Stock Market Today Live, July 8: Sensex opens lower, down 600 pts; Nifty slips 186 pts to 24,212.55

Nifty Prediction Today – July 08, 2026: Nifty 50 Futures: Can fall more. Stay out of the market

Nifty Prediction Today – July 08, 2026: Nifty 50 Futures: Can fall more. Stay out of the market

The region around 24,130 is a good support. We expect the Nifty to reverse higher from around 24,130 and go back up to 24,300. A strong rise above 24,300 is now needed to turn the sentiment positive

Kotak Mutual Fund Launches Kotak Nifty Private Bank ETF. NFO opens on 8-July -2026 and closes on 15-July -2026

Corporate actions

Knack Packaging is set to make its stock market debut today, July 8. The issue price is fixed at ₹170 per share.

Torrent Pharmaceuticals has fixed July 17 as the record date for the purpose of determining the shareholders of JB Chemicals who shall be entitled to receive equity shares of Torrent Pharma. 51 fully paid-up equity shares of Torrent Pharma will be given for every 100 equity shares in JB Chemicals.

Orbit Exports has approved the proposal to buy back up to 11,04,000 equity shares, representing up to 4.16 per cent of equity shares, at a price of ₹250 per equity share for an aggregate amount of up to ₹27.6 crore, on a proportionate basis through the “tender offer” route. The company has fixed July 15, 2026 as the record date.

Mayank Cattle Food has approved issue of bonus shares in the ratio of 1:1 i.e., one new bonus equity share for every one existing equity share held, subject to necessary approvals.

Dividend08-Jul-26 Mphasis: Final dividend ₹62.00 Morarjee Finance: Final dividend ₹1.50 KTIL: Final dividend ₹1.25 Hannah: Final dividend ₹2.00 United Spirits: Final dividend ₹11.00 Bliss GVS Pharma: Final dividend ₹1.00

09-Jul-26 RPG Life Sciences: Final dividend ₹24.00 Harsha Engineers: Final dividend ₹1.50 Titan Company: Dividend ₹15.00 SFL: Final dividend ₹1.00

IPO Kusumgar: Open July 8, 2026; Close July 10, 2026 Laser Power & Infra: Open July 9, 2026; Close July 13, 2026

Buyback Kajaria Ceramics: Open July 3, 2026; Close July 9, 2026 Patel Integrated Logistics: Open July 6, 2026; Close July 10, 2026

Bonus issue Hindusthan Urban Infra: Bonus issue 2:1; Ex-date July 10, 2026 Goldiam International: Bonus issue 1:3; Ex-date July 10, 2026

Stock split Gujarat Inject Kerala: Stock split from ₹10 to ₹1; Ex-date July 8, 2026 Mangalam Worldwide: Stock split from ₹10 to ₹1; Ex-date July 10, 2026 Indian Toners & Developers: Stock split from ₹10 to ₹2; Ex-date July 17, 2026

Rights issue Minolta Finance: Ex-date July 17, 2026 Sumeet Industries: Open June 22, 2026; Close July 20, 2026 Consecutive Investment: Open June 18, 2026; Close July 24, 2026 Marg Techno Projects: Open June 29, 2026; Close July 28, 2026

Stock Market LIVE: Sensex slumped nearly 600 pts

Blue Cloud Softech Completes Deployment of SOCEYE (formerly Blura Saga) for Hyderabad City Police: Social Media Unit Goes Live

Sensex opens lower, down 364 pts; Nifty slips 121 pts

Sensex traded 364.63 points or 0.47 per cent lower at 77,816.09 at 9.16 am after opening at 77,816.45 from the previous close of 78,180.72, and Nifty 50 declined 121.30 points or 0.50 per cent to 24,277.40.

