Stock Market Tumbles: Sensex drops 600 points, Nifty falls below 24,250
PTC News Desk: Today, July 10, saw the opening of the Indian benchmark equity indices reach all-time highs, but M&M and bank stocks caused Sensex and Nifty to quickly give up their gains. For the second straight session, the NSE Nifty 50 and BSE Sensex opened at record-high levels, up roughly 0.1% apiece. However, at approximately 10.30 am, the Nifty50 was down 183 points, trading at 24,244, while the Sensex was down 659 points, at 79,691.
Top losers and gainers today
Mahindra & Mahindra was the biggest laggard among Sensex equities, plunging more than 4% in early trade. While Maruti, Adani Ports, NTPC, Infosys, and Titan opened with gains, Axis Bank, Kotak Bank, JSW Steel, IndusInd Bank, and ICICI Bank also saw losses at opening.
A look at stocks in news
The biggest private lender, HDFC Bank, down 0.5% today after BofA reduced it from a "Buy" rating to a "Neutral." Meanwhile, Delta Corp. dropped nearly 4% after reporting a 34% decline in its standalone net profit to ?40.48 crore for the first quarter that ended in June 2024. Following the receipt of a Letter of Acceptance (LoA) for a project valued at ?187.34 crore from Maharashtra Metro Rail Corporation Limited, shares of RVNL increased by 10%.
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Following three days of drops, oil prices rose as an industry survey revealed that US fuel and crude inventories decreased last week. After losing 1.3% the previous session, Brent futures rose 21 cents to $84.87 a barrel, indicating stable demand as the outlook for interest rate reductions brightened. In the previous session, US West Texas Intermediate (WTI) crude fell 1.1%; nonetheless, it increased 26 cents to $81.67 per barrel.
A look at Rupee today
The Indian Rupee traded flat at 83.49 in early trade today while the dollar index declined 0.03% to 105.1 level.
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- With inputs from agencies
