The key benchmark stock indices experienced a decline at the closing bell today, Weekd ended July 7. The Sensex witnessed a drop of 505 points, while the Nifty settled at a lower level of 19,330. This downward trend was attributed to profit-taking in the financial, IT, and oil sectors after a remarkable period of growth, coupled with weak global trends.
Throughout the day, the 30-share BSE Sensex experienced a significant fall of 505.19 points or 0.77%, closing at 65,280.45 points. Out of its constituents, 25 ended in the red and five in the green. The barometer fluctuated between 65,175.74 and 65,898.98.
Breaking its eight-day winning streak, the broader Nifty of the National Stock Exchange also witnessed a decline. It dropped by 165.50 points or 0.85%, settling at 19,331.80. Among the Nifty shares, 44 experienced a decline, while six managed to gain.
Notable declines were observed in major Sensex shares. PowerGrid took the biggest hit, falling by 2.76%. IndusInd Bank, HUL, and NTPC also experienced significant drops of 2.34%, 2.23%, and 2.04%, respectively.
On the other hand, Tata Motors emerged as the top gainer with a rise of 2.94%, followed by Titan with a gain of 1.26%. Mahindra & Mahindra, SBI, and TCS also contributed to the gainers' list.
In the broader market, the BSE Midcap witnessed a decline of 0.76% to reach 28,999.02, while the BSE Small dropped by 0.28% to 33,129.41.
With the exception of the auto and consumer durables sectors, all the BSE sectoral indices ended in the red, incurring losses of up to 1.63%.
In global markets, several countries experienced a decline in their stock markets. Hong Kong, China, Japan, and Australia sank by up to 1.7%, following overnight losses in US equities. Reports suggested that the US job market remained more resilient than expected, leading to concerns that the US Federal Reserve might keep interest rates higher for longer in its efforts to combat high inflation.
Meanwhile, the global oil benchmark, Brent crude, managed to climb by 0.25% to $76.70 per barrel.
Contrary to the weak global trend, the 30-share BSE Sensex defied odds and climbed by 339.60 points or 0.52% to reach a new all-time closing high of 65,785.64 on Thursday. Similarly, the NSE Nifty witnessed a rally, gaining 98.80 points or 0.51% to reach a new record high of 19,497.30.
Foreign Institutional Investors (FIIs) continued their buying spree, investing in equities worth Rs.2,641.05 crore on Thursday, as per exchange data.
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