Brokerage notes: Key calls on Kotak, L&T, Swiggy, Persistent and others

Jefferies on Kotak Mahindra Recommendation — Outperform, target ₹450. Deutsche is streamlining India operations, not exiting India. Deal pricing is in line with DB’s valuation and attractive for Kotak Bank. Foreign banks struggle with lack of scale and competition in retail business. Accretive transaction, but clarity on leadership will be the catalyst.

GS on L&T Maintain Buy with target price of ₹4,500. The company has significant exposure to West Asia, which has become a primary driver of its international business. As of FY26 end, West Asia accounted for 40 per cent of its total orderbook and 36 per cent of order inflow in FY26. Direct exposure to the renewables and clean hydrogen build-out (~$55–96bn sector scope). Resilience-led capex prioritisation favours execution-ready partners. Physical redundancy and infrastructure spend creates adjacency opportunities (~$37–57bn sector scope). Multi-year visibility reduces earnings cyclicality.

CLSA on Swiggy Foreign holding below 50 per cent will not in itself result in change in status to Indian company. Previously proposed alteration fell short of the 75 per cent threshold required. Given foreign shareholding is now reduced, Swiggy may again try to pass resolution. Swiggy’s quick commerce model may shift from marketplace model to inventory model. This shift to result in better supply chain control leading to higher adjusted EBITDA margins.

Investec on Swiggy Recommendation — Hold, target ₹314. Domestic holding increased to above 50 per cent for the first time for the company. The control aspect is yet to be addressed by the company. The IOCC classification allowed Blinkit to pursue an inventory model. Better assortment management led to 80-100 bps adjusted EBITDA margin expansion. This provided a competitive advantage for Blinkit over players like Swiggy, Flipkart and Amazon.

CLSA on Persistent Maintain High Conviction Outperform with target price of ₹5,659. Nagarro perfect fit. Numerous rationale given by PSYS to justify Nagarro acquisition. Aspires to mid-teens organic revenue growth for the combined Persistent-Nagarro entity. Sees 16-17 per cent EBIT margins in the next 6-8 quarters. Sees 4 per cent EPS accretion to FY28 EPS proforma estimates.

Citi on Kalyan Jewellers Maintains Buy; target price ₹750 unchanged. India revenue grows 38 per cent YoY, below Citi’s 43 per cent estimate. Consolidated revenue rises 38 per cent YoY. Healthy same-store sales growth across key markets. West Asia footfalls impacted by April geopolitical tensions. No new international stores added in Q1. Franchise-led expansion to support revenue growth. Asset-light model to aid deleveraging and improve RoCE.

Goldman Sachs on Info Edge Maintains Buy; raises target price to ₹1,400 from ₹1,330. Q1 billings growth accelerates to 14 per cent YoY. Recruitment billings up 18 per cent YoY; real estate billings up 17 per cent YoY. Expects Q1 revenue growth of 13 per cent and EBITDA growth of 30 per cent. Raises FY27–FY29 revenue estimates by up to 3 per cent. Raises FY27–FY29 net income estimates by up to 4 per cent. Sees sustained mid-teens billings growth as a re-rating catalyst.

JPMorgan on Info Edge Recommendation — Overweight, target ₹1,350. Billings accelerate, likely from premiumisation. Believe growth acceleration boosted by accelerating growth across IT services. Naukri billings growth sustainability is key. Premiumisation-led growth should support higher margins.

Elara Capital on Interglobe Aviation Maintains Buy; no target price specified. Expects IndiGo Q1FY27 PAT at ₹26.3 billion vs ₹21.8 billion YoY. Domestic airfares up 19 per cent YoY; international airfares up 40 per cent YoY. Higher fuel costs partly offset by strong fare growth. Domestic aviation traffic seen down 2 per cent YoY in Q1FY27. Passenger load factor estimated at 83.4 per cent. Sees structural supply constraints supporting airfare strength. Expects medium-term focus to shift to fare durability.

