Sensex closed down 885 points or 1.1 % at 80,982, while the Nifty fell 293 points or 1.2 % to close at 24,717.
Nifty Realty index dropped 5.3% in today’s intraday trade, hitting a 2-month low of 981.95 points. Stocks such as Godrej Properties and Sunteck plummeted up to 6%. This marks the second-largest intraday drop in 2024 so far.
Impact on the stock market
Sectoral indices stayed predominantly in the red. Media, PSU Banks, Oil & Gas, Metals, and Realty sectors faced losses exceeding 4.5 %. The Nifty’s open interest (OI) put-call ratio also plummeted to 0.48, indicating a bearish sentiment among traders.
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| Sector/Index | Performance |
| IT & BPM sector | -3.26% |
| Healthcare sector | -1.66% |
| Oil & Gas sector | -3.71% |
| Real estate sector | -4.32% |
| PSU Bank in India | -4.09% |
Top gainers today
| Company | Price | Change (%) |
| HUL Share Price | 2,715.90 | +0.87 |
| Nestle Share Price | 2,510.90 | +0.63 |
| HDFC Life Share Price | 710.90 | +0.49 |
| TATA Cons. Prod Share Price | 1,199.40 | +0.48 |
Top losers today
| Company | Price | Change (%) |
| Tata Motors Share Price | 1,016.45 | -7.31 |
| ONGC Share Price | 310.25 | -6.01 |
| Adani Ports Share Price | 1,493.85 | -5.93 |
| Tata Steel Share Price | 149.82 | -5.31 |
| Hindalco Share Price | 614.30 | -5.21 |
Market aftermath: Impact on stocks
Tata Power Q1 preview: Revenue and net profit expected to rise
Tata Power is set to release its Q1FY25 earnings on August 6, with expectations of a 14.7 % YoY revenue increase to ₹ 17,457 crore. This growth is driven by strong PLF performance in the thermal business, expanded EPC business, and lower coal prices.
Analysts forecast net profit to be ₹ 1,004 crore, up from ₹ 927.34 crore in Q1FY24, with optimistic estimates suggesting a potential 37 % YoY increase.
The company’s robust operational performance and strategic expansions in solar power generation contribute to this positive outlook.Overall, Tata Power’s upcoming earnings report is anticipated to reflect significant revenue growth
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Marico Q1: Net profit up 9% to ₹ 464 crore
Marico reported a consolidated net profit of ₹464 crore for Q1 FY25, a 9% increase from the previous year. Revenue rose by 6.7% to ₹ 2,643 crore. The EBITDA margin stood at 23.7%, up 50 bps YoY.
The company’s performance was aligned with market expectations, but the modest revenue growth and profit increase were not enough to boost investor sentiment significantly.
Despite positive quarterly results, the stock did not see a substantial boost, reflecting cautious investor sentiment amid broader market declines.
Also read : Marico share price soars up to 6% after Q1 updates
PSU stocks fall: Mazagon, RVNL, Cochin Ship drop up to 8%
PSU stocks saw sharp declines, with RVNL, IRFC, and Mazagon Dock plunging up to 8%. The BSE PSU and CPSE indices dropped by up to 4%.
The selloff was triggered by weak global cues, including disappointing US job data, fears of a US recession, and geopolitical tensions. The strength of the Yen also added to the market’s woes.
The sharp fall in PSU stocks underscores the market’s sensitivity to global economic indicators and geopolitical tensions, affecting investor confidence in these stocks.
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Crude oil price decline
Crude oil futures traded higher amid fears of supply disruptions due to escalating tensions in West Asia. Brent oil futures were at $76.94, up by 0.17%, and September crude oil futures on WTI were at $73.62, up by 0.14%.
On the Multi Commodity Exchange (MCX), Crude oil futures were trading at ₹6,182, up by 0.59%, and September futures were at ₹6,126, up by 0.57%.
Market players are concerned that further escalation of tensions in Iran could disrupt global crude oil supplies. Additionally, the recent OPEC+ meeting did not result in any changes to production output policies despite declining crude oil prices in recent weeks.
Conclusion
The Indian stock market faced a challenging day with significant declines in major indices and mixed sectoral performances. Realty and PSU stocks were among the hardest hit, reflecting broader economic concerns and geopolitical tensions.
While some sectors like health care showed resilience, the overall market sentiment remained cautious. Crude oil prices rose on supply disruption fears, adding another layer of complexity to the market dynamics.
Investors will be closely watching global economic indicators and geopolitical developments for future market direction.
Stay tuned on StockGro for more updates on market trends.
