FINAL TRADE: Sensex tanks 676 points on weak global cues, Nifty cracks 207 points to settle at 19,526.55

Stock market today: The domestic equity benchmark indices closed lower for the second consecutive day on Wednesday, August 2, amid heavy selling in bank, financial services, metal, realty, and oil & gas stocks. The domestic market slid after weak economic data from the United States, the eurozone, and China triggered caution across global equities.

Both headline indices declined over 1 per cent for the day. The Sensex lost 676.53 points to end at 65,782.78, and the Nifty settled at 19,526.55, down 207 points from its previous close.

"Taking cues from the global market, Nifty closed on a negative note; most of the sectoral indices were in the red, where Nifty PSU banks, Nifty Metal, and Nifty Auto were the top losers, on the back of a US credit rating downgrade and FII selling pressure. From the last five trading days, FIIs are selling, fueling pessimism in the market," said Vaibhav Vidwani, Senior Research Analyst, at Bonanza Portfolio Ltd.

As many as 45 stocks in the 50-blue-chip basket traded below the flatline. Hero MotoCorp, Tata Steel, Tata Motors, Bajaj Finserv, and NTPC were the top laggards, as they traded with gains between 3.49 per cent and 2.64 per cent. On the other hand, Divi's Laboratories, Nestle India, Hindustan Unilever, Asian Paints, and Tech Mahindra were the top gainers in the Nifty basket. Nestle India, Hindustan Unilever, and Asian Paints were the major gainers on the BSE.

Broder market 

Nifty Mid Cap 100 and Small Cap 100 ended over 1 per cent lower at 37,697.35 and 11,785.1 respectively. 

Sectoral watch 

Nifty Bank closed over 1 per cent lower at 45,044.2. All indices bled red on the sectoral front amid heavy selling in IT, financial services, auto, metal, bank, and oil & gas stocks.  

Buzzing stocks 

GE Power gained over 11 per cent or Rs 17.7 and closed at Rs 178 apiece after the company received a letter of intent from Gujarat Electricity Corporation for a Rs 444 crore project. 

PVR Inox extended gains as earnings and outlook improved; the stock closed over 2 per cent or Rs 41.05 higher at Rs 1,607 apiece.

Escorts Kubota closed 0.47 per cent or Rs 12.15 higher at Rs 2573.5 after posting healthy Q1 results.

Titan closed 1 per cent lower, while IndiGo ended flat ahead of earnings.

Conversely, Hero MotoCorp stock extended losses and closed over 3 per cent lower after the Enforcement Directorate raided the residence of Hero MotoCorp chairman Pawan Munjal.

Metal stocks slipped as the dollar index rose and the Nifty Metal declined over 1 per cent.

IT stocks were under pressure, tracking global cues, and LTIMIndtree was the top loser.

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