MOSL on Marico Maintains Buy; raises target price to ₹1,000 from ₹950. Expects growth outperformance to continue in FY27. Parachute volumes rebound; VAHO momentum sustained. Food and premium personal care portfolios scaling up. International business focused on premiumisation and diversification. Operating margins to improve as input cost pressures ease. Projects FY26–FY28 CAGR of 13 per cent revenue, 21 per cent EBITDA and 18 per cent APAT. Says premium valuation is likely to sustain. Marico remains a top pick in its coverage universe.

Kotak Securities on Thermax Recommendation — Sell; target ₹4,250 (earlier target ₹4,000). Multi-pronged approach to growth. Focus on internationalisation, product adjacencies, alliances, policy advocacy. Results starting to show up in scale-up of international and new businesses. Troubled businesses turning around on margin; poised for growing scale.

MS India Strategy – Ridham Desai Earnings Preview – Jun-26: Growth intact. Pickup in revenue growth momentum should remain healthy in Q1 though earnings may face pressure from input cost-led margin compression. India remains in a higher earnings growth phase backed by policy stimulus, with high-frequency indicators pointing to potential upside surprises. All 10 sectors are expected to register positive revenue growth. Consumer Discretionary, Communication Services and Industrials leading the pack. Growth in earnings is likely to be led by Communication Services, Materials and Financials. Energy and Industrials are expected to report earnings declines. Bharti Airtel and Axis Bank should be the biggest contributors to aggregate BSE Sensex earnings, while Indigo is expected to be the weakest performer.

Jefferies India Strategy – Mahesh Nandurkar Jun-26 quarter preview – Revenue growth in focus. Resilient activity and rising nominal GDP should drive revenue growth to a 13-quarter high. Higher energy and input costs are likely to weigh on margins for select domestic companies though. Earnings expected to remain resilient with growth ex-O&G and metals expected to grow at 12 per cent YoY. Lending financials (ex-treasury income), non-lending financials and telecom to report strong earnings growth of 15 per cent-plus YoY. Cement, pharma, Indigo and chemicals to post YoY decline in earnings.

Market analysis by Vikram Subburaj, CEO, Giottus.com

Bitcoin traded near $62,800 on July 8, giving back part of its recent recovery after briefly pushing above $64,000 earlier this week. CoinMarketCap showed BTC at about $62,816, down 1.43% over 24 hours, with trading volume near $31.6 billion. The broader crypto market also softened, with Bitcoin dominance holding around 58%. This suggests investors remain cautious rather than aggressively rotating into altcoins.

Technically, Bitcoin is still defending its recovery structure, but confirmation is missing. Immediate support lies near $62,600-$62,700, followed by the more important $60,000-$61,000 zone. A clean break below $60,000 would weaken sentiment and could invite renewed selling. On the upside, BTC needs to reclaim $64,400 first, followed by the $65,000-$67,000 resistance band. A daily close above this range would improve the case for a stronger rebound.

On-chain signals are mixed. CoinDesk, citing Glassnode, reported that long-term holders have shifted back to net accumulation, adding roughly 50,000-100,000 BTC on a net basis. Smaller and mid-sized wallets are leading the buying, while the largest whale cohort remains closer to neutral. At the same time, CryptoQuant data cited by CoinMarketCap showed Bitcoin exchange deposits rising to nearly 49,000 BTC on June 30. Such a sharp increase is rare. Historically, similar spikes have often been followed by higher market volatility.

ETF flows remain uneven. Farside Investors’ latest completed table showed U.S. spot Bitcoin ETFs recorded a net outflow of $33.3 million on July 7, after a $265.7 million inflow on July 6. July 8 flows were not final at the time of review.

Macro remains the key risk. Reuters reported that traders see only about a 30% chance of a July Fed rate hike, but an 80% probability of a hike by September. The June U.S. CPI print on July 14 and the July 28-29 FOMC meeting will be closely watched.

