Last Updated: July 10, 2024 | 11:50 AM IST
Major equity indexes continued to trade in narrow ranges and posted sharp declines in morning trade. Nifty fell below 24,250. Auto stocks fell after gains in the previous session.
As of 11:30 am, the benchmark S&P BSE Sensex was down 750.71 points, or 0.93 percent, at 79,600.93, while the Nifty 50 index was down 217.25 points, or 0.89 percent, at 24,215.95.
The broader market underperformed the major indexes, with the S&P BSE Midcap index down 1.17% and the S&P BSE Smallcap index down 1.25%.
Markets swung positively. On the BSE, 913 stocks rose and 2,833 fell. A total of 127 stocks remained unchanged.
Hot Topic Index:
The Nifty Auto index fell 2.11 per cent to 25,245.60 after rising 2.09 per cent in the previous trading session.
Among the gainers were Mahindra & Mahindra (down 6.68%), Exide Industries (down 3.32%), Bharat Forge (down 2.99%), Apollo Tyres (down 2.39%), Tata Motors-DVR (down 2.12%), MRF (down 1.79%), Samvardhana Motherson International (down 1.79%), Tata Motors (down 1.67%), Hero MotoCorp (down 1.67%) and Ashok Leyland (down 1.29%).
Featured Stocks:
Silpa Medicare fell 2.09% 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.
IRM Energy fell 0.81% after the company announced that Karan Kaushal will step down as CEO of the company at the close of business on July 31, 2024.
Global Market:
Asian shares mostly fell on Wednesday after comments from Federal Reserve Chairman Jerome Powell gave little indication of the timing of expected U.S. interest rate cuts later this year, despite signaling increased confidence in keeping inflation in check.
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 | 11:33 AM IST
