Market Update: Indian Equity Indices Open Lower; Banking Stocks Under Pressure
Mumbai, July 10, 2024 (9:55 a.m. IST) — Indian equity markets commenced trading on a cautious note today, with major indices registering early losses primarily driven by declines in banking stocks.
As of 9:55 a.m., the BSE Sensex was down 228 points or 0.28% at 80,123, while the NSE Nifty slipped 58 points or 0.24% to 24,378.
The banking sector took a significant hit, with the Nifty Bank index shedding 261 points or 0.50% to trade at 52,307.
Top losers on the Sensex included M&M, SBI, Kotak Mahindra Bank, HCL Tech, TCS, JSW Steel, Axis Bank, and Reliance Industries. Conversely, leading gainers were Maruti Suzuki, NTPC, Titan, Bharti Airtel, Bajaj Finance, and Tata Steel.
In broader market indices, the Nifty Midcap 100 declined 85 points or 0.17% to 56,976, while the Nifty Smallcap 100 was down 68 points or 0.36% at 18,888.
Sectoral performance showed mixed results, with FMCG, realty, energy, and infra sectors trading higher, while Auto, IT, PSU Bank, and pharma sectors witnessed declines.
Commenting on market technicals, Deven Mehata, Research Analyst at Choice Broking, noted, “Nifty has recently broken above key resistance at 24,400 and closed at record highs. Looking ahead, support levels are seen around 24,250-24,300, which should provide strong downside protection.”
“For traders holding long positions, maintaining a trailing stop loss at 24,250 on a closing basis is advisable. Opportunities for fresh long positions could arise on market retracements, with the same stop loss level recommended,” Mehata added.
Investors are expected to closely monitor global cues and domestic economic indicators for further market direction throughout the trading session.
