At the interbank foreign exchange market, the local unit opened at ₹83.66, and touched an early high of ₹83.65, registering a gain of 5 paise from its previous close

Emkay Global Financial Services anticipates a 5-10% correction in headline indices, particularly impacting SMID stocks due to stretched valuations and a tepid Q1 FY25 earnings season. 

Sensex, Nifty, Share Prices LIVE: The domestic markets are likely to begin the week on a weak note, as indicated by Gift Nifty’s decline to 24,390 against Nifty August futures at 24,670. Subdued results from Reliance Industries and Wipro are expected to keep the market under pressure, despite strong numbers from Kotak Mahindra Bank, HDFC Bank, and Yes Bank. Analysts predict volatility due to the upcoming Budget on July 23 and the settlement week for monthly F&O contracts at the NSE. Emkay Global Financial Services anticipates a 5-10% correction in headline indices, particularly impacting SMID stocks due to stretched valuations and a tepid Q1 FY25 earnings season. The brokerage suggests that sectors like Industrials and Financials are most at risk, while Staples, Energy, and Technology are safer bets. Last week, benchmark indices barely closed in the green, with broader markets suffering due to weak mid- and small-cap results. Globally, US markets also corrected from record highs, with semiconductor stocks hit by potential trade restrictions with China.

Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, State Bank of India, Infosys, LIC, Hindustan Unilever and ITC.

Benchmarks have, however, rallied strongly rest of the year, with sectoral indices too rising