Mumbai Stock Market Ends Flat Despite Record Rally
The Mumbai stock market ended trading on Friday on a flat note. The BSE Sensex closed 53.07 points down at 79,996.60, while the NSE Nifty inched up 21.70 points to close at 24,323.85. This mixed closing reflects cautious trading as investors balanced profit-taking with optimism from positive sectoral performances and key corporate announcements.
Key Performers
Leading the gains were companies like ONGC, Reliance Industries, and State Bank of India. ONGC’s shares rose due to a surge in crude oil prices and a positive quarterly performance. Reliance Industries saw strong performances in its retail and telecom segments, while State Bank of India benefited from robust banking sector performance and favorable interest rate conditions.
Other Gainers
Other top gainers included Britannia, driven by strong demand for FMCG products, and Cipla, which saw a positive outlook in the pharmaceutical sector due to strong export orders.
Declining Stocks
Several major companies faced declines. HDFC Bank’s shares dropped amid concerns over rising interest rates impacting loan growth. Titan saw a decline due to weaker-than-expected sales in its jewelry segment, while LTIMindtree was hit by concerns over global IT spending and competition. Tata Steel struggled with falling steel prices and worries about global trade dynamics. IndusInd Bank also experienced a drop in its shares, driven by concerns about asset quality and exposure to stressed sectors.
Raymond’s Surge
Raymond’s shares soared over 18% to a yearly peak following the announcement of its board approving the demerger of its realty business into Raymond Realty Ltd. This strategic move is expected to unlock value for shareholders and refocus the company on its core business areas.
Sector Performances
Varun Aggarwal, founder and managing director of Profit Idea, noted that Nifty Healthcare, Nifty Pharma, Nifty FMCG, and Nifty PSU Bank led the gains, buoyed by strong earnings reports and positive market sentiment. However, sectors like Nifty Financial Services, Nifty Private Bank, and Nifty Auto faced losses due to profit-booking and economic concerns.
Bajaj Auto’s Rise
Bajaj Auto saw a notable rise, with its shares surging over 2% driven by the launch of its first-ever CNG and petrol-powered motorcycle, the ‘Freedom 125.’
Currency and Global Markets
The Indian Rupee appreciated by 0.04% against the US Dollar amid mixed global economic cues. Asian markets opened positively ahead of crucial US Payroll and Job data releases, contributing to the positive sentiment in Indian markets.
