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Stock Market Highlights, Aug 5: Sensex tanks 2,223 points; Nifty ends near 24,050 amid global rout

Stock Market Highlights today, August 5: Bears took over as 45 out of the 50 listed stocks on Nifty50 posted a negative closing, with Tata Motors, and ONGC being the top laggards

SI Reporter New Delhi
Market, Stock Market, BSE, NSE, NIfty

2 min read Last Updated : Aug 05 2024 | 4:11 PM IST

Key Events

3:56 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
The Nifty has breached below the budget day low of 24,075 and hence violating the uptrend. It has decisively closed below the 20-day moving average (24,575) indicating weakness. We believe that the Nifty is in the process of retracing the rally it witnessed from 21,280 – 25,078. Crucial Fibonacci retracement level is placed at 23,628 and 23,280 is the 20-week moving average. On the upside immediate hurdle is placed at 24,300 – 24,350.
 
Bank Nifty
The bank Nifty has also breached and closed below the previous swing low of 50440 suggesting continuation of the fall and is likely to drift lower towards 47,650 – 47,500 where the 200-day moving average is placed. The 20 week moving average is placed at 49,800, which can provide some relief however rallies towards 50,400 – 50,500 should be used as a selling opportunity.

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

3:47 PM

Comment :: 'Eyeing 23,250-23,400 zone as key support for Nifty'

We may see continued volatile swings with a negative bias due to multiple global headwinds, including the unwinding of Yen carry trades, recession fears in the US, and escalating tensions in the Middle East.

On the index front, we are eyeing the 23,250-23,400 zone as key support for Nifty, while the 24,500-24,700 zone will act as resistance in the event of a rebound.

Traders should align their positions accordingly and prefer a hedged approach. Investors, on the other hand, should view this correction as an opportunity to accumulate quality stocks on dips.

Views by:  Ajit Mishra – SVP, Research, Religare Broking

3:46 PM

Comment :: What all happened in the markets today?

The global market was jolted into a cautious mode by recessionary fears in the US following disappointing job statistics and an unwinding of carry trade following the rapid rise of the yen. The effects were felt by the domestic market as well and is expected to impact in the near-term. Nevertheless, the market showed resilience at day's low and recovered to close above 24,000.

Historically, the Indian market had showcased a solid track record of outperformance compared to the global market, in the long-term. This trend is expected to stay as GDP growth is forecast to be robust for the decade aided by progressive policies, fiscal prudence, and a favourable political landscape.

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

3:45 PM

Rupee ends at record low :: Rupee weakens to 83.85/$

3:43 PM

BSE Stats :: M-cap of all BSE listed cos drops to Rs 441.8 trillion

>> Nearly 600 stocks freeze at lower circuits

>> Little ober 650 stocks end higher vs over 3,400 declining stocks

3:40 PM

ALERT :: India VIX ends at 20.3 level, up 42.23%

3:39 PM

Broader markets :: Mid, SmallCap indices plunge

3:38 PM

Sectoral trends :: Media, Metal, Realty, PSB indices decline over 4% each

3:37 PM

Sensex Heatmap :: 28 of 30 stocks sink; TaMo tanks over 7%, HUL, Nestle only winners

3:35 PM

Closing Bell :: Nifty tests 24,050 at close

3:34 PM

Closing Bell : Sensex cracks 2,223 points amid global selling

3:28 PM

Stop SIP or use crash as opportunity? What should your market strategy be?

"Every market decline should be viewed as an opportunity to establish new long positions for long-term holding. The Nifty50 has major support in the 24,200-24,100 range, and prices are unlikely to fall below this zone, while the Sensex has significant support around 78,400, near the 55-day EMA," said Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services Ltd. The general advice: Keep Calm. Stick to Asset Allocation. Stay Invested. READ MORE
 

3:22 PM

Lupin Q1 Preview: Steady US sales, market share gains to boost profits

According to analyst estimates compiled by Business Standard, lupin may see its average revenue rise by 6.6 per cent year-on-year (Y-o-Y) to Rs 5,133 crore as against Rs 4,814 in the first quarter of FY24. Sequentially the topline may increase by 3.4 per cent compared to Rs 4,960 crore in Q4FY24 READ MORE

3:13 PM

Marico Q1 result: Profit rises 8.7% to Rs 464 cr on hair oil demand

Total revenue from operations increased 6.7 per cent to Rs 2,643 crore, marking its biggest growth in more than two years. Revenue from India, which made up three-fourths of total revenue, climbed 7.4 per cent. READ MORE

3:01 PM

ALERT:: Aban Offshore reports turnaround in Q1; stock up 1%

Aban Offshore in an exchange filing today said the company's posted a net profit of Rs 5.73 crore in Q1FY25. The company had reported a net loss of Rs 69.79 crore in the year ago quarter. Tota income surged 73.7 per cent YoY to Rs 45.83 crore from Rs 26.38 crore.


Stock Market Highlights today, August 5, 2024: Equity benchmark indices, BSE Sensex and the NSE Nifty, fell sharplyon Monday to end in the red, in tandem with losses among global peers. At close, the Sensex was at 78,768.42, down as much as 2,222.5 points or 2.74 per cent. The index plunged nearly 3 per cent to hit the day's low of 78,296 on Monday.

Mirroring the Sensex, the Nifty50 also tumbled 662 points or 2.68 per cent to settle at 24,055.6. After posting a gap-down opening, the index tumbled 3.33 per cent to hit Monday's low of 23,894.

The fear index, India VIX, ended at 20.37 points, up 42.23 per cent, indicating massive volatility in the markets. The volatility index zoomed 61 per cent intraday to 23.15 levels, marking its largest increase since 2015.
 
Bears took over as 45 out of the 50 listed stocks on Nifty50 posted a negative closing. Tata Motors, ONGC, Adani Ports, Tata Steel, and Hindalco were the top laggards, clocking up to 7-per cent loss.

From the BSE space, 28 out of the 30 constituents of the Sensex ended lower, with Tata Motors and Adani Ports being the top laggards. Only Hindustan Unilever and Nestle India managed to end in the green.

In the broader markets, the Nifty SmallCap and MidCap indices fell 4.5  per cent and 3.5 per cent, respectively.

The sectoral indices also faced mayhem, ending in red with losses in Auto, Metal, IT, and Banking sectors of up to 4.85 per cent.


 

Topics :NasdaqMARKET WRAPMARKET LIVEMarkets Sensex NiftyBSE NSEnikkeiGift NiftySBI stockDivis LaboratoriesMarket news

First Published: Aug 05 2024 | 7:36 AM IST

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