The Nifty fell below its 10-day moving average (DMA) placed at 9992.55. The 20 DMA is placed at 9547.68, which could act as near-term support level.
Selling pressure was broad based. The S&P BSE Mid-Cap index tumbled 1.44% while the S&P BSE Small-Cap index fell 0.94%.
The market breadth negative. On the BSE, shares 1,021 rose and 1,443 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 6 stocks advanced while 44 stocks declined.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 5.788% compared with previous closing of 5.772% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower to 75.79 compared with its previous closing 75.5975.
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In the commodities market, Brent crude for August 2020 settlement was down $1.23 to $40.5 a barrel. The contract rose 1.34% to settle at $41.73 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement surged 1.18% to Rs 47,175.
Buzzing Index:
The Nifty Metal index slumped 1.5% to 1,980.35. The index is down 3.38% in four days.
Hindalco Industries (down 2.31%), Tata Steel (down 2.28%), JSW Steel (down 1.88%), Steel Authority of India (down 1.74%), Vedanta (down 1.51%), Coal India (down 1.03%), National Aluminium Company (down 0.93%) and NMDC (down 0.89%) were top losers in metal segment.
Stocks in Spotlight:
Auto stocks were in spotlight after registration of vehicles across India fell 88.9% year-on-year in May as the COVID-19 lockdown remained in place across large parts of the country, the Federation of Automobile Dealers Associations (FADA) said. Total registration of vehicles across India slumped 88.87% to 2,02,697 units in May 2020 from 18,21,650 units in May 2019. On a year-on-year (YoY) basis, all vehicle categories register unprecedented de-growth: registration in the two-wheeler fell by 88.8%, three-wheeler by 96.34%, commercial vehicles by 96.63%, passenger vehicles by 86.97% and tractors by 75.58%, respectively.
TVS Motor Company (down 2.46%), Maruti Suzuki India (down 2.3%), Ashok Leyland (down 2.09%), Tata Motors (down 1.7%), Atul Auto (down 1.48%), Eicher Motors (down 1.35%) and Escorts (down 1%) were top losers in automobile segment.
Shree Cement was down 1.01%. The cement maker said that CARE Ratings has reaffirmed rating for the company's commercial paper worth Rs 600 crore at A1+.
ONGC declined 1.25% after Moody's Investors Service downgraded long term issuer ratings of the company from Baa2 to Baa3.
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