Benchmark Indices Erase Previous Session Gains

10 Jul 2024 , 04:29 PM

On July 10, Indian benchmark indices reversed the gains from the previous session and ended lower, with the Nifty falling below the 24,350 mark. At the closing bell, the Sensex was down by 426.87 points, or 0.53%, settling at 79,924.77. Similarly, the Nifty saw a decline of 108.70 points, or 0.44%, closing at 24,324.50. The market breadth favored the bears, with 1,116 shares advancing, 2,311 shares declining, and 59 shares remaining unchanged.

Significant losses in major stocks dragged down the Nifty’s performance. Mahindra & Mahindra (M&M), Tata Steel, Tata Consultancy Services (TCS), Hindalco Industries, and Hero MotoCorp led the pack of losers. Conversely, the day’s gainers included Asian Paints, SBI Life Insurance, Divis Laboratories, HDFC Life, and Britannia Industries.

The sectoral performance painted a mixed picture. The auto, banking, capital goods, IT, telecom, media, and metal sectors all experienced declines ranging from 0.4% to 2%. In contrast, the FMCG, healthcare, power, and oil & gas sectors managed to stay in the green, offering some support to the broader market.

The broader market indices also reflected the bearish sentiment. The BSE midcap index was down by 0.2%, while the smallcap index shed 0.7%, indicating selling pressure across different market segments.