Nifty and Sensex both slightly declined, led by Bajaj Finance and ICICI Bank.

Bajaj Finance and ICICI Bank Lead Nifty and Sensex to Slight Decline

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: September 03, 2024

Summary: The National Stock Exchange's 13 sector indices were trading higher, with the Nifty Realty index leading the way with a 1% rise.

Losses at State Bank of India, ICICI Bank, Bajaj Finance, Infosys, and HCL Technologies caused Tuesday's slight decline in the Indian equities benchmarks.

The Nifty 50 index reached an intraday low of 25,257, and the Sensex dropped as much as 77 points. On the other hand, purchasing stakes in HDFC Bank, Reliance Industries, and ITC limited the loss.

The Nifty 50 index dropped 11 points to 25,265 and the Sensex was down 65 points at 82,505 as of 9:24 a.m.

With the Nikkei in Japan falling 0.31 percent, the Hang Seng in Hong Kong falling 0.6%, the Shanghai Composite in China falling 0.27 percent, and the KOSPI in South Korea falling 0.12 percent, most Asian markets were trading lower.

Due to the weakness of consumer staples and mining sectors, Australian shares saw a dull trading session on Tuesday. Investors were also wary of local economic data that could influence the country's monetary policy actions. It was 6:40 am when the S&P/ASX 200 index dropped 0.4% to 8,078.5.

In India, the Nifty Realty index, which gained 1%, led the way as eight out of thirteen sector indices polled by the National Stock Exchange traded higher.

Shares in consumer durables, healthcare, pharmaceuticals, metals, media, and certain FMCG companies were under selling pressure.

On the other hand, equities in banking, financial services, information technology, and private banks were under selling pressure.

The Nifty Midcap 100 index increased 0.42 percent, while the Nifty Smallcap 100 index improved 0.65 percent, indicating that mid- and small-cap shares outperformed their larger peers.

Following the Union Cabinet's approval of a manufacturing unit with a daily capacity of 6.3 million chips and a total project cost of Rs 3,300 crore, individual share prices of Kaynes Technologies surged by more than five percent.

The biggest loser on the Nifty was Bajaj Finance, whose stock dropped 1.7% to Rs 7,316. The following companies saw a decline: Bajaj Finserv, Infosys, Bajaj Auto, Titan, ICICI Bank, Tech Mahindra, LTI Mindtree, and Tata Consultancy Services.

However, the gainers include Divi's Labs, HDFC Bank, Sun Pharma, Hindalco, ITC, Power Grid, and Mahindra & Mahindra.

There was a good overall market breadth, with 2,049 shares rising and 946 shares falling on the BSE.

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