Closing Bell: Adani Total Gas, Aditya Birla Fashion among top losers as Nifty closes at 24,500; Sensex falls 705 points

Nifty 50 slipped 211.10 points (−0.85%) to close at 24,500.90, Bank Nifty fell 630.10 points (−1.16%) to 53,820.35, while Sensex dropped 705.97 points (−0.87%) to settle at 80,080.57.

• US Markets – Dow Jones Futures rose 115.30 points (+0.25%) to 45,680.53, showing a very bullish trend.

• European Markets
  • FTSE dropped 41.35 points (-0.45%) to 9,214.15, despite a very bullish technical rating.
  • CAC added 37.97 points (+0.49%) to 7,781.90, displaying a bullish trend.
  • DAX climbed 38.19 points (+0.16%) to 24,084.40, characterized as bullish.

Global events/updates

• A ban on online money gaming has been challenged in the Karnataka High Court, with a hearing scheduled for August 30.

• The U.S. is proposing a new rule to limit the stay of foreign students.

• China’s Commerce Ministry is extending anti-dumping duties on phenol from the U.S., EU, South Korea, Japan, and Thailand for another five years.

• Significant for Indian steel companies because a reduction in steel production by China, the world’s largest steel producer, would likely lead to an increase in global steel prices. 

• The government is likely to maintain high taxes on tobacco, gutka, and cigarettes through National Calamity Contingent Duty (NCCD), even after removing compensation cess, with GST to decide on the final imposition for these “sin goods”

Stock news

• Marsons Limited: The company has announced expanding its annual manufacturing capacity to 10,000 MVA per annum. This positions the company among the larger transformer manufacturers in India by installed capacity.

• PVP Ventures Ltd: The company acquired a 41.2% stake in 7Med India Pvt Ltd for 127 Cr and will become the majority owner in the Renal Care and Healthcare Platform.

• Power Mech Projects Limited won a domestic order worth ₹370.84 crores from Mahan Energen Limited, a subsidiary of Adani Power, for civil works and erection of prefabricated structural steel for two 800 MW units in Mahan Phase-III at Singrauli, Madhya Pradesh.

• Permanent Magnets Ltd announced that its wholly owned subsidiary, Quantum Magnetics Pvt. Ltd. (QMPL), has entered into a joint venture with Lorentic Pte. Ltd. 

• Highway Infrastructure Ltd has launched a new residential real estate project named “New York City – Phase 4” in Indore, Madhya Pradesh, covering approximately 1,74,582 sq.ft.

• Shakti Pumps Ltd has seen its first batch of 10,000 solar pumps, valued at ₹269 crore, fully booked by farmers.

• SpiceJet Ltd: The government is planning to revive seaplane operations, with SpiceJet’s subsidiary, Skyhop, having secured the necessary license.

• Sai Life Sciences Ltd completes Phase II expansion of Production Block 11 at Bidar, boosting total capacity to 700 KL; facility holds approvals from leading global regulatory agencies.

Top gainer/Top loser (Nifty 500)

Conclusion

The sharp decline across benchmark indices reflects broad-based selling pressure, with financials dragging the market lower. Weak global cues and profit-booking weighed on sentiment, keeping investors cautious.

Written by Manideep Appana

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