Nifty ends lower but manages to hold 10,000-mark; all indices settle in red
Catch all that happened in the market here
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Benchmark indices settled the indices lower with Nifty ending only a little above 10,000-mark and Sensex down over 200 points after activity in service sector contracted at the sharpest rate in nearly four years in July after GST sowed confusion and sent new orders into free fall. All sectoral indices ended in red, contributing to the losses.
Investors were also disappointed with just 25 bps rate cut by Reserve Bank of India (RBI). 25 bps was already priced in, experts believed.
On the other hand, World stock markets fell, led by a tumble in tech shares as investors locked in recent gains after Wall Street's Dow Jones Industrial Average broke the 22,000 barrier for the first time in its 121-year history
3:51 PM
Analyst View
Vinod Nair, Head of Research, Geojit Financial Services said: Disappointed by yesterday's decision of the central bank, interest rate sensitive stocks were under pressure today. If RBI has shifted its stance from neutral to accommodative the extent of the impact could have been minimal.
Additionally, market is exposed to profit-booking measure given lofty valuation and start of subdued performance for Q1FY18 from tier-2 companies which are impacted by the double whammy of Demo and GST.
3:47 PM
Nifty chart for the day
Source: NSE
3:44 PM
Global Check
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7%, with South Korea's tech-heavy Kospi index slumping 1.7% to its lowest level in over three weeks. Seoul shares took an additional hit from President Moon Jae-in's new tax plan.
Japan's blue-chip Nikkei stock index closed down 0.3%.
European stock markets opened broadly lower, Germany's DAX slipping 0.6% and France's CAC 0.4% lower. Britain's FTSE was down 0.2%.
3:42 PM
Nifty PSU Bank index
Source: NSE
3:40 PM
Other indices that slipped in trade included Nifty Metal (down 1.9%), Nifty Fin Services (down 1.3%) and Nifty Pharma (down 1.2%)
3:39 PM
All indices ended in red dragged mainly by the banking sector. Nifty PSU Bank index fell 2.9% while Nifty Bank and Nofty Pvt Bank indices lost 1.5% and 1.6% respectively
3:38 PM
In broader markets, BSE Midcao and BSE Smallcap indices end 0.5% and 0.9% lower respectively
3:37 PM
Lupin, Coal India, SBI, CIpla and ICICI Bank were the top losers on BSE Sensex while Bharti Airtel, Reliance, Bajaj Auto and TCS contributed to the index
3:35 PM
Benchmark indices ended the day lower with Nifty only a little above the 10,000-mark and Sensex over 200 points down on poor Services PMI. Investors were also unhappy with only 25 bps rate cut by thr Reserve Bank of India.
The S&P BSE Sensex settled the day at 32,238, down 239 points while the broader Nifty50 index ended 10,013, down 67 points
The S&P BSE Sensex settled the day at 32,238, down 239 points while the broader Nifty50 index ended 10,013, down 67 points
3:23 PM
Indian Oil Corp gained over 4% after it reported a better than estimate Q1. The company's net profit fell 45% in its fiscal first quarter of 2017 as higher inventory losses and lower refining margins weighed on profitability.
Net profit was Rs 4,549 crore in the quarter ended on June 30, compared with Rs 8,269 crore a year earlier, the country's top refiner said. .
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First Published: Aug 03 2017 | 3:31 PM IST