Home » Blogs » Market Spotlight » What happened in the Indian stock market today (19th July 2024)?

What happened in the Indian stock market today (19th July 2024)?

On July 19 Indian Stock Market Sees Sharp Decline as Nifty 50 and Sensex Drop.

Indian stock market today (19th July 2024)

The Nifty 50 closed the day with a loss of 270 points, or 1.09%, at 24,530.90, while the Sensex ended at 80,604.65, down 739 points, or 0.91%. Midcap and smallcap segments were hit even harder, each declining by over 2%. This selloff was driven by profit-booking ahead of the Union Budget and weak global cues.

Impact on the stock market

Among the Nifty 50, only four stocks ended in the green: Infosys (up 1.78%), ITC (up 0.62%), Asian Paints (up 0.60%), and Britannia (up 0.06%). The top losers were Tata Steel (down 4.97%), JSW Steel (down 4.68%), and BPCL (down 3.98%).

Sector/IndexPerformance
IT & BPM sector-0.22%
Healthcare sector-1.72%
Oil & Gas sector-2.78%
Real estate sector-2.36%
PSU Bank in India-1.41%

Top gainers today

CompanyPriceChange (%)
Infosys share price1,792.951.99
ITC share price474.550.91
Asian Paints share price2,946.050.49
Britannia share price5,877.950.11
LTIMindtree share price5,762.750.10

Top losers today

CompanyPriceChange (%)
Tata Steel share price157.77-5.16
BPCL share price303.80-4.51
JSW Steel share price889.45-4.51
Hindalco share price663.00-3.91
ONGC share price319.65-3.63

Market aftermath: Impact on stocks

Wipro Q1: Net Profit Rises to Rs 3,003 Crore

Wipro reported a Q1 FY25 net profit of Rs 3,003 crore, surpassing market expectations. The IT company’s revenue fell to Rs 21,964 crore. Wipro’s fiscal first-quarter net profit at Rs 2,953 crore and revenue at Rs 22,229 crore. 

This positive performance reflects resilience amid challenging market conditions, with Wipro’s shares showing strength despite the overall market downturn.

You may also read:  wipro results

UltraTech Q1: Net Profit Flat at Rs 1,695 Crore

UltraTech Cement’s Q1 FY25 results were underwhelming, with a net profit of Rs 1,695 crore, remaining flat compared to the previous year. The revenue rose by about 2% to Rs 18,069 crore. These results missed estimates, with analysts expecting a net profit of Rs 1,733 crore and revenue of Rs 17,962 crore. 

Factors such as the general elections, labor shortages due to election-related migration, extreme heatwave, and economic slowdown in a few states hit cement demand during the quarter. This led to the company’s shares falling, reflecting the market’s disappointment.

You may also read : Ultratech cement

Sanstar IPO Subscribed 2.4x on Opening Day

Sanstar’s IPO was subscribed 2.4 times on its opening day, with non-institutional investors leading the charge, subscribing nearly 4 times their allotted quota. Founded in 1982, Sanstar specializes in manufacturing plant-based products and ingredient solutions for food, pet food, and various industrial applications. 

The IPO comprises a fresh issue worth Rs 397.10 crore and an offer for sale of Rs 113.05 crore. The public offer attracted bids for 7.7 crore equity shares, surpassing the offer size of 3.8 crore equity shares. The strong response, particularly from non-institutional investors, indicates robust demand and positive sentiment towards the company’s growth prospects.

You may also like: Bajaj autos sales rise

Crude oil

Crude oil futures traded lower due to weak economic signals from various countries. August crude oil futures on the Multi Commodity Exchange (MCX) fell by 1.15% to ₹6,767, while September futures dropped by 0.36% to ₹6,699. A strong US dollar and increased jobless claims in the US contributed to the decline. 

Additionally, the lack of specific economic measures from China and steady inflation in Japan added to the downward pressure on crude oil prices.

Conclusion

July 19 was marked by a significant selloff in the Indian stock market, leading to substantial losses across sectors. While companies like Wipro managed to beat profit estimates, others like UltraTech Cement struggled. 

The Sanstar IPO showed strong investor interest, particularly from non-institutional investors. Crude oil prices also faced declines due to weak economic signals. Investors should remain cautious and keep an eye on upcoming economic and corporate developments.
Stay tuned on StockGro for more updates on market trends.

Enjoyed reading this? Share it with your friends.

Post navigation

Leave a Reply

Your email address will not be published. Required fields are marked *