Indian stock market ended in the negative territory for the third consecutive session on Monday, July 28. Heavy FPI selling, weak earnings, and persisting concerns over India-US trade talks kept market sentiment low.
The Sensex closed at 80,891.02, down 572 points, or 0.70 per cent, while the Nifty 50 settled at 24,680.90, down 156 points, or 0.63 per cent.
Investors lost nearly ₹4 lakh crore in a single session as the overall market capitalisation of firms listed on the BSE dropped to about ₹448 lakh crore from ₹451.7 lakh crore in the previous session.
The last three sessions of selloff have dragged the Sensex by 1,836 points, or 2.2 per cent, while the Nifty 50 has fallen 2.1 per cent. Investors have lost over ₹12 lakh crore in just three days.
Indian stock market: 10 key highlights from the day
1. Why did the share market fall for the third consecutive session?
Persisting headwinds, in terms of delayed India-US trade deal, weak q1 earnings and sustained foreign capital outflow keep the market down. The domestic market has no fresh positive triggers to sustain gains.
“Domestic market sentiment has remained cautious, weighed down by a disappointing set of Q1 earnings, delays in the India-US trade agreement, and continued FII outflows,” Vinod Nair, Head of Research, Geojit Investments Limited, noted.
“The upcoming monetary policy decisions from the US Fed and BoJ (Bank of Japan), along with the trajectory of domestic quarterly earnings, are expected to play a pivotal role in shaping market direction in the near term,” Nair added.
2. Top gainers in the Nifty 50 index
Only 15 stocks ended in the green in the Nifty 50 index, among which Shriram Finance (up 2.62 per cent), Cipla (up 2.45 per cent), and Hero MotoCorp (up 1.45 per cent) stood as the top gainers.
3. Top losers in the Nifty 50 index
Shares of Kotak Mahindra Bank (down 7.34 per cent), Bajaj Finance (down 3.58 per cent), and IndusInd Bank (down 2.93 per cent) ended as the top losers in the index.
4. Sectoral indices today
Barring Nifty Pharma (up 0.43 per cent), FMCG (up 0.28 per cent), and Healthcare (up 0.09 per cent), all sectoral indices ended lower on Monday, with Nifty Realty crashing 4.07 per cent, followed by Media (down 2.70 per cent).
Private Bank, PSU Bank and Metal indices fell over a per cent each. The Nifty Bank index fell 0.79 per cent, while the Financial Services index dropped 0.72 per cent.
5. Most active stocks in terms of volume
Vodafone Idea (38.13 crore shares), Ola Electric Mobility (14.72 crore shares), and Jayaswal Neco Industries (11.85 crore shares) were the most active stocks in terms of volume on the NSE.
6. 16 stocks jump over 10% on BSE
Defying weak market sentiment, 16 stocks, including The Phosphate Company, Jonjua Overseas, Panth Infinity, Ace Alpha Tech, AJC Jewel Manufacturers, and Benchmark Computer Solutions, surged over 10 per cent on the BSE.
7. Seven stocks crash over 10%
Kellton Tech Solutions, Ekennis Software Service, and 20 Microns were among the seven stocks that crashed more than 10 per cent on the BSE.
8. Advance-decline ratio
Out of 4,299 stocks traded on the BSE, 1,256 advanced, while 2,881 declined. Some 162 stocks remained unchanged.
9. 125 stocks hit 52-week highs
As many as 125 stocks, including Shyam Metalics and Energy, Laurus Labs, Aadhar Housing Finance, Fortis Healthcare, Nuvoco Vistas Corporation, Global Health, Torrent Pharmaceuticals, and UPL, hit their 52-week highs in intraday trade on the BSE.
10. Nifty’s technical outlook
Shrikant Chouhan, the head of equity research at Kotak Securities, pointed out that a bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels.
“We are of the view that as long as the market is trading below 24,800, the weak sentiment is likely to continue. On the downside, the market may correct to 24,550–24,500. On the upside, a break above 24,800 could lead to a pullback rally extending up to 24,900. Further upside may also continue, potentially pushing the market up to 25,000,” said Chouhan.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
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