Mumbai, Aug 8 (FN Bureau) India’s benchmark indices erased yesterday’s gains as the BSE Sensex tanked nearly 582 points to settle at 78,886.22 amid concerns over weak global cues, cautious tone of RBI esp on inflation and geopolitical situation The National Stock Exchange (NSE) Nifty also slipped 180.50 points at 24,117. A combination of factors are responsible for the market, sources in the trading community said, adding while tensions between Israel and Hamas continue to escalate, India is also facing concerns over unrest in neighbouring Bangladesh.
Besides, sentiments are weak also due to high valuations and not so impressive financial performance by the corporate sector during the April-June quarter of FY25. Jumping over 800 points yesterday, the BSE Sensex opened on a weak note at 79,420.49, declining 48 points. During the day it plummeted 670 points at 78,798.94, day’s low, before closing at 78,886.22, slumping 581.79 points from its previous close. During intra-day, it moved up 158 points at 79,626.92,a day’s high. The Foreign Institutional Investors (FIIs) had sold equities in the cash segment worth Rs 3314 crore in the last trading session, while the Domestic Institutional Investors had bought to the tune of Rs 3,801 crore, according to data available.
The equity market was under pressure as selling was witnessed in Metal, IT, Technology, and Oil and Gas stocks. Metal fell by 2.07% followed by IT by 1.98%, Technology by 1.55% and Oil and Gas by 1.52%. RBI today kept its key rates unchanged for the ninth consecutive time in its bi-monthly RBI policy which was announced on Thursday. The Mid cap eased 0.47% while the Small cap by 0.20%. In the 30-scrip BSE Sensex , shares of 22 companies advanced while that of 8 declined. The losers were Asian Paints by 3.56% to Rs 2990.30, Infosys by 2.91% to Rs 1739.90, JSW Steel by 2.56% to Rs 884, Ultrasemco by 2.49% to Rs 11258.85 and Powergrid by 2.43% to Rs 343.55. The gainers were Tata Motors by 1.72% to Rs 1040.55, HDFC Bank by 0.99% to Rs 1641, Bharti Airtel by 0.56% to Rs 1449.75 and IndusInd Bank by 0.27% to Rs 1348.50.