Indian stock market Titan performance

Indian Markets Close Flat; Titan’s Decline Weighs on Indices

Titan Company experienced a nearly 4% drop on July 8 after JPMorgan downgraded its rating to ‘neutral’ from ‘overweight’, following the company’s June quarter business update. The brokerage also reduced its target price on Titan to Rs 3,450 from Rs 3,850.

Indian markets closed flat on July 8, stepping back from last week’s record highs, influenced by Titan’s decline after JPMorgan’s downgrade.

Markets are now focused on upcoming June quarter earnings reports, with the IT sector poised to kick off its Q1FY25 earnings season starting from July 11, beginning with Tata Consultancy Services (TCS), the country’s largest software exporter.Indian stock market Titan performance.

At the close of trading, Sensex edged down 0.05% to 79,960.38 points, while Nifty closed marginally lower by 0.01% at 24,320.55 pointsIn sectoral performance, Nifty FMCG emerged as the top gainer, rising 1.6%, followed by Nifty Oil & Gas which gained 0.8%.Indian stock market Titan performance. On the downside, Nifty PSU Bank was the biggest loser, falling 1.6%, followed by Nifty Consumer Durables and Nifty Metal, which dropped 1.3% and 1%, respectively. Nifty Auto, Realty, and Nifty Bank each declined by 0.5%.

Most Asian stocks, led by Chinese markets, fell amid ongoing trade war concerns with the West and anticipation of interest rate signals. Despite positive gains on Wall Street last Friday, with the S&P 500 and NASDAQ hitting new highs, regional markets remained cautious ahead of Federal Reserve Chair Jerome Powell’s upcoming comments and key inflation data, including reports on consumer and producer prices for June later in the week. These data points will offer more insights into the future direction of US Federal Reserve interest rate policies.

Market Outlook for July 9

Prashanth Tapse, Senior VP (Research), Mehta Equities
Due to a lack of fresh triggers, markets witnessed a range-bound session throughout the day and ended marginally weak due to select profit-taking in banking, telecom, and realty shares. Weak Asian cues also weighed on sentiment, and stretched valuations may see investors maintain caution for some time.

Vinod Nair, Head of Research, Geojit Financial Services
The market is entering a consolidation phase due to the absence of major triggers to support the current premium valuation in the near term, prompting investors to book some profits. The earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations.

Rupak De, Senior Technical Analyst, LKP Securities
The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,240, and a fall below this level might weaken the strength of the bulls. Until then, dips might be bought into. On the higher end, resistance is seen at 24,375-24,400. Above 24,400, the index might move towards 24,600.

Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed lackluster activity; the Nifty ended three points lower, while the Sensex was down by 36 points. Among sectors, the FMCG index outperformed, rallying over 1.5%, whereas the PSU Bank index lost the most, shedding 1.5%. Technically, after a muted opening, the market hovered between 24,240/79,730 and 24,340/80,000 levels.Indian stock market Titan performance. Intraday non-directional activity indicated indecisiveness between the bulls and the bears. For the bulls now, 24,360/80,100 would be the key resistance level. Post 24,360/80,100, the index could move up to 24,450-24,500/80,400-80,600. On the flip side, dismissal of 24,240/79,730 may accelerate selling pressure, below which the market could retest the level of 24,160-24,120/79,500-79,200.

Ajit Mishra, SVP, Research, Religare Broking Ltd.
Today, the Nifty index traded within a narrow range and closed nearly unchanged, resulting in a muted session. Sector-wise, there was a mixed trend with gains seen in FMCG and energy, while metal, realty, and pharma sectors ended lower. The broader indices also showed a subdued trend, closing marginally down. We anticipate a time-wise correction in the Nifty index due to rotational buying in heavyweight stocks, which has limited the downside so far. However, there are ongoing buying opportunities in select sectors and themes. Traders should exercise caution in stock selection and prioritize effective trade management strategies.

Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty ended flat in a volatile session on July 8. At close, Nifty was down 0.01% or 3.3 points at 24,320.6. Cash market volumes on the NSE were down 7% to Rs.1.45 lakh crore. Broad market indices fell more than the Nifty, even as the advance-decline ratio fell to 0.65:1. Asian markets were mostly down on Monday, while European stock markets edged up after early losses as investors digested snap French elections in which a hung parliament appeared the likeliest outcome.Indian stock market Titan performance. In the first two months of the current fiscal year, India’s imports of coal increased 5.3% to 52.29 million tonnes (MT) compared to the same period last year. Nifty formed a doji type pattern on July 8 with a long lower shadow, which has little predictive value. Nifty could stay in the 24,164-24,401 band for the near term.

Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities
The range-bound action with a positive bias continued in the market on Monday, and Nifty closed the day lower by 3 points. After opening with a flat to positive note, the market slipped into minor weakness in the early part of the session. It later moved into a narrow range and showed a minor upside recovery towards the end. A small body candle was formed on the daily chart with a minor lower shadow. Technically, this market action looks like a doji type candle formation (not a classical one). However, having formed this pattern beside the long bull candle of Friday signals sideways range movement in the market.Indian stock market Titan performance.The minor degree bullish pattern like higher highs and higher lows is visible on the daily chart. Having shown a minor dip at 24,168 levels on Friday, the chances of further upmove towards a new higher high is likely in the near term.

Indian stock market Titan performance

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