On Monday, July 14th, the Indian stock market recorded a decline for the fourth consecutive trading day. Both the Sensex and Nifty opened in the red and came under pressure in the initial hours. After a day of volatility, the Sensex closed down 247 points at 82,253, while the Nifty fell 68 points to settle at 25,082. However, the Nifty managed to stay above the 25,000 level.
Midcap and Smallcap Stocks Continue to Show Strength
Despite the market downturn, investors remained interested in midcap and smallcap stocks. The Nifty Midcap index closed at 59,053, up 410 points. A positive trend was also observed in smallcap stocks. This indicates that retail investors favored mid and small-range shares over large stocks.
Sectoral Performance Overview
The IT sector was the weakest performer of the day. The Nifty IT index declined by over 1 percent. IT giants like TCS, Infosys, and HCL Tech were under pressure. On the other hand, stocks in the realty, pharma, and energy sectors saw gains. Public sector banks and oil companies also showed strength.
Gains in Public Sector Banks and Energy Stocks
The Nifty PSU Bank index closed in the green. Stocks of public sector banks like SBI, Bank of Baroda, and Punjab National Bank showed slight gains. Meanwhile, the decline in crude oil prices provided relief to oil marketing companies, and ONGC's stock closed up 1 percent.
Ola Electric Shines, Share Price Surges Despite Weak Results
Ola Electric's share shone, trading with a rise of around 20 percent during the day. The company had recently presented weak quarterly results, but investors seemed more attracted to future possibilities. The share traded with significant volume throughout the day.
Bosch Soars, Gains 15 Percent
Bosch, a major player in the auto component sector, saw its shares jump 15 percent today. Strong buying was observed in the company for the second consecutive day. There are also reports of interest from some major investors in the market.
Multiples Buys Stake in VIP Industries
Private equity firm Multiples has acquired a 32 percent stake from the promoters of VIP. Following this, the company's stock closed with a gain of 5 percent. The market took the deal positively, showing a b trend among traders.
Laurus Labs, Granules India, and Mankind Pharma Rise
The pharma sector saw a buying atmosphere today. Stocks like Laurus Labs, Granules India, and Mankind Pharma witnessed gains ranging from 3 to 6 percent. The news of a decline in wholesale inflation positively impacted pharma companies.
MTNL Jumps, Impacted by Asset Sale News
MTNL's shares recorded a significant surge today. Buying in the stock increased due to news related to the company's asset sale. Investors viewed this as a potential debt-reducing step.
Avenue Supermarts Declines, Weak Results Reported
Avenue Supermarts, which operates the DMart brand, presented its first-quarter results, which were weaker than market expectations. Consequently, the stock declined and closed in the red at the end of the day.
Hind Zinc Supported by Surge in Silver Prices
The b rise in international silver prices also affected Hindustan Zinc's share. The company's stock showed strength and closed in the green zone.
Mixed Performance in the Banking Sector
The Nifty Bank index closed at 56,765, up by a marginal 11 points after some recovery from the day's lows. Giants like HDFC Bank, Kotak Bank, and ICICI Bank saw a slight decline, but mid-sized banks like Federal Bank and BOB performed a bit ber.
Brent Crude's Impact on Oil and Gas Stocks
When Brent crude prices fell to $71 per barrel, upstream oil companies showed strength. Shares like ONGC and Oil India recorded gains of 1 to 2 percent, but paint and oil marketing companies came under pressure.
Caution Remains Regarding Market Trends
After four consecutive trading sessions of decline, a cautious atmosphere was observed among investors. While there was action in some select stocks, the pressure in the broader market still persists. Therefore, the next move will now depend on foreign signals, the direction of crude oil, and domestic corporate results.
