| The domestic equity benchmarks ended near the flat line with some minor losses on Thursday, sliding for the fifth day in a row. The Nifty settled near the 24,400 level after hitting the day’s low of 24,210.80 in early trade. Trading was volatile due to the expiry of monthly index options on the NSE.
The barometer index, the S&P BSE Sensex, was down 109.98 points or 0.14% to 80,039.80. The Nifty 50 index shed 7.40 points or 0.03% to 24,406.10.
In the broader market, the S&P BSE Mid-Cap index fell 0.22% and the S&P BSE Small-Cap index shed 0.14%. The market breadth was positive.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 7.26% to 12.62.
Among the sectoral indices, the Nifty Oil & Gas index (up 2.22%), the Nifty Auto index (up 1.26%), and the Nifty Media index (up 0.81%) outperformed the Nifty 50 index.
Meanwhile, the Nifty Metal index (down 1.29%), the Nifty Private Bank index (down 0.92%) and the Nifty Consumer Durables index (down 0.84%) underperformed the Nifty 50 index.
Numbers to Track:
The yield on India's 10-year benchmark federal paper jumped 1.61% to 7.076 as compared with previous close 7.086.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.7275, compared with its close of 83.7175 during the previous trading session.
MCX Gold futures for 5 August 2024 settlement declined 1.60% to Rs 67,851.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.27% to 104.11.
The United States 10-year bond yield fell 1.48% to 4.224.
In the commodities market, Brent crude for September 2024 settlement lost $1.47 or 1.80% to $80.24 a barrel.
Global Markets:
European and Asian stocks tumbled on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.
The US market suffered a significant setback, with the S&P 500 plunging 2.3% — its worst day since December 2022. This marked the end of the longest period without a 2% drop since the 2008 financial crisis. The tech-heavy Nasdaq 100 plummeted 3.64%, dragged down by its largest components. Alphabet Inc. fell 5% after revealing higher-than-expected spending on its AI initiatives. Tesla Inc.'s stock plunged 12% following a disappointing profit report and delay of its robotaxi service. Nvidia Corp. also dropped 6.8%. The slump in the "Magnificent Seven" tech giants triggered a broad market sell-off. The Dow Jones Industrial Average also declined 1.25%.
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