Sensex Closes at 68.36 Points Down Amid Volatility; Nifty Ends at 19,733.55

Mumbai, August 1: Equity benchmark Sensex pared early gains to end lower on Tuesday, pressured by selling in index majors Reliance Industries, Powergrid and ICICI Bank amid a mixed trend in global equity markets. Besides, continuous foreign fund outflows also dented investor sentiment, traders said.

In a highly volatile trade, the 30-share BSE Sensex declined 68.36 points or 0.10 per cent to settle at 66,459.31. During the day, it hit a high of 66,658.12 and a low of 66,388.26.

The NSE Nifty fell 20.25 points or 0.10 per cent to end at 19,733.55.

Powergrid tumbled over 5 per cent on the Sensex chart, followed by Bajaj Finserv, IndusInd Bank, State Bank of India, Reliance Industries, Maruti, Asian Paints, Larsen & Toubro and Bajaj Finance. GST Collection Rises 11% to Over Rs 1.65 Lakh Crore in July 2023.

Powergrid has posted over a 5 per cent decline in consolidated net profit for the quarter ended June 2023. In contrast, NTPC, Tech Mahindra, HCL Technologies, Mahindra & Mahindra, Axis Bank, Tata Consultancy Services, Infosys and JSW Steel were the biggest gainers.

In Asian markets, Seoul and Tokyo ended with gains, while Hong Kong and Shanghai settled lower. European markets were trading lower. The US markets ended in the green on Monday. Manufacturing sector activities in India moderated for the second straight month in July as rates of expansion in output and new orders eased slightly, a monthly survey said on Tuesday.

Global oil benchmark Brent crude dipped 0.49 per cent to USD 85.01 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 701.17 crore on Monday, according to exchange data.

"The domestic indices traded with a negative bias below the flattish trend, impacted by global peers. "IT stocks rallied on hopes of a soft landing for the US economy. India's manufacturing activity remained robust, although marginally it moderated for the second consecutive month in July. The market direction in the upcoming days will be influenced by key data points, including auto sales figures, US PMI, and US job data," said Vinod Nair, Head of Research at Geojit Financial Services. GST on Hostel Rent: Hostelstay, PG Accommodation to Get Costly as It Attracts 12% Goods and Services Tax.

Gross GST collection rose 11 per cent to over Rs 1.65 lakh crore in July, crossing the Rs 1.6 lakh crore mark for the fifth time since the rollout of the indirect tax regime. The BSE benchmark had jumped 367.47 points or 0.56 per cent to settle at 66,527.67 on Monday. The Nifty climbed 107.75 points or 0.55 per cent to end at 19,753.80.