Stock Market Highlights, July 10: Sensex down 427 pts, ends below 80k; Nifty nears 24,300; M&M tanks

Stock Market Highlights on Wednesday, July 10, 2024: In the broader markets, the BSE MidCap, and SmallCap indices declined nearly 2 per cent each intraday

3:56 PM

Tech View :: What are the next support levels for the Nifty index?

On the lower end, Nifty index found support just above the upper band of the rising channel. A bearish engulfing pattern has formed on the daily chart.

Additionally, heavy call writing coupled with decent put unwinding ahead of the weekly expiry suggests the possibility of a correction.

Immediate support is placed at 24,270. Below 24,270, the Nifty might fall towards 24,100-24,000. On the higher end, resistance is placed at 24,350-24,400. Expect another round of short covering above 24,400

Views by: Rupak De, Senior Technical Analyst, LKP Securities. 

3:43 PM

Tech View :: 'Bank Nifty can drop to 51,000 if....'

The Bank Nifty index continued to witness selling pressure from higher levels and was unable to surpass the 52,500 mark, where call writers are active.

The index is trading near a crucial support zone of 52,000-51,800. If it manages to hold this level, it can witness a pullback rally towards 52,500.

A sustained move above 52,500 will open up gates for 53,000, but if it fails to hold the support of 51,800, it can decline further towards the 51,300-51,000 zone

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:41 PM

Currency check :: Rupee slips 4 paise

3:41 PM

Broader markets :: SmallCap index underperforms

3:40 PM

Sectoral trends :: FMCG, Pharma indices rise in a weak market

3:39 PM

Sensex Heatmap :: M&M, IT stocks weigh on benchmark indices

3:38 PM

Closing Bell :: Nifty ends below 24,350

3:38 PM

Closing Bell :: Sensex recoups more than 50% from day's low

3:29 PM

Stock Split Ahead :: Sportking India Board to meet on July 20

>> To consider and approve the Unaudited Financial Results of the Company for the quarter ended 30th June, 2024.

>> To consider and approve the proposal to Sub- Division jSplit of the Equity Shares of the Company 

3:22 PM

ALERT :: Berger Paints announces price hike of 0.7-1% effective July 22

3:15 PM

Delhivery block deal today; Rajesh Exports, Shoppers Stop zoom up to 18%

Delhivery shares gained 2.8 per cent in the intraday trade to hit a high of Rs 403,65. Delhivery shares has closed at Rs 392,35 per share on Tuesday. The spike in Delhivery shares was registered after 23.4 million shares changed hands on the NSE and BSE in the block deal window. READ MORE

3:03 PM

Life insurers extend rally on healthy growth in Q1; ICICI Pru hits 52-week high

As India marches forward to join the ranks of developed nations, the demand for long-term savings, protection and annuity products will only accelerate, believe life insurers. READ MORE

2:52 PM

Asian Paints stock jumps 5% on reports of rise in prices across portfolio

Shares of Asian Paints rallied as much as 5.09 per cent at Rs 2,979 per share on the BSE in Wednesday’s intraday trade. This came after Asian Paints reportedly increased prices across its portfolio by up to 1 per cent. This move boosted the company's share price, despite weakness in the market. READ MORE

2:42 PM

Telecom equipment production sales cross Rs 50,000 crore under PLI scheme

The Production Linked Incentive (PLI) scheme for telecom equipment manufacturing has achieved a remarkable feat, with sales surpassing Rs 50,000 crore. The Centre announced this milestone on Wednesday. READ MORE

2:34 PM

TVS Motor stock gains on launching 2024 Apache RTR 160-racing edition

Shares of TVS Motor gained as much as 1.54 per cent to hit an intraday high of Rs 2,476 per share on Wednesday. The rise in the share price came after the company announced that it has launched 2024 Apache RTR 160-racing edition.  READ MORE

2:23 PM

HCL Tech Q1 Preview: Weak deals, client spending to dent profits by 6-7%

According to analysts, HCL Tech is likely to report a revenue increase of 6-7 per cent year-on-year (Y-o-Y) between Rs 27,900 crore to Rs 28,034 crore. READ MORE

