Indian shares ended marginally lower on Thursday despite global markets experiencing significant declines after the release of disappointing earnings results from Tesla and Alphabet.
Growing expectations of interest rate cuts by the Federal Reserve also sparked a rotation from tech stocks into more economically sensitive sectors, triggering a sharp correction in global markets.
Closer home, the benchmark S&P/BSE hit an intraday low of 79,478 before recouping much of the losses to end the session down 109 points, or 0.14 percent, at 80,040.
The broader NSE Nifty index closed down 7 points, or 0.03 percent, at 24,406, after having hit a low of 24,211 earlier amid the monthly expiry of July series derivative contracts.
Axis Bank shares plunged 5.1 percent after the private sector lender posted muted growth in quarterly net profit.
Tata Steel, Titan Company, ICICI Bank and Nestle India fell 2-3 percent.
Tata Motors soared 6 percent as Nomura upgraded its rating on the stock to ‘buy’, saying it sees multiple levels of growth.
Larsen & Toubro, SBI Life, BPCL and ONGC jumped 3-5 percent.
Market Analysis
Sensex, Nifty Cut Losses To End On Flat Note
2024-07-25 10:32:41
