- By Aditya Pratap Singh
- Wed, 10 Jul 2024 04:38 PM (IST)
- Source:JND
Benchmark equity indices Sensex and Nifty fell below record highs, pressured by sharp losses in metal, auto, and IT stocks amid widespread profit-taking following recent gains. Traders said growing uncertainty over the US Federal Reserve's rate cut also contributed to the weakness in domestic equities.
The 30-share BSE Sensex opened higher by 129.72 points at a new all-time high of 80,481.36. However, the index soon fell 915.88 points or 1.13 percent to trade at 79,435.76. It finally closed down 426.87 points, or 0.53 percent, at 79,924.77 points.
The NSE Nifty also hit a record high of 24,461.05 in the opening deals but pared all its gains to close 291.4 points or 1.19 percent lower at 24,141.80 during the day. It finally settled 108.75 points, or 0.45 percent, down at 24,324.45 points.
In the Sensex pack, Mahindra & Mahindra fell by more than 6 percent after the company cut prices of its SUV models to boost demand. Mahindra & Mahindra said the fully loaded AX7 range of the XUV700 now starts at Rs 19.49 lakh, a price cut of over Rs 2 lakh.
Other losers included Tata Consultancy Services, Tata Steel, State Bank of India, HCL Technologies, GSW Steel, Tata Motors, and Kotak Mahindra Bank.
On the other hand, NTPC, Asian Paints, Adani Ports, Power Grid, and Bharti Airtel were gainers.
In the Asian markets, Shanghai and Hong Kong stocks settled lower, while Seoul and Tokyo ended higher.
European markets were trading higher in mid-session deals. US markets ended mixed in overnight trading on Tuesday. Brent crude, the global benchmark, rose 0.24 percent to $84.86 a barrel. Foreign institutional investors (FIIs) bought shares worth Rs 314.46 crore on Tuesday, according to stock exchange data.
(With Agencies Input)
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