Equity benchmark Sensex concluded the day in negative territory on August 1, influenced by the selling of stocks in major indices like Reliance Industries, Powergrid, and ICICI Bank. This was accompanied by a mixed trend in global equity markets, leading to caution among investors. Furthermore, continuous foreign fund outflows also contributed to the decline in investor sentiment.”
However, the decline was limited by strong buying in HDFC Bank, Infosys, NTPC, and TCS. The 30-share BSE Sensex experienced high volatility, ultimately ending with a decline of 68.36 points or 0.10 percent at 66,459.31. Throughout the day, it reached a high of 66,658.12 and a low of 66,388.26.
The NSE Nifty also recorded a decline of 20.25 points or 0.10 percent, settling at 19,733.55.
“Investors displayed caution as the markets exhibited a range-bound trend and ended marginally lower ahead of the RBI’s upcoming monetary policy announcement. Considering the rapid pace of the recent rally and the expensive valuations, the markets will continue to monitor global cues and engage in selective profit-taking while maintaining an overall bullish undertone,” stated Shrikant Chouhan, Head of Research (Retail) at Kotak Securities Ltd.
Powergrid experienced a decline of over 5 percent on the Sensex chart, followed by Bajaj Finserv, IndusInd Bank, State Bank of India, Reliance Industries, Maruti, Asian Paints, Larsen & Toubro, and Bajaj Finance. Powergrid reported a decline of over 5 percent in consolidated net profit for the quarter ended June 2023.
In contrast, NTPC, Tech Mahindra, HCL Technologies, Mahindra & Mahindra, Axis Bank, Tata Consultancy Services, Infosys, and JSW Steel were the biggest gainers. In the broader market, the BSE midcap gauge declined by 0.23 percent, while the smallcap index climbed 0.50 percent.
Market Slowed Down After a Positive Start
The market opened on a positive note but showed intraday zig-zag movements within a narrow range for the majority of the session, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Among the indices, realty fell by 1.78 percent, services declined by 0.48 percent, power (0.32 percent), FMCG (0.21 percent), and oil & gas (0.17 percent). On the other hand, IT witnessed a jump of 1.02 percent, teck climbed 0.79 percent, metal (0.75 percent), and commodities (0.59 percent).
Asian and US Markets Performance
In Asian markets, Seoul and Tokyo ended with gains, while Hong Kong and Shanghai settled lower. European markets were trading lower as well. On Monday, the US markets closed in the green. A monthly survey revealed that manufacturing sector activities in India moderated for the second consecutive month in July, with a slight easing in the rates of expansion in output and new orders.
The global oil benchmark, Brent crude, decreased by 0.49 percent to USD 85.01 per barrel. Foreign Institutional Investors (FIIs) sold equities worth Rs 701.17 crore on Monday, according to exchange data. Gross GST collection rose by 11 percent to over Rs 1.65 lakh crore in July, surpassing the Rs 1.6 lakh crore mark for the fifth time since the introduction of the indirect tax regime.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
