Indices at day's low erasing early gains

31 Aug 2023 , 01:07 PM

During the afternoon of August 31, the equity benchmarks reversed their initial gains and traded slightly lower. This downward trend was influenced by weak global cues that impacted investor sentiment. Additionally, the expiry of the August futures and options (F&O) series introduced volatility, contributing to the cautious market atmosphere.

As of 1 PM, the Sensex experienced a decline of 67.84 points or 0.10%, reaching 65,019.41. Similarly, the Nifty saw a decrease of 36.30 points or 0.19%, settling at 19,311.20. Among the traded shares, 1672 witnessed gains, 1387 saw declines, and 97 remained unchanged.

Within the sectoral indices, the IT, auto, and metal indices registered gains ranging from 0.3 to 0.7% each. Conversely, sectors like banking, pharmaceuticals, FMCG, and oil & gas faced selling pressure.

Among the Nifty 50 constituents, Adani Enterprises and Adani Ports emerged as the top losers, both experiencing declines of 3.5% and 2.5%, respectively. These losses were attributed to fresh allegations of stock manipulation.

Within the broader market landscape, smallcaps and midcaps displayed positive performance for yet another day. The Nifty Midcap 100 index rose by 0.2%, while the Nifty Smallcap 100 index gained 0.6%.

Despite the challenges, the smaller segments of the market continued to exhibit strength, indicating resilience amidst the prevailing market conditions.