Share Market Today 11 August: Nifty, Sensex opened with marginal gains
Share Market Today 11 August: On Monday, the Indian stock market opened with little change as investors remained cautious before the eagerly awaited meeting between US President Donald Trump and Russian President Vladimir Putin set for the weekend.
The Nifty 50 index began the session at 24,371.50, posting a marginal gain of 8.20 points or 0.03 per cent, while the BSE Sensex opened at 79,885.36, up by 27.57 points or 0.03 per cent.
Investors are keenly observing the meeting for any updates that might indicate Trump's potential tariff actions on India.
Ajay Bagga, Banking and Market Expert, told ANI, "Truce, Tariffs and Truncated week are the drivers this week. Expect a truce announcement this weekend as Trump meets Putin in Alaska. Tariffs are at front and centre as China's deadline looms tonight, with a further extension likely. Independence Day on Friday will bring a four-day market week and a three-day long weekend, with the possibility of a Ukraine-Russia truce during the break. Expect volatile markets with no positive catalyst for Indian markets for now. The government has not announced any relief measures for exporters hit with Trump Tariffs, which could be a trigger to improve sentiments. For now, we are looking at shallow moves with potential for a recovery by the weekend."
In the wider NSE market indices, the Nifty 100 increased by 0.04 percent, whereas the Nifty Midcap 100 and Nifty Smallcap 100 started lower. In terms of sectoral indices, Nifty Auto climbed 0.22 percent, Nifty Metal rose 0.07 percent, and Nifty Realty increased by 0.13 percent. Conversely, Nifty IT and Nifty FMCG fell by approximately 0.09 percent, Nifty Pharma slightly declined, and Nifty Consumer Durables decreased by 0.81 percent.
Share Market Today 11 August- Top Gainers and Top Losers
Top gainers in the Nifty 50 in early trade included Grasim, State Bank of India, Trent, NTPC, and Adani Enterprises. The top losers were ICICI Bank, Bharat Electronics (BEL), Tata Motors, Asian Paints, Adani Ports, and Tata Consumer Products.
Regarding corporate earnings, Astral Limited, SJVN, Ipca Laboratories, BEML, Bata India, JM Financial, Travel Food Services, Embassy Developments, Cello World, Belrise, and Eureka Forbes are set to release their first-quarter results today..
SEBI-registered analyst and Alphamojo Financial Services founder Sunil Gurjar noted, "The Nifty 50 did not perform well, closing down by 202 points, indicating a strong bearish trend. This marks the Nifty's sixth consecutive weekly decline, its longest losing streak since March 2020. A breakdown below 24,650 would confirm a continuation of the downtrend. The price is currently hovering near its 200-EMA, and a cross below this level would signal more downward momentum."
He mentioned that the Nifty 50 is approaching a significant support level at 23,750, and dropping below this mark might result in heightened negative sentiment and additional declines. Conversely, if the index maintains this level, a turnaround could occur.
Share Market Today 11 August- Asian Market Update
In other Asian markets, Japan's Nikkei 225 rose 1.82 per cent, Taiwan's weighted index gained 0.30 per cent, and South Korea's KOSPI was up 0.18 per cent. Singapore's Straits Times and Hong Kong's Hang Seng index were trading lower at the time of filing this report. (ANI)