Stock market closing 11 July: Markets close flat as auto, pharma and healthcare indices lag

Both indices Sensex and Nifty closed the day on a flat note. While Nifty closed the day at 24,343.25 points, up by 18.8 points or 0.08%, Sensex closed the day at 79,897 points, down by 27.43 points, or about 0.03%.

ONGC (up by 2.45%), Coal India (up by 2.25%), BPCL (up by 2.15%), ITC (up by 1.59%), and Tata Motors (up by 1.54%) were amidst the leading gainers for the day, while Tata Consumers (down by 1.69%), Bajaj Finance (down by 1.37%), Divis Labs (down by 1.19%), Mahindra and Mahindra (down by 1.17%) and Sun Pharma (down by 0.92%) were amidst the leading laggards for the day.

Almost all broad market indices closed the day in red except for India VIX, which shed 3.03% during the day. Nifty microcap gained 1.01% during the day. As for sectoral indices, auto (down by 0.18%), healthcare (down by 0.65%), pharma (down by 0.60%) and realty (down by 1.49%) ended the trade today in red. On the other hand, media (up by 1.03%) and oil and gas (up by 1.10%) inched up to close in green. Nifty financial services and metal indices saw no change during the day.

Tata Consultancy Services (TCS), which will kick off the earnings season by reporting its Q1FY25 results later in the day, closed at Rs 3,902, down by 0.18%.

Out of the 2,763 stocks traded during the day, 1,606 saw advances, while 1,078 declined. 79 stocks remain unchanged. Around 144 stocks hit their 52-week high price, while 8 stocks hit their 52-week low price as well. 129 stocks managed to hit the upper circuit during today's trading session, while 42 remained in the lower circuit.

As Mr. Aditya Gaggar, director of Progressive Shares notes, opening gains did not last long as the index quickly erased all its gains to retest its previous day's lower levels.

"As far as sectors are concerned, media was the top gainer followed by FMCG while realty was the major loser by ending the trade with a loss of 1.49% mid and small caps managed to hold their opening gains and outperformed the benchmark index. Our view on the index remains the same, i.e. as long as the index holds a level of 24,200 uptrend will remain intact and on the higher side, 24,460 will be a critical hurdle", he continued.


Rajesh Bhosale, Equity Technical Analyst, Angel One noted that similar to the previous session, the benchmark index Nifty began with a slight positive note. However, it remained under pressure during the first half, testing levels below 24,,200. In the second half, there was a smart recovery from lower levels, to conclude the weekly expiry on a flat note tad above 24300.

"With the results season kicking off, we may soon see trending moves reappear in key indices. However, considering the overbought scenario across various parameters and the upcoming budget, we do not recommend aggressive long positions. Instead, it would be wise to book profits at higher levels. On the downside, prices have safely defended the 24,200-24,150 range in the last two sessions, which can be considered crucial support. A break below this may trigger a price correction, which could be healthy for the market ahead of the key budget. Traders are advised to monitor these key levels closely", cautioned Bhosale.