Tuesday, 18 June 2024
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Stock Market

Sensex and Nifty close with modest losses

While Powergrid and Hero MotoCorp fell, NTPC and TechM dominated the stock charts throughout the session, which saw no movement in the Sensex or Nifty. The majority of industries continue to trade around yesterday’s level, with IT increasing and Realty declining.

For the second consecutive month, manufacturing sector activity in India slowed down in July as rates of output expansion and new order growth somewhat slowed. Today, when companies report their monthly sales statistics, auto shares will be actively watched. Market participants will also pay great attention to the US non-farm payrolls, US services PMI, and US manufacturing Purchasing Manager’s Index (PMI) data releases slated for August 1–4.

Today’s Market

Tuesday saw a little decline in Indian shares as investors processed important earnings, but high-weighted information technology (IT) firms kept rising due to hints of a slowdown in U.S. inflation.

The S&P BSE Sensex fell 70 points to end at 66,459, while the Nifty 50 index lost 20 points to settle at 19,733. Seven of the top 15 Nifty sectoral indexes saw slight gains. On the news of an ED raid on its Chairman, Powergrid’s stock fell more than 5% and Hero MotoCorp’s more than 3.2%.

  • NTPC and TechM dominate stock charts, Sensex, and Nifty remain stable.
  • Indian shares decline amid earnings, IT firms rise amid US inflation slowdown.
  • China’s stock market declines amid investor gains and skepticism.

The IT index increased by more than 1%, while the Realty index decreased by more than 1%. Eight out of 15 broad sectoral indexes closed in the red, leaving the majority of other indices without any significant changes.

Global shares were trading in a mixed manner as lingering concerns about inflation and regional growth offset market euphoria sparked by a Wall Street rise. Heavyweight chip-related companies and the car manufacturer Toyota Motor, which doubled its quarterly profit, led increases in the Japanese stock market on Tuesday as it reached its closing bell.

Following a dramatic comeback in recent sessions, China’s stock market declined as some investors locked in gains and expressed skepticism about the country’s policy initiatives to support the sluggish post-pandemic recovery.

As earnings season continued, European markets fell on Tuesday, although UK shares performed better thanks to increases from BP Plc and HSBC Holdings Plc.

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Sensex drops and the Nifty closes below 19700

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