The Indian equity benchmarks snapped their four-day winning streak on Tuesday, July 7, as investors resorted to profit booking at higher levels.
The SENSEX fell as much as 634 points from the day’s highest level and NIFTY50 index hit a low of 24,348 after touching an intraday high of 24,531 dragged down by losses in index heavyweights like Trent, Reliance Industries, ICICI Bank, Larsen & Toubro, Bharat Electronics and Adani Ports.
The SENSEX ended 104 points lower at 78,181 and NIFTY50 index declined 32 points to close at 24,399.
For most part of the day, benchmarks traded with a positive bias but witnessed profit booking in the last hour of trade owing to heightened volatility as weekly NIFTY futures and option contracts expired.
Asian shares ended lower on the back of a selloff in technology shares. Japan’s Nikkei fell 2.04%, Hong Kong’s Hang Seng declined 0.51%, South Korea’s KOSPI dropped 4.91% and China’s Shanghai Composite tumbled 1.26%.
Back home, 12 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended lower led by the NIFTY Realty index’s 1.6% fall. NIFTY Metal, PSU Bank, Pharma, Media and Healthcare indices also dropped between 0.4% and 1.1%.
On the flip side, IT, consumer durables and FMCG shares witnessed buying interest.
Broader markets also faced selling pressure as NIFTY Midcap 100 index fell 0.3% and NIFTY Smallcap 100 index declined 0.55%.
Among the individual shares, Info Edge rose as much as 11.64% to hit an intraday high of ₹1,144.50 on NSE after the company said that its total billings in the first quarter of current financial year rose 14% to ₹737 crore.
Kalyan Jewellers shares fell 8.62% to hit an intraday low of ₹367 after the company said that it witnessed a revenue growth of 38% for India operations during Q1 FY27 as compared to the same quarter in the previous fiscal year.
Trent was top loser in the NIFTY50 index, the stock fell 12.64% to close at ₹2,921 after its June quarter business update failed to enthuse market participants.
Adani Enterprises, Bharat Electronics, Adani Ports, Max Healthcare, Tata Motors PV, Cipla and Hindalco also fell between 1.35% and 3%.
On the other hand, HCL Technologies, Infosys, TCS, SBI Life, Titan, Eternal, HDFC Life Jio Financial Services and Bajaj Finance were top gainer in the NIFTY50 index.
The overall market breadth was negative as 2,084 shares ended lower while 1,191 closed higher on the NSE.