MARKET UPDATE:Sensex dips 250 points to 37,880 levels, and Nifty below 11,200
Published On: Friday, July 24, 2020 | By: Team KnowMyStock
The Indian markets slipped half a percent today(24th July 2020), dragged down primarily by financials, due to weak global cues. The S&P BSE Sensex dipped 270 points to 37,880 levels and the Nifty50 index was hovering around 11,150-mark. Asian Paints and State Bank of India (both down 2%) were the top Sensex laggards. On the other hand, Sun Pharma rose as much as 3 percent in early deals, and Reliance Industries was also trading 1 percent higher on reports that Amazon is in talks to buy a 9.9 percent stake in its retail arm. Meanwhile, Biocon was trading with marginal gains after announcing its June quarter results while Mphasis rose over 5 percent after announcing its quarterly numbers. Barring the Nifty Pharma index, which is up 1 percent, the trend among Nifty sectoral indices was negative, led by the Nifty Bank index, down over 1 percent.
Seventy-one companies including ITC, Asian Paints, and Ambuja Cements are scheduled to announce their quarterly results. For ITC, a steep decline in its cigarette and hotel businesses due to the disruptions caused by the Covid-19 pandemic is expected to dent the June quarter earnings.
Tags: Indian market Sensex Nifty
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