Share Market Highlights July 19, 2024: Sensex, Nifty slide as investors book profits after record-breaking rally

Sensex, Nifty updates on July 19, 2024: Equity benchmark indices Sensex and Nifty tumbled on Friday as investors booked profits following a four-day record-breaking rally and weak global market trends. The 30-share BSE Sensex hit a new all-time high of 81,587.76 before plunging 738.81 points (0.91%) to settle at 80,604.65. The NSE Nifty dropped 269.95 points (1.09%) to end at 24,530.90 after reaching a peak of 24,854.80. Blue-chip stocks, including Tata Steel and Reliance Industries, led the decline. Infosys, however, gained nearly 2% after reporting a 7% rise in net profit and raising its growth outlook. Other gainers included ITC, Asian Paints, and HCL Technologies. Shrikant Chouhan, Head of Equity Research at Kotak Securities, “Mid-cap and small-cap indices underperformed, posting negative returns. Sector-wise, the BSE IT index gained amid Q1FY25 earnings, while the FMCG index remained strong in a volatile market. In contrast, the BSE Capital Goods, Metals, and Commodities indices faced profit booking. Markets responded to global developments, Q1FY25 earnings, and commentary from large IT services. Investors are positioning for the upcoming FY25 budget, a key event next week. Stock-specific actions will continue as the Q1FY25 result season unfolds, with attention also on the upcoming FOMC meeting.”