SENSEX SLUMPS 1,473 PTS; VIX SOARS 20.11%

The key equity indices traded continued to trade with major losses in morning trade. The Nifty traded below the 24,300 level. Realty shares extended losses for the fourth consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 1,473.58 points or 1.82% to 79,514.19. The Nifty 50 index tumbled 445.30 points or 1.80% to 24,272.35.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.38% and the S&P BSE Small-Cap index slipped 2.52%.

The market breadth was weak. On the BSE, 718 shares rose and 3,059 shares fell. A total of 142 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, soared 20.11% to 17.20.

Economy:

India`s forex reserves decline by $3.471 billion to $667.386 billion

India�s foreign exchange reserves registered a decline of $3.471 billion, reaching $667.386 billion during the week ended July 26, according to the latest data from the Reserve Bank of India (RBI).

Foreign currency assets saw a reduction of $1.171 billion, bringing the total to $586.877 billion.

Gold reserves fell by $2.297 billion to $57.695 billion during the week. Special drawing rights (SDRs) decreased by $5 million to $18.202 billion.

India�s reserve position with the International Monetary Fund (IMF) saw a modest increase of $2 million, reaching $4.612 billion in the reporting week.

Results today:

Oil and Natural Gas Corporation(ONGC) (down 3.57%), Bharti Airtel (down 1%), Marico (up 2.02%), BEML (down 3.93%), Bharti Hexacom (down 1.41%), Avanti Feeds (down 2.46%), BLS International (up 0.77%), Motherson Sumi Wiring India (down 1.88%), Brigade Enterprises (down 2.94%), Century Plyboards (down 1.99%), Deepak Nitrite (down 0.59%), Devyani International (down 3.57%), Gujarat State Fertilizers and Chemicals (GSFC) (down 3.39%), H.G. Infra Engineering (down 0.85%), Honeywell Automation (down 2.56%), Orient Cement (down 0.15%), Sandhur Maganese and Iron Ores (down 3.82%), Schneider Electric Infrastructure (down 4.65%), Syrma SGS Technology (down 4.21%), Tata Chemicals (down 0.98%), Triveni Turbine (down 1.93%), V-Mart Retail (down 2.90%), VRL Logistics (down 1.79%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Realty index slipped 3.64% to 999.40. The index tumbled 8.96% in the four trading sessions.

Phoenix Mills (down 8.44%), Godrej Properties (down 4.41%), Sobha (down 4.23%), Sunteck Realty (down 3.49%), Brigade Enterprises (down 3.18%), Oberoi Realty (down 2.85%), Macrotech Developers (down 2.54%), DLF (down 2.53%), Prestige Estates Projects (down 2.44%) and Mahindra Lifespace Developers (down 2.35%) slipped.

Stocks in Spotlight:

Adani Ports and Special Economic Zone fell 2.92%. The company said that the company�s total cargo volume for the month of July 2024 was 37.3 MMT, which is higher by 9.7% as compared with the same period last year.

Delhivery rose 0.43%. The logistics solution provider reported a consolidated net profit of Rs 54.36 crore in Q1 FY25 as against a net loss of Rs 89.48 crore posted in Q1 FY24. Revenue from operations grew by 12.57% year on year to Rs 2,172.3 crore in the quarter ended 30 June 2024.

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