Sensex, Nifty updates on 2 August 2024: The benchmark BSE Sensex fell 885.6 points, or 1.08%, to 80,981.95, while the NSE index dropped 284 points, or 1.14%, to 24,726.9, driven down by declines in IT and auto stocks. This downturn followed weaker-than-expected U.S. data, triggering a global sell-off. Top gainers on the NSE included Divi’s Lab, HDFC Bank, Dr. Reddy’s Lab, Sun Pharma, and Britannia, while major losers were Eicher Motors, Tata Motors, Maruti, JSW Steel, and Hindalco. Srikanth Chauhan of Kotak Securities reported that Friday’s correction wiped out weekly gains, though BSE Midcap and Smallcap indices performed better. He noted healthy domestic indicators like a 58.1 Manufacturing PMI and 10% GST growth, amid global market reactions to central bank meetings and FPI outflows. Vinod Nair from Geojit highlighted a broad sell-off due to high valuations and weak Q1FY25 earnings, despite potential U.S. Fed rate cuts.
