The Indian stock market benchmarks, the Sensex and the Nifty 50, closed flat on Thursday, July 11, as gains in shares of ITC, ONGC, Tata Motors, and SBI were offset by losses in those of Mahindra and Mahindra (M&M), Bajaj Finance, Larsen and Toubro (L&T), and HDFC Bank.

Market Performance Overview

The benchmark indices remained sideways on Thursday, continuing the trend of selectively picking some stocks while booking profits in others. Experts point out that the market is struggling to break out of its range due to a lack of fresh triggers. This trend may persist until the Budget announcement on July 23.

Focus on US CPI

The focus was also on the US Consumer Price Index (CPI), which was due later in the day, as it will shape expectations of rate cuts by the US Federal Reserve. Fed Chair Jerome Powell, in his testimony to Congress on Wednesday, said the central bank needs more data before starting to cut rates.

Closing Numbers

The Nifty 50 closed nearly 9 points (0.03%) lower at 24,315.95.

The Sensex settled 27 points (0.03%) down at 79,897.34.

Top Movers

Shares of ITC, ONGC, Tata Motors, SBI, and Coal India were the top five Nifty movers. On the flip side, shares of Mahindra and Mahindra, Bajaj Finance, Larsen and Toubro (L&T), HDFC Bank, and ICICI Bank ended as the top five drags on the index.

Midcap and Smallcap Performance

The BSE Midcap and Smallcap indices outperformed the benchmarks, rising 0.34% and 0.57%, respectively. The overall market capitalization of firms listed on the BSE rose to nearly ₹451.3 lakh crore from nearly ₹450.1 lakh crore in the previous session, making investors richer by over ₹1 lakh crore in a day.

Top Nifty 50 Gainers

ONGC (up 2.40%)

Coal India (up 2.20%)

BPCL (up 2.13%)

Top Nifty 50 Losers

Tata Consumer (down 1.79%)

Bajaj Finance (down 1.36%)

Divi's Labs (down 1.19%)

Sectoral Indices Performance

Nifty Oil and Gas (up 1.10%) and Media (up 1.03%) clocked healthy gains.

Nifty Realty (down 1.49%) and Pharma (down 0.60%) lost significantly.

Overall, the market's flat performance reflects a cautious approach by investors, awaiting significant economic indicators and policy announcements. The focus will likely remain on global economic cues and the upcoming Budget announcement for any substantial market movement.

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