Stock market opens flat, Nifty and Sensex above 24K and 79K levels

Indian stock market began the first week of July on a flat note with both major indices opening steady. The Nifty 50 index maintained above 24,000 levels and traded at 24,022 after a marginal gain. BSE Sensex sustained above 79,000 and opened flat.

Top gainers today

In the Nifty 50 index, top five gainers were JSW Steel, Bharti Airtel, Maruti, Bajaj Auto, and Hero MotoCorp while top losers included NTPC, Power Grid, Apollo Hospitals, HDFC Life and Kotak Life. In the broader market on the National Stock Exchange, all indices except the Nifty Midcap Select opened with gains. Among the sectoral indices, Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank, and Nifty Realty saw declines.

What about world stock markets?

In broader Asian markets, Japan’s Nikkei 225 and Topix indices showed gains, while South Korea’s Kospi index experienced a slight decline. Australian markets also saw a decrease while Hong Kong remained closed.

Oil prices

In the oil markets, crude oil prices saw marginal increases, with WTI trading at USD 81.84 and Brent at USD 85.28 per barrel. The US Dollar Index (DXY) was down by 0.21 per cent at 105.63, influencing global currency dynamics.

Expert view on the stock market

Ajay Bagga, Market and Banking expert, said, “The second half of the year starts today after a strong market performance in H1 of Calendar year 2024. We expect large-cap strength with sector rotation into IT, FMCG and Power stocks. The Union Budget and Q1, FY2025 remain the big catalysts this month for the Indian markets. Globally, election outcomes in France and UK will set the tone for Europe. Overall expect Indian markets to have a good July with consolidation around the all-time highs followed by upwards momentum going into the Union Budget”.