The beginning of the last week of July was not good for investors. On Monday, July 28th, the stock market witnessed a sharp decline. The morning started with mild positive signals, but as trading progressed, pressure on the market increased, and by the end of the day, both Sensex and Nifty closed in the red.
Decline in Sensex and Nifty
At the close of trading, the BSE Sensex fell by 572.07 points or 0.70 percent to close at 80,891.02. The NSE Nifty also fell by 156.10 points or 0.63 percent to 24,680.90. With this decline, it was the third consecutive trading session that the market closed on a weak note.
Number of Shares Traded on NSE
A total of 3,089 shares were traded on the National Stock Exchange (NSE) today. Of these, 811 shares closed with gains, while 2,211 shares declined. There were also 67 shares that remained unchanged.
Slight Enthusiasm in Pharma Shares
While most sectors declined, the pharma index closed slightly ber. Buying was seen in pharma companies, which helped this sector to withstand the market decline.
Weakness Seen in Realty and Metal Sectors
Looking at the sectoral front, realty, metal, PSE, and infrastructure stocks saw the most pressure. The IT and energy sectors also suffered losses today. Midcap and smallcap companies' shares also witnessed selling, leading to a weak sentiment in the broader market.
Today's Top Gainer Shares
Some select shares closed in the green despite the market decline today, providing relief to investors.
- Shriram Finance Share closed at ₹633.45, up by ₹17.60.
- Cipla Share closed up by ₹39.50 at ₹1,572.
- Hero MotoCorp's share gained ₹60.40 and closed at ₹4,291.10.
- HUL's share strengthened by ₹26.20 and closed at ₹2,441.60.
- SBI Life Insurance's share rose by ₹18.40 to close at ₹1,850.50.
Today's Top Loser Shares
The shares of companies that recorded the biggest declines are as follows:
- Kotak Mahindra Bank's share closed down by ₹158 at ₹1,966.60.
- Bajaj Finance's share declined by ₹33.25 and closed at ₹880.50.
- Wipro's share fell by ₹9.15 to ₹250.05.
- IndusInd Bank's share closed down by ₹21.65 at ₹802.05.
- Bharti Airtel's share fell by ₹47.60 to close at ₹1,890.30.
Market Declines for the Third Consecutive Day
Before today's decline, the market closed in the red on Friday and the day before. Thus, this was the third consecutive trading session when weakness was recorded in the market. Uncertainty prevails in the minds of investors, especially regarding foreign fund flows and concerns related to the global market.
Midcap and Smallcap Shares Witnessed More Selling
The market decline had the biggest impact on midcap and smallcap shares. Investors sold shares of small and medium-sized companies heavily, leading to a significant drop in the prices of these shares.
Pressure on IT and Energy Shares
Weakness was recorded in major IT sector shares like Wipro and TCS. Shares of energy companies also saw a decline. No significant buying was seen from investors in either of these sectors.
Slight Strength in the Pharma Sector
The pharma sector provided some relief in the market today. Strength was seen in major shares like Cipla, which helped the pharma index close with a slight gain. However, this gain was not enough to support the market.
Monday's Session Was Bearish
The way the week started has created an atmosphere of caution among investors. The continuously falling market and selling by foreign investors indicate that the market is currently going through a period of weakness.
Everyone's Eyes Will Be on the Next Move
After this market decline, everyone's eyes are now on the upcoming trading sessions. Investors will want to see if the market builds support at these levels or if the weakness deepens. Changes may also be seen in sectors, so the next few days are considered crucial for the market.
