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Benchmark Indices Open Weak Amid Global Sell-Off

25 Jul 2024 , 09:21 AM

On July 25, Indian benchmark indices opened on a negative note, continuing a trend of profit booking for the fourth consecutive session. The BSE Sensex fell by 1,002.94 points, or 1.25%, to 79,145.94 in the pre-opening session, while the NSE Nifty declined by 248.50 points, or 1.02%, to 24,165.

Market Close and Sector Performance

By the end of the trading day on July 24, the indices showed some recovery but remained in the red. The Sensex closed down by 280.16 points, or 0.35%, at 80,148.88, and the Nifty ended 65.50 points, or 0.27%, lower at 24,413.50. Despite the broader market weakness, select sectors like IT and FMCG managed to limit losses, providing some support to the indices.

Global Market Impact

The decline in Indian markets was influenced by weak cues from global markets, particularly from Asia, which tracked losses from Wall Street. The U.S. markets experienced significant declines, with the S&P 500 and Nasdaq Composite having their worst days since 2022. The S&P 500 fell by 128.61 points, or 2.31%, to 5,427.13, while the Nasdaq dropped 654.94 points, or 3.64%, to 17,342.41. The Dow Jones Industrial Average also saw a substantial decline, losing 504.22 points, or 1.25%, to 39,853.87.

The sell-off was driven by disappointing earnings reports from major companies like Alphabet and Tesla, which shook investor confidence in the megacap tech sector.

Foreign and Domestic Institutional Activity

The market saw continued selling by foreign institutional investors (FIIs), who offloaded equities worth ₹5,130 Crore on July 24. On the other hand, domestic institutional investors (DIIs) showed a contrasting trend by purchasing equities worth ₹3,137 Crore on the same day.

Related Tags

  • BSE
  • nifty
  • NSE
  • pre-opening session
  • sensex
  • stock market news
  • Stock Market Updates
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