Sensex, Nifty end choppy day flat; Power Grid slides 5%, Hero Moto 3%

Closing Bell on August 1, 2023: Power Grid, Hero MotoCorp, Apollo Hospitals, IndusInd Bank, Bajaj Finserv, SBI, Adani Ports, Reliance Industries, and Maruti Suzuki were the top laggards

Photo: Bloomberg

Stock market highlights: The benchmark indices swung between gains and losses on Tuesday as stock-specific action guided market moves. The S&P BSE Sensex gyrated 270 points during the day before closing at 66,459, down 68 points or 0.10 per cent.

The Nifty50, too, stayed within a 90-point range before shutting shop at 19,734, down 20 points or 0.1 per cent.

Power Grid, Hero MotoCorp, Apollo Hospitals, IndusInd Bank, Bajaj Finserv, SBI, Adani Ports, Reliance Industries, Divis Labs, Asian Paints, and Maruti Suzuki were the top large-cap laggards on the exchanges, down between 1 per cent and 5 per cent.

On the upside, Coal India, Tech M, NTPC, LTIMindtree, Eicher Motors, HCL Tech, M&M, Britannia, TCS, Hindalco, Infosys, and Dr Reddy's Labs gained up to 4.5 per cent.

Meanwhile, in the broader market, the BSE MidCap index slipped 0.2 per cent, while the BSE SmallCap index added 0.54 per cent.

4:07 PM

COMMENT:: Hopes of a soft landing for the US economy triggered rally in IT stocks

"The domestic indices traded with a negative bias below the flattish trend, impacted by global peers. Despite this, mid- and small-cap stocks continued to outperform the benchmark index. IT stocks rallied on hopes of a soft landing for the US economy. India's manufacturing activity remained robust, although marginally it moderated for the second consecutive month in July. The market direction in the upcoming days will be influenced by key data points, including auto sales figures, US PMI, and US job data."

- Vinod Nair, Head of Research at Geojit Financial Services

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