NIFTY50 near 24,600, SENSEX rises 200 points as markets adjust to CAS mechanism

The NIFTY50 index was hovering around 24,600, down around 170 points from the previous close while the 30-share SENSEX advanced as much as 504 points on Tuesday, August 4.

The divergent trend in the market was due to change in the closing price mechanism under the newly implemented Closing Auction Session (CAS) which led to a change in gains and losses for individual shares but prices of stocks on the National Stock Exchange (NSE) and BSE largely remained same.

As of 9:32 am, the SENSEX was up 104 points at 78,742 and NIFTY50 index dropped 176 points to 24,592.

Monday's trading session was the first in which markets closed under the Closing Auction Session (CAS) mechanism.

The National Stock Exchange (NSE) recorded a turnover of ₹1,276.2 crore during the Closing Auction Session (CAS) on Monday, while turnover on the BSE stood at ₹10.8 crore.

On the NSE, ICICI Bank emerged as the top traded stock in terms of CAS turnover, followed by HDFC Bank, Reliance Industries, Infosys and Bharti Airtel.

Meanwhile, Asian markets were trading on a subdued note as crude oil moved higher after reported suggested that Tehran has denied holding talks with Washington, saying it is speaking to Oman about the Strait of Hormuz.

While, US President Donald Trump said that talks with Iran were under way, warning that the negotiations are Tehran’s “last chance” to secure a deal to end the five-month conflict.

Japan's Nikkei 0.5%, China's Shanghai Composite declined 0.14%, Hong Kong's Hang Seng fell 0.5% and South Korea's KOSPI declined 0.24%.

Most of the sector gauges compiled by the BSE were trading higher while sectoral indices compiled by the NSE were trading lower.

Broader markets were trading on a mixed note as NIFTY Midcap 100 index advanced 0.2% while NIFTY Smallcap 100 index surged 0.6%.

Among the individual shares, Ather Energy rose as much as 18% to hit a record high of ₹1,500 after the company's revenue in June quarter jumped 89% to ₹1,217 and its loss narrowed to ₹51 crore from ₹178 crore in the year-ago period.

Ather continued to see strong momentum across its customer funnel. Customer enquiries increased 95% year-on-year (YoY) to 7,07,000, while pre-orders grew 158% YoY to 1,50,000, reflecting sustained customer demand that continued to outpace available production during the quarter, the company said.

Nazara Technologies shares dropped 2% after the gaming major reported a consolidated net loss of ₹82.47 crore for the first quarter ended June 30.

The company had posted a consolidated net profit of ₹51.34 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing.

Nazara’s revenue from operations stood at ₹428.77 crore in Q1 FY27, a decline of 14% from ₹498.77 crore in the year-ago period.

NIFTY50 top gainers and losers

Hindalco Trent, Adani Enterprises, Jio Financial Services and Eternal were top gainer in the NIFTY50 index while Grasim, Bajaj Auto, Titan, Dr Reddy's Labs and Infosys were top losers in the NIFTY50 index.

SENSEX gainers and losers

Asian Paints, Trent, Tata Steel, Bajaj Finance and Bharat Electronics were top gainers in the 30-share index while Infosys, Hindustan Unilever, HDFC Bank, TCS and Reliance Industries were top losers.