Markets@10: Nifty below 23,800; all sectors trade in the red

The Indian stock market started the day on a negative note and continued to decline as the morning progressed. The Nifty Index dropped below its critical support level of 23,800 early on, falling to a low of 23,708. The Sensex also followed suit, slipping to 78,253 after the first hour of trading.

Bank Nifty fluctuates

Although the Bank Nifty initially showed some gains, it quickly reversed direction, fluctuating between positive and negative territory. Broadly, the market struggled, with mid-cap and small-cap indices both seeing losses of around 2%. Across all sectors, there were broad-based declines, as most industries saw a fall in stock prices.

Among individual stocks, there were several notable movements. PNB Housing Finance saw a sharp decline of 6.5% after foreign investor Carlyle announced it would sell 9.4% of its stake at a discount of 4.25%. On the other hand, MedPlus shares surged by 6% after the company reported better-than-expected second-quarter results.

However, not all earnings reports were positive. Sula Vineyards saw a 7% drop in its shares after it posted worse-than-expected second-quarter results. Nike, however, was in the spotlight for positive reasons. The company’s shares rose by 4% as both revenue and profit came in stronger than expected for the second quarter.

Other companies with strong quarterly performances included KNR Constructions, whose shares surged by 13% after reporting a sharp rise in earnings per share (EPS), and Ashoka Buildcon, which saw its shares climb by 7.5% on the back of excellent results. In contrast, Cello World saw its shares fall by 5%, as its second-quarter growth came in much lower than anticipated. Similarly, Hyundai Motor India faced a 5% drop in its shares, following a significant decline in its second-quarter net profit.

Swiggy, which was listed at Rs 408, above its issue price of Rs 390, later saw its shares retreat back to Rs 391.

On the currency front, the Indian rupee remained stable, trading at Rs 84.39 to the US Dollar in the morning, and later moving slightly higher to Rs 84.40.

Gold update

In commodities, gold prices on the international market stood at $2,610 per ounce. In Kerala, the price of jewellery gold fell by Rs 320 to Rs 56,360 per pawan.

Crude oil prices also saw a modest rise, with Brent Crude climbing to $72.08 per barrel