Sensex and Nifty closed significantly lower on Tuesday. The BSE Sensex plummeted 692.89 points, or 0.87 per cent, to close at 78,956.03, while the Nifty fell 208 points, or 0.85 per cent, to end at 24,139. The day began with marginal losses, with the Sensex opening at 79,552.51 and the Nifty at 24,342.35. However, selling pressure intensified throughout the trading session, leading to steeper declines by the closing bell. According to analysts, lacklustre IIP data in the major manufacturing sector and unabated selling by FIIs weakened the sentiment. Provisional data at exchanges reveals that FPIs sold shares worth₹2,107.17 crore on Tuesday.Ajit Mishra – SVP, Research, Religare Broking, said the markets continued their downward trend, losing nearly a per cent as the correction phase persisted. Despite a flat start, the Nifty gradually declined, closing near the day’s low at 24,140.70. The pressure was primarily due to a drop in banking and financial heavyweights, while IT majors attempted to limit the losses. Broader indices also struggled, with declines ranging from 0.8 per cent to 1.3 per cent, he added. Market breadth was decisively negative, with 2,657 stocks declining compared to 1,282 advances on the BSE.
Gainers, laggards
Among the Sensex stocks, HDFC Bank was the worst performer by declining over 3 per cent. Tata Steel, Bajaj Finance, State Bank of India, Tata Motors and Power Grid were the losers. However, Titan, HCL Tech, Nestle, Sun Pharma, Reliance and Mahindra & Mahindra were the gainers.In the broader market, top gainers included Triveni Turbine (12.40 per cent), followed by Kaynes Technology India (9.27 per cent), Olectra Greentech (7.09 per cent), Sarda Energy & Minerals (6.77 per cent) and Blue Star (6.04 per cent). The major losers included Aarti Industries, (15.47 per cent), Hindustan Oil Exploration Co (13.43 per cent), Coffee Day (12.84 per cent), CarTrade Tech (8.48 per cent) and Thirumalai Chemicals (7.11 per cent).The market’s performance reflected mixed global cues and recent domestic economic data. The decline in both Sensex and Nifty indicates growing investor caution and potential concerns about economic factors or global market trends, said analysts.. Domestic equities succumbed to global headwinds surrounding geopolitical uncertainty and cautiousness ahead of US inflation data, said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services . Healthy macro data back home failed to provide the much-needed support. “We expect the market to continue its consolidation mode due to the lack of any major positive trigger. However, investors should use this dip as a buying opportunity in quality stocks, especially large-cap where valuations are still comfortable,” he added.In the broader market, the BSE Smallcap declined 1.16 per cent and the Midcap 0.98 per cent. Among the sectoral indices, except consumer durables, all others, led by Commodities ended in the red. SHARE
Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on August 13, 2024
https://www.thehindubusinessline.com/markets/sensex-and-nifty-tumble-as-bearish-sentiment-prevails/article68520056.ece
