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

bear market, sensex, nifty, loss, growth, investment

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	<strong>Stock market highlights: </strong>Equity markets roiled under global pressure on Wednesday after rating agency Fitch downgraded credit rating of the US to AA+ from AAA. The S&P BSE Sensex crashed over 1,000 points intra-day before closing at 65,783, down 677 points or 1 per cent. The Nifty50, on the other hand, hit a low of 19,423 before shutting at 19,527, down 207 points or 1.05 per cent.&nbsp;</div>
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	Fitch said that the downgrade reflected &quot;expected fiscal deterioration over the next three years and growing government debt burden.&quot; <a href="https://www.business-standard.com/markets/news/here-s-why-sensex-tanked-700-points-in-wednesday-s-intra-day-trade-123080200291_1.html" target="_blank"><strong>READ REASONS FOR MARKET CRASH</strong></a></div>
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	The sell-off was sharper in the broader markets where the BSE MidCap and SmallCap indices fell about 1.4 per cent each. Among sectos, the Nifty PSU Bank index was the worst hit amng a broad-based selling as it fell 2.6 pe cent, followed by the Nifty Metal index (down 2 per cent).&nbsp;<br />
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		<strong class="read_more">ALSO READ:&nbsp;<a href="/markets/news/what-does-fitch-downgrade-of-us-credit-rating-to-aa-mean-for-the-markets-123080200285_1.html" target="_blank">What does Fitch downgrade of US credit rating to AA+ mean for the markets?</a></strong></div>
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	<strong>Gainers and losers</strong></div>
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	Hero MotoCorp, Tata Motors, Eicher Motors, NTPC, Coal India, Hindalco, BPCL, Bajaj Finserv, JSW Steel, SBI, Axis Bank, Bajaj Auto, Power Grid, Bharti Airtel, Tata Consumer Products, ITC, and Kotak Bank were the top laggards on the Nifty50 index, down in the range of 1 per cent to 3.5 per cent.</div>
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	On the flipside, only five stocks -- Divis Labs, Nestle India, HUL, Asian Paints, Tech M -- eked out gains up to 1.5 per cent.&nbsp;</div>
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Sensex sinks 677pts, Nifty nears 19,500 amid global rout; all sectors bleed

Business Standard

Sensex sinks 677pts, Nifty nears 19,500 amid global rout; all sectors bleed | News on Markets - Business Standard

S&P 200 down 0.6% after Reserve Bank of Australia left rates unchanged

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US markets end mixed overnight: NASDAQ Composite down 0.4%

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Good morning readers! Stay tuned with Business Standard for more live updates

Stay tuned with Business Standard for more live updates

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. <a href="https://www.business-standard.com/markets/news/what-does-fitch-downgrade-of-us-credit-rating-to-aa-mean-for-the-markets-123080200285_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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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. <a href="https://www.business-standard.com/markets/news/escorts-kubota-hits-new-high-gains-4-on-strong-q1-results-123080200187_1.html?1690954682" target="_blank"><strong>READ MORE</strong></a><br />
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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. <a href="https://www.business-standard.com/markets/news/redington-sinks-6-amid-weak-june-quarter-results-123080200194_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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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. <a href="https://www.business-standard.com/markets/news/sanghi-ind-freezes-5-upper-circuit-as-ambuja-eyes-majority-stake-in-co-123080200229_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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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. <a href="https://www.business-standard.com/markets/news/sula-vineyards-slips-8-on-rs-116-crore-demand-notice-from-maharashtra-govt-123080200342_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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CLOSING BELL:: S&P BSE benchmark sheds 677 points, ends at 65,783

Sula Vineyards slips 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. <a href="https://www.business-standard.com/markets/news/sula-vineyards-slips-8-on-rs-116-crore-demand-notice-from-maharashtra-govt-123080200342_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Sula Vineyards" class="imgCont" height="413" src="https://bsmedia.business-standard.com/_media/bs/img/article/2018-01/13/full/1515782686-2453.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="Sula Vineyards" width="620" /></div>

Here's why Sensex tanked 700 points in Wednesday's intra-day trade

All sectors, meanwhile, nosedived in the sea of red, with Nifty Metal, Nifty PSU Bank, and Nifty Oil &amp; Gas as some of the worst performers. <a href="https://www.business-standard.com/markets/news/here-s-why-sensex-tanked-700-points-in-wednesday-s-intra-day-trade-123080200291_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Sanghi Ind freezes at 5% upper circuit as Ambuja eyes buying majority stake

A combined 1.2 million shares had changed hands and there were pending buy orders for 2.3 million shares on the NSE and BSE. In comparison, the S&amp;P BSE Sensex was down 1 per cent or 680 points at 65,779. <a href="https://www.business-standard.com/markets/news/sanghi-ind-freezes-5-upper-circuit-as-ambuja-eyes-majority-stake-in-co-123080200229_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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DLF, Lodha: Realty stocks enter next leg of upside

