Stock markets fall for second day; Sensex tanks 721 factors

The 30-share BSE Sensex tanked 721.08 factors or 0.88 per cent to settle at over a month’s low of 81,463.09. During the day, it plunged 786.48 factors or 0.95 per cent to 81,397.69.

The 50-share NSE Nifty dropped 225.10 factors or 0.90 per cent to a month’s low of 24,837.

Analysts mentioned a weak pattern in Asian and European markets additionally dented traders’ sentiment.

Vinod Nair, Head of Research, Geojit Investments Limited, mentioned, “Subdued corporate results and lacklustre global cues triggered a broad-based sell-off across domestic equities. Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, added to the downward pressure.” Among Sensex corporations, Bajaj Finance declined 4.73 per cent put up its June quarter earnings announcement. Power Grid, Infosys, Tech Mahindra, Bajaj Finserv, Trent, Tata Motors, NTPC and Adani Ports have been additionally among the many laggards.

However, Sun Pharma and Bharti Airtel emerged as gainers.

Foreign Institutional Investors (FIIs) offloaded equities price ₹2,133.69 crore on Thursday, in response to trade information. However, Domestic Institutional Investors (DIIs) purchased shares price ₹2,617.14 crore.

In Asian markets, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng settled decrease whereas South Korea’s Kospi led to optimistic territory..

European markets have been buying and selling decrease. The U.S. markets ended on a combined observe on Thursday (July 24).

India and the U.Okay. signed a landmark free commerce settlement on Thursday, which, beginning subsequent yr, will see 99 per cent of Indian exports enter the UK duty-free, whereas decreasing tariffs on British merchandise akin to automobiles and whisky.

The deal, which comes days forward of the US moratorium on increased tariffs coming to an finish, goals to double the USD 56 billion commerce between the world’s fifth and sixth largest economies by 2030.

Global oil benchmark Brent crude climbed 0.32 per cent to USD 69.40 a barrel.

On Thursday, the Sensex tanked 542.47 factors or 0.66 per cent to settle at 82,184.17. The Nifty dropped 157.80 factors or 0.63 per cent to 25,062.10.