Stock market today: Indian stock market indices ended in the negative territory on Wednesday, July 10, as investors booked profits in some large companies including Mahindra & Mahindra (M&M), TCS and HDFC Bank.
The Sensex index opened at a new record high of 80,481.36 but could not sustain the high and fell over a percent to an intraday low of 79,435.76. The index eventually closed at 79,924.77, down 427 points or 0.53 percent.
The Nifty 50 also hit an all-time high of 24,461.05 at opening before slipping over 1 per cent to 24,141.80.The benchmark index ended 109 points or 0.45 per cent lower at 24,324.45.
Shares of Mahindra & Mahindra, TCS, HDFC Bank, Reliance Industries and ICICI Bank ended as losers in the Nifty 50 index.
Domestic market indicators are finding it difficult to sustain gains at high levels amid a dearth of fresh catalysts. Fourth-quarter profit figures from Indian companies and the Union Budget will be key factors shaping the market’s trajectory going forward.
Among the major global markets, major European markets including the UK’s FTSE, France’s CAC and Germany’s DAX, as well as US stock futures, saw the Sensex close with a healthy gain after Fed Chairman Jerome Powell, in his testimony before the Senate on Tuesday, highlighted the risks of keeping interest rates high for a long period of time. This raised hopes that the US central bank may ease monetary policy from September. Powell is scheduled to address Congress on Wednesday.
Mirroring the trend of the benchmark indices, the midcap and smallcap indices also declined. The BSE Midcap index fell 0.19 per cent and the BSE Smallcap index declined 0.69 per cent.
The total market capitalization of all companies listed on the BSE is approximately ₹From nearly 4.5 million crores. ₹4.51 lakh crore loss in the previous session, investors have almost ₹1 lakh per session.
Today’s Top Nifty 50 Gainers
Among the 23 stocks that rose in the Nifty 50 index, Asian Paints (up 3.27 per cent), SBI Life Insurance (up 2.05 per cent) and Divis Laboratories (up 1.63 per cent) were the top gainers.
Top decliners in Nifty 50 today
Shares of Mahindra & Mahindra (down 6.69 per cent), Hindalco (down 2.11 per cent) and Tata Steel (down 2.10 per cent) ended as the top losers in the Nifty 50 index.
Today’s Sector Indexes
The Nifty Auto index fell 2.02 per cent, the highest decline among sectoral indices. Nifty Media (down 1.76 per cent), Metals (down 1.61 per cent), PSU Banks (down 1.40 per cent) and IT (down 1.03 per cent) also saw significant declines.
The Nifty Bank fell 0.72 per cent and the private bank index declined 0.56 per cent.
(To be continued)
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