The Sensex and Nifty 50 extended their losing streak to the fourth consecutive session on July 24, closing with mild losses. The Sensex dropped by 280 points, or 0.35%, to close at 80,148.88, while the Nifty 50 ended the day down by 66 points, or 0.27%, at 24,413.50.
Despite the decline in the benchmark indices, the mid and small-cap segments outperformed, highlighting the varied investor sentiment across different market segments.
Impact on the stock market
The Indian stock market saw mixed performances across sectoral indices. The Nifty Bank index fell by 0.89%, while the Private Bank index and PSU Bank index dropped by 0.76% and 0.35%, respectively.
The Nifty Financial Services index declined by 0.60%, and the FMCG index lost 0.53%. In contrast, the Nifty Media index surged by 2.47%, leading the gains. The Nifty Oil and Gas index rose by 1.69%, Consumer Durables increased by 1.08%, Realty climbed by 0.78%, and Pharma ended with a gain of 0.74%.
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| Sector/Index | Performance |
| IT & BPM sector | +0.18% |
| Healthcare sector | +0.59% |
| Oil & Gas sector | +1.69% |
| Real estate sector | +0.78% |
| PSU Bank in India | -0.35% |
Top gainers today
| Company | Price | Change (%) |
| HDFC Life Share Price | 672.80 | +4.48 |
| BPCL Share Price | 314.95 | +2.92 |
| Tech Mahindra Share Price | 1,533.30 | +2.67 |
| NTPC Share Price | 392.60 | +2.65 |
| Tata Motors Share Price | 1,027.70 | +2.59 |
Top losers today
| Company | Price | Change (%) |
| Bajaj Finserv Share Price | 1,579.25 | -2.45 |
| TATA Cons. Prod Share Price | 1,231.25 | -2.04 |
| Britannia Share Price | 5,829.50 | -1.94 |
| Axis Bank Share Price | 1,239.25 | -1.90 |
| Bajaj Finance Share Price | 6,607.15 | -1.78 |
Market aftermath: Impact on stocks
Titagarh Rail rises 3% on exports to Italy
Titagarh Rail Systems saw a notable increase in its stock price, rising over 3% after the company announced the commencement of exporting traction converters to Italy. The first batch of eight converters was shipped to Titagarh Firema SpA, Italy, as part of a 7.18 million euros (₹ 65 crore) order.
This development is significant as it marks the company’s successful entry into the international market, showcasing its ability to secure and fulfil large export orders. The positive market reaction reflects investor confidence in Titagarh Rail’s growth prospects and its strategic focus on expanding its global footprint.
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United Spirits stock hits record high on Q1 results
United Spirits‘ shares soared 6.5% to hit a lifetime high of ₹ 1,417.30, following a positive Q1 performance. The company’s net profit grew by 2% year-on-year to ₹ 485 crore, while revenue rose by 3.5% to ₹ 2,761 crore.
The ‘prestige & above’ segment, which delivered a 10% rise in sales, was a key driver of the company’s strong performance. The market’s positive response highlights the company’s successful execution of its premiumisation strategy and effective cost management.
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Realty stocks rebound, surge up to 8%
The realty sector experienced a sharp rebound, with stocks surging up to 8% intraday. This recovery came just a day after a significant budget-led selloff triggered by the finance minister’s proposal to remove the indexation benefit on calculating long-term capital gains tax (LTCG) on real estate.
Major realty stocks such as Macrotech Developers, Sobha, Prestige Estates, Ajmera Realty, DLF, and Oberoi Realty all saw significant gains. The indexation benefit, which adjusts the asset’s purchase price for inflation, helps reduce capital gains and the associated tax liability.
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Crude oil price decline
Crude oil prices continued to decline within a short-term descending channel. The commodity tested resistance levels at $77.36 per barrel but showed signs of pulling back.
Weak demand expectations due to concerns about China’s growth outlook and easing supply worries due to renewed ceasefire talks in Israel further dampened crude oil prices. Global flash PMI reports are likely to influence market sentiment and demand forecasts, potentially affecting crude oil prices further.
Conclusion
July 24 saw mixed movements in the Indian stock market, with benchmark indices continuing their losing streak while mid and small-cap segments showed resilience.
Positive news from companies like Titagarh Rail and United Spirits boosted specific stocks, while the realty sector rebounded after an initial budget-led selloff.
Crude oil prices remained under pressure due to weaker demand expectations and easing supply concerns. Investors should keep a close watch on upcoming economic data and global market developments to navigate the market effectively.
Stay tuned on StockGro for more updates on market trends.
