The domestic equity barometers ended with moderate losses on Wednesday. The Nifty settled below the 24,350 level after hitting day's high of 24,461.05 in early trade. Pharma, healthcare and FMCG stocks edged higher while auto, media and metal shares witnessed a bit of a selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 426.87 points or 0.53% to 79,924.77. The Nifty 50 index declined 108.75 points or 0.45% to 24,324.45.
The Sensex and Nifty clocked an all-time high of 80,481.36 and 24,461.05, respectively in early trade.
In the broader market, the S&P BSE Mid-Cap index slipped 0.19% and the S&P BSE Small-Cap index tumbled 0.69%. The S&P BSE Mid-Cap index hit an all-time high at 47,731.38.
The market breadth was weak. On the BSE, 1,365 shares rose and 2,574 shares fell. A total of 82 shares were unchanged.
New Listing:
Shares of Emcure Pharmaceuticals settled at Rs 1,358.85 on the BSE, representing a premium of 34.81% as compared with the issue price of Rs 1,008.
The scrip was listed at Rs 1,325.05, exhibiting a 31.45% premium to the issue price.
The stock has hit a high of 1,384 and a low of 1,325.05. On the BSE, over 12.62 lakh shares of the company were traded in the counter so far.
Shares of Bansal Wire Industries closed at Rs 350.30 on the BSE, representing a premium of 36.84% as compared with the issue price of Rs 256.
The scrip was listed at Rs 352.05, exhibiting a 37.52% premium to the issue price.
The stock has hit a high of 368.70 and a low of 335.85. On the BSE, over 25.42 lakh shares of the company were traded in the counter so far.
Stocks in Spotlight:
Mahindra & Mahindra slumped 6.62% after the company announced a price reduction for the AX7 range of its popular XUV700 SUV. The revised ex-showroom prices start at Rs 19.49 lakh for the AX7 variant, down from its original price of Rs 21.54 lakh. This pricing will be valid for four months starting 10 July 2024.
JSW Steel declined 1.07%. The steel major has reported consolidated crude steel production of 6.35 million tonnes for the first quarter of FY 2024-25, which is lower by 1% as compared with production volume of 6.43 million tonnes posted in Q1 of FY 2023-24.
Delta Corp added 2.49%. The company's consolidated net profit tumbled 68.2% to Rs 21.68 crore in Q1 FY25 as compared with Rs 68.18 crore in Q1 FY24. Revenue from operations dropped 30.32% YoY to Rs 180.65 crore in Q1 FY25.
Rail Vikas Nigam (RVNL) surged 12.41% after the firm emerged as the lowest bidder for Rs 203 crore railway contract from Southeastern Railway and signed an MoU with Tatweer Middle East and Africa to execute rail-based work in the MENA Region and European countries. The company has also received a project worth Rs 187 crore from Maharashtra Metro Rail Corp. to construct six elevated metro stations in Nagpur.
Shilpa Medicare shed 1.66%. The company said that ANVISA-Brazil successfully completed good manufacturing practice (GMP) inspection at its subsidiary, Shilpa Pharma Lifesciences' Active Pharmaceutical Ingredient (API) manufacturing facility, Unit II situated in Karnataka.
Sportking India gained 3.56% after the company announced that its board will meet on Saturday, 20 July 2024 to consider the sub-division/ split of the equity shares.
Zee Media Corporation declined 3.50% after CARE Ratings downgraded the company's long-term rating to CARE BB; Negative' from CARE BB+; Stable'.
Marathon Nextgen Realty tumbled 5.50% after the company's pre-sales area declined by 45% to 79,239 square feet in Q1 FY25 from 1,43,429 square feet in Q1 FY24.
Global Markets:
Most European markets advance while Asian stocks ended mixed on Wednesday after the comments made by Federal Reserve Chair Jerome Powell provided little indication about the timing of expected U.S. rate cuts later this year, despite signaling increased confidence in the moderation of inflation.
Japan's wholesale inflation accelerated in June due to a weaker yen and rising import costs. This is likely to lead to an interest rate hike by the central bank in the near future. Wholesale inflation rose 2.9% year-on-year in June, the fastest pace since August 2023. The index hit a record high for the seventh consecutive month.
Chinese consumer inflation shrank in June amid persistent economic concerns, limiting spending, while producer inflation contracted for a 20th consecutive month, though at a slower pace. Consumer price index inflation grew 0.2% year-on-year in June, down from 0.3% in the prior month.
In US, the S&P 500 and Nasdaq closed at record highs on Tuesday, extending their winning streak to six days. This surge comes as investors remain optimistic about potential interest rate cuts by the Federal Reserve. However, the Dow Jones Industrial Average ended the day slightly down. The recent US economic slowdown has fueled expectations of the Fed easing monetary policy to boost the economy.
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