The Sensex, opening at a record 80,481.36, retreated to an intraday low of 79,435.76 before settling down 427 points, or 0.53%, at 79,924.77. The Nifty 50 also hit an all-time high of 24,461.05 but ended 109 points, or 0.45%, lower at 24,324.45 after declining from early highs.
Market sentiment wavered amid a lack of fresh catalysts, with upcoming corporate earnings for June and the Union Budget poised to influence future market movements.
Impact on the stock market today
The Nifty Auto index led losses among sectoral indices, dropping 2.02%. Following suit were Nifty Media (down 1.76%), Metal (down 1.61%), PSU Bank (down 1.40%), and IT (down 1.03%). The Nifty Bank fell 0.72%, while the Private Bank index lost 0.56%.
| Sector/Index | Performance |
| Information Technology | -1.03% |
| Healthcare | +0.38% |
| Oil & Gas | +0.05% |
| Realty | -0.04% |
| PSU Banks | -1.40% |
Top gainers today
| Company | Price | Change (%) |
| Asian Paints share price | 2,996.45 | +3.15% |
| SBI Life Insurance share price | 1,558.80 | +2.23% |
| Divis Labs share price | 4,636.95 | +1.87% |
| Britannia share price | 5,755.55 | +1.53% |
| Grasim share price | 2,802.15 | +1.46% |
Top losers today
| Company | Price | Change (%) |
| Mahindra & Mahindra share price | 2,732.00 | -6.61% |
| Tata Steel share price | 167.98 | -2.22% |
| Hindalco share price | 693.30 | -1.94% |
| TCS share price | 3,909.15 | -1.92% |
| Hero Motocorp share price | 5,508.75 | -1.44% |
Market aftermath: Impact on stocks today
RVNL shares surge 10% on new ₹187 CR metro order
Rail Vikas Nigam Ltd (RVNL) shares surged over 10% to ₹598 on July 10 after securing a ₹187.34 crore order from Maharashtra Metro Rail Corporation for constructing six elevated metro stations in Nagpur.
Additionally, RVNL won a ₹202.87 crore order from South Eastern Railway. RVNL shares have gained over 40% in July, trading at ₹587.05 on NSE at 12:10 pm. The stock, debuting at ₹19 in 2019, has risen nearly 30 times its issue price.
Nykaa sees 1.47 crore shares traded, stock falls 0.75%
Nykaa saw 1.47 crore shares traded in two block deals on July 10. Following the deal, shares initially rose 4% but later fell 0.75% to ₹ 174.49 on the NSE. Year-to-date, Nykaa’s stock has gained 1.5%, underperforming the Nifty 50’s 11.5% rise.
In Q1 FY25, Nykaa and its subsidiaries expect revenue growth of 22-23% YoY, with consolidated GMV growth in the mid-twenties. Nykaa will also begin vertical-wise segmental reporting this quarter.
GE Power surges 6%
GE Power India bagged an ₹ 7.67 crore order from Mangalore Refinery and Petrochemicals for main turbines, causing its shares to jump nearly 6% on July 10. Over the past month, GE Power shares have surged 66%, with half the gains in the last five sessions.
At 12.30 pm, shares traded at ₹ 557, up 3.7% on the NSE. Earlier orders included ₹ 1.87 crore from NTPC and ₹ 243.46 crore for NTPC GE Power Services.
Crude oil futures rise
Crude oil futures bounced back on Wednesday, recovering from lows near $80.83. At 10:17 GMT, they traded at $81.63, up $0.22 or +0.27%.
Market resilience was evident despite concerns over Chinese demand and Federal Reserve rate cuts. OPEC+ extending production cuts until September’s end further tightened global oil supply amid ongoing pressures from China’s falling factory-gate prices, indicating persistent deflationary trends.
Conclusion
In today’s market wrap-up on July 10, 2024, Indian indices closed lower as profit-taking weighed on stocks, despite earlier record highs.
RVNL surged on metro project wins, while Nykaa saw substantial trading volume with minor price movement. GE Power also gained on new orders. Crude oil prices rebounded amid global supply concerns.
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