Stock market today: The benchmark indices witnessed a sharp fall on Friday, July 7, after scaling fresh peaks in the early session, amid a fall in Asian peers on concerns of further monetary policy tightening by the US Federal Reserve. At close, the S&P BSE Sensex stood at 65,280.45, down 505 points, or 0.77 per cent while the NSE's Nifty ended at 19,331.80, down 165.5 points, or 0.85 per cent. With today's fall, the Nifty halted its eight-day winning streak. 

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Out of 30 stocks on the Sensex, 25 settled in the red and the rest in the green. Tata Motors was the top gainer on the index. The stock hit a lifetime high of Rs 624.65 on the BSE before settling at Rs 618.45, up 2.94 per cent. Power Grid (down nearly 3 per cent) was the biggest loser on the index. ICICI Bank, HDFC Bank, HUL, and ITC were the top contributors to the index's fall.

Among individual stocks, Subros rallied as much as 11.44 per cent to Rs 486.55 apiece on the BSE on Friday, a day after Union Minister Nitin Gadkari said that the draft notification to mandate the installation of air-conditioning systems in the cabins of trucks has been approved. The stock settled at Rs 460.55, up 5.49 per cent. Shares of Praj Industries rallied as much as 9.5 per cent to Rs 405.90 apiece on the BSE on Friday, a day after the company announced it had signed a term sheet with IndianOil Corporation (IOC) to advance plans to strengthen biofuel production capacities in India. The stock ended at Rs 397.45, up 7.26 per cent.

After opening on a negative note, the market made an attempt to move up in the early part of the session and registered a new all-time high of 19523 levels. Selling has emerged from the swing highs, and the market continued with a weak trend in the middle part of the trend. An attempt at upside recovery in the mid-part has resulted in a sell-on-rise opportunity, said Nagaraj Shetti, Technical Research Analyst, at HDFC Securities.

"A long bear candle was formed on the daily chart with a long upper shadow. Technically, this pattern indicates the rejection of bulls at the new highs. This could also be considered a short-term top reversal pattern. The positive chart pattern of higher tops and bottoms is intact as per the daily chart, and present weakness in the market could be considered a higher top reversal of the pattern. Further weakness is expected to find the base for a higher bottom formation, the analyst added.

In the broader market, the S&P BSE MidCap index fell 0.76 per cent to 28,999.02 levels while the S&P BSE SmallCap index was down 0.28 per cent at 33,129.41 points.