Published 11:26 IST, July 11th 2024
Shares slip on profit-taking, banks weigh amid earnings concerns
The broader small-cap and mid-cap indexes were relatively unchanged, reflecting mixed sentiment.

Shares slip on profit-taking: Shares retreated on Thursday as concerns over bank earnings and profit-taking offset earlier gains, with benchmark indexes near record highs.
The NSE Nifty 50 fell 0.29 per cent to 24,256.8 as of 11:17 am, while the S&P BSE Sensex shed 0.35 per cent to 79,646.61, erasing early gains of about 0.3 per cent each. Both indexes had declined by about 0.5 per cent in the previous session from their all-time peaks.
Sector-wise, seven of the 13 major sectors logged losses. The broader small-cap and mid-cap indexes were relatively unchanged, reflecting mixed sentiment.
Analyst Nagaraj Shetti from HDFC Securities noted, "The Nifty has entered a phase of profit-taking."
Heavyweight banking and financial stocks dropped approximately 0.75 per cent each, extending losses from the prior session amid concerns over slightly weaker quarterly results.
Meanwhile, TCS edged up 0.2 per cent ahead of its quarterly results scheduled after market close, marking the start of the earnings season expected to guide market trends.
Kranthi Bathini, director of equity strategy at Wealthmills Securities, highlighted, "Besides earnings and the commentary, the Federal Reserve's rate cut timing remains a wildcard for Indian markets."
Federal Reserve Chair Jerome Powell's remarks to lawmakers indicated that strong data could support rate cuts, with markets eyeing U.S. inflation data for further cues.
In other market movements, HPL Electric surged 13 per cent to a record high after securing orders worth Rs 2,100 crore. Yes Bank rose 6 per cent following reports of potential bids for a significant stake in the lender.
Market participants are closely monitoring corporate earnings and global economic cues amid ongoing volatility in Indian equities.
(with PTI inputs)
Updated 11:28 IST, July 11th 2024