Last Updated:
At around 12:10 pm, the BSE Sensex was trading at 75,839.07, down 552.32 points or 0.72%, while the NSE Nifty stood at 23,714.85, down 154.75 points or 0.65%.
Stock Market Today.
Stock Markets Today, July 24: The domestic markets recovered sharply from their morning lows on Friday, trimming a large part of their losses as investors stepped in to buy frontline stocks after the early sell-off. However, markets remained under pressure amid persistent concerns over rising crude oil prices and escalating geopolitical tensions in the Middle East.
At around 12:10 pm, the BSE Sensex was trading at 75,839.07, down 552.32 points or 0.72%, while the NSE Nifty stood at 23,714.85, down 154.75 points or 0.65%.
After slipping to an intraday low of 75,474.43, the Sensex recovered over 360 points to trade near 75,840. The index had opened at 75,708.19 and touched a day’s high of 75,995.73.
Markets Bounce Back After Sharp Morning Sell-Off
The recovery came after heavy selling in the first half of the session, when the Sensex had fallen more than 800 points and the Nifty had slipped below the 23,650 mark. Although benchmark indices pared losses, the broader market remained weak, indicating that buying was concentrated in select large-cap stocks.
The Nifty Midcap 100 was down 0.54%, while the Nifty Smallcap 100 declined 0.71%.
The India VIX rose nearly 5% to 14.15, suggesting volatility remains elevated.
ITC, Trent, RIL Lead Recovery; Infosys, Bajaj Finance Remain Under Pressure
Among Sensex stocks, Trent emerged as the top gainer, rising 0.71%, followed by ITC (+0.55%), HCLTech (+0.44%), Maruti Suzuki (+0.40%), Reliance Industries (+0.36%) and Adani Ports (+0.15%).
On the losing side, Eternal fell 3.26%, Infosys declined 2.98%, Bajaj Finance slipped 2.63%, Mahindra & Mahindra lost 2.50%, while Bharti Airtel, IndiGo, UltraTech Cement, Tech Mahindra and HDFC Bank also traded lower.
Most Sectors Stay in the Red
Sector-wise, the market remained largely negative despite the rebound. Auto was the worst-performing sector, down 1.13%, followed by IT, Realty, Metals and Financial Services Ex-Bank. FMCG and Media were the only sectors trading with modest gains, supported by buying in ITC and select consumer stocks.
Oil Prices and Global Risks Continue to Weigh
Investor sentiment remained cautious as Brent crude traded above $100 per barrel, raising concerns over inflation, India’s import bill and the current account deficit. The ongoing conflict in the Middle East, rising US Treasury yields and renewed foreign institutional investor (FII) selling continued to keep markets on edge, although bargain buying at lower levels helped benchmark indices recover from the day’s lows.
Expert View
V K Vijayakumar, chief investment strategist at Geojit Investments Limited, said uncertainty and volatility are likely to remain elevated. “The total uncertainty and high volatility in markets continues without any signs of immediate respite. The attack on Saudi tankers by the Iran-backed Houthis in the Red Sea is the main reason for the recent sharp spike in Brent crude to about $100. Such high price is bound to revive India’s Balance of Payments concerns. Rupee too has been impacted, though mildly, with the currency depreciating to 96.57 to the dollar.”
He added that the weakening rupee has once again turned foreign investors cautious.
“With the rupee weakening again, FPIs who had turned buyers on many days this month have again shifted to the sell-mode,” Vijayakumar said.
On global markets, he cautioned that rising US bond yields remain another major near-term risk. “The spike in the US 10-year yield to 4.7% is negative for equity markets globally. This is a near-term risk.”
Technical View
Ponmudi R, CEO of Enrich Money, said, “Nifty 50 opened with a sharp gap-down near the 23,666 mark, decisively breaking below its one-month trading range and extending the weakness seen over the previous few sessions. From a technical perspective, the 23,800 zone is now expected to act as the immediate resistance, as it coincides with today’s gap area and the level that previously served as a crucial support. This is followed by the 24,000 psychological mark, which remains the next significant resistance. A sustained move above these levels will be required to stabilise the current weakness.”
On the downside, the 23,600 zone now acts as the immediate support. A decisive break below this level could intensify selling pressure and drag the index towards the 23,400–23,200 support region. Momentum indicators continue to reflect a bearish undertone. The Relative Strength Index (RSI) is hovering near 41, remaining well below the neutral 50 mark, indicating strengthening downside momentum. Overall, the near-term technical outlook remains firmly bearish, with the index needing to reclaim 24,000 to improve sentiment, while holding above 23,600 will be crucial to avoid another leg of decline, he added.
About the Author
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More
Read More
Source link
[ad_3]
