Benchmark indices Sensex and Nifty ended lower as escalating tensions between the US and Iran have kept investors on edge. The 30-share BSE Sensex closed 307.24 points or 0.40 per cent lower at 76,957.27. During the day, the benchmark hit a high of 77,177.27 and a low of 76,751.32, gyrating 425.95 points.
The 50-share NSE Nifty dropped 95.25 points or 0.39 per cent to end the session at 24,080.40. Similarly, the broader market ended the session in the red. While the BSE MidCap Select Index dropped 22.55 points or 0.12 per cent, the BSE SmallCap Select Index ended with a fall of 36.75 points or 0.40 per cent.
Among sectoral indices, Nifty Metal and Nifty FMCG dropped 2.45 per cent and 1.69 per cent, respectively. However, Nifty Private Bank outperformed.
“The significance of the session lies in that rebound. Buyers once again emerged around the 24,000 level, a zone that has repeatedly attracted demand over the past two weeks despite heightened global uncertainty. While the benchmark ended the final trading session of August in negative territory, it also closed above its most closely watched support after successfully absorbing another wave of selling. The price action suggests that, although external headwinds continue to weigh on sentiment, the 24,000 level remains a key line of defence that market participants are not yet willing to concede,” said Hariselvan Radhakrishnan, Founder & CEO of HST Wealth.
Top gainers and losers
Among the 30-Sensex firms, Sun Pharma, ICICI Bank, Axis Bank, SBIN, and Bajaj Finserv were the major gainers, with Sun Pharma gaining 1.87 per cent today. On the flip side, Adani Ports, ITC, Bharti Airtel, and HDFC Bank were among the laggards. Adani Ports fell 4.11 per cent today.
Today, shares of 10 out of 30 Sensex companies closed in the green, while the remaining 20 closed in the red. Meanwhile, 20 of the 50 Nifty 50 companies closed in the green, while the other 30 closed in the red.
Rupee stages stellar comeback
Meanwhile, the Indian rupee staged a stellar two-day comeback to close at its strongest level since August 5, successfully overcoming an early dip triggered by Friday’s surge in the dollar index. The rupee pared initial losses and settled for the day with gains of 26 paise at 95.17 (provisional) against the US dollar.