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Stock Market Highlights, August 2: Sensex plunges 886 pts, Nifty ends near 24,700; Auto, IT fall

Stock Market Highlights on Friday, August 2, 2024:42 out of the 50 constituent stocks on Nifty50 ended in the red, with Eicher Motors, Tata Motors, Maruti Suzuki, and JSW Steel being the top laggards

SI Reporter New Delhi
bear market down

2 min read Last Updated : Aug 02 2024 | 3:58 PM IST

Key Events

3:58 PM

Tech View :: 'Nifty saw lack of follow-through buying, can fall up to 24,550'

Nifty50
On the daily charts, we can observe that the Nifty has closed be low of the last four trading sessions. There was a breakout failure as Nifty did not witness follow through buying interest on the upside.

We expect the Nifty to retrace towards 24,600 – 24,550 where support in the form of 20-day moving average and 38.2% fibonacci retracement level. On the upside, 24,820 – 24,850 is the immediate resistance.
 
Bank Nifty
Bank Nifty consolidated around the 40 day moving average (51,318) and hence the fall was less intense as compared to Nifty. The Bank Nifty has been underperforming and can continue to do so. On the weekly chart, the Bank Nifty has formed an Inside Bar pattern and thus making the extremes 52,550 – 50,440 crucial levels to watch out for over the next few trading sessions. A range breakout shall decide the further trend hereon. Thus, shall maintain our rangebound outlook for the Bank Nifty.

Views by:  Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:42 PM

Comment :: Why did stock markets fall today, Aug 2?

The domestic market saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers for further upward movement. Q1FY25 earnings have been lackluster so far, while broader market valuations remain significantly high.

Meanwhile, despite the US Fed hinting at a rate cut in September, global markets are consolidating as this move has already been priced in. Additionally, weak earnings from the US IT sector, a potential rise in unemployment, the possibility of further rate hikes by the BOJ, and a slowdown in China's growth are all dampening market sentiment.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:41 PM

Currency Check :: Rupee ends at record low level of 83.75/$

3:39 PM

Broader markets :: Mid, SmallCap indices slip up to 1.2%

3:37 PM

Sectoral trends :: Realty index drops 3.5%, Auto, IT, Metals over 2% each

3:36 PM

Sensex Heatmap :: Only 5 stocks manage to scalp gains, HDFC Bank, Sun Pharma lead

3:34 PM

Stock Market Closing Bell :: Nifty ends near 24,700

3:33 PM

Stock Market Closing Bell :: Sensex sheds 885 pts pressured by global selling, TaMo, Maruti

3:26 PM

Adani Wilmar surges 10% as Adani Ent to demerge food-FMCG biz to company

The food FMCG business has become self-sustained, performing well, and is poised for further growth under Adani Wilmar. For Adani Enterprises Ltd, this arrangement will not only unlock the value for shareholders but also allow focused strategy for sustainable growth in its incubating businesses, AEL said in a media release. READ MORE

3:13 PM

Stock Market Update : Sensex at day's low, down over 900 pts

3:01 PM

ALERT:: UPL posts loss in Q1; stock slips 3%

UPL in an exchange filing on Friday reported a net loss of Rs 384 crore for the quarter ended June 2024. The company had posted a profit of Rs 166 crore in the corresponding quarter a year ago. Revenue from operations grew by 1 per cent YoY to Rs 9,067 crore from Rs 8,963 crore.\


2:53 PM

ALERT:: Hindustan Zinc Q1 net up 20%; stock marginally in red

Hindustan Zinc in an exchange filing on Friday posted 19.7 per cent growth in Q1FY25 net profit at Rs 2,358 crore when compared with Rs 1,970 crore in Q1FY24. Total income increased by 11.1 per cent YoY to Rs 8,407 crore from Rs 7,569 crore.


2:45 PM

Shakti Pumps shares locked in 5% upper circuit on Rs 558 crore-order win

The uptick in stock price came after the company announced that it has secured Letter of Intent (LoI) for an order worth Rs 558.16 crore from Department of Agriculture, Uttar Pradesh. READ MORE

2:37 PM

Joe Biden tells Netanyahu to accept cease-fire in 'very direct' call

Iran and Hezbollah have vowed revenge against Israel, with Tehran ordering its security forces to assess options for attacking the Jewish state. READ MORE

2:30 PM

This Mukul Agrawal-owned stock crossed Rs 10,000-mark; up 725% in 2 years

Neuland Laboratories hit a new high of Rs 11,093.15, as the stock rallied 18% on the BSE in Friday's intra-day trade on the back of robust earnings for June 2024 quarter. READ MORE

Stock Markets highlights on Friday, August 02: Benchmark equity indices - the BSE Sensex and the NSE Nifty50 - ended the week's last trading session in the negative territory amidst weak global cues. Sensex plunged 885.6 points or 1.08 per cent to 80,982, while Nifty50 gave up the 25,000 levels to settle at 24,717, down 293 points or 1.17 per cent.

42 out of the 50 constituent stocks on Nifty50 ended in the red. Eicher Motors, Tata Motors, Maruti Suzuki India, and JSW Steel were the top laggards, falling up to 5 per cent. Divis Labs, HDFC Bank, Dr Reddy's Labs, Sun Pharma, and Britannia Industries, on the other hand, were the top gainers on the index. 

On the BSE, Maruti Suzuki India, Tata Motors, JSW Steel, and Larsen & Toubro were the top losers, while HDFC Bank, Sun Pharma, and Nestle India managed to settle with some gains. 

Broader indices settled in the red, too, with the gauge for mid-cap shares being the worst hit.

Among the sectors, the Nifty Realty, Auto, IT, and Metal indices were the top losers, with losses in the range of 2-3 per cent. On the contrary, Pharma and Healthcare shares eke out to end with some gains.

Topics :MARKET WRAPMARKET LIVEstock market tradingMarkets Sensex NiftyBSE NSENSE Nifty50 benchmark indexIndian stock exchangesIndian stocksGift NiftynikkeiS&P Dow JonesDow JonesMarket sell offUS marketsFed meet

First Published: Aug 02 2024 | 7:04 AM IST

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