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	Nifty Realty Index has scaled a new historic peak in this week, prompting a fresh upside in the forthcoming weeks. The index had gained close to 10 per cent in the July month, and 31 per cent so far in the on-going year.&nbsp;<a href="https://www.business-standard.com/markets/news/dlf-lodha-realty-stocks-enter-next-leg-of-upside-post-hitting-new-peaks-123080200217_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Redington sinks 6% amid weak June quarter results

Shares of technology solutions provider Redington tumbled 6.3 per cent to Rs 171.45 per share on the BSE in Wednesday&#39;s intra-day trade after the company posted a weak set of number for the April-June quarter (Q1) of financial year 2023-24 (FY24). <a href="https://www.business-standard.com/markets/news/redington-sinks-6-amid-weak-june-quarter-results-123080200194_1.html" target="_blank"><strong>READ</strong><br />
<img alt="Experts further said that retail investors should be clear on whether they are taking short-term positions based on the sentiment or investing for the long term." src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-08/26/full/1629923631-718.jpg?im=FeatureCrop,size=(826,465)" style="width: 600px; height: 338px;" /></a>

Escorts Kubota hits new high, gains 4% on strong Q1 results

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	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. <a href="https://www.business-standard.com/markets/news/escorts-kubota-hits-new-high-gains-4-on-strong-q1-results-123080200187_1.html?1690954682" target="_blank"><strong>READ</strong><br />
	<img alt="Escorts-tractor" src="https://bsmedia.business-standard.com/_media/bs/img/article/2020-06/01/full/1590987638-6809.png?im=FeatureCrop,size=(826,465)" style="width: 600px; height: 338px;" /></a></div>

MARKET CHECK: Sensex extends slide, sinks 500 pts

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GE Power gets LoI for contact worth of Rs 444 crore; stock surges 13%

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	Shares of GE Power India hit a 52-week high of Rs 181 as they surged 13 per cent on the BSE in Wednesday&rsquo;s intra-day trade, in an otherwise a weak market, after the company received a Letter of Intent (LoI) from Gujarat State Electricity Corporation for contract worth of Rs 444 crore. <a href="https://www.business-standard.com/markets/news/ge-power-gets-loi-for-contact-worth-of-rs-444-crore-stock-surges-13-123080200166_1.html" target="_blank"><strong>READ</strong><br />
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Campus Activewear tumbles 7%, dips below IPO price amid huge block deals

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	The stock of footwear company fell below its previous low of Rs 298.05 touched on July 27. In the process, the stock also dipped fallen its issue price of Rs 292 per share. Campus Activewear made its stock market debut on May 9, 2022. It had hit a record high of Rs 640 on October 19, 2022. <a href="https://www.business-standard.com/markets/news/campus-activewear-tumbles-7-dips-below-ipo-price-amid-huge-block-deals-123080200134_1.html" target="_blank"><strong>READ</strong></a><br />
	<img alt="Campus Activewear files draft papers with Sebi to garner funds via IPO" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-12/27/full/1640596571-8839.jpg?im=FeatureCrop,size=(826,465)" style="width: 600px; height: 338px;" /></div>

Bikaji Foods hits 52-week high, jumps 5% as Q1 net soars 164%

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	The company posted a 164 per cent YoY surge in Q1FY24 net profit at Rs 41.40 crore, backed by a 15 per cent growth in revenue. <a href="https://www.business-standard.com/markets/news/bikaji-foods-hits-52-week-high-jumps-5-as-q1-net-soars-164-123080200132_1.html" target="_blank"><strong>READ</strong><br />
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Hero Moto, Hindalco, Divi's Lab lead losses on Nifty

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HEATMAP: Barring Asian Paints, all Sensex stocks decline

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OPENING BELL: Nifty sheds 90 pts; slides to 19,640

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Rupee opens at 82.39/$ as against previous close of 82.22/$

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Reliance Jio, Airtel drive telecom subscriber base to 1,172.57 mn in May

New customer addition by telecom operators Reliance Jio and Bharti Airtel led to a marginal growth in the country&#39;s telecom subscriber base to 1,172.57 million in May, according to a report released by regulator Trai on Tuesday. <a href="https://www.business-standard.com/companies/news/reliance-jio-airtel-drive-telecom-subscriber-base-to-1-172-57-mn-in-may-123080101093_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="The move will benefit companies as their cash requirement would come down. It will unblock the cash of telecom operators that they keep with banks to furnish bank guarantees." class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2021-10/07/full/1633547702-195.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="DoT, Department of Telecommunication" width="620" /></div>
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Sebi at work: Curbs on account aggregator usage, commodity brokers barred

