Share Market News July 24: Sensex, Nifty50 extend losses to 4th day in a row; financial, FMCG stocks worst hit

Domestic equity benchmarks fell on Wednesday, a day after Finance Minister Nirmala Sitharaman unveiled her historic seventh straight Budget in Parliament. Selling pressure in financial and FMCG stocks pulled the headline indices lower, although buying interest in energy shares lent some support. The Sensex ended  280.2 points, or 0.4 per cent, lower at 80,148.9 while the Nifty50 settled at 24,413.5, down 65.6 points, or 0.3 per cent, from its previous close - finishing weaker for the fourth session in a row.  

Here are 10 things to know about the July 24 session on Dalal Street:

• During the session, the Sensex tumbled as much as 678.5 points, or 0.8 per cent, to hit 79,750.5 on the downside, while the Nifty50 slipped to as low as 24,307.3, down 171.8 points, or 0.7 per cent, from its previous close, before recovering more than half of those losses by the closing bell. 

• At the end of the day's trade, Bajaj Finserv, Tata Consumer Products, Britannia, Axis Bank, Bajaj Finance, HUL and Kotak Mahindra Bank - closing between 1.4 per cent and 2.1 per cent lower - were the top losers in the Nifty50 basket. On the other hand, HDFC Life, Tech Mahindra, BPCL, NTPC, Tata Motors, SBI Life and ONGC - closing between 2.2 per cent and 4.4 per cent higher - rose the most among the 20 gainers in the 50-scrip pack. 

• HDFC Bank, Axis Bank, SBI, HUL and ICICI Bank were the biggest drags on the Sensex.

• HUL shares recovered almost half their intraday losses to end 1.8 per cent lower for the day at Rs 2,716.8 apiece on BSE, a day after the FMCG giant staged a strong quarterly financial performance.   

• Bajaj Finance shares ended 1.8 per cent lower at Rs 6,610.1 apiece on BSE after the NBFC reported a set of earnings that fell short of analysts' expectations. 

• ICICI Prudential Life Insurance shares surged 8.8 per cent to close at Rs 693.9 apiece after the private sector life insurer logged an 8.6 per cent increase in its standalone profit for the June quarter.  

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• Broader indices outperformed the headline gauges, with the Nifty Midcap 100 and the Nifty Smallcap 100 closing 1.0 per cent and 1.8 per cent higher, respectively. 

• Overall market breadth was extremely positive, with an advance-decline ratio of 13:5 as 2,802 stocks rose while 1,094 fell on BSE.   

• Investors awaited more corporate results from India Inc for domestic cues.
• Axis Bank, Larsen & Toubro and SBI Life were scheduled to report their financial results later in the day, whereas companies such as Ashok Leyland, Canara Bank, Nestle India, Tech Mahindra, Bandhan Bank, Power Grid, SBI Card, Dr Reddy's, and DLF were set to release their earnings reports in the same week.

​Catch highlights of the July 24 session on Dalal Street here. For all other news related to business, market, tech and auto, visit Zeebiz.com.