Sensex & Nifty Points Analysis
Indian benchmark indices opened sharply lower today, reflecting weak global cues amid rising concerns over economic conditions. The BSE Sensex plunged 2,393.77 points to 78,588.19, while the NSE Nifty fell 414.85 points to 24,302.85. The global landscape remains volatile, particularly influenced by a steep decline in the Japanese Nikkei, which has dropped over 6%, compounding fears of a recession in developed economies. By midday, the Sensex had further declined by 2,254.67 points to 78,727.28, with the Nifty down 672.55 points to 24,045.15.
Market Dynamics News
Several factors are contributing to the current market dynamics:
- The RBI’s interest rate decision on August 8 is being closely monitored, with macroeconomic data and global trends playing critical roles.
- Foreign Portfolio Investors (FPIs) exhibited caution at the start of August, selling ₹1,027 crore in equities after significant inflows in July.
- Concerns regarding the unwinding of the yen carry trade and geopolitical tensions are further exacerbating market volatility. Additionally, recent weak US job data has increased expectations for a Federal Reserve rate cut in September.
- In commodities, crude oil futures have risen amid escalating tensions in West Asia, with October Brent oil futures up 0.36% to $77.09.
Major Gainers and Losers
Top Gainers on NSE (at 9:30 AM):
- Sun Pharma: +0.75%
- Britannia: +0.69%
Top Losers on NSE (at 9:30 AM):
- Hindalco: -4.69%
- Tata Motors: -4.55%
- Shriram Finance: -4.33%
- ONGC: -4.26%
- Adani Ports: -3.90%
Top Gainers on NSE (at 12 PM):
- Britannia: +1.75%
- Hindustan Unilever: +0.91%
- Tata Consumer Products: +0.34%
Top Losers on NSE (at 12 PM):
- Tata Motors: -5.67%
- ONGC: -5.48%
- Adani Ports: -5.29%
- Tata Steel: -5.02%
- Infosys: -4.86%
As of the latest update, HDFC Life is facing a decline of 1.7% following a GST notice, while JSW Energy has received an A rating for ESG from MSCI but still trades down by 3.79%.
