Nifty and Sensex Close Lower After Last-Hour Selloff in Metal and Financial Stocks

Mumbai, July 3 – A late-session selloff in metal and banking sectors caused benchmark equity indices to recede from intraday highs and close lower on Thursday.

The BSE Sensex slipped 170.22 points or 0.20% to close at 83,239.47, after having surged as much as 440.4 points earlier in the session to hit 83,850.09. Meanwhile, the NSE Nifty 50 shed 48.10 points or 0.19%, settling at 25,405.30.

Financials and Metals Lead Declines

Key laggards on the Sensex included

• Kotak Mahindra Bank
• Bajaj Finserv
• Bajaj Finance
• Adani Ports
• Trent
• State Bank of India
• Titan
• Tata Consultancy Services

On the other hand, the top gainers included

• Maruti Suzuki
• Infosys
• NTPC
• Asian Paints
• Eternal
• Hindustan Unilever

Sectoral Trends: Auto and Pharma Gain, Metal and Realty Drag

The market’s sectoral performance was inconsistent. Metal and real estate were among the top underperformers, while auto and pharmaceutical reported increases. Similar trends were seen by broader indices, which ended the day mostly flat.

Global Market Overview

In Asia, South Korea’s Kospi, Japan’s Nikkei 225, and China’s Shanghai Composite ended in the green, while Hong Kong’s Hang Seng closed lower. European markets were trading mixed, while Wall Street ended mostly higher on Wednesday.

Macro Update: India Services PMI at 10-Month High

India’s services sector posted its strongest growth in ten months in June, driven by higher international sales and job creation. The HSBC India Services PMI rose to 60.4 in June from 58.8 in May, indicating robust expansion in business activity.

In PMI terms, a reading above 50 denotes expansion, while a figure below that signals contraction.

Other Market Indicators

• Brent crude prices declined 1.03% to USD 68.40 per barrel.
• Foreign Institutional Investors (FIIs) sold equities worth Rs 1,561.62 crore on Wednesday, according to exchange data.

Previous Close Recap

On Wednesday, the Sensex had dropped 287.60 points (0.34%) to close at 83,409.69, while the Nifty declined 88.40 points (0.35%) to 25,453.40.

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