Indian Stock Market Ends Flat; Gold Prices Continue to Trade Low
The Indian stock market closed on a flat note on Monday, as selling pressure was seen in the auto, pharma, FMCG, and metal sectors.
Mumbai: The Indian stock market closed on a flat note on Monday, as selling pressure was seen in the auto, pharma, FMCG, and metal sectors. The Sensex ended with a marginal gain of 9.83 points, closing at 79,496.15, while the Nifty slipped by 6.90 points, settling at 24,141.30.
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Market Performance Breakdown
- Sensex: +9.83 points (+0.01%) at 79,496.15
- Nifty: -6.90 points (-0.03%) at 24,141.30
- Nifty Bank: +315.55 points (+0.61%) at 51,876.75
- Nifty Midcap 100: -498.25 points (-0.83%) at 55,853.75
- Nifty Smallcap 100: -220.45 points (-1.20%) at 18,225.15
Sectoral Movements
- Top Gainers: IT, PSU Bank, Private Bank, Financial Services, and PSE sectors saw positive momentum.
- Top Losers: Heavy selling was seen in the metal, media, and healthcare sectors.
Stocks to Watch
Some of the top losers in the Sensex pack included Asian Paints, Tata Steel, Bajaj Finance, M&M, JSW Steel, NTPC, Bajaj Finserv, and L&T. Asian Paints was hit the hardest, falling 8.21% after disappointing Q2 results from several brokerage firms.
On the positive side, stocks like Power Grid, HCL Tech, Infosys, Tech Mahindra, TCS, Maruti, ICICI Bank, HDFC, and Titan emerged as the top gainers.
Also Read: Indian stock market remains on consolidation path, DIIs absorb heavy selling
Gold Prices Slip Further
In the commodities market, gold prices continued their downward trend, with 24-carat gold slipping to Rs 77,030 per 10 grams. Similarly, 22-carat gold traded at Rs 75,180 and 20-carat gold at Rs 68,550 per 10 grams. Experts predict that the gold market will likely continue to face pressure as long as prices remain below the key resistance level of $2,750 per ounce.
Market Outlook
Experts suggest that foreign institutional investors (FIIs) are currently driving market momentum, with weak earnings results and expectations from U.S. policy changes influencing the market. On the foreign exchange front, the Indian Rupee traded flat near 84.38 against the US Dollar, maintaining its position at record-low levels.
Looking ahead, market watchers are focused on the upcoming U.S. CPI data release, which could provide direction for the dollar’s movement and impact global markets, including the Indian stock market.
Key Takeaways:
- Indian markets ended flat, with losses in several sectors.
- Gold prices remain low, continuing a downward trend.
- FIIs and global economic data remain key factors for market movements.
- Rupee continues to trade at record lows against the dollar.
