Markets open flat: Sensex above 53,000, Nifty at 15,850-levels

The benchmark indices opened on a flat note on Thursday (July 8). The SGX Nifty had indicated a flat opening for the market. Sensex was 46.54 points or 0.09 percent down at 53,008.22. The Nifty50 was 19.85 points or 0.13 percent down at 15,859.80.

Bajaj Auto was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Tech Mahindra, NTPC, IndusInd Bank, PowerGrid, M&M and HCL Tech.

On the other hand, UltraTech Cement, HUL, Sun Pharma and Nestle India were among the laggards.

In the previous session, Sensex climbed 193.58 points or 0.37 per cent to close at its fresh lifetime high of 53,054.76, and Nifty rose 61.40 points or 0.39 per cent to its record 15,879.65.

IT and metal sectors shall remain in focus as TCS and Shyam Metallics commence June quarter earnings session today.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 532.94 crore on Wednesday, as per provisional exchange data.

Domestic equities do not look to be inspiring as of now. Notably, visible improvement in business momentum with ease of business curbs by states started offering comfort, said Binod Modi Head-Strategy at Reliance Securities.

However, profit-booking at higher levels is leading to bouts of correction in the market, traders said.

Asian markets up

Asian markets gave a steady performance on Thursday while US and Europe rose in yesterday's session, factoring favourable Fed minutes and hike by European Commission in growth forecasts for 2022, said Mohit Nigam, Head-PMS, Hem Securities.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals.

US equities ended on a positive note in the overnight session.

Quarterly results today

Tata Consultancy Services, Gammon Infrastructure Projects, and Shyam Metallics and Energy will release quarterly earnings today

Petrol, diesel prices hiked

Fuel prices were hiked today. In the sixth hike of this month, petrol has become dearer by 35 paise in Delhi at Rs 100.56 and diesel was up by 9 paise at Rs 89.62 per litre each. In Mumbai, petrol is being retailed at Rs 106.59 per litre, and diesel is available at Rs 97.18 per litre.

The increase is the 37th since May 4, when state-owned oil companies resumed rate revisions after an 18-day hiatus caused by assembly elections in states such as West Bengal.

International oil benchmark Brent crude advanced 0.01 per cent to $73.44 per barrel.

India growth forecast cut

Fitch Ratings on Wednesday cut India’s growth forecast to 10 percent for the current fiscal, from 12.8 percent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence.

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