Tariff-related uncertainty and caution ahead of the Q1 earnings season continued to weigh on the Indian stock market as benchmark indices, the Sensex and the Nifty 50, extended their losses to the second consecutive session on Thursday, July 10.
The Sensex closed at 83,190.28, down 346 points, or 0.41 per cent, while the Nifty 50 lost 121 points, or 0.47 per cent, to close at 25,355.25. The BSE Midcap index also ended lower, falling 0.28 per cent. However, the BSE Smallcap index bucked the trend and ended with a gain of 0.12 per cent.
Indian stock market: 10 key highlights from the day
1. Why did the Sensex, Nifty 50 fall for the second consecutive session?
The Indian stock market lacks strong fresh triggers to break out of the 24,470–25,670 range in which it has been trading since June.
A trade deal between India and the US is still not in sight, despite recent claims from both countries that negotiations are moving in a positive direction.
The start of the Q1 results season is another factor keeping investors on the sidelines. While there are expectations of earnings recovery, experts say material earnings growth could be seen only after one or two quarters.
“Indian equities concluded the day in the red, weighed down by weakness in IT stocks ahead of TCS’s Q1 results. Investor sentiment remains cautious ahead of the Q1 results in anticipation of a muted start to the season from the IT and finance sectors. However, the recent consolidation in the IT stocks largely factors in the muted outlook, limiting further worries,” Vinod Nair, the head of research at Geojit Investments Limited, observed.
“Mid- and small-caps had limited negative action, reflecting a wait-and-watch approach amid rising expectations of a better earnings outlook compared to large caps,” said Nair.
2. Top gainers in the Nifty 50 index
Shares of IndusInd Bank (up 1.56 per cent), Maruti Suzuki India (up 1.40 per cent) and Tata Steel (up 1.03 per cent) closed as the top gainers in the Nifty 50 index.
3. Top losers in the Nifty 50 index
As many as 38 stocks ended in the red in the Nifty 50 index.
Bharti Airtel (down 2.76 per cent), Asian Paints (down 2.06 per cent) and HDFC Life Insurance Company (down 2.05 per cent) ended as the top losers in the index.
4. Sectoral indices today
Barring Nifty Realty (up 0.72 per cent), Metal (up 0.42 per cent) and Consumer Durables (up 0.11 per cent), all sectoral indices ended in the red.
Nifty PSU Bank (down 0.80 per cent) and IT (down 0.79 per cent) lost almost a per cent each.
Nifty Bank fell 0.45 per cent, while the Private Bank index fell 0.48 per cent. The Financial Services index dropped 0.27 per cent.
5. Most active stocks in terms of volume
Jaiprakash Power Ventures (34.5 crore shares), RattanIndia Power (32.26 crore shares) and Vodafone Idea (29.44 crore shares) were the most active stocks in terms of volume on the NSE.
6. Nine stocks jump over 10% on NSE
Soma Textiles & Industries, Peninsula Land, DCM, Mamata Machinery and Nectar Lifesciences were among the nine stocks that rose more than 10 per cent on the NSE.
7. Six stocks crash more than 5%
Ind-Swift Laboratories, Eimco Elecon (India), Godha Cabcon & Insulation, Shanti Overseas (India), Visa Steel, and Aartech Solonics were the six stocks that crashed more than 5 per cent on the NSE.
8. Over 100 stocks hit upper circuits
As many as 101 stocks, including Mamata Machinery, Crizac, Prostarm Info Systems, Acme Solar Holdings and Flair Writing Industries, hit their upper circuits in intraday trade on the NSE.
9. Advance-decline ratio
Out of 4,161 stocks traded on the BSE, 1,959 advanced and 2,064 declined. Some 138 stocks remained unchanged.
10. Nearly 150 stocks hit 52-week highs
UltraTech Cement, SRF, Glenmark Pharmaceuticals, Laurus Labs, UTI Asset Management Company, and Navin Fluorine International were among the 146 stocks that hit their 52-week highs on the BSE.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