Among top non-stablecoin altcoins, Ethereum traded near $1,750, BNB around $570, XRP near $1.10, Solana near $79, and TRON around $0.330. TRON was the relative outperformer, while ETH, XRP and SOL remained under daily pressure.

Our advice: Bitcoin’s recovery remains constructive above $60,000, but not decisive. Investors should avoid chasing sharp intraday moves until ETF demand turns consistent and BTC closes above the $65,000-$67,000 resistance zone.

Quote: Avinash Shekhar, Co-Founder & CEO, Pi42

“Bitcoin has remained resilient above the $60,000 mark despite geopolitical tensions, ETF outflows, and a softer first half of the year. The market’s ability to hold key levels amid multiple headwinds suggests that selling pressure is gradually becoming more measured, even as investors continue to adopt a cautious stance.

One of the more notable developments is the decline in open interest, indicating that the recent market consolidation is being accompanied by a reduction in leveraged positions. This creates a healthier market structure, where future price movements are more likely to be driven by genuine demand rather than speculative excess. At the same time, the current environment is increasingly being viewed as an opportunity for disciplined accumulation through a dollar-cost averaging approach rather than attempts to time short-term market swings.

Looking ahead, the combination of moderating inflation expectations and a more balanced derivatives market could provide a firmer foundation for sentiment to improve. While volatility is likely to remain part of the journey, a recovery supported by steady capital deployment and organic participation would be significantly more sustainable than one fuelled by leverage alone.

For investors, the emphasis should be on consistency rather than precision. Building exposure gradually during periods of consolidation has historically proven to be a more resilient strategy than trying to predict exact market tops and bottoms, particularly in an asset class where sentiment can shift rapidly.” 

Pre-market analysis quote by Gaurav Udani, Founder – ThinCredBlu Securities 

“Nifty is expected to open sharply lower around 24,200, down nearly 200 points, indicating a weak start following negative global cues and overnight developments.

The gap-down opening brings the index back to an important support area. 24,100–24,200 will be the key zone to watch. Holding this range would keep the broader uptrend intact, while a decisive break below it could trigger further profit booking.

On the upside, 24,450–24,600 will act as the immediate resistance zone, and any recovery towards these levels may face selling pressure.

The market is likely to remain highly news-sensitive, with global developments continuing to influence sentiment. Traders should avoid aggressive positions at the open and wait for confirmation before initiating fresh trades.

For now, the focus should remain on disciplined, level-based trading, with 24,100–24,200 as the key support and 24,450–24,600 as the immediate resistance.”

Global bits

China: AI IPO sentiment weakens, gold reserves rise, gig economy grows amid weak jobs, Tencent raises $1.5B from Kuaishou stake sale.

India: Rupee strengthens, fuel demand dips, SEBI plans easier short selling.

South Korea: KOSPI tumbles on AI chip worries, regulators monitor volatility, Toss delays U.S. IPO.

Japan: Real wages rise for the 5th straight month, though inflation slows the pace.

United States: AI chip concerns drag Nasdaq, oil prices jump on Middle East tensions, SpaceX’s Nasdaq-100 entry boosts broker optimism.

Brazil: Auto sales expected to hit the highest level since 2014.

Canada: Trade surplus reaches a 4-year high, while business activity slows.

United Kingdom: FTSE gains on energy stocks, wage pressure rises, house prices inch up, fiscal concerns persist.

France: Rising debt burden remains a key economic risk ahead of the 2027 election.

Switzerland: Income gap between top and lowest earners continues to widen.

Norway: Sovereign wealth fund partners with Asana Partners for U.S. real estate investments.

Eurozone: ECB asks banks to strengthen AI cyber defenses and warns growth remains fragile.

Source: Reuters

Global oil output to return to pre-Iran war level by year’s end, US EIA says

Global oil output to return to pre-Iran war level by year’s end, US EIA says

Global benchmark Brent crude ⁠oil prices will average around $74 a barrel in the spot market during the third quarter of this year, down ‌from an average of $85 in June: EIA