The Sensex opened at 79,915, slightly lower than its previous close of 79,996.60, and closed down by 36 points or 0.05% at 79,960.38. Similarly, the Nifty 50 opened at 24,329.45, saw a minor decline from its previous close of 24,323.85 and ended the session 3 points lower at 24,320.55.
Speculation surrounding potential rate cuts by the US Federal Reserve intensified following a US jobs report showing a slight slowdown in June, heightening expectations for a rate cut in the Fed’s upcoming September meeting.
Impact on the stock market
Most sectoral indices on the NSE ended with losses. Nifty PSU Bank dropped 1.60%, Consumer Durables fell 1.28%, and Metal declined 0.93%. Nifty Bank ended down 0.45%, while the Private Bank index fell 0.25%.
Defying weak market sentiment, the Nifty FMCG index rose 1.63%, followed by Nifty Oil & Gas, which gained 0.88%.
| Sector/Index | Performance |
| Information Technology | +0.06% |
| Healthcare | -0.35% |
| Oil & Gas | +0.88% |
| Realty | -0.43% |
| PSU Banks | -1.60% |
Top gainers today in share market
| Company | Price | Change (%) |
| ONGC share price | 299.15 | +3.80% |
| ITC share price | 443.60 | +2.29% |
| HDFC Life share price | 620.90 | +2.23% |
| HUL share price | 2,587.15 | +1.58% |
| TATA Cons. Prod share price | 1,150.80 | +1.18% |
Top losers today in share market
| Company | Price | Change (%) |
| Divis Labs share price | 4,464.20 | -3.57% |
| Titan Company share price | 3,156.20 | -3.46% |
| BPCL share price | 299.50 | -2.33% |
| Shriram Finance share price | 2,808.10 | -2.02% |
| Adani Ports share price | 1,475.30 | -1.68% |
Market aftermath: Impact on stocks today
Paytm surges 9% as CEO targets $100 billion valuation
Paytm’s parent One 97 Communications surged over 9% on July 8 after CEO Vijay Shekhar Sharma aimed for a $100 billion valuation, despite regulatory challenges from the RBI.
Paytm share price rose 21.4% over the past month but remains down 26.8% year-to-date. Sharma’s ambition, announced at the 7th JIIF Foundation Day, followed the RBI’s restrictions on Paytm Payments Bank.
Adani Wilmar gains 4%
Shares of Adani Wilmar surged over 4% on July 8 following a robust Q1FY25 business update. The company reported a 13% YoY volume growth, driven by category-specific strategies and non-basmati rice sales to government agencies.
The Food & FMCG segment saw a 23% volume growth, while the edible oil segment grew 13% in volume and 10% in value.
Bank of Baroda shares drop 4%
Bank of Baroda shares fell 4% on July 8 due to the weakest deposit and advance growth in 12 quarters. Deposits and advances both slipped around 2% sequentially in Q1FY25, with global deposits at ₹13.05 lakh crore and advances at ₹10.72 lakh crore.
Yearly growth was also the slowest, with deposits up 9% and advances up 8.1%. The board approved raising up to ₹7,500 crore through debt instruments.
Crude oil prices: Mixed trends
Crude oil retains an upward trend but Brent crude futures on ICE ended last week flat at $86.5 per barrel. MCX crude futures rose 2.5% to ₹6,977 per barrel.
On Monday, oil prices retreated as potential ceasefire talks in Gaza, mediated by Qatar and Egypt, eased Middle East tensions. At 10:23 GMT, Light Crude Oil Futures were trading at $82.12, down $1.04 or 1.25%.
Conclusion
In today’s market, July 8, 2024, the Sensex and Nifty 50 closed flat amid global economic uncertainties and speculation over US Federal Reserve actions.
Paytm surged on ambitious valuation targets, while Adani Wilmar saw gains on strong quarterly performance. However, Bank of Baroda faced declines due to weaker Q1 growth figures. Crude oil prices showed mixed trends, influenced by geopolitical developments.
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