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| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 81,207.17 | 223.86 | +0.28% |
| Nifty 50 | 24,894.25 | 57.95 | +0.23% |
| Nifty Bank | 55,589.25 | 241.30 | +0.44% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tata Steel | 173.21 | 5.70 | +3.40% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Max Healthcare | 1,069.20 | -44.00 | -3.95% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10277.10 | 184.15 | +1.82% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26753.10 | -15.55 | -0.06% |
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Dow Jones Industrial Average slid 274 points, or 0.8%. S&P 500 pulled back 1.3%, and Nasdaq Composite shed 2%.
The Dow Jones Industrial Average slid 214points, or 0.6%. The S&P 500 pulled back 0.9%, and the Nasdaq Composite shed 1.6%.
According to data from S&P Global Market Intelligence, US 10-year Treasury rates increased 3 basis points to 4.078% after initially declining, while credit default swaps, which guarantee exposure to US Treasuries, barely changed.
US stocks decline over Fitch downgrading US credit rating
The Dow Jones Industrial Average slid 146 points, or 0.4%. The S&P 500 dipped 0.8%, and the Nasdaq Composite
pulled back 1.1%
Global stock markets slumped on Wednesday after the United States had its top credit rating downgraded by Fitch.
Wall Street's main indices fell at the start of trading, but the losses were modest.
At around 1330 GMT:
Dow shed 0.4 percent, the broader S&P 500 gave up 0.7 percent and the tech-heavy Nasdaq fell 1.1 percent.
The US dollar rose against the euro, but dipped against the yen, which is even more of a safe haven asset.
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.3 percent at 35,508.82.
The broad-based S&P 500 shed 0.8 percent to 4,541.43, while the tech-rich Nasdaq Composite Index sank 1.3 percent to 14,094.12.
Hindustan Petroleum Corporation Limited reported a consolidated net profit of Rs 6,765.5 crore in the first quarter of FY 2023-24 on account of healthy marketing margins.
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Is it an end of the up move and the beginning of the correction?
Nifty opened with a gap down and continued to slide for the rest of the day before a last hour recovery from the Intraday low of 19,424 led Nifty closing at 19527, down 207 points.
Nifty closed below the 20-Day Exponential Moving Average (DEMA) of 19,562 for the first time since March 31st. The Foreign Portfolio Investors (FPIs) were seen liquidated their long positions for the fifth consecutive trading session and the Long Short Ratio has now fallen from 73% on 6th July to 51% on 1st August.
Nifty fell sharply on account of put writers exiting from 19,500, 19,600 and 19,700 Strikes. The resistance for Nifty Now shifts down to 19,600 on the back of strong call writing today. A close below today’s low of 19,424 can lead to more long liquidation and initiation of fresh shorts.
Bank Nifty too closed below its 20 DEMA of 45,347 for the first time since 26th June. The support for Bank Nifty is now placed at 44,500. A break below 44,500 can drag the Index until 43,600 where it’s next visible support is placed. Bank Nifty closed at 44,996, down 597 points.
It remains to be seen if bulls attempt a bounce back. Failure to do so would mean that this might be the beginning of a healthy correction after a sharp up move.
Real estate developer Godrej Properties reported about a three-fold jump in consolidated net profit at Rs 125 crore for the quarter that ended June 30, while sale bookings fell 11 percent annually to Rs 2,254 crore, the company said in a regulatory filing.
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