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Stock market ends week flat after record highs

Among the Nifty-listed companies, 34 reported gains, while 16 experienced declines, showcasing a balanced yet cautious market sentiment.
06:53 AM Jul 06, 2024 IST | ANI
stock market ends week flat after record highs
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Mumbai, July 5: The stock market ended trading on Friday on a flat note despite a record-breaking rally earlier in the week.

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The BSE Sensex closed 53.07 points down at 79,996.60, falling just short of the 80,000 mark, while the NSE Nifty inched up 21.70 points to close at 24,323.85.

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This mixed closing reflects a day of cautious trading, as investors weighed profit-taking against optimism from positive sectoral performances and key corporate announcements.

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The Sensex, which recently hit an all-time high, faced a slight dip on the last trading day of the week. In contrast, the Nifty managed to post a modest gain, supported by advances in specific sectors.

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Among the Nifty-listed companies, 34 reported gains, while 16 experienced declines, showcasing a balanced yet cautious market sentiment.

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Leading the gains were companies like ONGC, Reliance Industries, and State Bank of India.

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ONGC's shares were boosted by a surge in crude oil prices and a positive quarterly performance. Reliance Industries saw upward momentum driven by strong performances in its retail and telecom segments, while State Bank of India benefited from robust banking sector performance and favourable interest rate conditions.

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Other top gainers included Britannia, buoyed by strong demand for FMCG products, and Cipla, which saw a positive outlook in the pharmaceutical sector due to strong export orders.

Conversely, several major companies faced declines. HDFC Bank's shares dropped amid concerns over rising interest rates impacting loan growth. Titan saw a decline due to weaker-than-expected sales in its jewelry segment, while LTIMindtree was hit by concerns over global IT spending and competition.

Tata Steel struggled with falling steel prices and worries about global trade dynamics. IndusInd Bank also experienced a drop in its shares, driven by concerns about asset quality and exposure to stressed sectors.

A highlight of the day was Raymond's shares, which soared over 18% to a yearly peak following the announcement of its board approving the demerger of its realty business into Raymond Realty Ltd.

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