The BSE Sensex slipped 308.47 points, or 0.38%, to end at 80,710.25, while the NSE Nifty declined 66.20 points, or 0.27%, to close at 24,649.55.
Here’s how analysts read the market pulse:
Despite positive global cues, domestic markets remained rangebound in negative territory with the oil & gas stocks leading the decline amid concerns about future import restrictions on Russian oil, said Vinod Nair, Head of Research, Geojit Investments, adding that weakness persisted on Pharma and IT stocks which are among the largest exporters to the U.S.
“Sentiment was also weighed by INR depreciation. In contrast, auto stocks continue to gain traction from July volumes. Investors are now awaiting the upcoming RBI policy decision, where market has marginal expectations of a rate cut, in the near-term. Currently, the preferences of investors are for domestic consumption-driven stocks and sectors holding limited volatility to external factors,” said Nair.
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US markets
Wall Street stock indexes were lower on Tuesday following weaker than expected U.S. economic data, as equities in Europe and Asia gained ground.U.S. services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment even as input costs climbed by the most in nearly three years, highlighting the uncertainty over the impact of Trump’s tariff policy on businesses.The U.S. dollar steadied as investors raised bets the Federal Reserve would act to prop up the world’s largest economy.
Gold prices fell from two-week highs, and oil retreated on rising OPEC+ supply and worries of weaker global demand.
On Monday, U.S. shares had rallied on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday.
European Markets
The pan-European STOXX 600 index rose 0.35%, echoing the strength across Asia markets, where MSCI’s broadest index of Asia-Pacific shares outside Japan closed up 0.77%.
European earnings season was in full swing, with Diageo jumping 4.55%.
Tech View
The Nifty traded with a negative bias throughout the day, remaining below the 50EMA, said Rupak De, Senior Technical Analyst at LKP Securities, adding that on the daily chart as well, the index is comfortably placed below the 50EMA.
“The current range is 24,400–24,850, and in the short term, the index is likely to remain within this band. Only a decisive move beyond this range might determine the next course of action for the market,” said De.
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Most active stocks in terms of turnover
HDFC Bank (Rs 2,369 crore), PayTM (Rs 2,310 crore), ICICI Bank (Rs 2,140 crore), Newgen Software (Rs 1,766 crore), BSE (Rs 1,687 crore), IndusInd Bank (Rs 1,570 crore) and Infosys (Rs 1,492 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 48.47 crore), Suzlon Energy (Traded shares: 4.93 crore), YES Bank (Traded shares: 3.90 crore), JP Power (Traded shares: 3.50 crore), New India Assurance (Traded shares: 3.30 crore), Vishal Mega Mart (Traded shares: 2.79 crore) and PayTM (Traded shares: 2.16 crore) were among the most actively traded stocks in volume terms on NSE.
Stocks showing buying interest
Shares of Newgen Software, Tanla Platforms, Godfrey Philips, Chambal Fertilisers, New India Assurance, Sundaram Finance and BLS International Services were among the stocks that witnessed strong buying interest from market participants.
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52 Week high
Over 128 stocks hit their 52 week highs today while 101 stocks slipped to their 52-week lows.
Stocks seeing selling pressure
Stocks which witnessed significant selling pressure were Triveni Turbine, Reliance Power, BSE, Inox India, Netweb Technologies, Welspun India and Intellect Design.
Sentiment meter bullish
The market sentiments were bullish. Out of the 4,197 stocks that traded on the BSE on Tuesday, 2,299 stocks witnessed declines, 1,743 saw advances, while 155 stocks remained unchanged.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)