Stock Market Today: Nifty, Sensex Log Worst Session Since June 4 As M&M Drags

-The local currency weakened 4 paise to close at 83.53 against the US dollar.

-It closed at 83.49 on Tuesday.

Source: Bloomberg

Benchmark equity indices logged their worst session since June 4 after hitting their respective highs at open as shares of M&M fell nearly 7%.

Intraday, the Nifty rose as much 0.11% to hit an all-time high of 24,461.05 before ending 0.45% or 108.75 points lower at 24,324.45 . Meanwhile the Sensex rose 0.16% to hit its highest level of 80,481.36 but closed 0.53% or 426.87 points lower at 79924.77.

"On the daily chart, the Index has made a Bearish Engulfing candlestick pattern at the record levels which indicates a potential reversal of the trend," said Aditya Gaggar, director of Progressive Shares. He added that a convincing move below 24,200 will confirm a short-term trend reversal till then uptrend will remain intact while 24,460 will be considered an immediate hurdle.

Shares of Mahindra & Mahindra Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. dragged the indices.

While those of Asian Paints Ltd., Bharti Airtel Ltd., NTPC Ltd., Power Grid Corp. of India, and Grasim Industries Ltd. cushioned the fall.

Most sectoral indices closed lower with Nifty Auto and Nifty Media falling the most by nearly 2%.

Market breadth was skewed in favour of sellers. Around 2,596 stocks declined, 1,336 stocks advanced, and 82 remained unchanged on BSE.

Broader markets ended lower. The S&P BSE Midcap and Smallcap settled 0.19% and 0.69% lower, respectively.

On BSE, 16 sectors declined, and four rose out of 20. The S&P BSE Auto declined the most, while the S&P BSE Utilities rose the most.

Gets final US FDA approval for Sacubitril and Valsartan tablets

Source: Exchange filing

Asian Paints, Berger Paints Take Minor Price Hike

• The company has taken hikes of 0.7-1% across its portfolio.

• This will reflect on retail shelves effective July 22.

• Other companies likely to follow suit in next 1-2 days

Sources

• Mahindra says price cut on XUV 7OO’s top models not influenced by tax waiver on hybrid cars in Uttar Pradesh

• The price cut is aimed at bringing down the average price point down to drive growth.

• The AX5 select was launched in May 2025 to bring down average prices.

• The celebratory price on XUV 7OO is for four months only.

• Demand for the XUV7OO is robust, production in line.

• There is no concern of unsold inventory as reported in the media