Domestic benchmark indices, Sensex and Nifty traded in red after hitting fresh record high in early trade on Tuesday (2nd July 2024).
The S&P BSE Sensex hit a new high at 79,856 and was up 380 points at the highest point of the day. The BSE benchmark index, thereafter, slipped into red and touched a low of 79,231. The Sensex finally ended 35 points lower at 79,441.
The NSE Nifty 50 index registered a new summit at 24,236, but eventually settled with a loss of 18 points at 24,124.
Among the Sensex 30 shares, Larsen & Toubro gained nearly 3 per cent amid buzz of order win from Saudi Aramco. Infosys, HDFC Bank and TCS were the other major gainers. On the other hand, Bharti Airtel and Kotak Bank over 2 per cent each. IndusInd Bank, SBI, ICICI Bank, Tata Motors, IndusInd Bank and Bajaj Finance were the other major losers.
In the broader market, the BSE MidCap index slipped 0.6 per cent, while the SmallCap index added 0.1 per cent. The overall breadth, however, was marginally positive, with over 2,050 stocks advancing as againsst 1,864 declining shares on the BSE.
- Shriram Finance, Kotak Mahindra Bank, Bharti Airtel, Tata Motors, IndusInd Bank, SBI, ICICI Bank and Bajaj Finance – closing between 1.6 per cent and 3.0 per cent lower – were the worst hit among the 28 laggards in the Nifty50 universe.
- On the other hand, Larsen & Toubro, Wipro, Infosys, Tata Consumer Products, HDFC Bank, ONGC and Coal India – finishing the day with gains of 1-2.7 per cent – were the top gainers.
- ICICI Bank, Bharti Airtel, SBI and Kotak Mahindra Bank were the biggest contributors to the fall in headline indices, whereas the maximum support came from stocks such as L&T and Infosys.
- Financial stocks were the biggest drags on the overall market, with the Nifty Bank and the Nifty Financial Services declining 0.8 per cent and 0.6 per cent respectively. Financial services shares hold the maximum weightage of more than 34 per cent in the benchmark Nifty50 gauge.
- On the other hand, the Nifty IT – whose 10 constituents include TCS, Infosys, Wipro, HCLTech and Tech Mahindra – rose 1.2 per cent, also saving the headline indices from more severe cuts.