The Indian stock markets started the first week of July on a calm note, with both major indices showing little change as they opened on Monday. The Nifty 50 index stayed above the 24,000 mark, trading at 24,022 after a slight gain of 14 points. Similarly, the BSE Sensex held steady above 79,000, opening with a modest increase of 40 points, reaching 79,086.
“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 the UK will set the tone for Europe” said Ajay Bagga, Market and Banking expert.
“Overall expect Indian markets to have a good July with consolidation around the all-time highs followed by upward momentum going into the Union Budget”, Bagga added.
Among the Nifty 50, the top gainers were JSW Steel, Bharti Airtel, Maruti, Bajaj Auto, and Hero MotoCorp. On the flip side, the top losers included NTPC, Power Grid, Apollo Hospitals, HDFC Life, and Kotak Life.
Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository Limited (NSDL).
The net investment by FPIs stood at Rs 16,672.2 crore during the last week, with a notable surge on Friday alone amounting to Rs 6,966.08 crore. This uptick marks a turnaround in FPI sentiment for the month.
(with inputs from Ani)