Sensex Falls Over 500 Points To 65,240 Amid Weak Global Cues

Equity benchmark indices Sensex and Nifty witnessed decline on Thursday amid weak global market trends and foreign fund outflows. The 30-share BSE Sensex fell 542 points or 0.82% to 65,240. NSE Nifty declined 144 points or 0.74% to 19,381.

From the Sensex pack, shares of Titan Company, Bajaj Finserv, ICICI Bank emerged as the top losers with the decline of over 2% intraday. Shares of Nestle and UltraTech Cement fell by more than 1% each during the day.

When it comes to the Asian markets, Seoul, Tokyo, Hong Kong, and Shanghai witnessed decline and traded in negative territory. US markets also ended down on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities nearly Rs 1,877.84 crore on August 2, 2023, as per the exchange data available.

Global oil benchmark Brent crude surged 0.11% to USD 83.29 per barrel.

Vinod Nair, Head of Research at Geojit Financial Services said, "Global markets are still grappling with the impact of the US rating downgrade, with spiking bond yield and strengthening dollar index. However, the pharma sector has managed to weather the storm thanks to its strong earnings outcome, while mid and small-cap stocks have outperformed the benchmark index. The domestic service PMI has surpassed market expectations, reaching a 13-year high due to a rise in new orders, particularly in international sales."

Rupak De, Senior Technical analyst at LKP Securities said, "Nifty slipped further as the bears continued to remain at the helm. The index fell sharply following a breakdown below 19500 However, 19300 acted as support on a sustained basis for the day. Going forward, 19300 may act as crucial support, while, on the higher end resistance is seen at 19500/19650."