FINAL TRADE: Nifty, Sensex decline over 1% led by weak global cues; Eicher Motors top losers
![FINAL TRADE: Nifty, Sensex decline over 1% led by weak global cues; Eicher Motors top losers](https://cdn.zeebiz.com/sites/default/files/2024/08/02/308831-analysis-49373491920.jpg?im=FitAndFill=(1200,900))
Indian equities slumped in Friday's session as weak global cues weighed on sentiments. Nifty at the close ended over 1 per cent or 293.2 points lower at 24,717.7, while the Sensex retreated by 1.08 per cent or 885.59 at 80,981.95.
Sectorally, it was a sea of red as benchmarks witnessed increasing volatility as economic growth concerns came to the fore in the US after the macro data. Also, heightened geopolitical tensions in the Middle East led to risk-off sentiment.
From the Nifty pack top gainers included stocks like Divi's Laboratories, HDFC Bank, Dr. Reddy's Laboratories, Sun Pharma and Kotak Mahindra Bank. While on the losers front, stocks included Eicher Motors, Maruti Suzuki, Tata Motors, Hindalco and JSW Steel.
Vinod Nair, Head of Research, Geojit Financial Services said, "The domestic market saw a broad-based sell-off, indicating that it may have reached an exhaustion point due to a lack of new triggers for further upward movement. Q1FY25 earnings have been lackluster so far, while broader market valuations remain significantly high. Meanwhile, despite the US Fed hinting at a rate cut in September, global markets are consolidating as this move has already been priced in. A
Additionally, weak earnings from the US IT sector, a potential rise in unemployment, the possibility of further rate hikes by the BOJ, and a slowdown in China's growth are all dampening market sentiment, he added.
Rupak De, Senior Technical Analyst, LKP Securities stated that the capital markets were under pressure, with the Nifty index down by more than -1.15 per cent , contributing to fund outflow pressure on the rupee. The upcoming Non-Farm Payroll and unemployment data in the US will likely maintain high volatility in the market, which is already experiencing fluctuations due to concerns about a potential US recession and tensions in the Middle East.
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04:01 PM IST