Sensex slipped 23.92 points to 83,603.77 while Nifty edged down to 25,733.80.
BSE Metal index rose 2%, Vedanta jumped 5.09% leading the metal stock rally.
L&T won a 3,000 MW storage project while NLC India signed Rs. 25,000 crore energy MoU.
The stock market today showed caution, with both Sensex and Nifty trading flat. Sensex traded at 83,603.77, down 23.92 points or 0.03% at press time. Meanwhile, Nifty stood at 25,733.80, down by 0.01%. The market reflected hesitation among investors ahead of key corporate earnings and global uncertainties. Here’s what happened in Indian stock market today, based on Moneycontrol Live Updates.
BSE Metal index was one of the biggest gainers today. The index surged 2% on its third consecutive day of gains. Leading the charge were Vedanta shares, which jumped 5.09% to Rs. 669.55. Hindustan Zinc gained 2.21%. Coal India, Tata Steel, and NALCO also soared, further supporting the metal stock rally.
However, IT sector felt the pressure in stock market today, with BSE IT index declining 0.7%. Major IT stocks went on a downtrend. TCS share price fell 1.36%, and Tata Elxsi dropped 2.62% following disappointing quarterly results. The company reported a sharp 45.3% decline in profit to Rs. 108.9 crore.
Realty sector followed IT’s momentum. It continued its seven-day losing streak, shedding 1.3%. Major developers like Prestige Estate, Lodha Developer, and Godrej Properties all traded in negative territory.
Nuvama raised its target price for Vedanta shares to Rs. 806 from Rs. 686. The brokerage maintained a 'buy' rating for the stock. It highlighted the company's near-completion of statutory clearances for its five-way demerger. A move expected to unlock substantial value for shareholders.
Kotak Mahindra Bank traded ex-split, quoting at Rs. 419.75, down 1.56%. The stock’s trading volumes decreased massively. 49,864 shares of Kotak Mahindra Bank exchanged hands, creating a huge gap from its five-day average of 313,526 shares.
ICICI Lombard General Insurance Company share price slipped to its lowest level in 18 weeks. The shares were trading at Rs. 1,846.30, down 2.17% at the time of writing. The dip came after the company's profit declined 9% year-on-year to Rs. 658.8 crore. Although its total income grew 12.4%.
Also Read: Stock Market Today: Sensex at 83,830, Nifty Near 25,774 as TCS Profit Falls 14%
L&T secured a large contract from Torrent Energy Storage Solutions. The deal is for constructing India's biggest pumped storage project, the 3000 MW Saidongar-1 project in Maharashtra. However, the order win couldn’t save a slight fall in L & T stock today, which traded at Rs. 3,884.60 in early morning.
NLC India signed an MoU with the Gujarat government for developing large-scale renewable energy projects worth Rs. 25,000 crore. The company’s stock responded positively, gaining 3.39% to Rs. 263.85.
Interarch Building Solutions received an order worth Rs. 130 crore. It is for manufacturing pre-engineered steel building systems, pushing the firm’s stock up 1.62%.
Nifty Bank index in stock market today showed stability, down just 0.01% at 59,574.70. Among PSU banks, State Bank of India hit a 52-week high of Rs. 1,030, reflecting strong investor confidence in the banking giant. HDFC Bank saw a block deal with 1.27 million shares changing hands, according to Bloomberg. The stock traded at Rs. 939.05, up by 0.19%.
Silver prices made history by breaking through the $90 per ounce level for the first time. The price hike driven by soft US inflation data and growing geopolitical tensions. Indian silver ETFs responded strongly. SBI Silver ETF gained 4.65% and Nippon India Silver ETF rose 4.75% on the news. Indian rupee erased early losses to trade at 90.13 per dollar, showing resilience despite global pressures.
Market breadth was balanced with 1,648 shares advancing against 1,760 declining shares on NSE. Foreign Institutional Investors (FIIs) were net sellers of Rs. 1,500 crore. Meanwhile, Domestic Institutional Investors (DIIs) offered support by buying shares worth Rs. 1,182 crore.
Also Read: US Stock Market Today: Wall Street Holds Near Records as Investors Weigh CPI Report and Earnings
Stock market today showed signs of stability amid global volatility as tensions between, US and Iran and India-Pakistan rose. Market experts suggest maintaining a cautious stance as the Nifty faces key resistance around 25,900-26,000 levels. Immediate support lies at 25,600. Investors should focus on stock-specific opportunities and adopt a hedged approach given the ongoing earnings season and fluctuating global cues.
1. Why was the Indian stock market flat today?
Ongoing corporate earnings and mixed sector performance with little direction from international markets led to flat trading on the Indian stock market today. Global uncertainties like India-Pakistan and US-Iran war tensions made investors cautious.
2. Which sectors performed well in today’s market?
Metal stocks were the biggest gainers in today's market; the Metal Index increased by 2% for the third consecutive day. Investor sentiment was buoyed by the strong gains made by stocks including Vedanta, Hindustan Zinc, Tata Steel and Coal India.
3. Which sectors dragged the market down?
IT and real estate sectors were under pressure in today’s trade. The disappointing Q2 results posted by large IT companies and continued selling pressure on realty shares weighed on those sectors.
4. What were the major stock-specific highlights today?
Vedanta's stock price appreciated following a price target upgrade from the brokerage Nuvama. State Bank of India reached a new 52-week high, and NLC India Holdings (NLC) gained significantly following the company's signing of a memorandum of understanding (MOU) for renewable energy projects. Conversely, ICICI Lombard General Insurance Company and Kotak Mahindra Bank performed poorly today.
5. What is the market outlook for investors?
The consensus outlook from industry experts is for investors to remain cautious as the Nifty may be facing stiff resistance around the 25,900 to 26,000 level. Investors are advised to look for specific opportunities in individual companies and consider various hedging strategies as they navigate through this time of high volatility caused by earning announcements for many companies.
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