Home NewsStock Market News sensex: Sensex makes U-turn, sinks 710 pts from day’s high to end 311 pts lower; Nifty slips below 17,550

sensex: Sensex makes U-turn, sinks 710 pts from day’s high to end 311 pts lower; Nifty slips below 17,550

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sensex: Sensex makes U-turn, sinks 710 pts from day’s high to end 311 pts lower; Nifty slips below 17,550


Domestic equity benchmarks reversed their two-day attempt to cut this week’s losses amid expiry of August derivatives.

Traders have remained hesitant to make any huge wagers throughout this week ahead of Jerome Powell’s speech on Friday.

After opening with healthy gains, the 30-share pack Sensex slipped into the red, falling 710 points from the day’s high to end 311 points lower at 58,774.72. Its broader peer, Nifty50, fell 82.50 points to end the August series at 17,522.45.

Crude prices also rose as Saudi Arabia suggested that OPEC+ supply may be reduced to address market instability.

Bajaj Finance,

, , and fell around 1-2 per cent each. , , L&T, , and also settled with cuts. , , , DRL and were the only 4 from the 30-share pack to end in the black.

“Although Indian equities are trading at a premium over other emerging markets, the consistent support from FIIs is guiding the domestic market,” said Vinod Nair, Head of Research at

. Sectorally, IT cracked nearly 1 per cent. Nifty bank, metal, auto, and pharma also ended lower while Nifty PSU bank advanced 2.7 per cent and Nifty realty rallied 1.47 per cent.

NDTV shares hit the upper circuit for the second session on the Adani takeover bid. IDBI Bank shares also jumped over 7 per cent as the government, and LIC mulled stake sales. BHEL shares also rallied more than 7 per cent on multiple block deals.

The market has logged gains for the second straight series as frontlines indices advanced 4-6 per cent in the August series.

Market breadth was in favour of advances with advance-decline ratio at 5:4. 1,905 shares advanced, 1,517 declined while 130 were unchanged. In Asia, markets in Seoul, Tokyo, Hong Kong and Shanghai ended higher. Stock markets in Europe were trading in the green during mid-session deals. Dow Jones futures gained 118 points, or 0.4%. S&P 500 and Nasdaq 100 futures climbed 0.5% and 0.6%, respectively.

Meanwhile, the international oil benchmark Brent crude climbed 0.17 per cent to $101.3 per barrel.

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