Last Updated: July 10, 2024 | 04:05 PM IST
Domestic equity indices ended with marginal losses on Wednesday. The Nifty closed below the 24,350 level after opening at an intraday high of 24,461.05. Pharma, healthcare and FMCG stocks edged up while auto, media and metal stocks faced minor selling pressure.
Barometer index S&P BSE Sensex fell 426.87 points, or 0.53 percent, to 79,924.77, while the Nifty 50 index fell 108.75 points, or 0.45 percent, to 24,324.45, according to provisional closing data.
In the broader market, the S&P BSE Midcap index fell 0.19 per cent and the S&P BSE Smallcap index declined 0.69 per cent.
Market breadth was narrow. On the BSE, 1,365 stocks rose and 2,574 fell. A total of 82 stocks remained unchanged.
New listing:
Emcure Pharmaceuticals’ share price settled at Rs 1,358.85 on the BSE, a premium of 34.81 per cent over the issue price of Rs 1,008.
The shares were listed at Rs 1,325.05, a premium of 31.45% over the issue price.
So far, the company’s stock has touched a high of 1,384 and a low of 1,325.05. Over 1,262,000 shares of the company have been traded on the BSE so far.
Bansal Wire Industries shares closed at Rs 350.30 on the BSE, a premium of 36.84% over the issue price of Rs 256.
The shares were listed at Rs 352.05, a premium of 37.52% over the issue price.
The company’s share price hit a high of 368.70 and a low of 335.85. Over 2.542 lakh shares of the company were traded on the BSE so far.
Featured Stocks:
JSW Steel fell 1.07 per cent. The steel major reported consolidated crude steel production of 6.35 million tonnes in the first quarter of fiscal 2024-25, down 1 per cent compared to production of 6.43 million tonnes in the first quarter of fiscal 2023-24.
Delta Corporation shares rose 2.49% after the company’s consolidated net profit fell 68.2% to Rs 216.8 crore in Q1FY25 from Rs 681.8 crore in Q1FY24. Revenue from operations fell 30.32% YoY to Rs 1,865 crore in Q1FY25.
Rail Vikas Nigam (RVNL) surged 12.41% after it emerged as the lowest bidder in a Rs 203-crore rail contract from Southeastern Railway and signed a memorandum of understanding with Middle East and Africa’s Tatweer for carrying out rail-related work in the MENA region and European countries. The company also bagged a Rs 187-crore project from Maharashtra Metro Rail Corporation to build six elevated metro stations in Nagpur.
Silpa Medicare fell 1.66% after the company said that ANVISA-Brazil has successfully completed Good Manufacturing Practice (GMP) inspection at its subsidiary Silpa Pharma Life Sciences’ Active Pharmaceutical Ingredients (API) manufacturing facility, Unit-II, in Karnataka.
Mahindra & Mahindra fell 6.62% after the company announced a price cut for the AX7 series of its popular XUV700 SUV. The revised ex-store price of the AX7 model has been reduced to Rs 1,949,000 from the initial price of Rs 2,154,000. The price will be effective for four months from July 10, 2024.
Sports King India rose 3.56% after the company said it would hold a board meeting on Saturday, July 20, 2024 to consider splitting its shares.
Zee Media Corporation shares fell 3.50 per cent after CARE Ratings downgraded the company’s long-term rating to ‘CARE BB; Negative’ from ‘CARE BB+; Stable’.
Marathon NextGen Realty fell 5.50% after the company’s pre-sales square footage fell 45% to 79,239 square feet in Q1FY25 from 143,429 square feet in Q1FY24.
Global Market:
European stocks were mostly higher but Asian shares were mixed on Wednesday after comments from Federal Reserve Chairman Jerome Powell signalled growing confidence in tame inflation but gave little indication of the timing of expected U.S. interest rate cuts later this year.
Japan’s wholesale price inflation accelerated in June due to a weaker yen and higher import costs, which will likely lead to interest rate hikes by the central bank in the near future. Wholesale price inflation rose 2.9% year-on-year in June, the highest level since August 2023. The index has recorded a record high for the seventh consecutive month.
China’s consumer price inflation fell in June as persistent economic worries held back spending, while producer price inflation slowed after a 20th straight month of declines. The consumer price index rose 0.2% year-on-year in June, down from 0.3% in the previous month.
In the U.S., the S&P 500 and Nasdaq closed at record highs on Tuesday, marking their sixth consecutive day of gains. The surge came as investors remain optimistic about the possibility of the Federal Reserve cutting interest rates. However, the Dow Jones Industrial Average ended slightly lower. A recent slowdown in the U.S. economy has raised expectations that the Federal Reserve will ease monetary policy to stimulate the economy.
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Disclaimer: Business Standard journalists have not been involved in the creation of this content.
First Published: July 10, 2024 | 03:57 PM IST
