Markets under pressure; Sensex tanks near 700 points

2 Aug 2023 , 01:22 PM

Indian benchmark indices are trading with heavy declines in Wednesday’s afternoon session dragged down by dip in broad sectors, tracking global peers owing to weak economic data from the United States.

Domestic shares fell as Asian rivals tumbled following a bad closing on Wall Street and Europe overnight, on rate fears due to tightening in the US labor market.

On the sectoral front, Nifty Auto index is trading nearly 2% lower due to weak sale numbers in July. Nifty Bank and Financial Services stocks are trading down by over 1.5%. All other sectoral indices are trading in red territory.

At around 1.15 PM, BSE Sensex is trading 744 points lower at 65,715. NSE Nifty is trading at 19,527, down by 207 points.

The only gainers in today’s trade are Divis Lab (+0.60%), Hindustan Unilever (0.55%), Nestle India (+0.49%), and Asian Paints (+0.35%). 

Hero MotoCorp (-3.29%) is trading down by 3%, followed by NTPC (-3.00%). Tata Motors (-2.88%), Coal India (-2.64%), and Eicher Motors (-2.55%) are putting weight on the chart.

Only 4 stocks advanced, and 46 declined on the nifty index today.