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Sensex and Nifty Decline in Early Trade Amid Weak Global Cues

Rajeshwari R by Rajeshwari R
August 2, 2024
in Business
Reading Time: 5 mins read
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Sensex and Nifty Decline in Early Trade Amid Weak Global Cues

Sensex and Nifty Decline in Early Trade Amid Weak Global Cues

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Mumbai Equity Indices Tumble as Profit-Taking and Global Trends Weigh on Markets

In early trade on Friday, Mumbai’s benchmark equity indices experienced a notable decline as investors sought to capitalize on recent record-breaking rallies. The Sensex and Nifty indices fell sharply, driven by a combination of profit-taking activities and adverse global cues.

Market Overview:

  • Sensex: The 30-share BSE Sensex plunged by 640.13 points, trading at 81,227.42.
  • Nifty: The NSE Nifty declined by 271.40 points, settling at 24,739.50.

Both indices experienced losses of up to 1 percent during early transactions, reflecting a broader trend of market pullbacks.

Sectoral and Stock Performance:

Bellwether stocks, including Reliance and ICICI Bank, saw significant selling pressure, further dampening investor sentiment. Key laggards from the Sensex pack included:

  • Tata Motors
  • Maruti Suzuki India
  • Tata Steel
  • JSW Steel
  • Larsen & Toubro
  • Adani Ports
  • Tech Mahindra
  • NTPC

Conversely, some stocks managed to post gains, with notable performers including:

  • HDFC Bank
  • Hindustan Unilever
  • Asian Paints
  • Nestle India
  • ITC

Market Sentiment and Expert Opinion:

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the situation, stating, “The rally in India has been sustained more by money flows into the market than by fundamentals. Without fundamental support, the rally cannot sustain. It remains to be seen whether the buy-on-dips strategy will work this time too. Given the high valuations, some profit booking, particularly in mid and small caps, might be prudent.”

Global and Domestic Influences:

  • Global Oil Prices: Brent crude oil prices rose by 0.78 percent to USD 80.14 per barrel.
  • Asian Markets: Tokyo, Shanghai, Hong Kong, and Seoul experienced declines.
  • US Market: The US stock market closed lower on Thursday following a record rally.

On a positive note, foreign institutional investors continued to show confidence, purchasing equities worth Rs 2,089.28 crore in the capital markets on Thursday.

Economic Data:

  • Manufacturing Sector: A monthly survey indicated a slight easing in India’s manufacturing sector growth in July, attributed to softer increases in new orders and output. The survey also highlighted the steepest rise in selling prices since October 2013 due to cost pressures and demand strength.
  • GST Collections: The government’s GST collections for July rose by 10.3 percent to over Rs 1.82 lakh crore, primarily driven by domestic transactions in goods and services.

As market dynamics continue to evolve, investors are advised to stay informed and consider both domestic and global economic indicators in their decision-making processes.

Tags: Mumbai EquityNiftySensexstock marketTOP

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