Stock Market Highlights, July 10: Sensex down 427 pts, ends below 80k; Nifty nears 24,300; M&M tanks
Stock Market Highlights on Wednesday, July 10, 2024: In the broader markets, the BSE MidCap, and SmallCap indices declined nearly 2 per cent each intraday
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Closing Bell on Wednesday, July 10, 2024: Equity markets came under considerable selling pressure on Wednesday, weighed by broad-based profit booking.
The BSE Sensex index fell 916 points intraday, before recouping some of the losses to end at 79,925, down 427 points or 0.53 per cent. The Nifty50, too, hit an intraday low of 24,141 before ending at 24,324, down 109 points or 0.45 per cent.
M&M, down 6.6 per cent, was the biggest dragger on the benchmark indices, followed by Tata Steel, TCS, SBI, HCL Tech, JSW Steel, Tata Motors, Infosys, Kotak Bank, ITC, and IndusInd Bank.
On the upside, Asian Paints (up 3 per cent), Power Grid, HUL, NTPC, Adani Ports, and Bharti Airtel helped in limiting losses.
In the broader markets, the BSE MidCap, and SmallCap indices declined nearly 2 per cent each intraday. The indices ended 0.19 per cent and 0.67 per cent lower, respectively.
Among sectors, defensive plays like the Nifty FMCG, and Pharma indices ended in the positive zone, rising up to 0.4 per cent. On the downside, the Nifty Auto shed over 2 per cent.
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Tech View :: What are the next support levels for the Nifty index?
On the lower end, Nifty index found support just above the upper band of the rising channel. A bearish engulfing pattern has formed on the daily chart.
Additionally, heavy call writing coupled with decent put unwinding ahead of the weekly expiry suggests the possibility of a correction.
Immediate support is placed at 24,270. Below 24,270, the Nifty might fall towards 24,100-24,000. On the higher end, resistance is placed at 24,350-24,400. Expect another round of short covering above 24,400
Views by: Rupak De, Senior Technical Analyst, LKP Securities.
Additionally, heavy call writing coupled with decent put unwinding ahead of the weekly expiry suggests the possibility of a correction.
Immediate support is placed at 24,270. Below 24,270, the Nifty might fall towards 24,100-24,000. On the higher end, resistance is placed at 24,350-24,400. Expect another round of short covering above 24,400
Views by: Rupak De, Senior Technical Analyst, LKP Securities.
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Tech View :: 'Bank Nifty can drop to 51,000 if....'
The Bank Nifty index continued to witness selling pressure from higher levels and was unable to surpass the 52,500 mark, where call writers are active.
The index is trading near a crucial support zone of 52,000-51,800. If it manages to hold this level, it can witness a pullback rally towards 52,500.
A sustained move above 52,500 will open up gates for 53,000, but if it fails to hold the support of 51,800, it can decline further towards the 51,300-51,000 zone
Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The index is trading near a crucial support zone of 52,000-51,800. If it manages to hold this level, it can witness a pullback rally towards 52,500.
A sustained move above 52,500 will open up gates for 53,000, but if it fails to hold the support of 51,800, it can decline further towards the 51,300-51,000 zone
Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
3:41 PM
Currency check :: Rupee slips 4 paise
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Broader markets :: SmallCap index underperforms
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Sectoral trends :: FMCG, Pharma indices rise in a weak market
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Sensex Heatmap :: M&M, IT stocks weigh on benchmark indices
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Closing Bell :: Nifty ends below 24,350
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Closing Bell :: Sensex recoups more than 50% from day's low
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Stock Split Ahead :: Sportking India Board to meet on July 20
>> To consider and approve the Unaudited Financial Results of the Company for the quarter ended 30th June, 2024.
>> To consider and approve the proposal to Sub- Division jSplit of the Equity Shares of the Company
>> To consider and approve the proposal to Sub- Division jSplit of the Equity Shares of the Company
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ALERT :: Berger Paints announces price hike of 0.7-1% effective July 22
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Delhivery block deal today; Rajesh Exports, Shoppers Stop zoom up to 18%
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Life insurers extend rally on healthy growth in Q1; ICICI Pru hits 52-week high
As India marches forward to join the ranks of developed nations, the demand for long-term savings, protection and annuity products will only accelerate, believe life insurers. READ MORE
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Asian Paints stock jumps 5% on reports of rise in prices across portfolio
Shares of Asian Paints rallied as much as 5.09 per cent at Rs 2,979 per share on the BSE in Wednesday’s intraday trade. This came after Asian Paints reportedly increased prices across its portfolio by up to 1 per cent. This move boosted the company's share price, despite weakness in the market. READ MORE
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Telecom equipment production sales cross Rs 50,000 crore under PLI scheme
The Production Linked Incentive (PLI) scheme for telecom equipment manufacturing has achieved a remarkable feat, with sales surpassing Rs 50,000 crore. The Centre announced this milestone on Wednesday. READ MORE
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TVS Motor stock gains on launching 2024 Apache RTR 160-racing edition
Shares of TVS Motor gained as much as 1.54 per cent to hit an intraday high of Rs 2,476 per share on Wednesday. The rise in the share price came after the company announced that it has launched 2024 Apache RTR 160-racing edition. READ MORE
Topics : MARKET LIVE MARKET WRAP stock market trading Markets Sensex Nifty MARKETS TODAY Indian stock exchanges Indian stock markets Indian equities Indian stocks nikkei S&P 500 NSE Nifty50 benchmark index Nifty50 S&P BSE Sensex BSE Sensex
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First Published: Jul 10 2024 | 7:11 AM IST
