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%.
Also Read: ED Summons Bollywood Actress Jacqueline Fernandez Again in Rs 200 Crore Money Laundering Case
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.
Also Read: Supreme Court issues major ruling on alimony for divorced Muslim women