Market in red; Nifty below 19,400

3 Aug 2023 , 01:04 AM

The Sensex experienced a decline of 500 points, while the Nifty dropped below the 19,400 mark. 

Out of the 13 major sectoral indexes, eleven registered declines, with metals and realty experiencing drops of over 1% each.

Vedanta faced a significant loss of 9.02%, reaching a nearly one-year low due to reports of top shareholder Twin Star Holdings selling a 4.3% stake in the company.

This negative sentiment extended to the broader markets for the second consecutive session. Both domestically oriented midcaps and smallcaps recorded slight losses.

Asian equities faced a decline on Thursday following Fitch’s decision to downgrade the United States’ credit rating from AAA- to AA+, citing fiscal deterioration.

Sun Pharma, Adani Enterprises, Divis Labs, Eicher Motors, and Adani Ports are among the leading gainers on the Nifty index. On the other hand, UPL, ONGC, Titan Company, Tech Mahindra, and UltraTech Cement are among the companies that have experienced losses.