SENSEX SLIDES 337 PTS; OIL & GAS SHARES DECLINE

The frontline indices traded with modest losses in mid-morning trade. The Nifty traded near the 24,650 mark after hitting the day�s high of 24,854.80 in early trade. Oil & gas shares declined after advancing in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 337.19 points or 0.40% to 81,006.18. The Nifty 50 index shed 145 points or 0.58% to 24,655.85.

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index dropped 2.14% and the S&P BSE Small-Cap index fell 2.08%.

The market breadth was weak. On the BSE, 834 shares rose and 2,888 shares fell. A total of 103 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Sanstar received 3,67,41,450 bids for shares as against 3,75,90,000 shares on offer, according to stock exchange data at 11:15 IST on Friday (19 July 2024). The issue was subscribed 0.98 times.

The issue opened for bidding on Friday (19 July 2024) and it will close on Tuesday (23 July 2024). The price band of the IPO is fixed between Rs 90 to Rs 95 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index dropped 2.35% to 12,786.40. The index rose 0.03% in the past trading session.

Aegis Logistics (down 4.89%), Bharat Petroleum Corporation (down 4.13%), GAIL (India) (down 3.62%), Castrol India (down 3.45%), Oil India (down 3.01%), Hindustan Petroleum Corporation (down 2.81%), Oil & Natural Gas Corpn (down 2.73%), Gujarat Gas (down 2.33%), Indian Oil Corporation (down 2.11%) and Gujarat State Petronet (down 2.1%) declined.

Stocks in Spotlight:

Dee Development Engineers slipped 2.93%. The company informed that it has bagged a purchase order worth Rs 6.33 crore from the Bharat Heavy Electricals (BHEL).

Caplin Point Laboratories fell 3.58%. The firm said that its subsidiary Caplin Steriles has been granted final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Ephedrine Sulfate Injection.

Global Market:

Asian stock declined on Friday. This is due to a combination of factors including political tensions (US-China trade war, US election), China`s weak economic data, and a lack of clear plans from Chinese government to boost their economy.

U.S. stocks fell on Thursday, snapping a winning streak for the Dow after large technology companies continued to lose ground. This comes amid concerns about overvaluation after a strong 2024 driven by AI optimism. The VIX, a gauge of investor fear, jumped 10%, potentially reflecting anxieties surrounding the upcoming presidential election. The Dow Jones Industrial Average closed down 1.3%, ending its three-day record run. The broader S&P 500 and tech-heavy Nasdaq also saw losses.

Powered by Capital Market - Live News