Mumbai, July 25 (UNI) India’s benchmark indices continue to slide for the 5th consecutive day as the BSE Sensex fell over 109 points to close at 80,039.80 amidst weak global cues and after effect of budget 2024 proposal to increase tax on gains on equity investments.
The National Stock Exchange (NSE) Nifty also fell 7.40 points to 24,406.10.
Shares of two private lenders – ICICI Bank and Axis Bank were major losers in today’s market while engineering major L&T and Tata Motors were biggest gainers in the index shares.
Axis Bank’s shares slipped over 5 pc on Thursday, dropping to a day’s low of Rs 1,168.25 following its announcement of a lower-than-expected net profit of Rs 6,035 crore for the quarter ended June 30, 2024. ICICI Bank shares were down 2.06 percent at Rs 1197.50.
Weak global cues also contributed to slump in the domestic market on Thursday. Following a nearly 4 percent crash in Nasdaq overnight, weak European markets, uncertainty over rate cuts in the US and news flow around the US Presidential elections kept investors wary.
The Budget 2024 by the Modi 3.0 also failed to boost market sentiment as it increased short-term and long-term capital gains taxes. This is also a short-term concern for investors, sources in the trading community said.
The Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 5131 crore and the Domestic Institutional Investors bought equities worth Rs 3137 crore in the last trading session, according to data available.
Stocks that kept the market low today were Metal by 1.19 percent, Bankex by 1.10 percent, Realty by 0.80 percent, and Financial Services by 0.60 percent.
The Mid Cap and Small Cap indices declined by 0.22 percent and 0.14 percent respectively. In 30-scrip index, 14 advanced while 16 declined.
Besides Axis Bank and ICICI Bank, other losers were Nestle India Ltd by 2.49 percent to Rs 2480.40, Titan. by 2.07 percent to Rs 3401.20 and Tata Steel by 1.78 percent to Rs 157.45.
The gainers were Tata Motors by 6.17 percent to Rs 1091.05, L& T by 2.94 percent to Rs 3623, Sun Pharma by 2.81 percent to Rs 1665.20 and Kotak Bank by 1.67 percent to Rs 1775.30.
