Stock Market News: Sensex Sheds More Than 270 Points, Nifty Holds 24,400 As Headline Indices Extend Losses

Sensex, Nifty ended the week on a negative note on August 29. The headline indices extended losses for the third straight day as the Sensex slipped below the 80,000 mark as it closed at 79,809.65 shedding 270.92 points or 0.34 per cent. The Nifty 50 index finished the session at 24,426.85 down by 74.05 points or 0.3 per cent.

Mahindra & Mahindra and Reliance Industries Lead Losers

Shares of Mahindra & Mahindra Ltd and Reliance Industries led the losers among the constituents of the Nifty 50 index closing lower by 3.02 per cent and 2.2 per cent respectively on the NSE. Shares of Infosys and Apollo Hospitals finished the session lower by as much as 2.13 per cent. On the other hand, shares of ITC and Shriram Finance finished the session higher by as much as 2.22 per cent.

Nifty FMCG and Nifty Consumer Durables

The Nifty FMCG and the Nifty Consumer Durables indices came out as the only gainers among the sectoral pack finishing the session higher by 0.95 per cent and 0.15 per cent respectively. On the other hand export-focused indices such as Nifty Oil & Gas and Nifty Realty finished lower by 1.01 per cent and 1.33 per cent respectively. The Nifty MidCap 100 and the Nifty SmallCap 100 also came under selling pressure declining 0.57 per cent and 0.39 per cent respectively.

Global Markets on August 29

Hang Seng and the Shanghai Composite finished the session lower by 0.51 per cent and 0.37 per cent respectively. On the other hand the KOSPI and Nikkei 225 closed lower by 0.32 per cent and 0.2 per cent.

Primary Market Action On August 29

Sugs Lloyd IPO, Snehaa Organics IPO and Abril Paper Tech IPO opened for subscription on August 29. On the other hand the public issues such as Anlon Healthcare IPO, Vikran Engineering IPO, Current Infraprojects IPO and Sattva Engineering Construction IPO.

Market Outlook

The stock market is expected to factor in several events such as the 56th meeting of the GST Council which is scheduled to take place next week on September 3 and 4. Additionally fluctuations in commodity prices and any major announcements from the US regarding the imposition of tariffs is expected to impact D-street.