FIRST TRADE: Indices slip; Sensex down over 550 pts, Nifty near 24,250; SBI Life up over 2%, L&T up over 1%, Axis Bank down over 4%

Stock market today: Indian shares of Thursday, July 25, began session in the negative territory amid soured investor sentiment after the government's tax hikes on equity investment gains and derivating trading. At the last count, Sensex was down 473.45 points or 0.59 per cent at 79,675.43 and Nifty slipped 153.05 points or 0.63 per cent at 24,260.45. 

"Global cues have turned distinctly negative with a sharp 3.64 per cent cut in Nasdaq, which is the worst cut in 2024. The tech stocks that have been driving the rally in the US are facing the brunt of selling due to worse-than-expected results and news. In India, too, sentiments have turned a bit negative regarding the budget proposals to raise the capital gains tax. More importantly, there are signs of deceleration in corporate earnings after the impressive 24 per cent growth in Nifty earnings in FY24," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added the excessive valuations in certain segments in the broader market are unlikely to sustain despite the irrational exuberance of retail investors.

Further, as per him, the disconnect between earnings and market prices in the broader market has been driven by the sustained fund flows into these segments and irrationally enthusiastic retail buying. 

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in red. Last see, high-beta Nifty Bank was down 1.09 per cent at 50,757.6.

BUZZING STOCKS

L&T shares were up over 1 per cent after the company reported better-than-estimate Q1 results.

SBI Life shares were up over 2 per cent despite company posting in-line Q1 numbers.

IEX shares were up over 1 per cent after the company posted in-line Q1 results.

Conversely, Axis Bank shares were down over 5 per cent after the company reported weak Q1 results. 

IGL shares were down over 2 per cent despite the company reporting better-than-estimated Q1 numbers.

JSPL shares were down over 3 per cent after the company reported in-line Q1 numbers 

RBL Bank shares were down over 2 per cent after reports indicate a block deal is likely. 

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