Mumbai, August 1: The Indian stock market had a strong performance in July. During this period, both major indices, Sensex and Nifty, delivered returns exceeding 2%.
In the last trading session, Sensex increased by 0.21% to close at 78,094.64, while Nifty rose by 0.27% to finish at 24,383.60.
Large-cap stocks, along with mid-cap and small-cap shares, also performed well. The Nifty Smallcap 100 index recorded a return of 2.53%, and the Nifty Midcap 100 index saw a gain of 1.81% in July.
Several key stocks experienced a decline in market value, falling between 15% to 20%. These included Dr. Reddy’s Laboratories, Bandhan Bank, Thermax, Tejas Networks, Suzlon Energy, GE Vernova T&D India, Siemens Energy India, and Gujarat Energy.
Conversely, Kalyan Jewellers India saw a remarkable surge, with its stock price soaring over 60%. Shares of E-Clarcks Services, CE Info Systems, Lodha Developers, HEG, Info Edge (India), ATM, HCL Technologies, and Persistent Systems also experienced increases of nearly 50%.
In terms of indices, Nifty IT emerged as the top gainer in July, surging by 16.77%. Other sectors that performed well included Nifty Consumer Durables (9.96%), Nifty Media (9.49%), Nifty Realty (8.67%), Nifty Auto (8.55%), Nifty Pharma (4.77%), Nifty Services (2.50%), and Nifty Metal (1.60%).
On the downside, Nifty Energy (2.54%), Nifty India Defense (1.98%), Nifty PSU Bank (1.48%), and Nifty Private Bank (1.46%) were the top losers among the indices.
Experts believe that the strong performance of certain stocks was driven by first-quarter results and renewed buying in the IT sector, despite global AI-related sell-offs. The IT sector stood out as investors consistently gravitated towards it throughout July.
Leave a Comment