July 10, 2024
New Delhi, India
Stock Market Today
The Sensex ended its record-breaking rally on Wednesday, closing 427 points lower at 79,925. The Nifty also retreated, ending below 24,350 while losing 108.75 pts, influenced by a broad-based sell-off in the market.
Market Performance
Indian shares opened at record highs, driven by the strong performance of car maker Maruti Suzuki. However, the rally was short-lived as financial stocks weakened, leading to a retreat in benchmark indices.
The Sensex dropped by 916 points intraday before recouping some losses to close down by 0.53%. The Nifty hit an intraday low of 24,141 before ending at 24,324, down 0.45%.
Major Drags and Gains
M&M was the biggest loser, plunging 6.6%, followed by Tata Steel, TCS, SBI, HCL Tech, JSW Steel, Tata Motors, Infosys, Kotak Bank, ITC, and IndusInd Bank. On the other hand, gains in Asian Paints (up 3%), Power Grid, HUL, NTPC, Adani Ports, and Bharti Airtel helped limit the losses.
Broader Market and Sectoral Performance
In the broader markets, both the BSE MidCap and SmallCap indices declined nearly 2% intraday, closing 0.19% and 0.67% lower, respectively. Defensive sectors such as Nifty FMCG and Pharma ended in the positive, rising up to 0.4%. Conversely, the Nifty Auto index shed over 2%, with significant losses in the auto, bank, metals, IT, telecom, and media sectors.
Key Losers and Gainers
- Losers: M&M, Tata Steel, TCS, Hindalco Industries, Hero MotoCorp
- Gainers: Asian Paints, SBI Life Insurance, Divis Labs, HDFC Life, Britannia Industries
Also Read: Gold Prices Steady Amid Rate Cut Speculation and Geopolitical Tensions
Closure
Wednesday’s market saw a significant sell-off, especially in auto and financial stocks, halting the Sensex’s record-breaking rally. Despite the downturn, certain sectors like FMCG and Pharma managed to stay positive, reflecting a mixed sentiment in the market.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
