August 6, 2024
New Delhi, India
Market Highlights
Indian stock markets ended the day on a downbeat note, extending losses for the third consecutive session. The Sensex fell by 166 points, while the Nifty dropped below the 24,000 mark. Financial stocks were major contributors to the decline, with significant losses observed in key sectors.
Indices Performance
- Sensex: Closed at 78,593,07 down by 166 points or 0.21%.
- Nifty 50: Ended at 23,992.55, down by 63.05 points or 0.26%.
- Nifty Bank: Fell by 343.80 points, or 0.69%.
The BSE midcap and smallcap indices both shed 0.5% each, reflecting broader market weakness.
Sector Performance
- Biggest Gainers: Britannia Industries saw a rise of 2.75% to 5,854.50.
- Biggest Losers: HDFC Life declined by 4.40% to 679.60.
- Best Performing Sector: Nifty IT gained 0.49%.
- Worst Performing Sector: Nifty PSU Bank fell by 1.26%.
Currency and Sector Highlights
Indian Rupee
The rupee reached a new record low, closing at 83.95 per dollar, compared to 83.84 on the previous day.
Sector Highlights
While the auto, bank, and oil & gas sectors saw declines of around 0.5%, sectors like IT, metal, and realty experienced modest gains of 0.3% to 0.8%.
Key Market Events
IPO and Stock Listings
- FirstCry: Opened its Rs 4,100 crore IPO for subscription.
- Akums Drugs: Listed at a 7% premium.
Market Recovery Attempts
Earlier in the day, Indian stocks had started positively, buoyed by a rebound in Asian markets and reassurances from U.S. central bank officials. However, the initial gains faded as the session progressed, leading to a flat close with a negative bias.
The Sensex’s third consecutive decline and the Nifty falling below 24,000 reflect ongoing market challenges, particularly in financials. With the Indian rupee hitting a new low and mixed sector performances, investors should stay vigilant and consider long-term strategies amidst current volatility.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
