The Nifty closed at 24,586.7, up by 0.11%. Throughout the day, the Nifty reached a high of 24,661.25 and a low of 24,587.65. The Sensex traded between 80,898.3 and 80,598.06, closing 0.06% higher at 80,664.86, which was 51.69 points above the opening price. This marked new closing highs for both indices.
The day’s trading also saw India VIX, which measures near-term volatility, tick up by nearly 3% to settle at 14.11.
Impact on the stock market
The top gainers in the Nifty index were Coal India, which rose by 2.95%, Bharat Petroleum Corporation, up by 2.66%, Hindustan Unilever, increasing by 2.60%, Tata Consumer, up by 2.39%, and Bharti Airtel, which gained 2.01%.
The top losers included Shriram Finance, down by 2.39%, Dr Reddy’s Laboratories, which fell by 2.19%, Kotak Mahindra Bank, decreasing by 2.07%, Ultratech Cement, down by 1.48%, and NTPC, which declined by 1.35%.
The Nifty Midcap 50 closed 0.1% higher, underperforming the Nifty 50. Similarly, the Nifty Small Cap 100 ended at 19,047.7, up by 14.7 points and 0.08% higher than the Nifty 50.
| Sector/Index | Performance |
| IT & BPM sector | +0.59% |
| Healthcare sector | -0.40% |
| Oil & Gas sector | -0.16% |
| Real estate sector | +1.66% |
| PSU Bank in India | -0.25% |
Top gainers today
| Company | Price | Change (%) |
| Coal India share price | 512.45 | +5.01 |
| BPCL share price | 315.95 | +3.24 |
| HUL share price | 2,688.45 | +3.15 |
| TATA Cons. Prod share price | 1,176.25 | +3.03 |
| Bharti Airtel share price | 1,466.50 | +2.57 |
Top losers today
| Company | Price | Change (%) |
| Shriram Finance share price | 2,813.50 | -2.39 |
| Dr Reddys Labs share price | 6,646.05 | -2.19 |
| Kotak Mahindra share price | 1,805.30 | -2.07 |
| UltraTechCement share price | 11,658.70 | -1.48 |
| NTPC share price | 380.45 | -1.35 |
Market aftermath: Impact on stocks
Bharti Hexacom soars 9.5%
Bharti Hexacom saw a significant surge of 9.5% after global brokerage JPMorgan initiated coverage with an ‘overweight’ rating. The brokerage assigned a price target of ₹1,280, forecasting a 20% upside potential.
At 11:09 am, shares of Bharti Hexacom were trading at ₹1,128.7 on the NSE, with volumes surpassing the one-month daily traded average.
Also read: Bharti hexacom IPO
Railway stocks rally on budget hopes
Railway stocks rallied on expectations of increased budgetary allocations. In the Interim Budget for FY25, Finance Minister Nirmala Sitharaman allocated ₹ 2,52,200 crore to railways as gross budgetary support, plus an additional ₹ 10,000 crore from extra-budgetary resources.
Stocks like Rail Vikas Nigam (RVNL), Indian Railway Finance Corporation (IRFC), Ircon International, NBCC (India), RailTel Corporation of India, and Texmaco Rail & Engineering have gained significantly post the interim budget.
You may also read: Railway stocks
Bajaj Auto Q1 Net Profit Rises 18% to ₹ 1,988 Crore
Bajaj Auto’s Q1 FY25 results exceeded expectations, with an 18% rise in net profit to ₹ 1,941.79 crore. The company’s revenue for the April-June quarter jumped 16% on-year to ₹ 11,932 crore, driven by robust vehicle sales and higher average selling prices.
Bajaj Auto sold 11,02,056 units in the June 2024 quarter, a growth of 7% from the previous year.
You may also like: Bajaj autos sales rise
Crude oil
Global oil prices saw slight declines. September Brent oil futures were at $84.62, down by 0.27%, and September crude oil futures on WTI were at $80.59, down by 0.31%. On the Multi Commodity Exchange (MCX), July crude oil futures traded at ₹6,828, down by 0.28%, and August futures at ₹6,752, down by 0.27%.
China’s slower-than-expected GDP growth of 4.7% and a decline in oil imports due to weak demand and planned refinery maintenance contributed to these declines.
Conclusion
July 16 was a landmark day for the Indian stock market, with Sensex and Nifty 50 hitting new record highs. The market’s upward trend was driven by selective buying in heavyweight stocks and optimism surrounding the upcoming Union Budget and Q1 earnings.
However, high market valuations and global economic factors remain areas of concern. Investors should stay cautious and keep an eye on sector-specific movements and global market trends.
Stay tuned on StockGro for more updates on market trends.
