July 24 2024
New Delhi, India
Indian stock market benchmarks, the Sensex and the Nifty 50, extended their losing streak into a fourth consecutive session on Wednesday, July 24. Despite the broader market downturn, mid and small-cap segments recorded healthy gains.
Market Summary:
- Sensex: Fell by 280 points or 0.35%, ending at 80,148.88.
- Nifty 50: Dropped by 66 points or 0.27%, closing at 24,413.50.
Closing Bell: The Sensex extended its losses for the fourth session, dropping 280 points to end at 80,148.88. The Nifty 50 fell below 24,450, losing 66 points to close at 24,413.50. Axis Bank and Tata Consumer shed 2% each, contributing to the decline.
Market Highlights:
- Post-Budget Jitters: The market continued to react negatively to the government’s proposal to increase the securities transaction tax on futures and options.
- Foreign Fund Outflows: Contributed to the downward pressure on the market.
- Global Market Trends: A negative global trend further dampened investor sentiment.
Sectoral and Stock Performance:
- Major Declines: Selling pressure in Bajaj Finance, Axis Bank, Bajaj Finserv, HUL, Nestle India, Adani Ports, SBI, Kotak Bank, and IndusInd Bank weighed heavily on the frontline indices.
- Intraday Lows: The BSE Sensex hit a low of 79,750 before recovering slightly to close at 80,149. The Nifty 50 reached an intraday low of 24,307 before ending at 24,414.
Broader Market Performance:
- BSE MidCap Index: Gained 0.68%.
- BSE SmallCap Index: Rose by 2%.
Sectoral Indices:
- Nifty Media Index: Climbed 2.5%.
- Nifty Pharma and Realty Indices: Both gained 0.7%.
- Nifty Bank Index: Fell by 0.89%.
Conclusion:
Despite the declines in the Sensex and Nifty 50, the mid and small-cap segments showed resilience with notable gains. Investors continue to navigate through the market volatility influenced by post-budget reactions, foreign fund flows, and global trends. The performance of sectoral indices also highlighted a mixed sentiment with gains in media, pharma, and realty sectors, contrasting with losses in the banking sector.
Disclaimer:
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