FIRST TRADE: Sensex, Nifty subdued; NTPC, PowerGrid rise over 2%, Hindalco down over 1%
Stock market today: At the last count, both indices were down 0.13 per cent, BSE Sensex was down 105.98 points at 81,249.86 and Nifty was 32.35 points at 24,803.75
Stock market today: Indian shares on Tuesday, July 30, began the session flat after hitting record peaks in the previous session, with analysts expecting bouts of profit-booking at all-time highs in an overbought market. At the last count, both indices were down 0.13 per cent, BSE Sensex was down 105.98 points at 81,249.86 and Nifty slipped 32.35 points at 24,803.75.
"Sustained capital flows into mutual funds, and the retail investor's enthusiasm will keep the market resilient. The elevated valuations continue to be a concern, particularly in the broader market. A healthy trend in the market now is that high-quality stocks with good earnings visibility are gaining strength on buying by institutions," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Dr. V K Vijayakumar added the FOMC meeting on July 31 and the commentary from the Fed chief will be keenly watched by market participants for clues of rate cuts.
Further, as per him, at high valuations unexpected triggers can cause market corrections. Therefore, investors have to be a bit cautious chasing stocks now. Partial profit booking is segments which have run up too much too fast may be considered,"
In the broader market, Nifty Midcap 100 and Smallcap 100 traded positive. Last seen, high-beta Nifty Bank was flat with negative bias at 51,379.35.
BUZZING STOCKS
Colgate Palmolive shares were up over 5 per cent after the company reported strong Q1 results.
Pfizer shares were up over 3 per cent after the company posted strong Q1 results.
Quess Corp shares were up over 2 per cent after the company posted mixed Q1 results.
CDSL shares were up over 1 per cent after the company posted June monthly update.
Conversely, PNB Housing shares were down over 1 per cent after 13 per cent equity changed hands via multiple block deals.
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