Sensex, Nifty end flat after see-saw trade; L&T stock rises over 2%

2 min read Last Updated : Jul 29 2024 | 10:41 PM IST

The Sensex and the Nifty ended largely unchanged over Friday’s close after a volatile day of trade during which the benchmark gauges swung between gains and losses several times. The benchmark Nifty all but touched 25,000 in intraday trade. Traders were keenly eyeing the 25,000 milestone on the Nifty, which first went past 20,000 in September 2023.

After hitting an intraday high of 24,999.75, the 50-share blue chip company index closed at 24,836, up 1.25 points over its previous close. After a 773-point swing, the Sensex ended at 81,356, up 23 points. Both the indices hit new highs during the day and on a closing basis.

Gains in index heavyweights Larsen and Toubro (LT) and Reliance Industries lifted the markets, while losses in Bharti Airtel and HDFC Bank dragged it down.

The broader markets outperformed the benchmark amid strong domestic flows. The Nifty Midcap 100 rose about a per cent to close at a new record. The Nifty Smallcap 100 also gained 1 per cent. The market breadth was favourable, with 2,334 stocks advancing and 1,726 declining.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,475 crore, while domestic institutional flows remained strong at Rs 5,665 crore.

L&T rose 2.7 per cent and was the best-performing Sensex stock. The gains came after its power transmission and distribution unit bagged new orders domestically and internationally to build substations and transmission lines.

Markets hitting new highs are also causing wariness among investors as the valuations are elevated.

Both indices have hit new highs multiple times in the last two months, despite a fractured mandate in the general elections and a hike in tax rates related to capital gains and derivatives trading, amid robust flows from local and global investors.

The remainder of the corporate earnings and the monetary policy decision by the Federal Reserve is seen determining the market trajectory in the near term.

“Nifty was just a kiss away from the 25k mark. Once the index crosses the psychological level, we believe sentiment will get a further boost. This week the market will focus on the central bank policy meetings globally. Thus, interest-sensitive sectors including banking will remain in focus. Overall, we expect the market to continue its gradual uptick. However, volatility cannot be ruled out ahead of key events,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

First Published: Jul 29 2024 | 8:46 PM IST

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