Sensex falls 542 points, Nifty Slips To 25,062, IT Emerges Top Sectoral Loser

Both the benchmark equity indices fell on July 24, the weekly expiry day, wiping out all the gains made in the previous session. The Sensex lost 542.47 points, or 0.66 per cent, to close at 82,184.17, while the Nifty 50 gave up 157.80 points, or 0.63 per cent, to settle at 25,062.10.

The sell-off was broad-based as the Nifty Smallcap 100 fell 1.09 per cent, the Nifty Midcap 100 slipped 0.58 per cent, and the Nifty Microcap 250 also declined by 0.28 per cent. The Nifty 500 index also ended lower by 0.54 per cent.

On the sectoral front, Nifty IT emerged as the top loser, falling 2.21 per cent on weak Q1 numbers from Coforge, Persistent Systems, and Infosys. Nifty FMCG and Nifty realty also declined more than 1 per cent. Nifty Financial Services, Nifty Private Bank, and Nifty Oil & Gas were also among the losers. On the other hand, PSU Bank rose 1.24 per cent, bucking the trend. Nifty Pharma, and Nifty Healthcare too ended the day in green.

Nifty 50: Top Gainers And Losers

From Nifty 50, Eternal (formerly Zomato), gained 3.44 per cent, extending gains to the fourth straight day after reporting its Q1 earnings. Following it, Dr Reddy's Lab rose 1.72 per cent, and Tata Motors gained 1.62 per cent.

Tata Consumer, Cipla, Grasim Industries, Jio Financial Services, Eicher Motors, and Sun Pharma were also among the top gainers.

On the other hand, FMCG major Nestle India tumbled 5.57 per cent, emerging as the top loser. Following it, Trent, Tech Mahindra, Shriram Finance fell between 3 per cent and 4 per cent. Index heavyweights Reliance Industries and HDFC Bank fell 1.53 per cent and 0.62 per cent, respectively, weighing down the index. Bajaj Finserv, Infosys, Coal India, Bajaj Auto and HCL Tech were also among the top losers.

Key Market Cues For Tomorrow, July 25

India-UK FTA: India and the United Kingdom (UK) signed the historic free trade agreement (FTA) today, post-market hours. The deal is expected to double bilateral trade from the current $60 billion to $120 billion by 2030. The landmark FTA will eliminate the import duties on a wide range of products across industries. Investors will react to this landmark trade deal in the upcoming session on July 25.

Q1 Results: As many as 86 companies listed on the Bombay Stock Exchange (BSE) will report their Q1 earnings on July 25. Among the major names are Bajaj Finserv, Bank of Baroda, Cipla, SBI Card, Sobha Realty, Tata Chemicals, and Reliance Infrastructure.