Sensex Drops by 427 Pts & Nifty Dips 109 Pts on July 10, 2024

Nifty ? ? ? ??24,324 [-108.75] 0.45

Sensex? ? 79,924 [-426.87] 0.53

Reasons for Market Downturn

• Investors engaged in profit booking after recent gains, leading to selling pressure across various stocks, including large caps.?

• Concerns over decisions by M&M and Tata Motors to reduce product prices negatively impacted their stock prices, contributing significantly to the market downturn.

• The market reacted to domestic factors such as upcoming corporate earnings reports for the June quarter and expectations surrounding the Union Budget.?

• Uncertainty about these events led investors to adopt a wait-and-watch approach, contributing to the decline in stock prices.

Top 3 Stocks That Lost The Most?

Nifty?

M&M:? -6.69

Hindalco:? -2.11

Tata Steel:? -2.10?

Sensex?

M&M: -6.58?

Tata Steel:? -2.33

TCS:? -1.98?

• Mahindra & Mahindra's stock fell today due to the company announcing a temporary price cut for its flagship XUV700 AX7 variant. This move, aimed at boosting sales, raised concerns among investors about potential pressure on profit margins.

Sectors of the Day?

Nifty Auto:? -2.02?

Nifty Media:? -1.76

Nifty Metal:? -1.61?

IPO Performance

• Emcure Pharmaceuticals' share price debuted today with a premium of over 31.5%, opening at ?1,325 each on the NSE SME.??

• Bansal Wire Industries' share price debuted today with a premium of over 39%, opening at ?356 each on the NSE SME.?

• Sahaj Solar Limited IPO will be open for bidding from July 11, 2024, to July 15, 2024, with shares priced at ?171 to ?180 per share.?

Key Events to Track For 11th July 2024?

• Monitor international markets for any significant developments or trends that could impact Indian markets.?

• Keep an eye on scheduled economic data releases such as GDP figures, industrial production data, or inflation reports, as they can influence market sentiment and direction.?

• Track earnings announcements from major companies across sectors, to gauge the health of the corporate sector and anticipate market reactions.?

• Stay informed about any policy announcements or decisions by the Indian government, as they can impact market sentiment and specific industries.?

• Stay updated on global events as they can affect Indian markets and investor sentiment.

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