1. Nifty and Sensex
The Nifty closed unchanged today after touching record intraday levels of 25,078 points. This was mainly due to global headwinds limiting the impact of positive domestic tailwinds. The Sensex rose 13 points and closed at 81,711.
2. Federal Reserve rate cut
The indices have gained around 3.6% over the past nine sessions. This rally came after the Federal Reserve planned to cut interest rates in September, which is expected to redirect foreign funds to India.
3. Winners and losers
Bajaj Finserv, SBI Life, Maruti Suzuki, HDFC Life and L&T led gains on the Nifty, while JSW Steel, Titan, HUL, Grasim and Coal India were the top laggards.
4. Sectoral performance
Nifty Media rose over 4%, led by Zee Ent after the company announced that it has entered into a settlement agreement with Culver Max Entertainment (Sony India) and Bangla Entertainment to resolve all disputes, including withdrawal of all applications and claims before the Singapore International Arbitration Centre. Nifty’s banking, financial services, IT, pharma, real estate and healthcare sectors closed higher. The Nifty Midcap 100 gained 0.5% on the broader market, while the Nifty Small Cap 100 advanced over 1%.
5. Experts’ view
Vinod Nair, Head of Research at Geojit Financial Services, said: “The domestic market witnessed profit-taking close to record highs. While positive expectations regarding a possible rate cut by the Federal Reserve in September remain, recent geopolitical tensions and rising crude oil prices have made investors cautious amid high valuations.”
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