 

2:11 PM

ALERT:: PNGS Gargi to raise Rs 43cr from promoter group; stock down 2%

PNGS Gargi Fashion Jewellery in an exchange filing on Wednesday said the company's board has approved raising up to Rs 43 crore by way of issue of equity shares to promoters or specified investors at Rs 575 per equity share. READ MORE

2:00 PM

Asian Market Update:: Nikkei, Straits Times gain in mixed trade

1:51 PM

REC, PFC rally up to 4%, at new high in weak market; zoom over 200% in 1 year

CRISIL Ratings believes REC will continue to benefit from government support, given its strategic role in the implementation of the government's power sector initiatives. READ MORE

1:39 PM

Marathon Nextgen Realty shares tank 7% as pre-sales take beating in Q1

The residential and commercial projects developer sales value in the June quarter slipped by 10 per cent and stood at Rs 214 crores, compared to Rs 236 crore in the previous quarter. READ MORE

1:27 PM

Milk price rise: Will dairy stocks milk gains for investors? Analysts weigh

Dairy stocks strategy amid milk price rise:Amid rising milk prices, analysts have an optimistic view on India's dairy stocks such as Heritage Foods and Dodla Dairy, aided by hopes of margin expansion in the near-to-medium term. READ MORE

1:14 PM

Greaves Cotton up 4% after arm inks EV ownership partnership with Acko

The uptick in stock price came after Greaves Cotton announced that its unit, Greaves Finance, has partnered with Acko to facilitate seamless EV ownership across India. READ MORE

1:01 PM

M&M records sharpest intra-day fall in 28 months; stock slips over 7%

The stock slipped 7.3% to Rs 2,711.75 on the BSE in Wednesday's intra-day trade recorded its sharpest intra-day decline since February 14, 2022. READ MORE

12:49 PM

ALERT:: MTNL Rs 6,500 cr bond issue credit rating retained; stock bon

MTNL in an exchange filing today said rating agency, Brickwork Ratings (BWR) reaffirmed its 'BWR AAA (CE)/Stable' rating on MTNL's Rs 6,500 crore bond issue.

12:39 PM

Trump challenges Prez Biden to another debate, golf match this week

Trump's challenges to Biden, 81, came as he was feeling quite confident after his maiden debate performance against the president late last month. READ MORE

12:27 PM

Top five things investors should watch out in TCS's Q1FY25 results

Wage hike impact: Most brokerages expect a decline in earnings before interest tax margins for TCS in the range of 140 to 186 basis points quarter on quarter owing to wage revision and likely decline in utilisation rates. READ MORE

12:13 PM

Is the upcoming Sebi meeting on F&O spooking the markets? What analysts say

This comes, after a study revealed that retail participation in the F&O segment rose multi-fold in the post Covid-19 era. The study also highlighted that nearly 90 per cent of the F&O trades incur net losses. The average loss of retail traders in F&O amounted to Rs 1.1 lakh in the fiscal year ended March 2022. READ MORE

12:01 PM

Delta Corp down over 5% on weak June quarter results; profit slips 68%

Delta Corp is the only listed company engaged in the casino (live, electronic and online) gaming industry in India. The company is engaged in diversified segments like casino gaming, online gaming, hospitality and real estate. READ MORE

11:51 AM

Sensex falls sharply, down 1,000 pts intraday; reason behind the fall?

The sudden downturn in the markets, according to analysts, was a long-due profit booking. Deepak Jasani, head of retail research at HDFC Securities noted that markets are seeing time-wise correction. "Profit booking was expected given the numerous opportunities where investors could have capitalised on gains," he said. READ MORE

11:40 AM

Mankind Pharma rallies 5% after 3.7 mn shares change hands via block deal

In the March quarter of FY24, Mankind Pharma reported a significant increase in net profit, rising by 65.1 percent year-on-year to Rs 471.2 crore, compared to Rs 285.4 crore in the corresponding period of the previous year.  READ MORE