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    Home - Business - NIFTY 50 and SENSEX Drop Over 2.6%
    Business

    NIFTY 50 and SENSEX Drop Over 2.6%

    By Bharti ChauhanNo Comments2 Mins ReadAugust 7, 2024
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    NIFTY 50 and SENSEX Drop Over 2.6%
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    Due to the weight of index heavyweights like Reliance Industries and HDFC Bank, Indian stock benchmark indexes concluded Monday’s session at a level below that of the previous month. Early in the trading day, amid a widespread sell-off in global markets, bears controlled the market.

    Investors around the globe are rushing to unwind transactions as a result of the collapse of the yen carry trade. Major overseas markets had notable declines on Monday. All three of the main indices—Japan, Taiwan, and South Korea—saw negative swings throughout the Monday trading session.

    NIFTY 50 and SENSEX fell 2.68% and 2.74%, respectively, at the close of the day. The fall in the broad market indices was harsher; the Midcap 100 and Smallcap 100 indexes plummeted 3.55% and 4.57%, respectively.

    The NIFTY 50 index has had a sharp decline of almost 3% over the past two trading sessions, and it is currently trading closer to its 50-DMA. The 50-DMA is currently around 23,862, which may act as a crucial short-term support level for the index. 

    NIFTY 50 and SENSEX Drop Over 2.6%

    45 stocks fell and 5 stocks rose in the NIFTY 50 market. The biggest gainers were HDFC Life (+0.21%), Britannia (+0.51%), Nestle India (+0.68%), Hindustan Unilever (+1.02%), and Tata Consumers (+0.70%). Tata Motors(-7.40%), ONGC(-6.39%), Adani Ports(-5.92%), Tata Steel(-5.61%), and Hindalco(-5.25%) were among the laggards.

    Regarding the NIFTY 50 index pullers and draggers, the only pullers of the day were HDFC Life (+0.36 points), Tata Consumers (+1.23 points), Nestle India (+1.36 points), and Hindustan Unilever (+5.54 points). Reliance (-78.55 points), HDFC Bank (-73.44 points), Infosys (-56.99 points), ICICI Bank (-39.31 points), and L&T (-35.87 points) were the draggers.

    The whole market ended the day lower than it started. The Nifty Smallcap 100 index fell by -4.57%, while the Nifty Midcap 100 index fell by -3.55%. On Monday, the number of decreasing stocks exceeded the number of advancing stocks, resulting in a very thin market breadth. Every sectoral index finished in the red. NIFTY Metal (-4.85%), NIFTY Media (-4.58%), and NIFTY Realty (-4.32%) were the top three losers.

    Asian markets are still losing ground. On Monday, the Nikkei 225 in Japan fell more than -13%. The Shanghai index ended the day down -1.54%, the Kospi index down -8.77%, and the Hang Seng fell -1.48%. The Dow Jones Futures were down -709 points at 39,170 at 3:44 PM.

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    Bharti Chauhan
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