Equity markets experience a downtrend for the second consecutive day as benchmarks correct their path. The market closure reveals top stocks worth considering for today's purchases.
On July 24, the benchmark equity indices, Sensex and Nifty, saw a decline, extending corrections from their all-time highs. The dip was attributed to massive selling in heavyweight stocks, along with foreign fund outflows and surging crude oil prices. Additionally, traders were eagerly awaiting the U.S. Federal Reserve's monetary policy decision, adding to the uncertainty.
The 30-share BSE Sensex settled at 66,384.78, falling by 299.48 points or 0.45%. The index experienced fluctuations during the day, reaching its intra-day peak at 66,808.56 and the lowest level at 66,808.56.
Similarly, the NSE Nifty ended at 19,672.35, down by 72.65 points or 0.37%. Throughout the day, the broader index fluctuated between the range of 19,782.75 and 19,658.30.
In the previous session on Friday, both indices had seen a substantial decline of more than 1%, breaking their six-day record-breaking rally. The BSE benchmark tumbled by 887.64 points or 1.31% to reach 66,684.26, while the NSE Nifty fell by 234.15 points or 1.17% to end at 19,745.
On Monday, 18 out of the 30-stock Sensex closed the session in the green zone, while on the 50-stock index Nifty, 25 stocks saw gains.
IndusInd Bank, Mahindra & Mahindra, PowerGrid, and Bajaj Finserve were among the gainers in the Sensex pack, with gains of up to 2.01 percent.
Conversely, bellwether stocks such as ITC, Kotak Mahindra, Tech Mahindra, and Reliance were the laggards. ITC shares closed the session with a significant loss of 3.87%, and Reliance ended 1.92% lower.
Across Asia, equity markets displayed mixed trends, with Nikkei gaining 1.23%, while Hang Seng and Shanghai Composite declined by 2.13% and 0.11%, respectively.
In Europe, markets also showed a mixed picture. German benchmark DAX rose by 0.08%, London's FTSE 100 gained 0.06%, while the CAC 40 of France declined by 0.18%.
Meanwhile, the US markets closed higher on Friday, with S&P 500 gaining 0.03%.
Brent crude, the global oil benchmark, was trading at $81.66 per barrel, marking a 0.73% increase.
According to exchange data, foreign institutional investors (FIIs) were sellers on Friday, offloading equities worth Rs.1,998.77 crore.
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