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Sensex Slides as RIL and ICICI Bank Weigh Down Market

Rajeshwari R by Rajeshwari R
August 12, 2024
in Business
Reading Time: 3 mins read
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Sensex Slides as RIL and ICICI Bank Weigh Down Market

Sensex Slides as RIL and ICICI Bank Weigh Down Market

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Indian Stock Indices Open Lower Amid Key Losers

Mumbai: Indian stock indices experienced a downturn on Monday, with major players such as Reliance Industries Limited (RIL) and ICICI Bank registering significant losses in early trading.

As of 9:48 a.m., the Sensex was down 325 points, or 0.41%, at 79,353, while the Nifty had fallen 115 points, or 0.47%, to 24,253. The overall market sentiment remains negative, with 1,078 shares advancing on the Bombay Stock Exchange (BSE) compared to 1,892 decliners.

The decline extends to midcap and smallcap stocks. The Nifty Midcap 100 index dropped 159 points, or 0.28%, to 57,105, and the Nifty Smallcap index fell by 16 points to 18,394.

Later in the day, the Centre will release crucial data on retail inflation for July and industrial production figures for June, which may influence market movements.

Sectoral indices reflect widespread losses, with all sectors except realty trading in the red. Key underperformers include auto, IT, PSU banks, metals, media, and energy.

In the Sensex, Asian Paints, JSW Steel, Tata Motors, Tech Mahindra, HDFC Bank, Sun Pharma, Maruti Suzuki, and Infosys are notable gainers. Conversely, NTPC, Power Grid, SBI, ICICI Bank, RIL, Nestle, HCL Tech, and TCS are among the major losers.

Foreign Institutional Investors (FIIs) were net buyers on August 9, purchasing equities worth Rs 406 crore, while Domestic Institutional Investors (DIIs) acquired equities worth Rs 3,979 crore on the same day.

Asian markets displayed mixed trends, with Tokyo, Bangkok, Seoul, and Hong Kong in positive territory, while Shanghai and Jakarta faced declines. The US markets closed positively on Friday. Brent crude is trading at $79.79 per barrel, and WTI crude at $77.09 per barrel.

Market experts suggest that both global and domestic factors will impact trading this week. Investors are anticipated to monitor US consumer data and core CPI numbers closely for indications of economic strength or weakness. The recent Hindenburg report is not expected to significantly affect the market, and the prevailing buy-on-dips strategy remains favorable.

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