July 21, 2024

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Sensex, Nifty Decline As Investors Await Q1 Earnings

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Indian shares ended Wednesday’s session lower as investors locked in some profits and sought cues from the upcoming earnings season.

The benchmark S&P/BSE Sensex dropped 426.87 points, or 0.53 percent, to 79,924.77 while the broader NSE Nifty index closed at 24,324.45, down 108.75 points, or 0.45 percent from its previous close.

Among the prominent decliners, Mahindra & Mahindra slumped 6.7 percent after slashing the starting price of its best-selling sports utility vehicle.

HCL Technologies, TCS, Tata Steel and Hindalco all fell around 2 percent.

On the positive side, Grasim, Britannia Industries, Divis Laboratories, SBI Life and Asian Paints rallied 1-3 percent.

Cues from global markets were mixed, Treasury yields edged up slightly and the dollar rose from a three-week low as investors awaited key U.S. inflation readings.

Traders also eyed the second round of testimony by Federal Reserve Chair Jerome Powell, a day after he reiterated that officials seek more evidence inflation is slowing down.

Oil prices stabilized after three days of losses as industry data showed declines in both crude and fuel stocks.

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Market Analysis

2024-07-10 06:23:23

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