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Sensex sinks 677pts, Nifty nears 19,500 amid global rout; all sectors bleed

CLOSING BELL on August 2, 2023: Equity markets roiled under global pressure on Wednesday after rating agency Fitch downgraded credit rating of the US

Bs_logoImageSI Reporter New Delhi
Bs_logobear market, sensex, nifty, loss, growth, investment

2 min read Last Updated : Aug 02 2023 | 4:08 PM IST

Key Events

4:08 PM

COMMENT:: Negative global news flow, FII selling dent sentiment

"The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from Eurozone and China, led to widespread worries across the globe. Additionally, prolonged FII selling, triggered by a rise in US bond yields, has disrupted the mood of the domestic market."
 
- Vinod Nair, Head of Research at Geojit Financial Services
 

4:06 PM

VIEW:: Nifty may weaken on fall below 19,500

"Nifty's recent slip below its consolidation indicates a bearish sentiment. The index has also dropped below the 21-EMA, reinforcing the bearish outlook. The RSI is signaling a bearish momentum for the future. On the downside, support is observed at 19,500, a decisive fall below 19,500 may create further negativity; while resistance is seen at 19,600."
 
- Rupak De, Senior Technical Analyst at LKP Securities

4:05 PM

VIEW:: Immediate resistance for Bank Nifty seen at 45,200

"The Bank Nifty index faced a bearish scenario as the bears took control, resulting in a breakdown from a rising trendline accompanied by increased trading volumes. Currently, the immediate resistance level for the index is at 45,200. If the index manages to break above this resistance, it could potentially trigger some buying activity in the market. On the downside, the index has the next support at 44,600 / 44,500 levels. If the index holds above this support zone, there is a possibility of witnessing some buying interest, leading the index towards the 45,000 level."
 
- Kunal Shah, Senior Technical Analyst at LKP Securities

4:03 PM

What does Fitch downgrade of US credit rating to AA+ mean for the markets?

The development caused a flutter across equity markets, with most leading frontline global equity indices trading weak on Wednesday. READ MORE


4:02 PM

Q1 Preview: Airtel ARPU may near Rs 200-mark; Voda to see muted subs churn

Bharti Airtel Q1 preview: On average, analysts expect Bharti Airtel's consolidated net profit to rise around 60 per cent year-on-year (YoY) to Rs 2,676 crore in Q1FY24. READ MORE


4:01 PM

Sun Pharma Q1 profit may be weighed by weak US specialty sales and Taro nos

Sun Pharma Q1 results: The company's Q1 net profit could dip fractionally by 0.15 per cent to Rs 2,058 crore against Rs 2,061 crore reported a year ago. READ MORE


4:00 PM

Campus Activewear slips 4%, dips below IPO price amid huge block deals

The stock crashed below its issue price of Rs 292 per share, as it hit a record low of Rs 282.45 on Wednesday. READ MORE


3:58 PM

GE Power gets LoI for contact worth of Rs 444 crore; stock surges 11%

Thus far in the financial year 2023-24, the stock has outperformed the market by zooming 82 per cent as against 12 per cent rise in the S&P BSE Sensex. READ MORE


3:56 PM

Escorts Kubota hits new high on strong Q1 results

With further advancement of monsoon across the country, adequate reservoir levels, better liquidity, and consumer credit availability, the management expects the demand momentum to improve. READ MORE


3:54 PM

Redington sinks 10% on weak June quarter results

Redington reported a 21.2 per cent year-on-year decline in consolidated net profit at Rs 248.8 crore in Q1FY24. Ebitda margin fell 100bps YoY to 2 per cent. READ MORE


3:53 PM

Sanghi Industries freezes at 5% upper circuit as Ambuja eyes buying majority stake

The acquisition would further strengthen the presence of Ambuja-ACC in the Western market (whose current share is 20 per cent), according to ICICI Securities. READ MORE


3:52 PM

Sula Vineyards plunges 8% on Rs 116-crore excise duty notice from Maha govt

The company said the order does not affect the existing business or the activities of the company. READ MORE


3:49 PM

Sectorwise Performance: Major indices end over 1% lower; Metal index sheds 2%


3:47 PM

Market breadth extremely negative; Over 2,300 shares declined vs 1,260 advancing stocks on the BSE


3:46 PM

BSE Smallcap Heatmap:: MPS zooms 20%, Man Inds 14%; Suryoday SFB slumps 11%


Topics :Stock MarketMARKET LIVEMARKET WRAPstock market tradingIndian marketsBSE NSEFII flowsDIIsCrude Oil PriceRupee vs dollarBuzzing stocksstocks to watchQ1 resultsMarkets Sensex Nifty

First Published: Aug 02 2023 | 7:19 AM IST