Market update: Indices trading flat

30 Jul 2024 , 12:30 PM

After a muted start on the bourses, the Nifty and Sensex gained momentum, inching closer to record high levels, driven by a strong rally in energy and realty stocks.

By noon, the Sensex had risen 0.4% to 81,681, while the Nifty was up 0.42% at 24,939. The market breadth was positive, with 2,133 shares advancing, 1,223 shares declining, and 94 shares remaining unchanged. The broader markets outperformed the benchmark indices, with the mid and smallcap indexes up by 0.6 and 0.9%, respectively. Since the beginning of the year, both indexes have gained 26%, significantly outpacing the Nifty’s 15% rise.

The Nifty Energy index was the top performer, gaining 2%, boosted by stocks like NTPC, Power Grid Corp, BPCL, and Coal India. The realty index also showed strength, with stocks such as DLF and Godrej Properties lifting the sector’s performance. The Nifty Auto index also saw a positive move, rising nearly 1%.

Conversely, the IT index was the worst performer, down 0.3%, with TCS and LTIMindtree leading the declines.

Key Nifty Gainers:

• BPCL
• Tata Motors
• NTPC
• Power Grid Corp
• Hero MotoCorp

Key Nifty Losers:

• UltraTech Cement
• Hindalco
• LTIMindtree
• ITC
• Grasim Industries