July 2nd 2024.
The stock market in Mumbai saw a mixed day on Tuesday as profit-taking in certain banking and telecom stocks led to a flat closing for the Sensex and Nifty indices. Despite starting off strong, the indices were unable to maintain their gains due to concerns over inflated valuations.
The BSE Sensex, consisting of 30 major companies, ended the day with a small decline of 34.74 points or 0.04 per cent at 79,441.45. However, it had briefly reached a record high of 79,855.87 earlier in the day, gaining a whopping 379.68 points or 0.47 per cent.
Similarly, the Nifty, which comprises of 50 companies, also saw a decline of 18.10 points or 0.07 per cent to close at 24,123.85. But during intra-day trading, it had soared to a lifetime high of 24,236.35, gaining 94.4 points or 0.39 per cent.
The biggest losers among the Sensex companies were Kotak Mahindra Bank, Bharti Airtel, IndusInd Bank, Tata Motors, ICICI Bank, Bajaj Finance, State Bank of India, and Titan. On the other hand, Larsen & Toubro, Infosys, HDFC Bank, Tata Consultancy Services, HCL Technologies, and Tata Steel were the top gainers.
Just the day before, on Monday, the BSE Sensex had closed with a significant increase of 443.46 points or 0.56 per cent, reaching an all-time high of 79,476.19. The Nifty had also climbed 131.35 points or 0.55 per cent to settle at a fresh lifetime high of 24,141.95.
In other global markets, Tokyo, Shanghai, and Hong Kong ended the day positively, while Seoul saw a decline. European markets were also trading down, while US markets had closed in the green on Monday.
In India, the Goods and Service Tax (GST) collection for June showed an increase of 8 per cent, reaching Rs 1.74 lakh crore, according to sources on Monday. Additionally, global oil prices, represented by Brent crude, had climbed by 0.66 per cent to $87.17 a barrel.
However, despite these positive indicators, Foreign Institutional Investors (FIIs) had offloaded equities worth Rs 426.03 crore on Monday, according to data from the exchanges. This suggests that they were not confident in the market's performance and chose to sell their shares.
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