Indian benchmark indices have managed to regain some lost ground but is still trading in the red with Nifty50 shedding 58 points and is trading at 10,921 while the Sensex is trading lower by 189 points and is trading at 36,828 level.
Nifty Auto is the only sector which is trading in the green, up 1 percent led by Bajaj Auto, Eicher Motors and TVS Motor Company which jumped 2 percent each followed by Maruti Suzuki, Mahindra & Mahindra and Tata Motors.
Metals continue to underperform dragged by JSPL, SAIL, Tata Steel, Vedanta, NMDC, Hindustan Copper, Hindalco Industries, Jindal Stainless and NALCO.
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From the media space, the top losers are Eros International Media, PVR, TV18 Broadcast, Inox Leisure, Hathway Cable, Zee Entertainment and Dish TV.
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India VIX is up 4.19 percent and is trading at 15.17 levels.
"Investors are slowly losing hope of a recovery in the economic growth and revival in the markets over the next few weeks. Their portfolios have seen a massive hit for reasons that are not entirely clear to them," Deepak Jasani, Head Retail Research, HDFC Securities told Moneycontrol.
The Nifty has broken its crucial support of 10,900 level intraday, indicating continued bearishness in the market. So far the index formed bearish candle which resembles a Hammer kind of pattern on daily charts.
Experts feel given the current sentiment weakness may continue in coming sessions, though it looks oversold at current levels.
The top gainers from NSE include Bharti Airtel, Bajaj Auto, Eicher Motors, Mahindra & Mahindra and Asian Paints while the top losers are Tata Steel, ONGC, Wipro, HCL Tech and Coal India.
The most active stocks are Reliance Industries, ICICI Bank, YES Bank, HDFC Bank and Ashok Leyland.
472 stocks have hit 52-week low on BSE including Ashok Leyland, JSPL, SAIL, Vedanta, Tata Steel, Wockhardt, Coal India, Tata Motors DVR, Motherson Sumi Systems, BHEL, Biocon, Hindalco, GAIL, Sun TV, ITC and Aurobindo Pharma among others.
536 stocks advanced and 1167 declined while 389 remained unchanged on the NSE. On the BSE, 769 stocks advanced, 1472 declined and 105 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more. First Published on Aug 2, 2019 01:08 pm