Stock Market Highlights, Aug 13: Sensex sheds 693 pts, Nifty below 24,150; HDFC Bank, SBI, TaMo drag
Stock Market Highlights on August 13, 2024: Broader indices also settled lower, with small-cap shares being the worst hit as the Nifty Smallcap 100 index fell 1.30 per cent
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Stock Market Highlights updates today, Tuesday, August 13, 2024: Equity benchmark indices, BSE Sensex and NSE Nifty50, ended in negative territory on Tuesday. Sensex fell 692.89 points or 0.87 per cent to 78,956.03, while Nifty50 dropped 208.03 points or 0.85 per cent to 24,139.
Tuesday ended in favor of bears as 38 out of 50 constituents of the Nifty50 index ended lower, dragged by heavyweights like HDFC Bank and BPCL. Shriram Finance, HDFC Life Insurance Company, and ONGC were the other drags, each falling over 2.78 per cent.
In the BSE space, 24 out of 30 constituents of the Sensex ended in the red, with HDFC Bank, Tata Steel, and Bajaj Finance leading the declines of up to 3.29 per cent.
Broader indices also settled lower, with small-cap shares being the worst hit as the Nifty Smallcap 100 index fell 1.30 per cent.
Among the sectors, Banking, Financial Services, Metal, OMC, and Realty were the top laggards with falls of up to 1.87 per cent. Meanwhile, Healthcare, IT, and consumer durables managed to end in the green.
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Comment :: Why did markets fall today?
The domestic market plunged into red terrain in the latter half, amidst mixed global sentiments. Recent IIP data indicates a lacklustre growth in the major manufacturing sector. Persistent selling by FIIs and elevated valuations is further contributing to the decline. Despite having minimal impact on the recent adverse developments, the market currently shifts attention towards underlying earnings growth, which remains bleak this quarter and may lead to a downgrade if resilience isn’t shown in subsequent quarters. All sectors, especially banking, metals, telecom, and fertilizers were in red, while HDFC Bank declined due to lower-than-expected passive fund inflows in the recent MSCI index rejig.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
Views by: Vinod Nair, Head of Research, Geojit Financial Services.
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Sensex Heatmap :: 24 of 30 index stocks slide; HDFC Bank, Tata Steel worst hit
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Topics : MARKET WRAP Market news Indian stock markets S&P BSE Sensex MARKET LIVE Nifty50 stock market trading stock market rally stock market investing Markets Sensex Nifty MARKETS TODAY Q1 results MSCI MSCI indices
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First Published: Aug 13 2024 | 7:57 AM IST
