Top gainers, losers today: Tata Motors, Titan, M&M, Powergrid, IndusInd Bank; check full list here
equity market snapped its winning streak and suffered strong losses on Friday, July 7, as investors jumped to take some money off the table amid weak global cues. Concerns over rate hikes grew stronger amid strong US macro data. US economic data showed that the world's largest economy remains strong despite a series of rate hikes by the US Fed.
Investors now fear that the Fed will raise rates later this month and keep them at elevated levels for a longer-than-expected period to bring inflation sustainably down. Sensex opened at 65,559.41 against the previous close of 65,785.64 and hit its fresh record high of 65,898.98 but it slipped into the red soon, plunging 610 points to hit the intraday low of 65,175.74. The 30-share index closed with a loss of 505 points, or 0.77 per cent, at 65,280.45 while the Nifty fell 166 points, or 0.85 per cent, to close at 19,331.80. Nifty also hit its fresh all-time high of 19,523.60 in intraday trade today.
The BSE Midcap index hit its fresh record high of 29,248.76 but ended with a loss of 0.76 per cent at 28,999.02. Similarly, the BSE Smallcap index hit its record high of 33,358.31 in intraday trade but ended 0.28 per cent lower at 33,129.41. Shares of Tata Motors jumped nearly four per cent to hit a 52-week record high at ₹624.65 on Friday after the company reported strong Jaguar-Land Rover sales during the quarter ended June 2023.
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