1. Nifty and Sensex
Nifty closed flat today after touching record-high levels of 25,078 intraday. This was mainly due to global headwinds limiting the impact of positive domestic tailwinds. Sensex rose 13 points and closed at 81,711.
2. Fed rate cut
The indices have risen about 3.6% over the past nine sessions. This uptick came after the Fed’s plans to cut interest rates in September, which is anticipated to redirect foreign funds into India.
3. Gainers and losers
Bajaj Finserv, SBI Life, Maruti Suzuki, HDFC Life, and L&T led the gains on the Nifty, while JSW Steel, Titan, HUL, Grasim, and Coal India were the top laggards.
4. Sectoral performance
Nifty Media surged over 4%, led by Zee Ent after the company announced that it has entered into a settlement agreement with Culver Max Entertainment (Sony India) and Bangla Entertainment to settle all disputes including withdrawing all applications, and claims before Singapore International Arbitration Centre. Nifty Bank, Financial Services, IT, Pharma, Realty, and Healthcare sectors closed higher. The Nifty Midcap 100 gained 0.5% in the broader market, while the Nifty Small Cap 100 advanced over 1%.
5. Expert view
Vinod Nair, Head of Research of Geojit Financial Services said, “The domestic market witnessed profit-booking near record highs. While the positive expectations regarding a potential rate cut by the Fed in September remain, the recent geopolitical tensions and rising crude oil prices have made investors cautious amid high valuations.”
