Mumbai, August 10: The Indian stock market closed flat on Monday, the first trading day of the week, amid uncertainty regarding an agreement between the United States and Iran to open the Hormuz Strait. After a volatile session, both the Sensex and Nifty50 recorded slight gains.
During this period, the Nifty50 rose by 13.15 points, or 0.05%, closing at 24,583.80, while the Sensex increased by 43.27 points, or 0.06%, reaching 78,542.44.
In the broader market, the Nifty Midcap index saw a rise of 0.62%, while the Nifty Smallcap index experienced a decline of 0.27%. However, both indices are still trading close to their respective record highs, indicating sustained strength in the broader market.
Sector-wise analysis revealed that the Nifty PSU Bank sector faced a decline of nearly 2%, making it the worst-performing sector. The Nifty Pharma and Nifty FMCG sectors also showed disappointing performance, while the Nifty Realty sector performed better.
Among the Nifty50 stocks, Titan, Tata Consumer Products, Bajaj Finance, Shriram Finance, Grasim, and Tata Steel saw the most significant gains. In contrast, shares of SBI, ITC, Dr. Reddy’s Laboratories, TCS, Wipro, and Coal India experienced the largest declines.
Market experts suggest that in the upcoming trading sessions, the 24,750 to 24,800 range will remain a crucial resistance zone for the Nifty. If the index manages to hold above this level, it could advance towards 24,950 and subsequently 25,100.
Conversely, in case of a downturn, the 24,450 to 24,420 range is considered the nearest and strongest support zone for the Nifty. As long as the index remains above this level, the overall market structure is likely to stay positive.
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