The markets regulator on Tuesday amended its previous circular on trading preferences between exchanges. <a href="https://www.business-standard.com/markets/news/sebi-at-work-curbs-on-account-aggregator-usage-commodity-brokers-barred-123080101061_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Sebi, Securities and Exchange Board of India" class="imgCont" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-03/27/full/1679906760-3183.jpg" style="border: 1px solid rgb(221, 221, 221); margin-right: 10px; padding: 1px; float: left; z-index: 0; width: 600px; height: 409px;" title="Sebi, Securities and Exchange Board of India" /></div>
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Stocks to Watch on Aug 2: HeroMoto, Campus Activewear, Adani Wilmar, Titan

Stocks to Watch today, August 2, 2023: According to reports, Campus Activewear is expected to see a block deal for eight million shares at a price of Rs 295-300 apiece. <a href="https://www.business-standard.com/markets/news/stocks-to-watch-august-2-heromoto-campus-ambuja-hpcl-adani-wilmar-titan-q1-results-today-123080200080_1.html?1690945645" target="_blank"><strong>READ MORE</strong></a><br />
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WATCH VIDEO | Has fundraising via DVRs run its course?

Tata Motors was the first Indian-listed company to issue differential voting rights or DVR shares in 2008. Now it has brought the curtains down on this instrument. Is this the end for DVRs in India?<br />
<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="400" scrolling="no" src="https://www.youtube.com/embed/lHnM7TylVBk" title="Has fundraising via DVRs run its course?" width="600"></iframe>

Hero MotoCorp and Bajaj Auto's July two-wheelers sales in slow lane

Hero&#39;s domestic sales dropped by 12.18 per cent YoY to 391,310 units. Bajaj&#39;s domestic sales dropped 13.62 per cent YoY in July. <a href="https://www.business-standard.com/companies/news/hero-motocorp-and-bajaj-auto-s-july-two-wheelers-sales-in-slow-lane-123080100970_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="Photo: Bloomberg" class="imgCont" src="https://bsmedia.business-standard.com/_media/bs/img/article/2022-03/04/full/1646367413-1359.jpg" style="border: 1px solid rgb(221, 221, 221); margin-right: 10px; padding: 1px; float: left; z-index: 0; width: 600px; height: 449px;" title="hero" /></div>
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Gold price rises Rs 160 to Rs 60,440, silver price jumps Rs 1,000

The price of 22-carat gold rose Rs 150 with the yellow metal selling at Rs 55,400. <a href="https://www.business-standard.com/markets/commodities/gold-price-rises-rs-160-to-rs-60-440-silver-price-jumps-rs-1-000-123080200081_1.html?1690944378" target="_blank"><strong>READ MORE</strong></a><br />
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Nifty holding above key DMAs, to make new high on breakout from this hurdle

Nifty is bullish as it has been holding above 20,50 and 100 DMAs, says Vinay Rajani, gives buy calls on Voltamp and Kalyani Steels. <a href="https://www.business-standard.com/markets/news/nifty-holding-above-key-dmas-to-make-new-high-on-breakout-from-this-hurdle-123080200068_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Sideways trend in Nifty FMCG, Private Bank index; Check key levels to watch

Nifty Private Bank index to face resistance between 23,550-23,650; Nifty FMCG remains range-bound, says Ravi Nathani. <a href="https://www.business-standard.com/markets/news/sideways-trend-in-nifty-fmcg-private-bank-index-check-key-levels-to-watch-123080200073_1.html?1690941559" target="_blank"><strong>READ MORE</strong></a><br />
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FIIs offloaded Rs 92 crore worth of equities on August 1

Bitcoin catches above $29,500-levels, up 3%

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Brent Crude above $85 per barrel on tightening supplies

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Party over? If overweight, pare exposure to US technology companies

Allocation to it should not exceed 25% of your total exposure to country&#39;s market. <a href="https://www.business-standard.com/finance/personal-finance/if-overweight-pare-exposure-to-us-technology-companies-avoid-fomo-123080100808_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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	<img align="" alt="tech" class="imgCont" height="464" src="https://bsmedia.business-standard.com/_media/bs/img/article/2023-01/22/full/1674408178-941.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0; width:100%" title="tech" width="619" /></div>
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Nomura shares skid most in 2 years on lower-than-estimated profit

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Fitch downgrades US credit rating to AA+, Treasury calls it 'arbitrary'

Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations. <a href="https://www.business-standard.com/world-news/fitch-downgrades-us-credit-rating-to-aa-treasury-calls-it-arbitrary-123080200074_1.html" target="_blank"><strong>READ MORE</strong></a><br />
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Hang Seng index makes a muted start, sheds 0.3%

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Japan's Nikkei 225 index declines 1.3% in early trades

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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

S&P 200 down 0.6% after Reserve Bank of Australia left rates unchanged

US markets end mixed overnight: NASDAQ Composite down 0.4%

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