The Indian stock market closed flat on Monday, July 8, with benchmarks like the Sensex and Nifty 50 showing little movement. Gains in shares of prominent companies like ITC, Reliance Industries, and Infosys were counterbalanced by losses in HDFC Bank, Titan, TCS, and Mahindra and Mahindra, reflecting mixed global cues.
Meanwhile, the Supreme Court of India has ordered a potential retest for the National Eligibility-cum-Entrance Test-Undergraduate (NEET-UG) 2024 exam if the sanctity of the exam has been compromised and the leak of its question paper is confirmed. The court is seeking a disclosure from the National Testing Agency (NTA) regarding the alleged irregularities.
On the international front, Prime Minister Narendra Modi arrived in Moscow, Russia, on Monday for a two-day official visit. He will meet with Russian President Vladimir Putin for the 22nd India-Russia Annual Summit. This marks PM Modi’s first trip to Russia since 2019, when he attended an economic conclave in Vladivostok.
The Nifty Pharma index climbed to a fresh 52-week high of 20,575.35 during intraday trade on Monday, July 8. However, it ended the day with a loss of 0.63 percent, snapping its six-day winning streak. The index failed to sustain its altitude amidst weak market sentiment and profit booking at record levels. Notably, companies like Zydus, Lupin, and Glenmark experienced surges of over 95 percent each in the past year.
In Mumbai, heavy rainfall and low visibility on Monday severely disrupted flight operations at the city’s airport. At least 50 flights scheduled to land in Mumbai were either cancelled or diverted to other locations, including Ahmedabad, Hyderabad, and Indore.
The Mumbai police have initiated a large-scale manhunt for Mihir Shah, the 24-year-old son of Shiv Sena leader Rajesh Shah, following a hit-and-run incident. Rajesh Shah has been remanded to judicial custody, while the driver of the BMW involved, Rajendra Singh Bidawat, is in one-day police custody. Reports suggest that Mihir Shah allegedly switched seats with the driver after the incident.
