Benchmark indices Nifty and Sensex experienced a sluggish start on July 8, reflecting the previous session's trend as profit booking, particularly in bank stocks, weighed on the market. In contrast, the FMCG and Pharma indices traded in the green, offering some support.
As of 10 am, the Sensex was down 0.21 percent at 79,828, and the Nifty fell 0.17 percent to 24,282. Market breadth was marginally positive with about 1,682 shares advancing, 1,600 shares declining, and 109 shares remaining unchanged.
"I believe the market will now take cues from the quarterly results before we enter the big budget announcements on July 23," said Aishvarya Dadheech, founder and CIO of Fident Asset Management.
He added that excitement around budget-related stocks will remain high and that foreign institutional investors pumping money into frontline stocks will continue to show momentum.
Among sector trends, FMCG and Pharma sectors were the bright spots. The FMCG index emerged as the frontrunner, led by gains in Hindustan Unilever, ITC, and Marico stocks. Conversely, the Nifty Bank index traded lower, slipping 0.6 percent, with major laggards including ICICI Bank and Bank of Baroda.
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