The Indian stock market experienced a day of marginal gains, with the Sensex and Nifty 50 showing positive movement amidst mixed global cues and investor caution.
Market Performance:
- The Nifty 50 index edged above the 25,450 mark, closing at 25,522.50, a gain of 61.20 points or 0.24%.
- The BSE Sensex mirrored this trend, closing at 83,712.51, up by 270.01 points or 0.32%.
- GIFT Nifty futures were trading at 25,571, indicating a flat start for the bourses.
However, the trends on Gift Nifty also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,567 level, a premium of 8.2 points from the Nifty futures' previous close.
Top Performers:
While the overall market sentiment was cautiously optimistic, certain stocks stood out as top performers.
- Tata Steel: On July 9, 2025, Tata Steel's valuation has improved to attractive, with a PE Ratio of 52.41 and strong performance, including a 361.67% return over five years, making it more appealing compared to peers like JSW Steel and Jindal Steel. Tata Steel is trading at 159.00 as on Wed Jul 09 2025 10:26:54. This is -1.82% lower as compared to its previous closing price of 161.95. The market capitalization of Tata Steel is 198486.73 Cr as on Wed Jul 09 2025 10:26:54.
- Power Grid Corporation: Power Grid Corporation of India Ltd witnessed a remarkable 0.18% increase in its share price. Power Grid Corporation of India is trading at 299.60 as on Wed Jul 09 2025 10:17:45. This is 0.59% upper as compared to its previous closing price of 297.85. The market capitalization of Power Grid Corporation of India is 278646.09 Cr as on Wed Jul 09 2025 10:17:45.
Sectoral Performance:
Sectoral data revealed a mixed bag of performance.
- IT, oil & gas, and metal stocks experienced selling pressure. The metals pack was particularly weak, dragged down by Vedanta and Tata Steel.
- Nifty Realty, Metal and Oil & Gas fell 1.49 per cent, 1.4 per cent and 1.25 per cent, respectively.
- Nifty FMCG, Auto, Financial Services, Pharma, and Consumer Durables closed higher.
Market Dynamics and Analysis:
- Global Cues: The Indian market is taking cues from global markets, which are currently displaying mixed trends.
- US-India Trade Deal: Market participants are closely watching the conclusion of the U.S.-India trade deal, which is expected to influence near-term market direction.
- FII and DII Activity: Foreign institutional investors (FIIs) net bought shares worth ₹74.48 crore, while domestic institutional investors (DIIs) net bought shares worth ₹1,037.19 crore on July 9.
- Nifty Open Interest (OI) Data: Nifty open interest (OI) data indicated the highest call writing at the 25,500 and 25,600 strike prices, while the maximum put OI was seen at the 25,400 level. This suggests strong resistance around 25,500.
Expert Outlook:
- According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the current market texture is non-directional, with traders awaiting a breakout on either side. For bulls, the breakout zone for day traders is 83,800, above which Sensex could rally to 84,000-84,400. On the flip side, a dismissal of 83,350 could accelerate selling pressure.
- Analysts expect the Bank Nifty index to extend consolidation in the range of 56,500-57,600 in the coming sessions. A move above 57,600 will open further upside towards 58,200-58,500 levels in the coming weeks.
- The NSE Nifty 50 may face resistance at 25,600, while 25,400 remained the crucial support zone.
Global Developments:
- Asian markets traded mixed, with Japan in the red, while China, Korea, and Hong Kong posted marginal gains.
- U.S. markets closed in the green on Wednesday, with the Nasdaq leading gains as Nvidia briefly crossed the $4 trillion valuation mark.
- US President Donald Trump announced plans to impose a 50% tariff on copper imports, effective from Aug 1.
