Sensex started the week with red as the 30 share index declined by more than 100 points today. Nifty, on the other hand, continued to hover around the 24,300 level mark.
Nifty Bank also took a volatile turn as 'caution' continued to be a major call on the D-street, despite strong earnings last quarter. The bearish sentiment was primarily driven by industry heavyweights dragging down the Sensex. Here's What is Dragging Down Markets Today:
1. Titan
The shares of the Tata-backed company declined by nearly 4 per cent on Monday, as Titan reported weak Q1 figures for FY25. The company reported a 9 per cent year-on-year growth in the quarter under review. The domestic jewellery segment saw an 8 per cent YoY growth. This was largely owing to a decline in consumer demand due to higher gold prices. Besides, a drop in wedding days also dampened further outlook, taking a toll on earnings.
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Domestic growth came largely through an increase in average selling prices whereas buyer growth was in low single digits. Gold (plain) grew in high single digits while studded growth was moderately lower in comparison, the company stated in its regulatory filing.
2. Adani Ports and SEZ
Adani Group's logistics and ports arm was trading in the red territory on Monday. After Hindenburg once again came to light, challenging the show-cause notice by market regulator Sebi.
The share price of the company was down by more than 1.6 per cent on the National Stock Exchange during the morning trading session.
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Last week, the market watchdog also claimed that the short seller had shared an advance copy of its report (against Adani) with Mark Kingdon, a hedge fund manager, just 2 months before publishing it.
"This week’s key events include Federal Reserve Chair Jerome Powell’s testimony on July 9, US CPI data on July 11, TCS’s Q1 earnings kick off, and India’s CPI & IIP data on July 12," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
HUL, Nestle India, Infosys and ITC were the top gainers amongst BSE Sensex companies. Whereas, Titan, Adani Ports, JSW Steel and Asian Paints were the biggest losers.
