Indian stock markets experienced a volatile trading session on Tuesday, August 6, 2024 following yesterday’s steep decline. The Sensex dropped 1,259 points from its intraday high before closing 166.33 points lower at 78,593.07. The Nifty 50 index fell below the 24,000 mark ending 63.05 points down at 23,992.55. The Nifty Bank index also saw significant losses closing 343.80 points lower at 49,748.30
Nifty 50 Index Daily Chart: TradingView
This downward trend follows Monday’s market crash where both the Sensex and Nifty plummeted by 3% wiping out ₹10 lakh crore of investor wealth. Today’s market movement suggests a potentially bearish trajectory with the Nifty 50 closing below its previous higher low of 24,074 and possibly heading lower towards the ascending trendline. Similarly the Sensex having dropped below 79,223, may target the ascending trendline around 77,500.
Let’s examine the performance of individual stocks that led the market decline:
HDFC Life Insurance Company saw its stock price fall to Rs 680.50, a 4.28% decrease from the previous close of Rs 710.90. The stock opened at Rs 711.65 and reached a high of Rs 719.00 before dropping to a low of Rs 677.30
Source: NSEIndia
SBI Life Insurance Company Ltd experienced a 2.43% decline with its stock closing at Rs 1,680.35. The day’s trading began at Rs 1,722.20, peaked at Rs 1,780.00 and hit a low of Rs 1,670.10.
Bharat Petroleum Corporation Ltd shares dropped by 1.84% to close at Rs 335.40. The stock opened at Rs 343.00, reached a high of Rs 349.65 and touched a low of Rs 333.40 during the session.
Shriram Finance Ltd saw its stock price decrease by 1.71% to Rs 2,842.00. Trading started at Rs 2,920.15 with the stock hitting a high of Rs 2,940.45 and a low of Rs 2,825.00.
State Bank of India shares fell by 1.47% to close at Rs 799.75. The stock opened at Rs 822.65, reached a high of Rs 826.55 and touched a low of Rs 795.65.
Bharti Airtel Ltd experienced a 1.37% decline with its stock closing at Rs 1,445.55. The day’s trading began at Rs 1,483.10, peaked at Rs 1,492.90 and hit a low of Rs 1,431.10.
Mahindra & Mahindra Ltd (M&M) shares dropped by 1.29% to close at Rs 2,644.45. The stock opened at Rs 2,688.30, reached a high of Rs 2,748.75 and touched a low of Rs 2,625.70.
Coal India Ltd saw its stock price decrease by 1.07% to Rs 501.40. Trading started at Rs 508.10 with the stock hitting a high of Rs 517.20 and a low of Rs 498.00.
Tata Consumer Products Ltd shares fell by 1.03% to close at Rs 1,187.00. The stock opened at Rs 1,200.00, reached a high of Rs 1,212.10 and touched a low of Rs 1,182.85.
Oil and Natural Gas Corporation Ltd experienced a 0.97% decline with its stock closing at Rs 307.25. The day’s trading began at Rs 314.80, peaked at Rs 322.45 and hit a low of Rs 305.15.
Moving forward, the market seems to be trading bearish since the crash started and as we watch and await for the market to stabilize, eyes remain at the aforementioned support levels.
