Post Session- Sensex sheds over 400 pts. amid Asian sell-off Analysis for Aug 01, 2014

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The key domestic benchmarks tumbled on Friday as a global sell-off made investors to cut exposure to risky assets. Asian markets ended in the red tracking a sharp sell-off at Wall Street overnight as tepid earnings numbers and caution ahead of the US jobs data on Friday which may prompt the Fed to start tightening monetary policy in the near-term weighed on sentiment.

Investors were also cautious ahead of RBI"s monetary policy decision on Tuesday. Investors cast aside robust factory data which showed that manufacturing activity in India expanded at the fastest pace in 17 months in July 2014 amid robust demand from domestic and overseas market, a sign of a revival in business conditions in the Asia"s third biggest economy. The gauge measuring manufacturing activity in India rose to 53 in July from 51.5 in the previous month, HSBC and Markit Economics said in a report on Friday. A reading above 50 signals expansion in manufacturing over the previous month.

The BSE SENSEX closed at 25,480.84, down by 414.13 points or by 1.6 per cent, and the NSE Nifty ended at 7,602.6, down by 118.7 points or by 1.54 per cent.

The BSE Sensex touched intraday high of 25,862.68 and intraday low of 25,459.13 The NSE Nifty touched intraday high of 7,716.7 and intraday low of 7,593.9.

Meanwhile, the BSE MIDCAP closed at 9,114.33, down by 73.86 points or by 0.8 per cent, while the BSE SMLCAP ended at 9,890.97, down by 98.45 points or by 0.99 per cent.

On the Sectoral front, Consumer Durables and Oil & Gas shed 3.27 per cent and 2.16 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3126, shares advanced were 1173 while 1825 shares declined and 128 were unchanged.

The top losers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 184.50,-3.71%), GAIL (India) Ltd. (Rs. 422.95,-3.07%), Tata Power Company Ltd. (Rs. 94.95,-3.06%), Cipla Ltd. (Rs. 442.50,-3.02%), NTPC Ltd. (Rs. 140.75,-2.93%), among others.

Story first published: Friday, August 1, 2014, 17:12 [IST]
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