Mumbai, Aug 2: Indian stock indices started the day on a downtrend influenced by negative global market trends. As of 9:23 a.m., the Sensex had declined by 587 points or 0.72 percent to 81,280, while the Nifty was down by 185 points or 0.74 percent at 24,825.
Selling pressure was evident across broader markets, with the Nifty midcap down 297 points or 0.51 percent at 58,193, and the Nifty smallcap 100 index lower by 94 points or 0.49 percent at 18,855. On the National Stock Exchange (NSE), 570 stocks were trading higher, while 1,545 stocks were in the red.
In the Sensex stocks, top gainers included HUL, Sun Pharma, HDFC Bank, ITC, Nestle, and Asian Paints. Tata Motors, Maruti Suzuki, Tata Steel, JSW Steel, and L&T were among the major losers.
Sector-wise, Auto, IT, PSU Bank, and Financial Services indices were notable laggards, while Pharma and FMCG sectors showed gains.
According to Deven Mehata, a Research Analyst at Choice Broking, Nifty may find support levels at 24,800, 24,750, and 24,700, with immediate resistances at 25,000, 25,050, and 25,100.
Across Asia, major markets were trading lower, mirroring the negative sentiment. The US markets had closed in the red on Thursday, driven by concerns over a sharp decline in the ISM Manufacturing index, raising fears of a potential economic downturn in the US and other developed countries.
