Stock Market LIVE: Global cues, GIFT Nifty suggest muted start for Indian markets

Stock Market LIVE on Wednesday, July 10, 2024:BSE Sensex slipped 72 points or 0.09 per cent to 80,280.22 levels while Nifty50 fell 0.05 per cent or 13 points to 24,420.30

Markets, Stock market, sensex, stock market indices

Illustration: Ajay Mohanty

Stock Market LIVE on Wednesday, July 10, 2024: Benchmarks Nifty50 and Sensex opened lower on Wednesday tracking mixed global cues.

BSE Sensex slipped 72 points or 0.09 per cent to 80,280.22 levels while Nifty50 fell 0.05 per cent or 13 points to 24,420.30.

Maruti, Adani Ports were the top gainers while Kotak Mahindra Bank and M&M were the top laggards on BSE.

Similarly, on NSE, Adani Ports, Hindalco were the top gainers while Infosys, IndusInd Bank were the top laggards.

Broader markets were trading marginally higher. Nifty SmallCap rose 0.05 per cent while MidCap was trading 0.09 per cent higher.

Sectorally, Nifty Realty was the top gainer, up nearly 1 per cent. On the other hand, Auto and Private Bank were the major laggards, down 0.70 and 0.60 per cent, respectively

9:51 AM

Comment :: ‘Global rally, retail flows supporting Indian markets’

Two important factors that have been contributing to the ongoing bull market in India are the global rally and the sustained flows into the Indian market from retail investors. These two factors continue to be intact.

The flows into the market from retail investors continue unabated with SIP inflows touching Rs 21262 crores in June. These positive trends can impart resilience to the market even though valuation comfort is low now.

However investors should be careful about the high level of speculative activity in the small-cap space where operators are driving up the prices of many shares with low floating stock.

The inflation data in the US expected on Thursday will determine the Fed action in September. The disinflationary trend in the US is likely to sustain enabling the Fed to cut rates in September.

Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

9:42 AM

Delta Corp drops over 3% post Q1 results

>> The online gaming firm reported a 68.04 per cent year-on-year decline in net profit to Rs 21.7 crore for the first quarter ended June 30, 2024.

>> Revenue from operations also decreased by 30.3 per cent to Rs 180.7 crore compared to Rs 259.3 crore in the corresponding period of the preceding fiscal.

9:40 AM

RVNL sprints 9% on order win from South-Eastern Railway

>> The state-owned firm emerged as the lowest bidder for a project worth Rs 202.87 crore from the South Eastern Railway. The project includes the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts, and sub-sectioning posts in a 2x25KV system on the Kharagpur-Bhadrak section of the Kharagpur division.

9:38 AM

Delhivery in red after block deal

>> 23.4 cr shares (3.17 % equity) change hands in block deal window

>> As per reports, the Canada Pension Plan Investment Board intends to sell its entire 3.18 per cent stake in the logistics firm through block deals.

9:34 AM

Mankind Pharma rises nearly 5% post multiple block deals

>> According to reports, Capital Group affiliate Hema CIPEF plans to sell a 0.9 per cent stake in the drug firm through block deals, valued at Rs 762.6 crore. The issue price is set at Rs 2,061 per share, reflecting a 2 per cent discount to the current market price (CMP).

9:31 AM

Paytm rises 1% on govt panel’s likely nod to invest in payments arm

>> India’s beleaguered Paytm has secured approval from a government panel that oversees investments linked to China to invest Rs 50 crore ($6 million) in a key subsidiary, Reuters reported

>> The approval, which still has to be vetted by the finance ministry, will remove the main stumbling block to the unit, Paytm Payment Services, resuming normal business operations.

9:28 AM

Angel One falls over 1% on data breach report

>> The personal information of approximately 7.9 million customers of Mumbai-based stock broking firm Angel One was exposed in a data breach on Tuesday, according to reports.

>> The leaked data, disclosed by the hacker on a website, comprises names, addresses, contact numbers, and bank account details, raising significant concerns about privacy and security.