Stock market today: The benchmark indices, S&P BSE Sensex and NSE Nifty, ended lower on July 12 as investors turned jittery ahead of the start of the June quarter (Q1FY24) earnings season. Both TCS and HCL Tech are slated to announce their Q1 earnings today. Besides, investors were also cautious ahead of US inflation data due to be released today.

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At close, the S&P BSE Sensex stood at 65,393.90, down 224 points, or 0.34 per cent while the NSE's Nifty ended at 19,384.30, down 55 points, or 0.28 per cent.

Six of the 13 major sectoral indexes logged gains, with public sector banks rising 0.83 per cent. 

The high-weightage IT sector fell 0.71 per cent and was the top sectoral loser, ahead of first-quarter results from Tata Consultancy Services and HCLTech due after market hours. Several brokerages have warned of a muted quarter for the IT sector as clients in the United States and Europe, two of the sector's largest markets, cut spending.

"From here on, any runaway rally is unlikely, especially with rising concerns over food inflation due to uneven monsoons," said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.

"Advise investors to be cautious and utilise a buy-the-dip approach. The Nifty 50 has strong support near 18,900-19,100 levels, but the gains could be capped due to elevated valuations."

The Nifty 50 and Sensex have both risen over 11% so far in fiscal 2024.

With inputs from Reuters