SENSEX down over 300 points, NIFTY50 opens at 24,395 as Tata Motors PV, Hindalco, others drag losses

NSE data showed that at the 9:15 am opening bell, the NIFTY50 index declined 0.14% or 34 points to open at 24,395.85 points on Friday’s market, in comparison to 24,395.85 points at the previous equity market close.

After the opening note, the NIFTY50 extended its decline further, dropping 0.3% or 70 points to trade near 24,325.85 points on August 14.

Meanwhile, the BSE SENSEX index opened 0.22% or around 176 points lower at 77,903.43 points on Friday’s market, compared to 78,079.96 points at the previous stock market close, as per the exchange data.

During the morning trade, the SENSEX extended its losses, declining nearly 0.40% or 300 points to 77,781 points.

Before the opening bell on Friday, the GIFT NIFTY futures of the August contract were trading 0.17% lower at 24,422.50 points; however, indicating a marginally higher opening as investors continue to assess the mixed global market cues.

Top gainers & losers on August 14

Stocks like Apollo Hospitals, Eternal, Wipro, Cipla, Adani Ports, Bajaj Finance, Titan, and Bajaj Auto were among the top gainers as of the early market hours on Friday, according to NSE data.

Apollo Hospitals was up 2%, Eternal was up 1.7%, Wipro was up 1.3%, Cipla was up 0.7%, Adani Ports was up 0.7%, Bajaj Finance was up 0.6%, Titan was up 0.4%, and Bajaj Auto was up 0.4% on August 14.

Among the top laggards were Tata Motors PV down 5%, Hindalco down 1.7%, Max Healthcare down 1.6%, Tata Steel down 1.3%, Jio Financial down 1.2%, Mahindra and Mahindra down 1%, and State Bank of India down 1% in Friday’s market.

NSE data showed that out of the 50 stocks listed under NIFTY50, 39 stocks were trading in the red zone, while 11 stocks were trading positive as of the morning market hours.

FII outflow

NSE data showed that foreign institutional investors (FIIs) sold around ₹510.69 crore worth of assets from the capital markets during the trading session on Thursday, amid the ongoing global market uncertainty.

In cases of elevated geopolitical risk, foreign investors are more likely to shift their investments out of emerging markets like India and towards other safe-haven asset classes like US treasuries or the benchmark US dollar.

Investing.com data showed that the US Dollar spot index was trading right under the 100 level on Friday’s market, showing increased interest from global investors in safer bets.

US-Iran conflict update

On Thursday evening, UAE’s Abu Dhabi Oil Company (ADNOC) said that two of the company’s vessels were attacked while transiting through the key maritime trading route, the Strait of Hormuz.

Although no injuries were reported, no further details for the same have been provided; so far, no group has claimed responsibility for the attack on commercial ships on August 13.

Reports from CNN suggest that the United States is sending another naval carrier group to the West Asia region to replace the USS Abraham Lincoln, while the US Treasury Secretary said that America will apply “never been seen” measures against Iran as the country plans to impose economic pressure.

Equity market investors will continue to monitor global crude oil prices, with benchmark Brent trading around $87 per barrel levels on Friday’s market. Any further escalation in West Asia would likely bring back the rebounding crude prices due to supply chain disruption fears among traders.