After opening the day marginally higher, Indian share markets reversed early gains and fell sharply in the final hour, and ended the day lower.

Benchmark indices ended in red dragged by information technology (IT) stocks ahead of Tata Consultancy Services and HCL Tech's quarterly results, and as caution prevailed ahead of domestic and US inflation data.

At the closing bell, the BSE Sensex stood lower by 223 points (down 0.3%).

Meanwhile, the NSE Nifty closed down by 55 points (down 0.3%).

ONGC and Eicher Motors were among the top gainers today.

Adani Enterprises and BPCL on the other hand, were among the top losers today.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

The SGX Nifty was trading at 19,452, up by 85 points, at the time of writing.

Broader markets ended higher. The BSE Midcap index and BSE SmallCap ended 0.5% higher.

Sectoral indices ended on a mixed note with stocks in the realty sector and FMCG sector witnessing most of the buying.

On the other hand, stocks from the IT sector and telecom sector witnessed selling pressure.

Shares of MRF and ABB India hit their 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian stock markets ended on a mixed note. The Nikkei ended lower by 0.8%, while the Hang Seng ended 1.1% higher. The Shanghai Composite ended 0.8% lower.

The rupee is trading at 82.24 against the US$.

Gold prices for the latest contract on MCX are trading marginally lower at Rs 58,747per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are marginally higher at Rs 71,222 per kg.
 

Delta Corporation's share price tanks 27%. Here's why.

In news from the smallcap space, Delta Corporation's share price cracked nearly 28% on Wednesday, recording its biggest single-day fall ever after the GST Council levied a 28% uniform GST on online gaming, casinos, and horse racing.

The stock opened at a 10% lower circuit of Rs 222.15 apiece on the BSE but then continued its downfall to hit an intraday low of Rs 178.20 apiece.

The Goods and Services Tax (GST) Council on 11 July levied a 28% uniform GST on online gaming, horse racing, and casinos on the full value of the bets, which is expected to be negative for the online gaming and casino industry.

The GST Council decision had a knee-jerk reaction on Delta Corp shares.

However, the company is the only listed player in the casino industry and has the pricing power to pass on the cost to customers. Its business is expected to grow despite the high GST rate.

Incorporated in 1990 as a textiles and real estate consultancy company and has evolved into diversified segments like casino gaming, online gaming, hospitality, and real estate.

Over the month, shares of the company have eroded 24% of its value.

Adani Enterprises Raises Rs 12.5 billion 

Moving on to news from the bluechip space, Adani Enterprises shares declined over 1% today, a day after the company announced that it has raised Rs 12.5 bn through allotment of non-convertible debentures (NCDs).

NCDs are a type of debt instrument issued by corporations or government entities to raise capital.

They are called non-convertible because they cannot be converted into equity shares of the issuing company. These are sold as fixed-income investment instruments.

The company has raised Rs 12.5 bn by allotment of 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of a face value of Rs 100,000 each on a private placement basis.

Billionaire Gautam Adani has generated US$ 1.38 bn (approximately Rs 113 bn) through the sale of stakes in three companies within his conglomerate. This recent transaction adds to the total capital raised over four years, which now amounts to US$ 9 bn. The Adani Group continues to attract investment from a diverse range of investors.
 

Lupin shares hit 52-week high after USFDA nod

Moving on to news from the pharma sector, shares of Lupin touched a 52-week high of Rs 934.9, gaining 2% after the company received an establishment inspection report (EIR) from the USFDA.

Lupin has received the establishment inspection report (EIR) from the United States Food and Drug Administration (USFDA) for its Pithampur Unit-2 manufacturing facility that manufactures oral solids and ophthalmic dosage forms.

The EIR was issued post the last inspection of the facility conducted from 21 March to 29 March 2023.

The USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI).

On 4 July the company received tentative approval from the USFDA for its abbreviated new drug application (ANDA), Dolutegravir tablets for oral suspension, 5 mg.

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