. Banks which have been under pressure over the last few sessions managed to end in the green. Overall the markets are looking for cues from the earnings season. The US CPI this evening will set the tone for a possible September rate cut in the US.”
Varun Aggarwal, MD of Profit Idea, said, “The recent Reserve Bank of India (RBI) decision allowing resident Indians to open bank accounts in foreign currencies at GIFT City is anticipated to significantly impact the investment landscape. This move aims to provide increased flexibility for global investing and spending, potentially redirecting funds that would otherwise be held in offshore hubs like Dubai or Singapore back into the Indian financial system. It is viewed as a progressive step towards enhancing the convertibility of the Indian rupee and positioning it as a global currency.”
VLA Ambala, co-founder of Stock Market Today, added, “The broader market is currently buzzing with excitement around the upcoming Union Budget 2024 and is likely to trigger momentum in the upcoming days. During this phase, automobile, semi-conductor, infrastructure, and green energy mid-cap and large-cap stocks could be in focus.”
