Sensex and Nifty fall as Titan falters; small and mid-cap stocks reach all-time highs

Titan's Decline Pushes Sensex and Nifty Down as Small and Mid-cap Stocks Soar to Record Levels

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: July 08, 2024

Summary: As of 10:45 am, the S&P BSE Sensex was down 0.14% to 79,880.71 points, while the NSE Nifty 50 fell 0.11% to 24,297 points.

Stock Market News: Benchmark indices fell slightly on Monday as Titan, a well-known watch and jewelry manufacturer, caused the markets to decline after reporting a poor quarter's worth of sales growth. Small- and mid-cap equities, on the other hand, kept rising due to strong retail investments.

As of 10:45 am, the S&P BSE Sensex dropped 0.14 percent to 79,880.71 points, while the NSE Nifty 50 was down 0.11 percent to 24,297 points.

With gains of 0.5% and 0.3%, respectively, the small-cap and mid-cap indices continued their upward trend to hit new all-time highs. These indexes have risen by about 25% so far this year, surpassing the boost of 12% for the Nifty 50.

Chief Executive of Esquire Capital Investment Advisors Samrat Dasgupta stated, "Quarterly results will be the main focus," citing consistent retail inflows into mutual funds as a key factor supporting small and mid-cap equities.

Titan had a 4.2% decrease after revealing its worst quarterly revenue growth in the previous two years. Following Friday's market closing, the company presented its June quarter business report, which ranked it as the Nifty 50 index's biggest percentage drop.

Undoubtedly, as a result of better first-quarter revenue growth, consumer companies including Dabur, Marico, and Adani Wilmar witnessed an increase ranging from 2.5 to 6 percent, which helped to raise the consumer index by 1.3 percent.

The bank index fell 0.4% in sectoral performance, while state-owned lenders eased by 0.8%. After revealing muted loan growth for the June quarter, the Bank of Baroda saw a 3.5% decrease.

Due to increased production and stable demand, Tata Motors experienced a 2% boost after its subsidiary JLR reported stronger factory and retail volumes in the June quarter. This made Tata Motors the top gainer on the Nifty 50.

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