Stock market’s sharp plunge today: Sensex falls 600 points, Nifty below 24,250

Indian benchmark equity indices hit all-time highs at open today (July 10) but Sensex and Nifty soon surrendered their gains, weighed down by M&M and bank stocks. At the open, NSE Nifty 50 and BSE Sensex were up about 0.1% each to hit record-high levels for the second straight session. But at around 10.30am, Sensex was trading 659 points lower at 79,691 while the Nifty50 was down 183 points, trading at 24,244.

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Top losers and gainers today

Among Sensex stocks, Mahindra & Mahindra was the top laggard as it fell more than 4% in early trade. Axis Bank, Kotak Bank, JSW Steel, IndusInd Bank, and ICICI Bank also opened with losses while Maruti, Adani Ports, NTPC, Infosys, and Titan opened with gains. 

A look at stocks in news

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HDFC Bank fell 0.5% today after BofA downgraded the largest private lender to ‘Neutral’ from ‘Buy’ while Delta Corp fell almost 4% after the company reported a 34% drop in its standalone net profit to ₹40.48 crore for the first quarter ended June 2024. RVNL shares rose 10% after the firm received Letter of Acceptance (LoA) for a project worth ₹187.34 crore from Maharashtra Metro Rail Corporation Limited.

What about oil prices?

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Oil prices rebounded after three days of declines as an industry report showed US crude and fuel stockpiles fell last week. This indicated steady demand while the outlook for interest rate cuts improved resulting in Brent futures rising 21 cents to $84.87 a barrel, after falling 1.3% in the previous session. US West Texas Intermediate (WTI) crude rose 26 cents to $81.67 a barrel, after falling 1.1% in the previous session.

A look at Rupee today

The Indian Rupee traded flat at 83.49 in early trade today while the dollar index declined 0.03% to 105.1 level.