The NSE Nifty declined 108.75 points or 0.45 per cent to settle at 24,324.45. Except for Pharma, FMCG & Oil & Gas, all the sectors ended in red
Equity benchmark indices witnessed heavy selling pressure to fall below record high levels on Wednesday, following sharp losses in metal, auto, and IT stocks amid widespread profit booking after recent gains. Rising uncertainty over interest rate cuts by the US Federal Reserve also added to the muted sentiment in domestic markets.
The BSE Sensex fell 426.87 points or 0.53 per cent to settle at 79,924.77. The NSE Nifty declined 108.75 points or 0.45 per cent to settle at 24,324.45. Except for Pharma, FMCG & Oil & Gas, all the sectors ended in red.
“Paint stocks were in momentum and among the gainers after media reports suggested that some of the companies had hiked prices. Auto sector came under pressure and was down 2 per cent after both M&M and Tata Motors slashed prices for select models in the SUV segment. We expect the market to consolidate in the higher zone and any dip is a buying opportunity for long-term investors. Corporate earnings will start tomorrow with TCS first to announce numbers. Thus, the IT sector is expected to remain in focus,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Here are the key stocks to watch on July 11:
State Bank of India: The country’s largest bank has successfully raised Rs 10,000 crore at a coupon rate of 7.36 per cent through its sixth infrastructure bond issuance. The issuance received an enthusiastic response from investors, garnering bids exceeding Rs 18,145 crore. This led to the issuance being oversubscribed by approximately 3.6 times against the base issue size of Rs 5,000 crore.
Glenmark Pharmaceuticals: The company will exit Glenmark Life, with the sale of its 7.84 per cent stake in Glenmark Life through an offer for sale (OFS). Earlier in May, conglomerate Nirma had acquired a 75 per cent stake in Glenmark Life Sciences (GLS), a manufacturer of active pharmaceutical ingredients (APIs).
Tata Elxsi: The company’s net profit declined by 6.5 per cent quarter-on-quarter (QoQ) to Rs 184.1 crore. Revenue increased by 2.3 per cent to Rs 926.5 crore in the June quarter of FY25. EBIT fell by 3.6 per cent quarterly to Rs 225.3 crore, with the EBIT margin narrowing to 24.3 per cent from 25.8 per cent in the previous quarter.
Power Grid: The state-owned company announced plans to borrow funds up to Rs 16,000 crore during the financial year 2025-26. The decision was made during the Board of Directors meeting held on July 10, 2024. The funds will be raised through various sources, including domestic bonds.
Sula Vineyards: The wine producer’s net revenue increased by 9.7 per cent to Rs 129.6 crore, compared to Rs 118.2 crore in the year-ago period. This growth was primarily driven by the company’s own brands, which saw a 2.7 per cent increase in revenue, reaching Rs 104.4 crore, up from Rs 101.6 crore year-on-year.