Sensex Sheds Over 500 Points, Nifty Slips Nearly 1% As Headline Indices Extend Decline For Third Day

The BSE Sensex and the Nifty 50 finished the session lower on July 28. The 30-share Sensex closed at the 80,891.02 level, down by 572.07 points or 0.7 per cent, and the Nifty 50 finished the session at 24,680.90, down by 156.1 points or 0.63 per cent. As of July 28, the headline indices have continued to decline for the third straight session.

Kotak Mahindra Bank and Bajaj Finance Lead Losers

Kotak Mahindra Bank, Bajaj Finance and IndusInd Bank shares emerged as the top-losers closing lower by as much as 7.34 per cent. Bharti Airtel Ltd and Titan shares declined 2.48 per cent and 2.25 per cent respectively on the NSE. On the other hand, shares of Shriram Finance and Cipla Ltd emerged as top-gainers bucking the trend and closing 2.62 per cent and 2.45 per cent higher. Apart from Shriram Finance and Cipla, 13 other stocks also closed in the green.

Nifty Pharma and Nifty FMCG Lead Gainers

Amid broadbased declines the Nifty FMCG and the Nifty Pharma ended in the green up by 0.28 per cent and 0.43 per cent respectively. However all other sectoral indices finished the session in the red with the Nifty Realty and the Nifty Metal index witnessing the deepest declines closing 4.07 per cent and 1.15 per cent lower respectively.

Global Markets on July 28

US markets finished in the green on July 25, with the Dow Jones Industrial Average adding 208.01 points or 0.47 per cent to finish the session at 44,901.92. On the other hand, the Nasdaq Composite and the S&P 500 finished the session with gains of 0.24 per cent and 0.4 per cent, respectively. Asian indices such as Japan's Nikkei 225 finished the session lower by nearly 1 per cent on July 28. However, other Asian indices such as the KOSPI, Hang Seng and the Shanghai Composite closed higher by 0.42 per cent, 0.51 per cent and 0.12 per cent, respectively.

Primary Market Action On July 28

Two SME issues were opened for bidding on July 28. Repono IPO and Umiya Mobile IPO opened for subscription on July 28, the bidding window for both the issues is set to close on July 30.

Market Cues

D-street is likely to take into account any new developments in the finalisation of an interim trade deal between India and US. Other than the news of the trade deal the announcement of quarterly results and the decline in India's industrial output growth for the month of June are also expected to impact trade on D-street on July 29. Notably the IIP for June fell to 1.5 per cent from 1.9 per cent in May.