Stock Market News: Sensex Declines Over 500 Points, Nifty Gives Up 25,000, Amid Trade Deal Uncertainty

Stock Market News: The headline indices closed in the red for the second day on July 18. Sensex index closed at 81,757.73 down by 501.51 points or 0.61 per cent. On the other hand the Nifty 50 finished in the red down by 143.05 points or 0.57 per cent at 24,968.4. The declines in the market came amid uncertainty regarding the signing of a trade deal between India and the US.

Axis Bank and Shriram Finance Emerge As Top-Losers

Shares of Axis Bank, Shriram Finance and Bharat Electronics Ltd came out as the top-losers among Nifty 50 stocks as they closed up to 5.27 per cent lower. Other major losers included HDFC Life Insurance Company, Kotak Mahindra Bank and HDFC Bank which finished the session lower by as much as 1.78 per cent. On the other hand, shares of Wipro, Bajaj Finance, Tata Steel and HCL Technologies finished the session higher by as much as 2.21 per cent.

Nifty Bank and Nifty FMCG Lead Losers

The Nifty Bank and Nifty FMCG led the losers among the sectoral pack on July 18 as they finished lower by 0.96 per cent and 0.59 per cent, respectively. The Nifty Metal index bucked the trend to close higher by 0.37 per cent. On July 18, the broader market indices continued to decline with the Nifty SmallCap 100 and the Nifty MidCap 100 finished the session lower by 0.7 per cent and 0.82 per cent, respectively.

Global Markets on July 18

On July 18 the Nikkei 225 and the KOSPI closed the session lower by 0.21 per cent and 0.13 per cent respectively. On the other hand the Shanghai Composite and Hang Seng gained and closed higher by 0.5 per cent and 1.32 per cent respectively.

Primary Market Action On July 18

Monika Alcobev IPO’s bidding window closed today on July 18. The liquor maker aims to raise Rs 165.63 crore through its public issue which comprises a fresh issuance of 47.91 lakh shares amounting to Rs 137.03 crore and an offer for sale of 10 lakh shares amounting to Rs 28.6 crore.

Market Cues

As the week ends, investors are expected to continue to look out for any developments related to the India-US trade deal. According to reports the US has told the World Trade Organization (WTO) that India has no ‘legal basis’ to hit out on tariffs on automobiles, steel and aluminium. 0.75 per cent.